URA to carry out pilot scheme in the redevelopment of industrial buildings

The Urban Renewal Authority (URA) welcomes the Government's announcement made by the Financial Secretary in his 2012-13 Budget Speech today (Wednesday) inviting the URA to carry out pilot scheme to redevelop industrial buildings. The URA will take proactive action to implement the initiative which will help release land for residential and commercial development.

The URA will carry out one to two redevelopment projects on industrial buildings over the next two years in the form of a pilot scheme.

"A special task force to be headed by URA's Managing Director Quinn Law will be set up for this and an implementation plan will be drawn up quickly for our Board's consideration and approval," a spokesman for the URA said.

"Additional manpower resources will be allocated for the initiative to ensure that the pilot scheme will not affect URA's other core businesses under the new Urban Renewal Strategy. We welcome the Financial Secretary's proposal to inject additional funding to the URA when necessary if the Authority becomes heavily involved in the redevelopment of industrial buildings in future so as to ensure that the URA's mission in improving the living environment of people residing in old buildings will not be affected."

"URA's priority is in the improvement of the living condition of residents in run-down districts and tackling the pressing problem of urban decay. As we implement the pilot scheme to redevelop industrial buildings, we remain committed to allocating planned resources for our redevelopment projects and rehabilitation schemes under the 2012-17 Corporate Plan," the spokesman said.

ENDS