URA Issues Acquisition Offers to Property Owners of Queen’s Road West / Kwai Heung Street Development Project
The Urban Renewal Authority (URA) today (4 September 2025) issued acquisition offers to property owners affected by Queen’s Road West / Kwai Heung Street Development Project (the Project*). Eligible owner-occupiers of domestic properties of the Project will be offered $18,674 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). In addition, eligible domestic owner-occupiers of the Project will be offered a “Flat-for-Flat” unit in the future development to be constructed on the Project site as an alternative to cash compensation.
The Notional Unit Rate was determined in accordance with the URA’s existing acquisition policy which was first established in 2001. 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 August 2025 with reference to transaction records of domestic properties situated in a similar locality in terms of characteristics and accessibility with a seven-year-old notional replacement flat. The Notional Unit Rate was approved by the Land, Rehousing and Compensation Committee of the URA Board.
For non-domestic properties of the Project, the URA will make acquisition offers to their owners according the URA’s prevailing acquisition policy.
The entire Project covers a total of 77 property interests. All property owners will have 60 days to consider the URA’s offers. Under URA’s existing policy, upon acceptance of offers by the owners and completion of the property acquisition, the URA will further offer ex-gratia allowance for all eligible tenants. Eligible domestic tenants are also offered rehousing arrangements as an alternative.
The URA will arrange 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. If owners have any enquiries, they can contact their designated officers using the information provided in the acquisition offer letters. Appointed by the Urban Renewal Fund, a social service team staffed by professional social workers from St. James’ Settlement (Tel.: 2760 7301) will provide assistance to owners, tenants and operators in need.
* Please click here for the Project details
(ENDS)