URA Issues Acquisition Offers to Property Owners of Nga Tsin Wai Road / Carpenter Road Development Scheme
The Urban Renewal Authority (URA) today (30 April 2024) issued acquisition offers to property owners affected by Nga Tsin Wai Road / Carpenter Road Development Scheme (the Project*) of Kowloon City. Eligible owner-occupiers of domestic properties of the Project will be offered $14,599 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”). 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 above Notional Unit Rate, approved by the Land, Rehousing and Compensation Committee (LRCC) of the URA Board, was established in accordance with the URA procedures. Seven independent consultancy firms selected by open ballot were appointed to assess the Notional Unit Rate for the acquisition offer. The assessments were conducted in April 2024 by comparing transaction records of the past 12 months of nearby domestic properties of similar characteristics and access to public transport.
For non-domestic properties of the Project, the URA will make acquisition offers to their owners according to the market value of the affected properties and the URA’s prevailing acquisition policy.
The entire Project covers about 1,000 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 order to preserve the local character of the “Lung Shing” area during and after the redevelopment, the URA will explore interim proposals and provide relocation arrangements for some affected shops with local character. The URA will, in due course, meet with these shop operators and explain the relevant proposals in detail.
The URA will arrange briefing sessions for the affected owners, residents and operators to explain the acquisition policy, ex-gratia allowance, and 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 St James’ Settlement (Tel.: 2760 7301) will provide assistance to owners, tenants and operators in need.
* Please click here for the Project details
(ENDS)