URA Statement

With respect to the sales arrangements for the former owner-occupiers of properties in the Third Street/Yu Lok Lane/Centre Street Project who had enrolled for the "Expression of Interest in Purchasing Arrangement" (EIPA), Urban Renewal Authority (URA) makes the following statements: 

• Prior to the sale of residential units in the Project, 11 of the said former owner-occupiers had confirmed their interests to select and purchase residential units in the Project pursuant to the EIPA ("Participating Owners").
• URA has reserved a total of 11 residential units in the Project for the Participating Owners who will select and purchase one of the reserved residential units on 11 April 2015. To enable each of the Participating Owners to have sufficient time to consider the details of the residential units and make the necessary financial arrangements, URA had mailed the sales brochure for the Project to each of the Participating Owners by double registered post on 30 December 2014. URA had also sent each of them the full price list and sales brochure on 9 January 2015, and subsequently on 12 March 2015 the sales arrangement and payment terms, the price list (no change in price) and the form of Registration of Intent, all by double registered post. In essence, each of the Participating Owners has been given all necessary information and sufficient time of almost 100 days to consider and make the necessary financial arrangements prior to the selection of the reserved residential units. This sales arrangement is fair and reasonable as it offered the Participating Owners a considerably longer period of time for consideration than that usually provided by other sales arrangements in the market to enable them to make a careful decision.
• Under the sales arrangements for EIPA, each Participating Owner will be given the opportunity to select one residential unit out of the 11 reserved residential units within an allocated time of five minutes according to the order of priority determined by ballot. If a Participating Owner cannot make the selection within the allocated time, the Participating Owner in the succeeding priority will be called over to select a flat within the allocated five minutes. After the aforesaid Participating Owner in the succeeding priority has finished the selection within the allocated time, the Participating Owner who has a higher priority but failed to make a selection earlier will be given another allocated time of five minutes to select one residential unit out of the remaining reserved residential units. As such, each Participating Owner will have not less than 10 to 15 minutes to make a selection. This arrangement is a balance after considering the priority of different Participating Owners and the waiting time to select the reserved residential units of the Participating Owners with lower priority.
• Furthermore, the priority of flat selection will be determined by open ballot to be held on 24 March 2015, which is 18 days prior to the flat selection by the Participating Owners on 11 April 2015, thereby enabling the Participating Owners a sufficiently long period to determine their order of preferences for the 11 reserved residential units prior to the actual selection.
• As URA has reserved a total of 11 residential units, if each of them selecting and purchasing one residential units, they can all acquire one residential unit out of the reserved residential units.

(ENDS)