2025-02-21 28Hse Editor
Urban Renewal Authority (URA) managing director Ir Wai Chi-sing has unveiled potential plans to integrate the "vertical city" concept into redevelopments in the bustling districts of Yau Ma Tei and Mong Kok. This innovative urban planning approach has already been redefined in Kwun Tong Town Centre's commercial projects, emphasizing high-density mixed-use developments.
Wai discussed with Ming Pao the possibilities of applying this concept more broadly, potentially expanding it beyond Yau Ma Tei and Mong Kok to other regions.
The URA is also considering a trial of flexible planning parameters. This approach would grant successful bidders the ability to adjust development parameters moderately, allowing them to respond adaptively to future market demands. Wai advocates for this model to improve the appeal of development projects and to maintain competitiveness amidst market changes.
Despite an unsuccessful tender early in the year, the URA has reworked its development strategy. The adjustments include a reduction of the commercial areas by about 20 percent and the addition of high-level residential units to towers that could reach up to 360 meters.
The project is now in the consultation phase, with results expected in February. The outcomes will determine the final execution of the plan.
The Kwun Tong initiative has notably achieved breakthroughs, being the first "mixed-use" project to boast a plot ratio of up to 12 times. This allows for a building that accommodates residential, commercial, entertainment, and hotel functions all in one.
Reflecting on a past project in Kowloon City, which sold for HK$1.9 billion at a loss of nearly HK$1.5 billion, Wai suggested that a re-tender could result in an even lower bid price.
With the URA's liquidity dipping below HK$20 billion, there is now a pressing necessity to obtain loans to fund the upcoming redevelopment projects slated for the following year.
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