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URA to issue acquisition offers to Oak Street/Ivy Street project

The Urban Renewal Authority (URA) will soon issue acquisition offers to property owners affected by the Oak Street/Ivy Street Development Project (Oak Street Project) in Tai Kok Tsui.  Eligible owner-occupiers of domestic properties of the Oak Street Project will be offered $18,023 per square foot of saleable area which is the unit rate of a notional replacement flat of seven years old situated in the same locality (“Notional Unit Rate”).

The Notional Unit Rate is approved by the Land, Rehousing and Compensation Committee (LRCC) of the URA Board today (Monday).  In line with the established mechanism, the URA appointed seven independent consultancy firms by open ballot to assess the Notional Unit Rate for the Oak Street Project.  The whole process is transparent and open.

The URA’s prevailing acquisition policy for both domestic and non-domestic property interests is applicable to this redevelopment project.  In addition, eligible domestic owner-occupiers of the Oak Street Project will have a choice of an in-situ flat-for-flat (FFF) unit in the future new development to be constructed on the Oak Street project site, or FFF unit at the URA’s Kai Tak Development Project.

The Oak Street Project affects a total of 64 property interests.  All property owners will have 60 days to consider the URA’s offers which will be issued shortly.

After completion of the property acquisition, the URA will make ex-gratia allowance or rehousing arrangement for the tenants concerned, if eligible.

The URA will organise briefings for the affected owners, residents and shop operators to explain to them the acquisition, ex-gratia allowance and rehousing principles and arrangements.  An urban renewal social service team staffed by professional social workers of The Salvation Army (Tel.: 2117 8670), which has been appointed by the Urban Renewal Fund, will provide assistance to the owners and residents in need.

The Oak Street Project, which was commenced in March 2018, was authorised by the Secretary for Development and gazetted on 23 November 2018.   The Oak Street project occupies a gross site area of about 820 square metres, covering seven street numbers of buildings completed between 1963 and 1977.  To tie in with the work of the URA to rejuvenate the Tai Kok Tsui area under a holistic approach, the Oak Street project will enhance the overall townscape of the area through coordinated urban design, thereby meeting the objectives of urban renewal as stipulated in the 2011 Urban Renewal Strategy.  Subject to change, the URA’s current proposal is to redevelop the site to provide about 4,990 square metres of residential floor area and some 1,000 square metres of commercial floor area.