The URA Board approves property acquisition policy

The Board of the Urban Renewal Authority (URA) today (Thursday) approved in principle the acquisition policy for owners as well as the compensation package for tenants affected by URA projects.

The URA has decided to adopt the Government policy of a seven-year-old flat as the basis for calculating the Home Purchase Allowance payable to domestic owners after having carefully reviewed and considered views and comments by various sectors of the community, in particular, views expressed by the Legislative Council during the passage of the URA Ordinance.

Under the policy, an owner is entitled to 100 per cent HPA for up to three flats occupied by himself or his immediate family.

The URA will also offer an incentive for owner-occupiers and owners of tenanted flats to cover removal costs and expenses related to the purchase of a replacement property. Details of the incentive will be announced for each individual project.

Eligible domestic tenants affected by URA projects will be offered rehousing. In certain circumstances, cash compensation will be considered. The cash compensation will be based on the statutory compensation under the Landlord and Tenant (Consolidation) Ordinance. A special incentive will be given to tenants who accept within one month of the offer.

At today's meeting, Members also endorsed a first draft of the five-year Corporate Plan to be submitted to the Government as the basis for further discussion prior to obtaining the approval of the Financial Secretary. The plan would include all the 25 projects announced by the former Land Development Corporation in early 1998.

Members also agreed to put forth some 'early' launch projects to the Government for approval. Other items discussed included the setting up of the Urban Renewal Social Service Teams and District Advisory Committees to facilitate implementation of urban renewal projects.

22 November 2001