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1. URA for $1.13b Western project

1. URA for $1.13b Western project
Eli Lau, The Standard 14 March 2003

The Urban Renewal Authority (URA) will spend HK$468 million on acquiring 293 old buildings in Western District for redevelopment.

The offer represents HK$3,137 per square foot. The total cost was expected to be HK$1.13 billion including costs of acquisition, re-housing, interest and development, a URA spokesman said yesterday.

Midland Realty (Holdings) project management department director Ronald Cheung said the offer was reasonable and in line with the market consensus.

``I believe the completed units will be sold at a price just a little bit higher,'' Cheung said.

The project, the URA's sixth and its second largest, covers an area of 3,511 square metres between First Street and Second Street at Sai Ying Pun.

The URA's largest project, the Tai Kok Tsui redevelopment, will cost HK$1.3 billion.

According to a URA occupancy survey conducted earlier, the Sai Ying Pun project will affect about 750 people.

``The owners will have ample time to consider our offers and to accept them within the next 60 days,'' the URA spokesman said.

``We began sending out the offer letters to individual owners today.

``The letters contain all the details of the offers, the valuation method and the incidental cost allowance.''

The Western District project is located in one of the oldest districts of Hong Kong. It involves the comprehensive redevelopment of a group of buildings mostly more than 40 years old that are said to be in a poor condition.

The project will result in about 500 homes - a total of 32,140 square metres of residential space - together with some retail units with a gross floor area of about 370 sqm after completion.

It will also incorporate an open space of 700 sqm and a residential care home for the elderly - of 2,200 sqm - because 40 per cent of those people to be uprooted are in this age group.