URA to invite participating owners of Kai Tak Flat-For-Flat pilot scheme for flat selection and purchase

The Urban Renewal Authority (URA) today (9 December) will issue letters to eight property owners affected by its redevelopment projects who had previously opted for the Flat-For-Flat (FFF) scheme at the URA's development at Kai Tak, notifying them of the procedure for flat selection and purchase which will take place on 17 and 18 December.

A total of 47 flats had been reserved by the URA in the Kai Tak development for the selection by the eight property owners. In compliance with the Residential Properties (First-hand Sales) Ordinance, the URA has also concurrently uploaded the sales brochure, the sales arrangement for the FFF scheme and the price list of 100 units (including the 47 reserved units) to the Kai Tak development's website; and the sales brochure and the said price list to the Sales of First-hand Residential Properties Electronic Platform today.

The FFF scheme is among the key initiatives set out in the 2011 Urban Renewal Strategy. 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.

Under the FFF scheme, domestic owner-occupiers who opt for the FFF scheme can have a choice of "in-situ" flats in the new "in-situ" development or flats in the URA's Kai Tak development. Both "in-situ" flats and Kai Tak flats are divided into different floor zones to calculate their respective fixed unit prices per square foot in saleable area. These fixed unit prices have been approved by the Land, Rehousing and Compensation Committee as authorised by the URA Board.

To date, the URA has made the FFF offers to owner-occupiers of 13 redevelopment projects and eight owner-occupiers in these projects had accepted the FFF offers in URA's Kai Tak development. These eight owner-occupiers selected the floor zones and sizes of flats they intended to purchase in the URA's Kai Tak development. The fixed unit prices, applied solely to the eight owner-occupiers who had accepted the FFF offers by the URA, range from $10,534 to $12,722 per square foot in saleable area. (Details at annex)

The URA reiterated that the abovementioned sales arrangement and the price list for the 100 units are only applicable to the eight owner-occupiers who had opted for the purchase of the FFF units at the URA's development at Kai Tak. With respect to the details of the application, eligibility criteria, sales arrangement and price list for the subsidised-sale flat scheme at the same development at Kai Tak, announcement will be made separately in due course.

Occupying a site of about 61,290 square feet, the URA's development at Kai Tak consists of three high blocks (H1, H2, H3) and one low block (L1) residential buildings, providing 484 flats with saleable area ranging from about 332 to 675 square feet, of which 338 are reserved for subsidised-sale flat scheme and 146 flats for FFF scheme. The Kai Tak development also provides one commercial block of about 6,140 square feet. The development project adopts a modest and sustainable design approach and has achieved the BEAM Plus Provisional 'Platinum' rating from the Hong Kong Green Building Council.

Details of the fixed unit prices for the 8 owner-occupiers affected by  URA's redevelopment projects who opted for flat-for-flat scheme  at the Kai Tak development

* The abovementioned fixed unit prices are only applicable to the 8 owner-occupiers who had accepted the flat-for-flat offers by the URA.

(ENDS)