URA’s Kai Ming Street demand-led project attains over 98% acceptance rate
Property owners representing over 98 percent of the undivided shares of the Kai Ming Street demand-led redevelopment project in To Kwa Wan have signed agreements to sell their properties to the Urban Renewal Authority (URA) within the 75-day conditional offer period expiring today (Monday).
The URA made an early commencement of the No. 41- 51 Kai Ming Street (odd nos.) project last December under the third round of the demand-led pilot scheme after giving special consideration to the demolition orders issued by the Buildings Department relating to Nos. 45 - 51 Kai Ming Street (odd nos.).
Conditional acquisition offers were then subsequently issued to property owners in the Kai Ming Street project on 4 March 2014.
Subject to no appeal or dismissal of all appeals 30 days after the publication of the authorisation, the URA will complete agreements with owners.
The project occupies an area of about 500 square metres with six blocks of tenement buildings. The URA's current proposal is to redevelop the project to provide around 72 residential units of small to medium size, some 300 square metres of commercial area and 450 square metres of Government/Institution and Community facilities.