URA Issues Acquisition Offers to Property Owners of To Kwa Wan Road / Wing Kwong Street Development Scheme
The Urban Renewal Authority (URA) today (29 June 2022) issued acquisition offers to property owners affected by the To Kwa Wan Road / Wing Kwong Street Development Scheme (the project) in Kowloon City. Eligible owner-occupiers of domestic properties of the project will be offered $17,798 per square foot of saleable area, which is the unit rate of a seven-year-old notional replacement flat situated in the same locality (“Notional Unit Rate”).
The Notional Unit Rate was approved by the Land, Rehousing and Compensation Committee (LRCC) of the URA Board. In line with the established mechanism, the URA appointed seven independent consultancy firms by open ballot to assess the Notional Unit Rate for the project. The Notional Unit Rate was assessed by independent surveyors in June, based on the transaction records over the past nine months of properties located within nearby districts, with similar features of the properties under acquisition and their access to public transport, for comparison.
The project covers about 560 property interests. All property owners will have 60 days to consider the URA’s offers. Upon acceptance of offers by the owners and completion of the property acquisition, the URA will offer ex-gratia allowance for all eligible tenants, or rehousing arrangements for the eligible domestic tenants in lieu of ex-gratia allowance.
In addition, eligible domestic owner-occupiers of the project will be offered the choice of a flat-for-flat (FFF) unit in the future development to be constructed on the Project site or a FFF unit at the URA’s Kai Tak Development Project as an option on top of cash compensation.
The project commenced in March 2021 and was approved by the Chief Executive in Council on 31 May 2022. The project aims to re-structure and re-plan the area through redevelopment to enhance the walkability and connectivity of the area and to integrate the pedestrian and traffic networks with the adjoining URA redevelopment projects to manifest the planning gains and create synergy for the community.
The project site will cover three road sections, including the entire Yuk Shing Street, and part of Hung Fook Street and Kai Ming Street. Through redevelopment, the URA will restructure the site layout to provide pedestrian walkways and communal space for leisure use and community activities, creating a liveable and vibrant community. In addition, a footbridge will be built at the project to provide a safe and convenient pedestrian linkage between the To Kwa Wan MTR Station exits and the project site as well as the adjoining neighbourhood.
Subject to the future detailed design of the project, the URA’s preliminary proposal, which occupies a gross site area of about 6,590 square metres, is to redevelop the site to provide about 41,610 square metres of residential floor area in the project site for developing about 900 residential flats, whereas some 8,320 square metres of non-domestic floor area will be designed for commercial/retail purpose. The project has also designated about 5,500 square metres of non-domestic floor area for the provision of Government, Institution or Community facilities, meeting the needs of the community.
The URA will arrange briefing sessions via online video platform for the affected owners, residents and operators to explain to them the acquisition policy, ex-gratia allowance, as well as rehousing principles and arrangements. Meanwhile, a subject officer will be assigned to follow up on each case. Appointed by the Urban Renewal Fund, a social service team staffed by professional social workers from Salvation Army (Tel.: 3188 2151) will provide assistance to owners, tenants and operators in need.