Tender panel for three URA projects

The Board of the Urban Renewal Authority (URA) today (14 March) approved the establishment of a tender panel and its terms of reference for implementing the Tsuen Wan Town Centre, Yeung Uk Road and Ka Wai Man Road projects.

The panel will make recommendations to the URA Board on the shortlist of companies for invitation of tenders, the principal tender terms, the assessment criteria and the evaluation and award of tenders.

The Authority earlier invited expressions of interest from the market and received very good response. A total of 29 companies indicated their interest in the three projects.

The Authority is now in the process of finalising the basic terms of the tenders for these projects with a view to inviting competitive tenders as soon as possible.

On the three early projects in Wan Chai, Tai Kok Tsui and Sham Shui Po announced earlier, the URA will issue purchase offer letters to the property owners concerned towards the end of this month. The purchase offers will be open for acceptance within 60 days including the date of the offer.

Copies of the URA's acquisition policy pamphlet will be enclosed with the offer letters. If owners have any questions regarding the proposed offer, they should contact the URA staff whose telephone number has been printed in the offer letter.

Members previously approved details of an incentive scheme to encourage owners to sell their properties to the Authority. The scheme, which covers among other things removal costs and expenses related to the purchase of a replacement flat, is on top of the Home Purchase Allowance (HPA) figures earlier approved in principle.

Under the scheme, owner-occupiers of domestic units will receive a minimum of $105,000, or an incentive of $1,250 per square metre of saleable area, whichever is higher, while owners of tenanted flats will receive a minimum of $80,000.

The scheme applies to the three early projects and will be reviewed in light of the changes in market conditions for future projects.

Earlier, the Board of the URA has decided to adopt the Government policy of a seven-year-old flat as the basis for calculating the HPA payable to domestic owners.

The Board also approved special arrangements to help owner-occupiers, who require assistance in sourcing suitable replacement flats to purchase.