19 applications received for 5th round of demand-led redevelopment project (pilot scheme)

The Urban Renewal Authority (URA) announced that 19 applications have been received for the fifth round of the demand-led redevelopment project (pilot scheme) when the deadline for submission closed at 5pm today (Wednesday).

All applications will go through a stringent screening and scoring process. Conditions of buildings will be considered with the relevant weighting set at 50 percent. Other factors being considered are project implementability and financial factors.

A spokesman for the URA said: "Any selected project(s) from the fifth round will be included in the URA's 2016/17 Business Plan for implementation subject to obtaining approval from the Financial Secretary."

The continued implementation of a selected project is subject to the fulfillment of two conditions precedent, namely, (i) acceptance of URA's conditional offers and signing of Agreements for Sale and Purchase by owners of no less than 80 percent of undivided shares of each lot in the application within the specified offer period and; (ii) the Secretary for Development's authorisation of the project and no appeal is filed within the appeal period or if an appeal is filed, the dismissal of appeal, within one year of the offer.

(ENDS)