2024-05-17 28Hse Editor
The Urban Renewal Authority (URA) yesterday issued a property acquisition offer to owners of properties in the Kim Shin Lane/Fuk Wa Street development in Sham Shui Po (SSP-017), with residential properties eligible for owner-occupiers at a price of HK$16,022 per square foot of saleable area, which is the price per square foot for a hypothetical seven-year old replacement unit in the same area. Owners will have 60 days to consider the URA's offer to acquire the properties in the development, which involves a total of about 830 titles.
In addition, the URA will offer either a "flat-for-flat" scheme in the new development to be built on the site of the project or a "flat-for-flat" for De Novo in Kai Tak as an alternative to cash compensation to eligible residential owner-occupiers. Upon the property owner's offer acceptance and acquisition process completion, the URA will offer an ex-gratia allowance to all eligible tenants in the property. Eligible domestic tenants may opt for rehousing arrangements in lieu of the ex-gratia allowance.
Briefings to Explain the Acquisition Allowance
The URA will conduct physical and online video briefings to explain the criteria and arrangements for acquisition, ex-gratia allowances and rehousing to affected owners, occupiers and commercial tenants. The Salvation Army's Urban Renewal Community Service Team (Tel: 3586 3095), recruited by the Urban Renewal Fund, will provide appropriate assistance and counselling to owners, tenants and business operators in need.
Additionally, the URA will launch two redevelopment projects in Sham Shui Po in September 2021, namely the Kan Sin Lei/Fook Wah Street project and the adjacent Cheung Wah Street/ Cheung Sha Wan Road development (SSP-018), which will enhance the overall effectiveness of the projects in the district under a master plan. Subject to the detailed design of the projects, the two projects will provide a total of 1,830 residential units upon completion of redevelopment.
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