Urban Renewal Authority 2018-19 Annual Report

34 OPERATING REVIEW Three Strategic Studies for Sustainable Urban Renewal Target: To develop a set of integrated strategies embracing the “5Rs” for conducting sustainable urban renewal projects. To proactively drive planning-driven urban renewal under a holistic approach aimed at addressing Hong Kong’s rapidly ageing building stock in an effective and sustainable manner, the URA commenced three strategic studies in 2017/18, namely the Yau Mong District Study, the Study on New Strategy on Building Rehabilitation, and the Sustainability Study, all of which have achieved remarkable progress and were continued through 2018/19. Yau Mong District Study (YMDS) The sheer magnitude of Hong Kong’s rapidly-ageing building stock is well beyond the URA’s capabilities under its current mode of operation. Commenced in May 2017, the YMDS is a pilot study to explore new strategies for urban renewal with a holistic district-based approach. It aims at shifting the URA’s focus from the conventional project- driven redevelopment approach to a district- based renewal approach encompassing all the “5Rs”, and identifying enhanced Institutional and Implementation (I&I) strategies for formation of new operational and business models. New urban renewal initiatives with planning tools tailored to encourage effective urban renewal will be incorporated into options for forward-looking and financially sustainable Master Renewal Concept Plan (MRCP). In 2018/19, MRCP and I&I Strategies Studies, including baseline reviews, examination of opportunities and constraints and identification of Potential Urban Renewal Opportunity Areas were completed. Strategy development for institutional framework, implementation mechanisms, business and operation models, as well as proposals on more efficient application and rationalisation of planning, buildings and land controls are being finalised. These strategies will guide the formulation of MRCP with options to select and implement future district-based “5R” projects and other URA initiatives like place-making and smart-city concepts. Once the MRCP options have been formulated, public engagement will be carried out to solicit the community’s views. The YMDS is expected to be completed in early 2020. to tackle the scale of urban decay in the district in a timely and economically sustainable manner to set the YMDS as a pointer to facilitate future urban renewal projects in other districts Objectives: An aerial view of the Yau Mong District, the most densely developed area in Hong Kong.