URA offers $15,377 per sq ft for Mongkok Sai Yee Street, Flower Market Road redevelopment

The Urban Renewal Authority has offered HK$15,377 per square foot to buy residential properties in its redevelopment plan for Sai Yee Street and Flower Market Road in Mong Kok.

The offer, based on a seven-year-old hypothetical replacement unit in the same area, was assessed by seven independent consultants in late December and approved by the authority's committee. Affected residential owner-occupiers can also choose flat-for-flat arrangements in the new project.

To preserve the flower market character, eligible ground-floor florists and related businesses will get seamless transition and relocation options, including temporary space along Flower Market Road during construction and eventual return.

The plan involves 191 property rights, with owners having 60 days to consider. Tenants may get special allowances or rehousing.

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The redevelopment will create a waterway park of at least 8,800 square meters and mixed-use spaces to expand the flower market area and improve traffic.

Lawmaker Vincent Cheng, a former URA non-executive director, welcomed the move, urging minimal disruption to florists and reasonable rents for temporary spaces.

Some owners find the price low, hoping for HK$18,000 to HK$20,000 per square foot. Tenants expressed disappointment at having to move from the vibrant area.