The delay of three urban redevelopment projects in To Kwa Wan due to the pandemic has posed challenges to the cash flow of the Urban Renewal Authority, prompting it to speed up the tendering process.
The three projects, which were to start in the 2019/20 financial year, have been delayed until the 2020/21 year due to the Covid-19 outbreak, URA managing director Wai Chi-sing wrote in his blog yesterday.
They include two pilot schemes announced last Friday to redevelop 600 flats on two Kowloon City sites under the Civil Servants' Co-operative Building Society Scheme into more than 3,000 residential units.
The authority's biggest project, it will cost HK$10 billion in acquisition costs.
The URA expects approval for a total of five redevelopment projects within two years. At that point, the URA will need to spend HK$30 billion on acquiring old properties - three times as much as the cash reserves it has in hand.
To get cash as soon as possible, URA aims to finish moving residents in its To Kwan Wan projects in one or two years.