URA announces $3.58 billion project in Wan Chai
The Urban Renewal Authority (URA) today (Friday) announced the
implementation of a $3.58 billion renewal project in Lee Tung
Street/McGregor Street in Wan Chai, which is its largest project so
far.
The Lee Tung Street project, together with three other on-going
redevelopment projects of the URA in the surrounding area, will
regenerate the Wan Chai old town into a new precinct of leisure,
shopping, residential and commercial activities.
Commenting on the project, URA's Executive Director of Planning
and Development, Mr. Andrew Lam, said: "The site covers an area of
about 8,900 square metres in the heart of Wan Chai. Taken together
with our other projects in Johnston Road, Tai Yuen Street and
Queen's Road East, it has the potential of creating an activity hub
bringing a new life to the old town."
Upon completion in late 2009, the project will be a residential
commercial development with about 340 square metres of public open
space and 3,170 square metres for the provision of community
facilities, including a residential care home for the elderly and a
day care centre.
A feature of the project is the transformation of Lee Tung Street
into a pedestrian precinct to help enliven shopping and commercial
activities in the area.
Another feature is the conservation of three pre-war traditional
style shop-house buildings at nos. 186-190 Queen's Road East, which
are fast becoming extinct in Hong Kong.
"With this important project, we hope to plan and design in such a
way that it exemplifies the URA's holistic approach of 4Rs, namely
redevelopment, rehabilitation, revitalisation and preservation. We
aim to improve the environmental and traffic conditions in the area
whilst preserving the local character and enhancing its
attractiveness as a shopping and leisure district," Mr. Lam
added.
At present, there are 54 buildings in project area. They are
generally over 40 years old and several are pre-war buildings. Many
are in dilapidated condition and the rooftops of almost all the
buildings are covered with squatter huts.
It is estimated that the project will involve 647 property
interests, with about 930 households and 2,000 residents.
"We will make offers of acquisition to the owners as soon as
possible, to be followed by rehousing or compensation for the
residential tenants when we have formally acquired the properties,"
Mr. Lam said.
The cost of property acquisition and tenant rehousing or
compensation is estimated at about $1.73 billion, excluding the
cost of construction and interest.
The Lee Tung Street project is among 25 announced by the former
Land Development Corporation in 1998, which are presently accorded
priority in the URA's Five-year Corporate Plan.
This brings the total number of URA redevelopment projects to 12
in the past 21 months, including one undertaken in association with
the Hong Kong Housing Society. The total financial commitment for
the 11 projects undertaken solely by the URA amounts to about $9.78
billion.
A team of 180 URA staff began a four-day occupancy survey today to
ascertain the actual number of households and occupancy status at
the project site.
The URA will arrange 20 briefing sessions shortly to explain to
the affected owners and tenants the acquisition and rehousing
arrangements and procedures.
An urban renewal social service team staffed by professional
social workers will provide counselling and practical assistance
that the residents may need. For enquiries, residents can either
visit the URA's Wan Chai neighbourhood centre in person or call the
URA's Hotline at 2588 2333.