Page 26 - Urban Renewal Authority 2023-24 Annual Report

OPERATING REVIEW

OPERATING REVIEW

Against the background of unfavourable economic conditions overcasted by
high interest rates and global inflation in the wake of the COVID-19 pandemic,
many cities across the globe that undertake urban regeneration are in the
face of financial challenges. Hong Kong is no exception.

In the midst of volatile market conditions, URA reaffirms its commitment
to comprehensive and effective urban renewal through a holistic “district-
based” and “planning-led” approach to unleash development potential and
attract private market participation with the ultimate objective of co-creating
a salubrious and liveable urban environment.

Other innovative approaches to energising the renewed districts include the
trialling of an Integrated Approach which amalgamates the renewal strategies
of Redevelopment, Rehabilitation, Preservation and Revitalisation to uplift
the overall built environment and inject social and economic vitality into the
regenerated areas.

Together with Retrofitting, these “5Rs” strategies interplay to
paint a colourful vision and a bright future of Hong Kong —

a better home in a world-class city — for many generations.

Riding on insights from the Yau Mong District Study (YMDS), we launched
the Sai Yee Street/Flower Market Road Project (YTM-013) in the past year,
marking a significant step in realising the first nodal development under
YMDS and transforming the Mong Kok East area into a vibrant urban hub.

At the same time, we made strides in building rehabilitation through
funding and launching the new Preventive Maintenance Subsidy Scheme
that encourages and empowers owners to maintain their properties on a
periodic and sustainable basis. The newly established Building Rehabilitation
Resource Centre (BRRC) also serves as a one-stop platform to provide
support to property owners through the provision of building rehabilitation
know-how and assistance.

As the URA navigates the complexities of urban renewal, we are committed
to creating a dynamic and sustainable urban environment that embraces the
vibrant elements of Hong Kong, much like a fluid art piece coming to life.

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