Applications for 5th round of demand-led redevelopment project (pilot scheme) open today

The Urban Renewal Authority (URA) is inviting applications for the fifth round of projects under its demand-led redevelopment project (pilot scheme) starting from today (Thursday).  The application period has been extended to three months until 18 May 2016.  

The fifth round of demand-led application would have the following application requirements:

• Joint application by owners of not less than 80% of the undivided shares of each lot of an applicant site. If an owner owns not less than 20% of the undivided shares in any lot, he/she must be among the applicants;
• All buildings within the site are classified as "poor" or "varied"; and
• The total area(s) of the lot(s) in the site should be no less than 700 square metres.

Applications will go through a stringent screening and scoring process.  Conditions of buildings will be considered with the relevant weighting set at 50 percent. Other factors being considered are implementation issues including the financial sustainability.  The acquisition offers for domestic properties of the demand-led redevelopment projects are calculated in accordance with the Government's Home Purchase Allowance Policy (known as "7-year-old" HPA policy). 

Any selected project(s) from the fifth round will be included in the URA's 2016/17 Business Plan for implementation after obtaining approval from the Financial Secretary.    

The continued implementation of a selected project is subject to the fulfillment of two conditions precedent, namely, (i) acceptance of URA's conditional offers and signing of Agreements for Sale and Purchase by owners of no less than 80% of undivided shares of each lot in the application within the specified offer period and; (ii) the Secretary for Development's authorisation of the project and no appeal is filed within the appeal period or if an appeal is filed, the dismissal of appeal, within one year of the offer.

Starting from today, pamphlets and application forms for the fifth round of the pilot scheme, in both English and Chinese, can be downloaded at URA website (www.ura.org.hk) and will be available at the following locations:

All duly completed and signed application forms should be returned by hand to the URA Headquarters at 26/F COSCO Tower, 183 Queen's Road Central, Hong Kong, by 5 pm on or before Wednesday, 18 May 2016.

The URA has commissioned the Senior Citizen Home Safety Association to provide an enquiry and assistance service to any person who is interested in applying for the fifth round of the pilot scheme.  The enquiry service hotline is 5582 2295.

(ENDS)