The Urban Renewal Authority (URA) has made acquisition offers to property owners affected by two redevelopment projects in To Kwa Wan.
For the Ming Lun Street/Ma Tau Kok Road Project (Ming Lun Street Project), eligible owner-occupiers of residential properties have been offered a record price of HK$13,891 per square foot.
As an alternative to the cash compensation, these owners can also choose a "flat-for-flat" arrangement, opting for a unit in the new development to be built on-site.
For non-residential properties in the Ming Lun Street Project and industrial properties in the To Kwa Wan Road/Ma Tau Kok Road Project (Ma Tau Kok Road Project), acquisition offers have been made in accordance with the URA's relevant policies.
The Ming Lun Street Project involves 821 property interests, while the Ma Tau Kok Road Project involves 113. Owners have 60 days to consider the offers.
Under URA policy, after an acquisition is completed, eligible tenants in the affected properties will be offered ex-gratia payments, with residential tenants having the additional option of rehousing in lieu of the payment.
