Rent waiver set for Kwun Tong redevelopment tenants

Tenants returning to Kwun Tong following redevelopment will have their rents waived for six months, Urban Renewal Authority announced. 

They are those in Yue Man Square who will move into a new shopping mall to open this April.

Fifteen operators whose stores were previously located at the development area five of Kwun Tong Town Center redevelopment project have previously accepted the authority’s arrangement to relocate to the new mall.

Their new shop spaces will all be located at the same section named “Yue Man Lane” to commemorate the demolished Yue Man Square where stalls operated in shacks.

The new shopping mall is part of development areas two and three of the Urban Renewal Authority's Kwun Tong Town Centre Project, its construction work has now been completed.

Managing Director of the Urban Renewal Authority Wai Chi-sing wrote on his blog today that the authority is currently inspecting the renovation work and testing on electrical and mechanical facilities of the mall. The mall is expected to open in April. 

The authority will provide six months of the rent-free period for the relocating operators to alleviate their rental pressure when their businesses resume. 

The operators will sign a tenancy agreement with the authority next month and they will be given rent-free shop spaces until the end of August this year.

Starting September they will pay concessionary rent for three years that are half of the market value.