Urban Renewal Authority vows to take on even ‘difficult’ projects in Hong Kong’s most crowded areas in Kowloon
- URA says projects in Yau Ma Tei and Mong Kok districts part of five-year plan to deliver more than 13,400 new flats
- But chairman of profit-making statutory body says it will not assist with government efforts to boost public housing supply as costs would outstrip any money made
The Urban Renewal Authority (URA) has said it will take on “difficult” projects in Yau Ma Tei and Mong Kok as part of 10 redevelopment schemes featured in its five-year plan to deliver more than 13,400 new flats for Hong Kong.
The profit-making statutory body on Tuesday also said it could not diversify its role to help the government provide more subsidised housing, otherwise, the authority would incur losses.
The URA revealed that it would need to borrow funds to complete its redevelopments, as it would have insufficient cash flow to continue them after two to three years.
Referring to the Yau Ma Tei and Mong Kok areas as the “Yau Mong districts”, the authority said both locations featured in its five-year redevelopment plan but stopped short of specifying the exact sites involved or the number of proposed flats due to commercial sensitivity.
“We will work on difficult project[s] that involve replanning, such as closing some roads [for realignment] and changing the uses of alleys,” said Wai Chi-sing, the body’s managing director. He added that “easier” renewal sites would be left to private developers.
Last year, the URA unveiled a blueprint for redeveloping sections of the two older and densely packed districts. The initiative involved relaxing planning restrictions, which would potentially allow residents to enjoy more living space and open areas while providing room for private or subsidised housing.