Page 58 - Urban Renewal Authority 2023-24 Annual Report

CORPORATE SUSTAINABILITY

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Social Responsibility in

Acquisition and Clearance

Sustainability Pillars ECONOMY I ENVIRONMENT I SOCIETY I PROCESS I PEOPLE

In the process of replacing old amenities with new, safer and more environmentally-friendly ones for old and
dilapidated buildings, the displacement of residents and business operators affected by URA’s redevelopment
projects is inevitable. Understanding that relocation can be a significant event for many families, individuals and
businesses, the URA introduces measures and takes action within the established boundaries of our
compensation and rehousing policies to improve the livelihood of those affected by our redevelopment.
It is noteworthy that URA’s compensation policies and procedures not only meet the Performance Standards on
Environmental and Social Sustainability of International Finance Corporation under the World Bank Group (PS 5:
Land Acquisition and Involuntary Resettlement), but also exceed expectations in certain aspects. The objectives
of these standards are to minimise displacement by exploring alternative project designs, to avoid forced
eviction, to provide fair compensation, to ensure resettlement activities are implemented with appropriate
disclosure of information, and to improve the livelihoods and living standards of displaced persons through the
provision of adequate housing with security of tenure.

Responsible Acquisition
Home owner-occupiers within URA’s redevelopment project sites are offered
an amount equivalent to the market value of a seven-year-old residential flat of
the same size and in the same district regardless of the original market value of 96%
their dilapidated properties. In addition, allowances to cover expenses relating
to the purchase of replacement property by the owners are provided. The percentage of home
owner-occupiers who
These owners could utilise the new capital to purchase new homes of much- accepted URA’s acquisition
improved quality and environment either from the private property market or offers in 2023/24
from the URA through the Flat-for-Flat scheme. For investors or landlords of
domestic properties, the offer is reduced depending on the number of
properties owned within the redevelopment site. Nevertheless, these owners
can still use the new capital to purchase investment properties of better
quality.

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