URA unveils pricing mechanism for Flat-for-Flat pilot scheme and the modest design concept for Kai Tak flats
The Urban Renewal Authority (URA) today (Monday) issued offer letters to all property owners of the Pak Tai Street/San Shan Road project in Ma Tau Kok for acquiring their property interests.
Domestic owner-occupiers will receive information about the Flat-for-Flat (FFF) pilot scheme for a new flat "in-situ" in the new development and in the Kai Tak development at the same time. They are the first batch of owner-occupiers benefiting from the FFF arrangement since the new Urban Renewal Strategy (URS) was promulgated on 24 February 2011. The project was commenced by the Authority on 25 March 2011.
Earlier this month, the URA announced that eligible owner-occupiers of domestic properties affected by its Pak Tai Street/San Shan Road redevelopment project would be offered $8,939 per square foot of saleable area, which is the market value of a notional seven-year-old flat.
The FFF option, being a major consensus of the community during the review of the URS, is a new initiative of the URS promulgated on 24 February 2011. It is offered as an alternative to cash compensation for domestic owner-occupiers affected by the URA's redevelopment projects commenced after 24 February 2011.
Four new redevelopment projects have been commenced since then, the first being the Pak Tai Street/San Shan Road project.
Speaking at a media briefing this afternoon, the Managing Director of the URA, Mr Quinn Law, said: "After we announced the arrangement for the FFF pilot scheme last year, we also decided to adopt a modest design approach to develop the Kai Tak FFF project."
In order to find out the professionals' views and the public aspirations on major elements of modest design, the URA invited the Hong Kong Institute of Architects to organise a professional workshop last June and conducted an opinion survey with some 800 people in major redevelopment districts between September and November last year to gauge the public views.
Adopting the modest design concept for Kai Tak flats at the media briefing, Executive Director (Planning & Project Control), Ms Iris Tam, described the major features:
- Natural ventilation: windows are designed in all living rooms and lift lobbies to induce cross ventilation;
- Green: overall 30% green coverage and 20% green coverage at grade;
- Residents' communal facilitates located on rooftop, enjoying good view. No swimming pool, no food and beverage outlets, and no private car parking facilities;
- Modest design for main lobbies;
- No balcony for small units while three-bedroom units will have two bathrooms (one bathtub and one shower stall);
- Durable materials to reduce future maintenance and management expenses; and
- Elderly-friendly facilities incorporated in the Low Block.
There are some 40 domestic owner-occupiers in the Pak Tai Street/San Shan Road project. The URA has reserved 49 in-situ flats on the lower floors of the new development which will be available for occupation in 2018/19. For the Kai Tak flats, some 50 units have also been reserved in different floor zones, targeted for pre-sale of flats in 2014/15 and occupation in 2016/17.
Assessments of the fixed unit prices of the in-situ flats and Kai Tak flats are undertaken in parallel with that of the notional rate for a seven-year-old flat of the Pak Tai Street/San Shan Road project.
The fixed unit prices of in-situ flats at the new development:
Floor Level Unit price per square foot Compared to the notional rate
of saleable area of a seven-year-old flat ($8,939)
1-2/F $9,003 +0.7%
3-7/F $9,346 +4.6%
The fixed unit prices of Kai Tak flats (L1):
Floor Level Unit price per square foot Compared to the notional rate
of saleable area of a seven-year-old flat ($8,939)
1-2/F $9,045 +1.2%
3-5/F $9,196 +2.9%
The fixed unit prices of Kai Tak flats (H3):
Floor Level Unit price per square foot Compared to the notional rate
of saleable area of a seven-year-old flat ($8,939)
1-2/F $9,180 +2.7%
3-7/F $9,579 +7.2%
8-12/F $9,869 +10.4%
13-17/F $10,124 +13.3%
18-21/F $10,358 +16%
Director (Property & Land) of the URA, Mr William Wan, said the existing buildings within the Pak Tai Street/San Shan Road site area are about 50 years old, noting that the size of flats is some 600 square feet on average. If owner-occupiers opt for the FFF pilot scheme, they need not pay up the price differences in most cases, Mr Wan added.
(ENDS)