Property owners in Sham Shui Po to receive $9,807/ sq f acquisition offer

Here's what affected tenants must know.

According to a report, the Urban Renewal Authority will issue conditional acquisition offers to property owners affected by two redevelopment projects in Sham Shui Po.

The authority’s Land, Rehousing & Compensation Committee today approved the offers after deliberation.

The two projects, launched in April, are located at 270-286 Tung Chau Street/1-5 Kweilin Street, and 1-3B Kowloon Road/1-5 Kiu Yam Street.

Eligible owner-occupiers of domestic properties at the two sites will be offered $9,807 and $9,857 per square foot of saleable area.

The offers are equivalent to the unit rate of a notional replacement flat of seven-years-old situated in a similar locality and of similar size.

Letters will be sent to owners of 251 property interests of the two projects by the end of the month, and remain valid for 75 days from the date of the offer.

Domestic owners will also receive an incidental cost allowance as an incentive for them to accept the offers within the 75-day period. The current allowance for owner-occupied domestic property is $125,600. For domestic property that is wholly tenanted or vacant, the amount is $97,800.

The authority will hold briefings for affected owners, residents and shop operators to explain the acquisition, compensation, and rehousing arrangements.

The combined area of the two Sham Shui Po projects is 2,200 square metres. The redevelopment will provide 270 residential units of small to medium size, and is scheduled for completion by 2019-20.