URA Makes Aggressive Purchase Offer
The Urban Renewal Authority will issue an acquisition offer of HK$15,383 per square foot to property owners who will be affected by its three proposed redevelopment projects in Kowloon City. The offer is the highest that it has made in its redevelopment projects. The three proposed redevelopments are the Bailey Street and Wing Kwong Street Development Project, Hung Fook Street and Kai Ming Street Development Project, and Wing Kwong Street Development Project. The amount that the URA is offering is the unit rate of a notional replacement seven-year-old flat situated in a similar locality.
Ocean Supreme Plans to Start Sale This Weekend
Cheung Kong Property launched 144 flats at its Ocean Supreme project in Tsuen Wan, priced at about HK$15,000 to HK$20,000 per square foot. The developer would announce sales arrangement as soon as possible and hoped to kick off sales this weekend. It has received almost 5,000 subscriptions for 432 units from the first two price lists. Meanwhile in Yuen Long, Sun Hung Kai Properties will offer 93 units from PARK YOHO Genova for sale this Friday and has received over 300 subscriptions. Furthermore, Kowloon Development Company plans to release by the end of this week the price list for its 63 Pokfulam project.