The Urban Renewal Authority has proposed a record offer of compensation to flat owners of a To Kwa Wan redevelopment project where the collapse of a rundown tenement building killed four people last year. The Ma Tau Wai Road/Chun Tin Street project was initiated amid concerns over building safety after the collapse of the more than 50-year-old five-storey residential building. Eligible owners of flats covered by the project will be offered HK$9,785 per square foot of saleable floor area; this is the highest offer for a URA project in Kowloon. 'It reflects the recent property price rises,' URA chairman Barry Cheung Chun-yuen said. Those who received full compensation would get at least HK$4 million to HK$6 million - enough to buy a flat in the area, he said. 'The compensation will enable affected owners to buy properties in the same area that are five to seven years old. It will allow them to greatly improve their living conditions.' Acquisition offers will be sent to 150 owners by the end of the month; owners have 60 days to accept. The extra acquisition cost of HK$1.5 billion, meant a deficit of HK$1 billion would be incurred during the redevelopment, officials said. Resident Lau Shin-jun, 63, said the offer was reasonable, but the government should not discount the offer for owners not living there. More than 400 flats, averaging less than 500 square feet in size, will be built on the 3,377 square metre site. Part of the land will be used for government and recreational facilities.