Press Releases
Year 2008
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18 Mar 2008
Sai Yee Street Project in Mong Kok begins property acquisition
The Urban Renewal Authority (URA) today (Tuesday) issues offer letters to owners of 175 property interests affected by the Sai Yee Street project in Mong Kok. Eligible owner-occupiers of domestic properties will be offered $7,012 per square foot of saleable floor area. A spokesman of the URA said: "The acquisition offers for domestic properties are based on the Government's Home Purchase Allowance policy, whereby eligible owner-occupiers would receive an offer equivalent to the market price of a notional seven-year-old flat of similar size in the locality. The unit rate applicable for the project was decided by an established mechanism, through which seven independent surveyor firms have been appointed for valuation." The latest total development cost of this project is estimated to b
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14 Mar 2008
Expression of Interest for URA's Baker Court Project in Hung Hom
In response to media enquiries today (Friday) on result of the expression of interest exercise for the Baker Court joint development project in Hung Hom, a spokesman of the Urban Renewal Authority (URA) said that a total of seven submissions have been received. A tender review panel under the URA Board will shortlist the qualified parties and invite them to submit a formal tender for the development. It is expected that the tender exercise will take place in the near future. The project covers a site area of about 2,980 square feet and upon completion, is expected to deliver a maximum gross floor area of about 26,800 square feet for residential and commercial use. (END)
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11 Mar 2008
Sai Yee Street Project in Mong Kok will begin property acquisitio
The Urban Renewal Authority (URA) would issue offer letters to owners of 175 property interests affected by the Sai Yee Street project in Mong Kok in ten working days. Eligible owner-occupiers of domestic properties will be offered $7,012 per square foot of saleable floor area. A spokesman of the URA also clarified reports published yesterday( Monday) and today (Tuesday) on URA's offer for the Sai Yee Street project. "The figures as quoted are not provided by the URA and not accurate," said the spokesperson. The acquisition offers for domestic properties are based on the Government's Home Purchase Allowance (HPA) policy in which HPA is the difference between the market value of the acquired property and that of a notional seven-year-old flat of similar size in a similar locality. In a
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7 Mar 2008
URA tender closes for Pine Street/Anchor Street project
In response to media enquiries on the tender submissions for the joint development of the Pine Street/Anchor Street in Tai Kok Tsui, the Urban Renewal Authority (URA) today (Friday) made the following statement: A total of eight tender offers have been received for the joint venture development of the Pine Street/Anchor Street in Tai Kok Tsui. A tender review panel under the URA Board will consider the tenders and make recommendation to the Board for a decision in due course. Among the developers who earlier took part in an expression of interest exercise for the project, 13 were invited to submit a tender. The project covers a site area of about 25,000 square feet and upon completion, is expected to deliver a maximum gross floor area of about 225,500 square feet for residentia
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7 Mar 2008
URA starts the sixth redevelopment project in Tai Kok Tsui
The Urban Renewal Authority (URA) today (Friday) announced the implementation of a $371 million redevelopment project at Anchor Street / Fuk Tsun Street, Tai Kok Tsui, bringing the number of URA redevelopment projects in the district to six. Announcing details of the new project at a press briefing, District Development Director, Mr Joseph Lee, said: "Tai Kok Tsui is one of our nine target districts for urban regeneration. It is not only home to six URA redevelopment projects since early 2002, but also a target service area for 32 rehabilitation projects so far. Together they bring general improvements to the living conditions of some 5,800 households." "Tai Kok Tsui is a district where the owners and tenants have been very forthcoming in supporting the URA's initiatives in bo
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6 Mar 2008
Staunton Street/Wing Lee Street project begins property acquisition
The Urban Renewal Authority (URA) today (Thursday) issued offer letters to owners of 71 property interests in 24 old buildings affected by the Staunton Street/Wing Lee Street project in Central & Western District. Eligible owner-occupiers of domestic properties will be offered $9,986 per square foot of saleable floor area. The total development cost of this project is estimated to be $1.06 billion, of which acquisition and rehousing cost is about $510 million. The acquisition offers for domestic properties are based on the Government's Home Purchase Allowance (HPA) policy in which HPA is the difference between the market value of the acquired property and that of a notional seven-year-old flat of similar size in a similar locality. In addition to the market value of the acquired
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6 Mar 2008
Invitation for Expression of Interest for Baker Court Project in Hung Hom
The Urban Renewal Authority (URA) will invite real estate developers to submit an expression of interest for the joint development of the Baker Court redevelopment project in Hung Hom tomorrow (Friday). The project covers a site area of about 2,980 square feet and upon completion, is expected to deliver a maximum gross floor area of about 26,800 square feet for residential and commercial use. Parties interested in the project are requested to indicate their professional competence and financial capability to undertake the development in accordance with the requirements and criteria set by the Authority. Submissions should be made to the URA Headquarters at 10/F Low Block, Grand Millennium Plaza, 181 Queen's Road Central, by 5 pm on 14 March 2008 (Friday). A tender review panel und
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29 Feb 2008
URA commences planning for two projects in Ma Tau Kok
The Urban Renewal Authority (URA) commenced today (Friday) the statutory planning procedures for two new redevelopment projects in Ma Tau Kok to improve the living environment of about 450 residents, giving an added impetus to facelift the district where building rehabilitation has been making significant progress over the years. Speaking at a press briefing to announce details of the new projects, Executive Director (Planning & Development) of the URA, Ms Iris Tam, said: "The projects, though relatively small in size and being the first batch to be implemented in the district, will complement the voluntary building rehabilitation efforts initiated by the Authority in the area over the past three years covering some 90 buildings involving 7,200 flats." The two project sites, one loca
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27 Feb 2008
URA supports URS Review
The Urban Renewal Authority (URA) welcomed the announcement of the review of the Urban Renewal Strategy (URS) by the Financial Secretary when he delivered the 2008-2009 Budget Speech in the Legislative Council today (Wednesday). Being a key facilitator of urban regeneration in Hong Kong, the URA considered the timing of such a review as appropriate amid the ever-changing social sentiments and community expectations about urban renewal initiatives. "We will work closely with the Government and the stakeholders will be consulted in the review process to look into key issues, challenges and the way forward for urban renewal in Hong Kong. An internal working group of the Authority has been set up to give full support to the administration in the upcoming review," a spokesperson for the URA
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25 Feb 2008
URA welcomes the appointment of Mr Quinn Y. K. Law as the Managing Director
The Urban Renewal Authority (URA) today welcomed the appointment of Quinn Y. K. Law as the Managing Director of the URA, which will take effect from 1 March 2008. Mr Law has been the Executive Director (Commercial and Corporate) of the URA since November 2005, deputizing for the Managing Director of the URA in commercial operations, business strategy formulation and financial and human resources planning and management. Pending the results of the recruitment of a new Managing Director by the Government, he has been undertaking the duties of the administrative head of the URA for the last two months. "As the new Managing Director leading the Authority, Mr. Law's vast experience and knowledge in urban renewal, as well as his expertise in corporate and financial management, strategic bus