The Urban Renewal Authority (URA) has announced plans to reintroduce the tender for Development Areas 4 and 5 of the Kwun Tong Town Center at an appropriate time following a revision in the project proposal that now incorporates residential units. The modification of the proposal is currently undergoing the statutory town planning process.
Bernadette Linn Hon-ho, the Secretary for Development, explained that the decision to revise the proposal came after an unsuccessful tender last year. The project was initially intended solely for commercial use. The URA is looking to switch to a mixed-use development model by adding approximately 1,750 residential flats to the plan.
The updated proposal will maintain the "floating planning parameters" mechanism. This approach is designed to offer the future successful tenderer increased flexibility in the distribution of floor space across different uses, all within the prescribed maximum gross floor area.
Furthermore, the amendment suggests a 25 percent increase in the total gross floor area of the project, bringing it up to 251,100 square meters. This change aims to make the development more attractive to potential bidders by offering a larger scale for development and investment.
