Property acquisition of three URA early projects

The Urban Renewal Authority (URA) has acquired 199 property interests (representing 48 per cent of 416) from owners of three early projects in Tai Kok Tsui, Sham Shui Po and Wan Chai when its purchase offers expired after 5 pm today (28 May 2002).

At the same time, the Authority is actively negotiating with owners concerned or their surveyor representatives on about 200 property interests.

Mr. Stephen Ng, District Development Director of the Authority described the progress as satisfactory and expressed appreciation for the owners' support and co-operation.

"In order not to delay the implementation of the ambitious urban renewal programme, comprising 225 projects in 20 years, and the rehousing of tenants, the Authority will not extend the deadline of its purchase offers. However, the Authority will continue negotiations with individual owners on a case-by-case basis with a view to completing the acquisition within the next few weeks," he added.

The URA aims to complete the acquisition and clearance work within the shortest time frame in order to speed up the urban renewal process. Hence, the URA has applied for land resumption of the outstanding property interests yet to be acquired in accordance with the Urban Renewal Authority Ordinance.