URA Issues Acquisition Offers to Property Owners of Ma Tau Wai Road / Lok Shan Road Development Project
The Urban Renewal Authority (URA) today (28 January 2026) issued acquisition offers to property owners affected by Ma Tau Wai Road/ Lok Shan Road Development Project (Project*) in Kowloon City. Eligible owner-occupiers of domestic properties of the Project will be offered $14,807 per square foot of saleable area.
The rate was determined in accordance with the existing acquisition policy established in 2001, which is the unit rate of a seven-year-old notional replacement flat situated in the same locality (Notional Unit Rate). The URA appointed seven independent consultancy firms selected by open ballot to assess the Notional Unit Rate. The assessments were conducted in mid-January 2026 to determine the Notional Unit Rate, which was subsequently approved by the Land, Rehousing and Compensation Committee of the URA Board. In addition, eligible domestic owner-occupiers of the Project will be offered to participate in the “Flat-for-Flat” Scheme as an additional option to cash compensation.
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.
The owner-occupiers of domestic properties under this Project will be offered a notional unit rate of $14,807 per square foot, which is more than double the market value of their ageing properties. This multiplier is largely comparable to the offers issued by the URA in September 2025 for the Ming Lun Street / Ma Tau Kok Road Development Scheme in To Kwa Wan, and is even higher than that for the adjacent Kau Pui Lung Road / Chi Kiang Street Development Scheme (CBS-2: KC Scheme) in February 2025.
Managing Director of the URA Ar Donald Choi said, "The majority of the buildings in the Project area are approximately sixty years old, with some reaching seventy years, and one being a pre-war building. This highlights the growing divergence in building age between the basis of a seven-year-old replacement flat adopted for evaluating the Notional Unit Rate, and the properties being acquired by the URA, which become much older over time, resulting in a much higher multiplier that is now more than double, reaching up to 2.28 times of the average market value of these ageing properties. This mechanism imposes a significant financial burden that will impede the long-term sustainable development of urban renewal.”
Under the “planning-led, district-based” urban renewal approach, the Project will adopt holistic site planning and urban design with the adjoining URA’s CBS-2:KC Scheme to create synergy between the two projects. This aims to improve the connectivity and accessibility of the area, while enhancing the built environment and cityscape to achieve greater planning benefits and better urban living spaces.
The Project covers about 110 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, the “Flat-for-Flat” Scheme and rehousing principles and arrangements.
Meanwhile, a subject officer has also been 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.: 3188 2151) will provide assistance to residents in need.
* Please click here for the details of the Project
(ENDS)