Page 10 - URA Annual Report 2020-21

CHAIRMAN’S STATEMENT
The plot ratio of this project will be used to optimise land use. After the redevelopment, 1,300 flats will be used for rehousing existing tenants and about 2,000 new ‘Starter Homes’ could be ready for pre-sale in 2026 at the earliest. In view of the scale of this project which involves extensive relocation work and substantial construction costs, the URA is setting aside about $10 billion from its own resources over the next seven years for its implementation.
In the meantime, the URA is forging ahead with the second phase of ‘eResidence’ – the Chun Tin Street/ Sung Chi Street Project in Hung Hom, aiming to provide about 260 Starter Homes in 2023 to be sold at a discount to market value, to meet the needs of ‘First- time’ Hong Kong property buyers at affordable prices.
With the target of prolonging buildings serviceability
and to slow down urban decay, the URA has invested
substantial resources in administering a number of
building rehabilitation subsidy schemes across the
city, including Operation Building Bright 2.0, the Fire
Safety Improvement Works Subsidy Scheme, the Lift
Modernisation Subsidy Scheme and the Building
Maintenance Grant Scheme for Needy Owners. So
far, we have approved more than 4,000 applications
involving approximately 150,000 residential units. In addition, since May this year, we are also assisting the Government to implement the Building Drainage System Repair Subsidy Scheme. Besides helping property owners improve their living conditions, this scheme will also contribute to Hong Kong’s anti-pandemic efforts.
The URA and Hong Kong Settlers Housing Corporation Limited sign the memorandum of understanding for redeveloping Tai Hang Sai Estate.
URA explains to the public about applying for various building rehabilitation subsidy schemes and provides technical support to owners for organising maintenance work.
These building rehabilitation assistance schemes involve the management of over $19 billion of public funds. In order that the entirety of these money are used by eligible and needy property owners, the URA bears all the administrative costs and staff expenses of these schemes, which reached $120 million last year alone. In the next few years, we anticipate a sum of about $2.1 billion would be required to complete these schemes.
In other areas of urban renewal work, the URA has invested $500 million in the preservation and revitalisation of the Central Market Building, an important historic landmark in the heart of our city. Upon completion of the restoration and revitalisation works in the fourth quarter of 2020, we entered into a ten-year contract with Chinachem Group in March 2021 for joint operation and management of the Central Market. Indoor fittings and preparation for an operating plan are well underway, and the heritage site is expected to be open for public enjoyment in the third quarter of 2021.
6 URA ANNUAL REPORT 2020-21