Budget Speech

Redeveloping Old Areas

120.      For aged buildings in disrepair in old areas, redevelopment is an option that can better improve the living environment of residents and protect public safety. To tackle the increasing number of old buildings, we need to review afresh the Urban Renewal Strategy and the role of the URA. The Development Bureau will complete the review of the Urban Renewal Strategy by the end of this year and map out new directions. In response to the redevelopment requests from owners of old buildings, we have also proposed to lower the compulsory sale application threshold for buildings aged 50 years or above from 90 to 80 per cent.

121.      In order to resolve the problem of old buildings in disrepair in the vicinity of the collapsed building on Ma Tau Wai Road, and to improve the living environment of the hundreds of households there and relieve their fears and worries, I have agreed to the URA taking forward immediately a redevelopment project at that location. It will cover old buildings in 33 street numbers on Ma Tau Wai Road, Hok Yuen Street and Chun Tin Street. The URA will embark on the necessary freezing survey today.

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