URA Issues Acquisition Offers to Property Owners of Sai Yee Street / Flower Market Road Development Scheme
The Urban Renewal Authority (URA) today (8 January 2026) issued acquisition offers to property owners affected by Sai Yee Street / Flower Market Road Development Scheme (the Project*) in Mong Kok.
Eligible owner-occupiers of domestic properties of the Project will be offered $15,377 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 purchase right of “Flat-for-Flat” unit in the future development to be constructed on the Project site as an additional option to cash compensation.
The Notional Unit Rate was determined in accordance with the existing acquisition policy established in 2001. The URA appointed seven independent consultancy firms selected by open ballot to assess the Notional Unit Rate for the acquisition offer. The assessments were conducted in end-December 2025 to determine the Notional Unit Rate, which was subsequently 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 the affected owners according to the URA’s prevailing acquisition policy. For eligible street-level florists and floral-related business operators in the Project area, the URA will provide the option of seamless interim operation and relocation arrangements. This will enable them to continue their operations in the Flower Market during and after the redevelopment, thereby preserving the local character.
In the course of redevelopment, the URA will create an operating space at the heart of the Flower Market along Flower Market Road within the Project area. This space will adequately accommodate and group together the affected florists, who are currently spread around the district, while offering more room to display fresh blooms without encroaching on pedestrian walkways. In addition, designated loading and unloading areas will be established, along with event spaces to encourage various activities to drive footfall and attract new customers to the Flower Market.
In the long term, this operating space will serve as an opportunity for the URA and Flower Market operators to collaboratively explore and continuously optimise business prospect for the Flower Market. In addition, the URA will advance urban renewal through an integrated approach to foster community bonds among stakeholders and boost the local economy, while reinforcing the unique character of the Flower Market and promoting its long-term development.
Upon completion of the redevelopment, the Project will realise the planning gains for the “Mong Kok East – Nullah Road Urban Waterway” development node as set out in the URA’s Yau Ma Tei and Mong Kok District Study. Government land currently segregated and scattered in the area will be consolidated for the creation of a Waterway Park of no less than 8,800 square metres for public leisure and recreation. The park will connect with the surrounding sports and recreational facilities to establish a leisure and recreation precinct that integrates the Flower Market’s ambience with the waterway setting, enhancing the district’s vibrancy.
Adjacent to the Waterway Park, the URA will adopt the “single site, multiple use” model for diversified and mixed development. This will include a multi-purpose complex for the reprovisioning, upgrading, and addition of new sports and community facilities. The Project will also provide on-street shop spaces extending northwards along Sai Yee Street, including additional commercial and dining spaces on upper floors, to expand the boundaries of the Flower Market. Supporting facilities, such as loading or unloading bays and a public car park, will be included to address local traffic needs and support the Flower Market’s future long-term development.
Beyond redevelopment, the URA will adopt an integrated approach with place-making initiatives to enhance the urban environment of the Flower Market precinct to meet community needs. In addition to Flower Market Road and Prince Edward Road West, the back lanes around Yuen Ngai Street and Yuen Po Street will be transformed into a “Third Street” of the Flower Market imbued with historical character. This will improve connectivity with adjacent neighbourhoods, further strengthening the local character and sustainably injecting vibrancy.
The Project covers a total of 191 property interests. All property owners will have 60 days to consider the URA’s offers. Under the URA’s existing policy, upon acceptance of offers by the owners and completion of the property acquisition, the URA will 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. For the flower or floral-related business operators at the street-level shops, the URA will arrange a separate briefing to elaborate the interim operation and relocation 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 the Salvation Army (Tel.: 3586 3095) will provide assistance to residents in need.
* Please click here for the Project details
(ENDS)