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 about $32 million for property acquisition and tenant re-housing.

A 50-strong URA task force began a three-day field survey this morning to ascertain the accurate numbers of households and occupancy status at the two project sites.

When redevelopment is completed in about six years' time, the Tai Kok Tsui and Hung Hom sites are expected to yield 152 and 46 residential units with floor areas of about 8,560 and 1,880 square metres, and commercial retail space of about 1,070 and 240 square metres respectively. In addition, the Tai Kok Tsui site will provide about 200 square metres of public open space.

The Tai Kok Tsui site has an area of about 1,240 square metres and the Hung Hom site about 250 square metres.

A URA spokesman said that most of the nine buildings at the two locations were between 40 and 50 years old and were generally in a dilapidated condition.

The two projects are among the 25 announced by the former Land Development Corporation in 1998, which have been included as priority projects in the URA's Five-year Corporate Plan.

In terms of the number of property interests, there are 76 in the Tai Kok Tsui project and 14 in the Hung Hom project.

"We shall make purchase offers to the owners as soon as possible. Offers to domestic owner-occupiers will be made in accordance with the Government's compensation policy based on the market value of a notional 7-year-old flat in a similar locality," the spokesman said.

The URA will arrange a series of briefing sessions shortly to explain to the affected owners and tenants the URA's acquisition and rehousing arrangements and procedures.

Urban Renewal Social Service Teams staffed by social workers will provide counselling and practical assistance that the residents may need. For enquiries, residents can either approach URA staff at its Tai Kok Tsui and Sham Shui Po neighbourhood centres or call the URA Hotline at 2588 2333.