Press Releases
Year 2004
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23 Dec 2004
URA raises compensation for tenanted flats
The Urban Renewal Authority (URA) has amended its compensation policy in favour of tenanted domestic properties in an effort to promote better landlord-tenant relationship in projects targeted for acquisition and redevelopment. Previously, the assessment of the open market value of tenanted flats has been fixed at six per cent lower than that of a vacant flat in order to reflect generally the market difference between the two. However, this difference is expected to gradually disappear as the security of tenancy has been removed since July 9 this year when the Landlord and Tenant (Consolidated) Ordinance came into effect. The URA has therefore decided to remove the six per cent difference correspondingly and treat the valuation of tenanted flats and vacant flats on an equal footing. T
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15 Dec 2004
Visit to Langham Place by Guests of the URA and Great Eagle
At the invitation of the Urban Renewal Authority and the Great Eagle Holdings, Permanent Secretary for Housing, Planning and Lands (Planning and Lands), Mrs. Rita Lau, the Chairman of the Yau Tsim Mong District Council, Mr. Henry Chan, members of the district Council and various government officials today (Wednesday) visited the mega redevelopment project in Mongkok-Langham Place. Jointly undertaken by the URA and the Great Eagle, the $10 billion project does not only stand as a new landmark in Mong Kok but is also triggering a process of total revitalisation in the neighbourhood. Accompanied by the Chairman of the URA, Mr Edward Cheng and Vice-chairman of Great Eagle, Dr K S Lo, the visiting party toured the trendy facilities and shops of the Langham Place.
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14 Dec 2004
URA announces $1.41b redevelopment in Tai Kok Tsui
The Urban Renewal Authority (URA) today (Tuesday) announced the implementation of two new redevelopment projects in Tai Kok Tsui at an estimated cost of $1.41 billion to improve the livelihood of about 1,400 residents and speed up the regeneration of the district. A spokesman of the URA said the two projects, located in Larch Street/Fir Street and Pine Street/Anchor Street, are among the 25 redevelopment projects announced by the former Land Development Corporation in 1998, which are treated with priority in the URA's Five-year Corporate Plan. There are 24 buildings within the two project sites which lie in close proximity to each other. The buildings have a total of 358 property interests. Most of them were built in the 1960¡¦s and are in a dilapidated condition. The exact number of
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14 Dec 2004
URA Response Statement to Announcement by HKMC for Rehabilitated Buildings Loan Mortgage
In response to media enquiries, the Urban Renewal Authority (URA) today (Tue) issued the following statement: The URA welcomes a decision by the Hong Kong Mortgage Corporation (HKMC) to extend its Mortgage Insurance Programme to cover buildings rehabilitated under the two rehabilitation schemes of the URA. This provides a further incentive for owners of old buildings to undertake voluntary rehabilitation work to improve and upgrade their living environment and help alleviate the problem of urban decay. A URA spokesman said this was another positive step in an on-going concerted community effort by the building owners, the URA, the financial community professional organisations and property agencies to rehabilitate not only the buildings but also the transaction market for them. Earlier,
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9 Dec 2004
Chinese Estates Holdings wins URA's Reclamation Street Project
The Urban Renewal Authority (URA) today (Thursday) announced that a wholly-owned subsidiary of Chinese Estates Holdings Limited, Silver Step Limited, has won the joint development contract for its Reclamation Street project in Mong Kok in a public tender exercise. The project site covers an area of about 5,760 square feet and is expected to deliver a gross floor area of about 51,800 square feet for residential and commercial purposes upon completion. Chinese Estates Holdings Limited is one of the seven property developers who tendered for the joint venture project. Based on the recommendation of a tender review panel appointed by the URA Board, members of the Board agreed that the offer made by Chinese Estates Holdings Limited has met all the tender requirements and, at the same time,
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26 Nov 2004
URA tender closes for Reclamation Street project
Attention News Editors: In response to media enquiries on the tender submissions for the joint development of the Reclamation Street project in Mong Kok, the Urban Renewal Authority (URA) today (Friday) issued the following statement: A total of seven tender offers have been received for the residential/commercial development in Reclamation Street, Mong Kok. A tender review panel under the URA Board will consider the tenders and make recommendation to the Board for a decision in due course. Among the developers who earlier took part in an expression of interest exercise for the project, 21 were invited to place a tender. The project site covers an area of about 5,760 square feet and is expected to deliver a gross floor area of about 51,800 square feet for residential and commerc
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12 Nov 2004
Invitation to Tender for Reclamation Street Project
The Urban Renewal Authority (URA) today (Friday) invited a total of 21 property developers to tender for the joint development of the Reclamation Street project in Mong Kok. The project site covers an area of about 5,760 square feet and is expected to deliver a gross floor area of about 51,800 square feet for residential and commercial purposes upon completion. Following the expression of interest exercise which closed on 8 November, a tender review panel under the URA Board decided to invite 21 interested parties for tender, after taking into consideration their experience and financial strength to undertake the development in accordance with the requirements and criteria set by the Authority. All tender submissions should reach the URA Headquarters at 10/F Low Block, Grand Millenn
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8 Nov 2004
Expression of Interest for URA's Reclamation Street Project
In response to media enquiries on the result of the expression of interest exercise for the Reclamation Street joint development project in Mong Kok, the Urban Renewal Authority (URA) today (Monday) issued the following statement: A total of 23 submissions have been received expressing an interest in the joint development of the Reclamation Street project site. A tender review panel under the URA Board will shortlist the qualified parties and invite them to submit a formal tender for the development. It is expected that the tender exercise will take place in the near future. The project site covers an area of about 5,760 square feet and is expected to deliver a gross floor area of about 51,800 square feet for residential and commercial purposes upon completion.
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1 Nov 2004
Invitation for Expression of Interest for Reclamation Street Project
The Urban Renewal Authority (URA) tomorrow (Tuesday) will invite estate developers to provide an expression of interest (EOI) for the joint development of the Reclamation Street redevelopment project in Mong Kok. The project site covers an area of about 5,760 square feet and is expected to deliver a gross floor area of about 51,800 square feet for residential and commercial purposes upon completion. Parties interested in the project are requested to indicate their professional competence and financial capability to undertake the development in accordance with the requirements and criteria set by the Authority. Submissions should be returned to the URA Headquarters at 10/F Low Block, Grand Millennium Plaza, 181 Queen's Road Central, by 5 pm on 8 November, 2004. A tender review pane
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20 Oct 2004
URA makes good progress in Wan Chai project
The Urban Renewal Authority today (Wednesday) reports that it has acquired over 74 percent of all property interests at the Lee Tung Street project which is the largest of its redevelopment projects so far. This percentage has been achieved in a nine-month period since acquisition offers were made in January this year and the success rate is similar to other large projects launched by the Authority in the past two and a half years. The Authority normally sets a 24-month time-frame to complete the land assembly process. A URA spokesman said: "We are gratified by the understanding and co-operation of the property owners and if this continues, we certainly hope to be able to meet the 24-month target." Based on the valuation of a notional seven-year-old replacement flat, the Authority