URA

CHAIRMAN'S STATEMENT 7 URA adopting the technology in its redevelopment, preservation and revitalisation projects, but we are also looking into the possible application of BIM technology in building rehabilitation as well as on facility management. This will enable a better management and more accurate plan in all stages of the work progress of rehabilitation projects. By utilising the comprehensive building data in BIM and integrating them with Building Management System, the efficiency and effectiveness of property management and maintenance would be greatly enhanced. At the same time, the URA has continued to invest resources to provide different kinds of training and development opportunities for URA colleagues, specifically to encourage them to thirst for innovative thinking and new application of technologies, so that they are able to think divergently, stay abreast of the times and become resourceful, thus enhancing the effectiveness of their work. Responding to Social Needs While Maintaining Financial Sustainability During the year under review, the Ma Tau Wai Road/Chun Tin Street Project was assigned as a “Starter Homes” (SH) Pilot Project in response to the Government’s new initiatives on housing. Under the Pilot Project, 450 units will be sold at a discounted price that is below market value to help high-income earners and families who are not eligible for the Home Ownership Scheme and cannot afford private housing, on home purchase. In support of this housing initiative to provide an additional home purchase choice to meet public’s home ownership aspirations, the URA Board agreed to assign its Ma Tau Wai Road/Chun Tin Street Project, commenced years ago with a lower development cost when acquisitions were conducted at much lower prices back then in the market, as “Starter Homes” to be sold below market price. Notwithstanding this, should the URA is required to implement another subsidised housing projects of this kind in the future – which would mean selling projects that have been acquired at high costs according to the 7-year rule in recent years, for prices below market value – it would lower the revenue from these projects, thus creating pressure on URA’s financial sustainability going forward. In this regard, the URA should prudently manage the risks and explore options that can provide a balance between responding to social needs and maintaining a sustainable development of urban renewal. Moving Forward with Concerted Efforts I would like to take this opportunity to express my sincere gratitude to the members of the URA Board for their commitment over the past year in providing support and guidance, through their active participation, among others, at the brainstorming sessions and workshops, to drive the URA team to ensure all works and formulation of strategies were carried out at their best. In particular, their approval for carrying out three strategic studies which will be conducive to our exploration of new directions and models for the sustainable development of urban renewal. In addition, I would like to offer my sincere thanks to the Management and the entire URA team for their hard work towards urban renewal and for sharing many achievements of the Authority together, which I feel so privileged, not only over the past year but throughout my time as Chairman. Victor SO Hing-woh , SBS, JP Chairman 31 July 2018 Proposing a toast together with URA Board members at the annual Spring Dinner.