URA Issues Acquisition Offers to Property Owners of Kim Shin Lane/ Fuk Wa Street Development Project
The Urban Renewal Authority (URA) today (3 April 2023) issued acquisition offers to property owners affected by the Kim Shin Lane/ Fuk Wa Street Development Project (SSP-017) in Sham Shui Po. Eligible owner-occupiers of domestic properties of the SSP-017 project will be offered $16,022 per square foot of saleable area, which is the unit rate of a seven-year-old notional replacement flat situated in the same locality (“Notional Unit Rate”).
The above Notional Unit Rate, approved by the Land, Rehousing and Compensation Committee (LRCC) of the URA Board, was established in accordance with URA procedures. Seven independent consultancy firms selected by open ballot were appointed to assess the Notional Unit Rate for the acquisition offer. The assessments were conducted in March 2023 by comparing transaction records of the past nine months of nearby domestic properties of similar characteristics and access to public transport.
The SSP-017 project covers about 830 property interests. All property owners will have 60 days to consider the URA’s offers.
In addition, eligible domestic owner-occupiers of the SSP-017 project will be offered the choice of a flat-for-flat (FFF) unit in the future development to be constructed on the SSP-017 project site or a FFF unit at the URA’s Kai Tak Development Project as an option on top of cash compensation.
Upon acceptance of offers by the owners and completion of the property acquisition, the URA will offer ex-gratia allowance for all eligible tenants or rehousing arrangements for the eligible domestic tenants in lieu of ex-gratia allowance.
The URA will arrange physical and online video briefing sessions for the affected owners, residents and operators to explain the acquisition policy, ex-gratia allowance, and rehousing principles and arrangements. Meanwhile, a subject officer will be assigned to follow up on each case. Appointed by the Urban Renewal Fund, a social service team staffed by professional social workers from Salvation Army (Tel.: 3586 3095) will provide assistance to owners, tenants and operators in need.
The SSP-017 project together with the adjacent Cheung Wah Street/ Cheung Sha Wan Road Development Scheme (SSP-018) were commenced together in September 2021 under the URA’s “planning-led” approach for urban renewal. The SSP-017 project was authorised by the Secretary for Development and was published in the Gazette on 24 June 2022. During the appeal period, the Secretary to the Appeal Board panel received an appeal, and the panel’s decision to dismiss the Appeal was gazetted on 24 February 2023. Meanwhile, the draft Development Scheme Plan of the SSP-018 scheme was approved by the Chief Executive in Council and was gazetted on 17 February 2023.
The two redevelopments will enable comprehensive land-use restructuring and enhancement of local connectivity to improve the overall urban conditions at their vicinities. In addition to contributing to housing supplies, the redevelopments also provide new community and sports facilities for the enjoyment of the public. Subject to detailed design, it is estimated that a total of 1,830 residential units will be provided upon the redevelopment of the two projects.