Page 29 - URA Annual Report 2020-21

The massive regeneration of rundown buildings in Hong Kong is a daunting and almost impossible task because some 600 more buildings are reaching 50 years old every year – an alarming figure. At the URA we have adopted an integrated five- pronged approach: Redevelopment, Rehabilitation, pReservation, Revitalisation, and Retrofitting, or the ‘5Rs’.
These five pillars work like a five-pointed star, each having been set their own goal of reaching a pinnacle of excellence,
using an innovative and holistic approach.
We also constantly re-evaluate and refine our strategies. Responding to social and demographic changes over recent years, the URA has moved from a project-led to a planning-led strategy, aimed at bringing added value and benefits to the local community by improving walkability, connectivity and the provision of amenity and leisure spaces in its projects through replanning and restructuring.
With Hong Kong’s stock of ageing buildings rising rapidly, we have responded by offering various financial incentives and user-friendly tools to owners for different rehabilitation works in their buildings with improving the drainage system as our lastest initiative. By undertaking preventive maintenance of buildings at a young age, it is possible to extend building life, slow down the ageing process and alleviate the pressure on redevelopment needs.
Other than tackling building degeneration in older districts and improving liveability, we also preserve and revitalise historically significant buildings and sites. Our most important current project in this area is the revitalisation of the old Central Market. Work began in 2017 and with the appointment of an operator this year, we expect to reopen the site to the public in the third quarter of 2021, offering venues and experiences for dining and retail as well as grooming local start-ups.
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