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Pilot Scheme on Linked Site Approach to speed up urban renewal
The Governor-in-Council has approved a proposal to test the practicality of a linked site approach to facilitate the urban renewal process.
Two vacant sites which are financially viable will be granted by private treaty at full market value premium to the Land Development Corporation (LDC) to cross- subsidise two redevelopment projects on Kennedy Town New Praya and in Tsuen Wan Town Centre.
A Government spokesman said today (Saturday) that under the pilot scheme, to offset the estimated deficit arising from the two urban renewal projects, the LDC would be granted the right to develop the following sites:
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b)
a commercial/residential site at Yeung Uk Road in Area 35, Tsuen Wan, and
a residential site at 33 Ka Wai Man Road in Kennedy Town.
Granting the above sites to the LDC will cross-subsidise the two proposed urban renewal projects which will help improve the environment in Kennedy Town and Tsuen Wan in terms of restructuring obsolete landuse patterns, improving traffic circulation, providing much needed open spaces and Government/Institution / Community facilities.
"We have explained the proposals to concerned members of the Legislative Council, the Municipal Councils and the two District Boards involved as well as to affected property owners and tenants. In response, they have urged an early start," the spokesman said.
The spokesman said the two linked sites proposed were required to turn the projects round, making them marginally viable, and only so in the case that the latest proposal on revision to the Home Purchase Allowance, approved by the Finance Committee of the Legislative Council yesterday (Friday), was implemented.
The Land Development Corporation is conducting a freezing survey for the redevelopment sites from 26 April 1997 to 30 April 1997.
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