Noreen Jazul
Trial plan allows developers to transfer GFA between sites
Trial plan allows developers to transfer GFA between sites
The Town Planning Board (TPB) has recently introduced the Plot Ratio Transfer Pilot Scheme, a new planning tool to promote urban regeneration which will be used in Yau Ma Tei and Mong Kok. The pace of renewal has slowed in these districts, and the buildings are not getting any younger. The scheme allows property owners, including private developers and the Urban Renewal Authority (URA), to transfer permissible gross floor area between sites. Suggested by the URA, the plan hopes to incentivise private sector initiatives and preserve buildings of significant value.
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