Page 9 - URA Annual Report 2020-21

Forging ahead on different fronts
Over the past year, we accelerated the redevelopment process of eight projects, striving to complete site formation as soon as possible. Tender invitations are expected to be launched within 2021/22. These projects are expected to yield a total of about 2,900 new residential flats.
Meanwhile, the redevelopment of buildings under the Civil Servants’ Co-operative Building Society (CBS) Scheme, which the URA has undertaken as pilot projects, has made encouraging progress. Notably, authorisation has been obtained from the Secretary for Development for the Shing Tak Street/Ma Tau Chung Road Development Project. The URA offered free legal consultation services and other support to complete the dissolution process for this CBS in about one year. This is much shorter than the time that would be needed for CBS members to complete the process on their own, which usually takes two years or more. We will issue offer letters in August 2021 to all the owners, enabling them to consider selling their properties. This redevelopment project is of great significance. On the one hand, it can improve the built environment and residents’ quality of living; on the other, it can optimise the development potential of the land to increase housing supply. Upon its completion, the project will provide about 640 new flats, more than three times the current number.
In addition, the URA and The Hong Kong Settlers Housing Corporation Limited (HKSHCL) are jointly working on the Tai Hang Sai Estate Redevelopment project. After signing a memorandum of understanding in March 2021, the two parties have commenced preparations in their respective areas of responsibility. We intend to submit this project to the Town Planning Board for approval as early as the third quarter of 2021. The URA is putting the final touches on the detailed planning work within the Master Layout Plan, including
the layout of buildings, the number of flats, additional community facilities and open spaces. The HKSHCL, for its part, is responsible for formulating the tenant relocation plan and making best efforts to cater for their needs. This includes providing subsidies and helping them find temporary accommodation during the redevelopment period, as well as devising a plan for the tenants to move back upon completion of the redevelopment.
Following the dissolution of the last Civil Servants’ Co-operative Building Society, the URA will enter the next milestone of the Shing Tak Street/Ma Tau Chung Road Development Project with issuance of acquisition offers to all owners.
URA ANNUAL REPORT 2020-21 5
“Good progress has been made in various areas of our work, and the pace of urban renewal has not slowed down.”
Chairman’s Statement Managing Director’s Statement Operating Review Corporate Sustainability Management Discussion and Analysis Projects at a Glance Corporate Governance