Page 8 - URA Annual Report 2021-22

CHAIRMAN’S STATEMENT
Reaping the benefits of redevelopment projects
2021/22 has been a year in which we began to see benefits from earlier redevelopment projects. Seven tendered projects were successfully awarded, generating upfront payments from joint-ventured partners of around $20 billion and approximately 3,000 new residential flats. As at end March 2022, we have built cash reserve of approximately $27 billion, which will be entirely applied to future urban renewal works.
Over the past 12 months, three large-scale redevelopment projects were commenced. The first two were Kim Shin Lane/Fuk Wa Street Development Project and Cheung Wah Street/Cheung Sha Wan Road Development Scheme in Sham Shui Po, followed by the Nga Tsin Wai Road/Carpenter Road Development Scheme in Kowloon City announced in May 2022. These projects will provide an aggregate area of 63,000 square metres and are expected to yield 6,180 new residential flats. In addition, these projects will see over 20,000 square metres of greenery space and improved pedestrian environment, along with two new Government community complexes covering a total floor area of over 85,000 square metres, providing to members of the public much improved living environment and modernised services for leisure, cultural, municipal and rehabilitation uses.
The current grid street plan of Kowloon City (left), coupled with scattered single-block buildings individually built by private developers, reflects the lack of comprehensive planning in the district. The redevelopment project being commenced in Lung Shing area of Kowloon City will bring along widened and enhanced walkways (above right), as well as more green spaces and pedestrian environment to the community (below right).
Artist Impression
Artist Impression
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 very good progress. Notably in the Shing Tak Street/Ma Tau Chung Road Project, we issued offer letters in August 2021 to its 155 owners, of whom 150 had accepted by end of June 2022. The Government has gazetted resumption of the land for this project, and the clearance work is expected to commence in the fourth quarter of this year. As for the other pilot project at Kau Pui Lung Road, we are at the stage of facilitating the dissolution of relevant co-operative building societies, before acquisition offers can be made. Concurrently we are processing the Stage 2 public comments received by the Town Planning Board (TPB) during the consultation period. We aim to complete the remaining planning procedures as soon as possible.
In the meantime, we are forging ahead with the second phase of eResidence - the Chun Tin Street/Sung Chi Street Project in Hung Hom, as a Starter Homes (SH) Scheme. The Project is currently under construction and is expected to provide about 260 SH units to be sold in the second half of 2023.
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