Kwun Tong project achieves good acquisition records

The Urban Renewal Authority (URA) has acquired 1,088 property interests, or about 66 percent of the total 1,653 property interests, for the implementation of the Kwun Tong Town Centre project when the 90-day offer period lapsed today (Monday).

Director of Acquisition and Clearance of the URA, Mr Joseph Lee, said: "We are pleased with the progress of the acquisition made so far, which demonstrates the enthusiastic support and co-operation of the property owners in taking off the project.  It also shows that the offer price of the URA is fair and reasonable."

Describing the overall acquisition rate for the project as encouraging, Mr Lee noted that the figure for owner-occupiers of domestic properties alone is 97 percent.  "After all, owner-occupiers are generally anxious to improve their undesirable living environment as they have been waiting for the implementation of the project for a long time."

"Our initial records show that the majority of the owner-occupiers have already started looking for a replacement flat, with some even purchased a replacement flat, either in the vicinity of Kwun Tong or in Tseung Kwan O," said Mr Lee.

"As the acquisition offers of 29 December 2008 lapse today, the URA will continue negotiation with the remaining property owners who are yet to sell their interests to the URA on a case by case basis," he added.