Page 8 - Urban Renewal Authority 2023-24 Annual Report

CHAIRMAN’S STATEMENT

Innovative Planning to Create Greater Benefits
The URA exercises due care and diligence in the handling of its finance. Under this principle, the URA adopts a
strategic planning approach when launching redevelopment projects. Government lands and sites with outdated
community facilities are incorporated into projects so as to maximise land resources and yield greater planning
benefits. At the same time, we carefully plan the scale of development projects to manage the acquisition costs
of property interests.

Artist Impression
The strategic planning of Sai Yee Street/Flower Market Road Development Scheme enables the project to maximise land resources and yield
greater planning and social benefits. Among them is the building of Waterway Park with an “Urban Waterway” as “blue-green feature” for
public enjoyment.

The Sai Yee Street/Flower Market Road Development Scheme, commenced in March 2024, exemplified the
application of the aforementioned principles. The project, which involved fewer property interests and was less
capital-intensive, adopted the “Single Site, Multiple Use” model for diverse and mixed development to make the
full use of lands and to generate substantial benefits. In addition, the development potential of small and
scattered sites in the Flower Market area will be consolidated into a strategically located larger site through
adopting the Transfer of Plot Ratio (“TPR”), hence optimising the overall development potential and incentivising
private developer participation.
In Development Areas 4 and 5 of the Kwun Tong Town Centre Project, the URA introduced the “vertical city”
planning concept to enhance development capacity and potential by incorporating residential use into the
development. Meanwhile, we adopted the use of “floating planning parameters” to provide developers with
increased flexibility in allocating floor space for residential, office, hotel, and other commercial functions,
adapting to evolving market conditions. Resubmission of planning applications is unnecessary as long as they are
within the development parameters and the total gross floor area of the project remains unchanged. These
innovative and flexible planning proposals are devised to enhance the development potential and planning
flexibility of the project, making it more attractive to private developers. In April 2024, the Town Planning Board
agreed to the amendment of the zoning of Development Areas 4 and 5 and submitted it for approval of the
Chief Executive in Council.

The Nga Tsin Wai Road/Carpenter Road Development Scheme in Kowloon City (Nga Tsin Wai Road Project) is
another recent project launched under the “planning-led, district-based” approach. This project is distinguished
by its sheer scale and complexity, involving over 1,000 property interests and engaging a diverse range of local
stakeholders.

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