Press Releases
Year 2003
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21 Aug 2003
URA issues acquisition offers for projects in Tai Kok Tsui and Hung Hom
The Urban Renewal Authority (URA) issues offer letters today (Thursday) to owners of 90 property interests affected by its Bedford Road/Larch Street and Baker Court projects at a total acquisition cost of about $207 million. Owner-occupiers of domestic properties affected by the Bedford Road/Larch Street project in Tai Kok Tsui and the Baker Court project in Hung Hom will be offered $2,671 and $2,732 per square foot on a saleable area basis respectively. These offers represent an average of about 3.1 times the open market value of the properties concerned, which are between 35 and 50 years old and have been valued at a unit rate of $860 to $880 per square foot. "These purchase offers are based on Government' s Home Purchase Allowance (HPA) policy that links the level of compensation
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15 Jul 2003
Press Statement by URA
In response to a newspaper report today concerning the Urban Renewal Authority's (URA) work, the Authority issues the following statement: The Government's Urban Renewal Strategy (URS), which provides a framework for the operation of the URA, was published in November 2001. Section 39 of the Strategy states that the Strategy "will be reviewed and updated regularly (every two or three years)." Accordingly, the earliest date to schedule the Strategy for review is November 2003. It is therefore incumbent upon the Authority to make preparations and provide input to the Government on this exercise, which the Authority is now doing. The Authority will reflect upon the experience gained in its past two years of operation as well as changes in the overall economy and the property market a
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15 Jul 2003
Anti-SARS drainage improvement designs for URA projects
The Urban Renewal Authority (URA) and its joint venture partners will adopt improved drainage system designs at four residential projects under construction as a hygiene precaution against SARS. Chairman of URA's Planning, Development and Conservation Committee, Professor David Lung, told a press conference today (Tuesday) that the URA and its private sector partners, have decided to adopt two alternative improvement designs known as U-trap Refilling Design and Pipes Separation Design. Either one of the designs will be adopted for the four residential projects which consist of about 4,300 flats in total. The additional cost for the new designs is estimated at about $2 million. "This represents only a small fraction of the total development costs that run into billions of dollars but it
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8 Jul 2003
URA announces $515m redevelopments in Tai Kok Tsui and Hung Hom
The Urban Renewal Authority (URA) today (Tuesday) announced two new redevelopment projects in Tai Kok Tsui and Hung Hom at a total cost of $515 million to improve the living environment of an estimated 960 residents in about 330 households. This brings the total number of URA redevelopment projects to 11 in the past 18 months, including eight commenced in 2002/03 and another one announced last week, which is undertaken in association with the Hong Kong Housing Society. One of the projects is located in Larch Street and Bedford Road, Tai Kok Tsui and the other in Baker Court, Hung Hom. The former will cost about $443 million in development cost, including about $220 for property acquisition and tenant re-housing. The latter will cost about $72 million in development cost, including abo
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4 Jul 2003
Commencement of First URA-HS Urban Renewal Project
A spokesman of the Urban Renewal Authority issues the following statement today (Friday) upon commencement of the first urban redevelopment project under a strategic partnership between the URA and the Hong Kong Housing Society: "The Urban Renewal Authority (URA) is pleased to see the commencement of the first urban redevelopment project by the Hong Kong Housing Society (HKHS) today under the strategic partnership agreement between the two bodies. This marks the beginning of a total of seven URA redevelopment projects to be undertaken initially by the HKHS in accordance with a Memorandum of Understanding signed by the chairmen of the two bodies last December. "Co-operation between the URA and the HKHS will definitely help speed up the pace of urban renewal in Hong Kong. As a result, thi
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20 Jun 2003
URA makes revitalisation debut in Sheung Wan
The Urban Renewal Authority (URA) today (Friday) announced a 'Sheung Wan Fong' project as the first phase of a revitalisation scheme to rejuvenate Sheung Wan - Hong Kong's earliest business district. The project which will cost about $30 million is a joint effort between the URA, Highways Department, Home Affairs Department and the Central & Western District Council. The MTR Corporation, Hong Kong Tramways Limited, Transport Department, Lands Department and Telford Recreation Club, a leisure and sports organiser, have also provided assistance for the project. The project aims to create a new hub for community activities in the Western Market and Morrison Street area. Works will involve: a major refurbishment of the venerable Western Market shopping mall that serves as an anchor to t
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17 Jun 2003
URA issues acquisition offers for Queen's Road East project
The Urban Renewal Authority (URA) issues offer letters to owners affected by the Queen's Road East redevelopment project today (Tuesday) to acquire their properties by private agreement. Affected owner-occupiers of domestic properties will be offered $3,736 per square foot on a saleable area basis. An URA spokesman said that the total redevelopment cost is estimated at about $160 million, including about $80 million for purchasing the 18 property interests and rehousing the affected tenants in the project. According to an URA occupancy survey conducted earlier, the project will affect about 40 households comprising about 120 persons. "The owners will have ample time to consider our offers and to accept them within the next 60 days," he said. Purchase offers of the URA for owner-oc
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4 Apr 2003
Western Market gets go-ahead for revitalisation
The Urban Renewal Authority (URA) today (Friday) announced that it has awarded a contract for the management, maintenance and letting of the Western Market to the Telford Recreation Club Limited. Earlier the URA invited 20 interested parties to submit detailed proposals for the operation of the Western Market, a preserved historic building in Edwardian architectural style. Three proposals were received. After careful deliberation, the URA Board accepted the recommendation of an assessment panel to award the contract to the Telford Recreation Club. The proposal by the Telford Recreation Club is to revitalise the Western Market with a judicious mix of cultural entertainment, classical dancing, stylish delicatessens and special interest shopping. Interior redecoration and rearrangement
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21 Mar 2003
URA announces two redevelopment projects
The Urban Renewal Authority (URA) today (Friday) submitted its draft development scheme plan for the Staunton Street/Wing Lee Street project to the Town Planning Board for approval. Simultaneously, it also announced the implementation of a development project in Queen's Road East. Subject to the Town Planning Board's approval and a geotechnical site feasibility study afterwards, the URA plans to invest about $1 billion to redevelop the 4,460-square metre Staunton Street site into a residential and retail area. The design plan will adopt a "fong" concept of open space which will enhance the attractiveness of the "SoHo" (South of Hollywood Road) area in the neighbourhood. A Sun Yat-sen Memorial Square will also be built to commemorate the history of the site which forms part of the Sun Ya
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13 Mar 2003
URA issues acquisition offers for First Street/Second Street Project
The Urban Renewal Authority (URA) issues offer letters to owners affected by the First Street/Second Street redevelopment project today (Thursday) to acquire their properties by private agreement. Affected owner-occupiers of domestic properties will be offered $3,137 per square foot on a saleable area basis. The URA Board approved the purchase offers during a regular meeting today. A URA spokesman said that approximately $468 million would be used to acquire all the 293 interests involved in this project. Overall, the project is estimated to cost a total of $1,134 million including costs of acquisition, re-housing, interest and development. According to a URA occupancy survey conducted earlier, the project at Sai Ying Pun, one of the earliest residential districts on Hong Kong Islan