URA unveils flat-for-flat fixed unit prices for the first demand-led project and conditional acquisition offers for two other demand-led projects in 2012/13

The Urban Renewal Authority (URA) today (Monday) announced the fixed unit prices for the flat-for-flat option for its debut demand-led project at 229A-G Hai Tan Street, Sham Shui Po, which is offered as an additional option to the domestic owner-occupiers affected by the project. On the other hand, conditional acquisition offers have been issued to property owners of two other demand-led redevelopment projects in Sham Shui Po and Tai Kok Tsui, Kowloon.

The said offers were approved by the Land, Rehousing and Compensation Committee of the URA Board on 19 October 2012 after careful deliberations.

Letters outlining details of the fixed unit prices for the flat-for-flat arrangement and conditional acquisition offers are issued to the eligible owners of the three demand-led projects respectively, who will have 60 days to consider their respective offer. 

In July this year, conditional acquisition offers were issued to affected owners of the demand-led project at 229A-G Hai Tan Street which obtained an overall acceptance rate of over 80% of undivided shares per lot before the stipulated deadline. The URA is now putting forward a flat-for-flat option to eligible domestic owner-occupiers of this project as an additional option for consideration.

If the domestic owner-occupiers are interested in the flat-for-flat scheme, they have a choice of "in-situ" flats in the new development or flats in Kai Tak "flat-for-flat" development. No action is required from them should they not be interested in the scheme.

The in-situ flats on the lowest five floors of the new development are targeted to be available for occupation in 2019/20 while the Kai Tak flats are targeted for pre-sale in 2014/15 and occupation in 2016/17. The fixed unit prices of in-situ flats at the new development (saleable area) are from $8,847 to $9,089 per square foot, while those for the Kai Tak flats (saleable area) are from $10,030 to $11,548 per square foot. These offers were assessed on 13 September 2012, the date when the project at 229A-G Hai Tan Street was authorized by the Secretary for Development.

Meanwhile, affected owners of the other two demand-led redevelopment projects at 13-31 Pine Street and 87 Oak Street in Tai Kok Tsui and 205-211A Hai Tan Street in Sham Shui Po have been given conditional acquisition offers. Domestic owner-occupiers are offered $10,238 and $9,197 per square foot of saleable area respectively, and the offers were assessed on 10 October 2012.

The commencement of the two demand-led projects were announced and published in the Gazette on 20 April 2012.  Written objections were received in the subsequent two-month publication period, for which the URA has completed its deliberations. A submission has been made to the Secretary for Development with the unwithdrawn objections, seeking his authorisation for the projects.

Owners are now requested to accept the conditional offer within 60 days, and there must be an acceptance of URA's conditional offers with execution of Sale and Purchase Agreements by owners of not less than 80% of undivided shares of each lot in the redevelopment site within the 60 days.

If the required 80% undivided shares threshold is successfully attained and the Government's authorisation is secured within the timeframe, the URA will then complete the acquisition with owners and full purchase price will be paid. Otherwise, the URA will not proceed with the project.

Same as other URA's self-initiated projects, the prevailing property acquisition guidelines of the URA will be applicable to these two demand-led projects. 

Details of the two projects are as follows:

The URA will organise briefings for the affected owners, residents and shop operators to explain to them the acquisition and compensation and rehousing arrangements.  An urban renewal social service team staffed by social workers of Salvation Army, which is appointed by the Urban Renewal Fund Limited, an independent party from the URA, will provide counselling and practical assistance that the residents may need. The contact number of the social service team for all three demand-led projects is 3586 3095.

(ENDS)