URA to issue acquisition offers to three redevelopment projects in Kowloon City
The Urban Renewal Authority (URA) will issue acquisition offers to property owners affected by its three redevelopment projects in Kowloon City, namely Bailey Street/Wing Kwong Street Development Project (KC-009), Hung Fook Street/Kai Ming Street Development Project (KC-011) and Wing Kwong Street Development Project (KC-012) this Friday (7 July).
Eligible owner-occupiers of domestic properties of these three projects will be offered $15,383 per square foot of saleable area which is the unit rate of a notional replacement flat of seven years old situated in a similar locality ("Notional Flat Unit Rate"). The Notional Flat Unit Rate was approved by the Land, Rehousing and Compensation Committee (LRCC) of the URA Board last Friday.
In line with the established mechanism, the URA appointed seven independent consultancy firms by open ballot to assess the Notional Flat Unit Rate for KC-009, KC-011 and KC-012 projects separately. The whole process is transparent, open and fair. As the three projects are in close proximity to each other in the same locality and the date to issue offers to the owners of the three projects is the same, the LRCC approved that the highest Notional Flat Unit Rate among the three projects will be adopted as the single Notional Flat Unit Rate which is applicable to all three projects.
The URA will issue acquisition offers and the flat-for-flat (FFF) option at the same time to all eligible domestic owner-occupiers of the three projects. Eligible domestic owner-occupiers of the three projects will have a choice of an in-situ FFF unit in any one of the future developments to be constructed on the three project sites, or a FFF unit at the URA's Kai Tak Development.
The three projects altogether affect a total of 1,179 property interests. All property owners will have 60 days to consider the URA's offers. It is estimated that there are a total of about 1,440 households in the three projects.
After completion of the property acquisition, the URA will make ex-gratia allowance or rehousing arrangement for the domestic tenants concerned, if eligible. The enhanced policies for ex-gratia allowance and rehousing to domestic tenants, as well as ex-gratia allowance for non-domestic owner-occupiers and non-domestic tenants approved last month are applicable to these three projects.
The URA will organise briefings for the affected owners, residents and shop operators to explain to them the acquisition, ex-gratia allowance and rehousing arrangements. Two urban renewal social service teams, which have been appointed by the Urban Renewal Fund, will provide counselling and practical assistance that the residents may need. The social service team for KC-009 will be staffed by professional social workers of The Salvation Army (Tel.: 3188 2151), while KC-011 and KC-012 will be serviced by St James' Settlement (Tel.: 2760 7301).
The three projects were commenced in 2016 under the holistic and district-based urban renewal approach adopted by the URA with a view to rejuvenating the district with greater planning and community benefits while improving the living environment of residents. The three project sites altogether occupy a total area of about 11,900 square metres. Subject to further review, the URA's initial plan is to redevelop the three sites separately to provide a total of 82,600 square metres of residential floor area and 16,500 square metres of commercial/retail floor area. They are tentatively scheduled for completion by 2025/2026.
(ENDS)