URA to issue revised offers for Kwun Tong Town Centre project
The Urban Renewal Authority (URA) will issue revised general offers to the owners of 30 property interests in Development Area 5 (DA5) of the Kwun Tong Town Centre project before the end of this month.
Eligible owner-occupiers of domestic properties will be offered $11,483 per square foot of saleable area. The revised general offers are approved by the Land, Rehousing and Compensation Committee of the URA Board at its meeting today (Friday).
The arrangement is made in line with a decision of the URA back in 2008.
In view of the size and complexity of the Kwun Tong Town Centre project, the URA decided to implement the mega project in stages by phasing the project site into five development areas.
It is envisaged that DA5 will enter the resumption process at a much later stage, probably in the middle of 2016. The URA therefore considers it appropriate to issue revised general offers in mid-2013 to the owners in DA5 if there are still some who have yet to sell their property interests to the Authority by then.
Purchase offers were first issued to all property owners affected by the project in December 2008, achieving an overall acquisition rate of about 94 percent for the whole project. All development areas except DA5 are either in construction or resumption stages.
There are only 30 property interests yet to be acquired in DA5 as of today. Property owners will have 14 days to consider the offers.
The Kwun Tong Town Centre is by the far the largest redevelopment project ever undertaken by the URA, with a site area of over 5.35 hectares and involving 1,653 property interests.