Owners fear rail line will hit home prices
Western district residents say they are worried that the building of the MTR's West Island Line will restrict the area's urban renewal.
Some said property developers were already losing interest in buying old housing blocks for redevelopment because the rail line would limit the height of new buildings.
About 80 residents yesterday expressed concern about the rail project and set up a concern group during a public meeting with the Democratic Alliance for the Betterment and Progress of Hong Kong.
On Friday, the Legislative Council's Finance Committee approved funding of HK$12.25 billion for the railway's construction, which will affect 367 buildings in the area.
The concern group said that once the railway tunnel was built, pilings for future buildings would have to stop at least three metres from it, greatly restricting the height of buildings erected above the tunnel.
Mrs Cheung, an owner of a flat in the area, said many developers had previously approached her, but the number had dropped off since the construction plans were announced. She said the developers had offered HK$6,000 to HK$7,000 per square foot but she expected prices to drop.
Central and Western district councillor Chan Hok-fung said the plan would affect developers' interest in the area and the value of the buildings, which were mostly old.
He said that although the government had estimated a sum of HK$380 million for compensation, owners would have to prove actual loss and hire surveyors to estimate that loss, which was unaffordable to most.
Resident Choy Chun-fei, convener of the concern group, said the requirements were unreasonable.
