Mong Kok site redevelopment to affect 173 property owners

190 units to be ready by 2020.

According to a report, the Urban Renewal Authority will issue acquisition offers to owners of 173 property interests affected by its Reclamation Street/Shantung Street redevelopment project in Mong Kok next month.

Eligible owner-occupiers will be offered $11,832 per square foot of saleable area, which is equivalent to the unit rate of a notional replacement flat of seven-years-old situated in a similar locality and of similar size.

The authority’s Land, Rehousing & Compensation Committee approved the offer today.

Property owners will have 60 days to consider.

The plan is to redevelop the project site of 1,640 square metres to provide 190 units. The completion target is 2019-20.

Upon completion of the acquisition, the authority will make ex-gratia payment or rehousing arrangements for eligible tenants.

Briefings for affected owners, residents and shop operators are being organised to explain the offer and arrangements on compensation and rehousing.