URA Enhances its Joint Sale Facilitating Service to Promote Redevelopment of Aged and Dilapidated Buildings
In response to the amendments to the Land (Compulsory Sale for Redevelopment) Ordinance (the Ordinance) which take effect today (6 December 2024) to promote private companies to redevelop aged and dilapidated private buildings, the Urban Renewal Authority (URA) launched today enhanced measures to improve the Facilitating Service Schemes of Joint Sale (the Scheme) provided by its wholly owned subsidiary the Urban Redevelopment Facilitating Services Company Limited (URFS).
The application threshold for the Scheme, originally set at not less than 50% of undivided shares ownership in a building or a lot, will be lowered to 40%. Meanwhile, the joint sale thresholds are also adjusted to align with the updated compulsory sale application thresholds under the Ordinance.
|
Class of Lot |
Joint Sale Thresholds before Adjustment |
Joint Sale Thresholds after Adjustment |
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|
Building Type |
Building Age (Years) |
Designated Areas[1] |
Non-designated Areas |
|
|
Private buildings |
<50 |
90% |
90% |
|
|
≥ 50 but < 60 |
80% |
70% |
80% |
|
|
≥ 60 but < 70 |
65% |
70% |
||
|
≥70 |
65% |
|||
|
Industrial buildings not located within industrial zone |
≥30 |
80% |
70% |
|
|
A lot with each of the units on the lot representing more than 10% of all the undivided shares in the lot |
All age |
80% |
80% |
|
Moreover, if the joint-sale tender or auction is unsuccessful, the applicants may request the URFS to hold another joint-sale tender or auction for the properties within three months from the date of the unsuccessful tender or auction, provided that the applicants are willing to make reasonable adjustments to the terms and conditions of the joint sale, including the reserve price, and there is no acquisition activity by any developer. This enhanced service is intended to increase the chance of successful joint sale and help the owners concerned to sell their properties jointly.
(ENDS)
[1] Designated areas include the areas covered by the following 7 outline zoning plans (“OZP”) of specific plan numbers: Sai Ying Pun and Sheung Wan OZP No. S/H3/34, Wan Chai OZP No. S/H5/31, Yau Ma Tei OZP No. S/K2/24, Mong Kok OZP No. S/K3/36, Cheung Sha Wan OZP No. S/K5/39, Ma Tau Kok OZP No. S/K10/30 and Tsuen Wan OZP No. S/TW/35