25 applications for URA demand-led redevelopment project (pilot scheme) received

The Urban Renewal Authority (URA) announced that a total of 25 applications have been received for its demand-led redevelopment project (pilot scheme) upon closing of the application today (Monday).

An assessment panel of the URA will review the applications and make recommendation to the URA Board for a decision in November/December 2011.

In assessing the suitability of applications for implementation as demand-led redevelopment projects, the aforesaid panel will make sure that they fulfil all the application criteria which include inter-alia that each application is submitted by owners of not less than 67% of the undivided shares in every lot within the site; the building conditions are poor and varied; the size of the site should generally be larger than 400 square metres.

Our plan is to select one to two suitable demand-led redevelopment projects that comply with the application criteria, for inclusion in the URA's draft Annual Business Plan (ABP) to be commenced in the following financial year, a spokesperson for the URA said.

The selection process and the scoring system approved by the URA Board has been uploaded onto URA's web site at the following:
http://www.ura.org.hk/en/pdf/schemes/demand_led_Selection_Eng_20111014_3.pdf

Freezing survey will be carried out for the proposed demand-led redevelopment project(s) following the Financial Secretary's approval of our ABP for 2012/13 in first quarter of 2012, indicating that the application is successful, he added.

For the applications which are not selected, they will be duly informed in writing when freezing surveys for the selected projects commence.

"The unsuccessful applicants may consider re-submitting their application when the application is open again or applying for the Urban Redevelopment Facilitating Services Company Limited's facilitating services," the spokesperson added.

(ENDS)