The Urban Renewal Authority (URA) has announced a plan to redevelop six sites in the vicinity of Mong Kok’s flower market with a total area of 29,315 square meters.
The plan to redevelop 33 ground floor shops and 275 households on Sai Yee Street and the flower market is the first project under a broader initiative to redevelop Yau Ma Tei and Mong Kok.
The project is expected to be finished by 2035-36, the authority’s director of planning and design Lawrence Mak told reporters on Friday, adding that it would cost the authority HK$2.5 billion to acquire the properties to be redeveloped.
“Given the current economic uncertainty, it is hard for us to tell whether the project will make profits or losses in the future. Our preliminary estimate of the acquisition cost is about $2.5 billion,” Mak said.
Despite the authority recording a deficit in the 2022-23 fiscal year, profitability was not a consideration for the URA, he said.
“The main purpose of this project is to expedite the implementation of the planning benefits proposed by the Yau Ma Tei-Mong Kok district study and the recommendations put forth in the chief executive’s policy address,” Mak said.
About 17 per cent of the flower shops would be affected by the redevelopment, the authority said.
Waterways and flowers
The redeveloped site will include a “waterway park” no less than 8,800 square metres in size between Boundary Street and Nathan Road. Flower market path will be redeveloped to include a canal – the waterway – to link up recreation facilities such as the flower market and Mong Kok stadium.
The authority also proposed providing about 1,350 residential units at one site at the intersection of Sai Yee Street and Prince Edward Road West.
A group of smaller sites between Prince Edward Road West and Yuen Ngai Street will be redeveloped into public open spaces for commercial activities. Buildings at the sites slated for redevelopment are between 64 and 76 years old, the authority said.
The authority on Friday commenced surveys to determine the number of residents the redevelopment would affect, and whether they would be eligible for ex-gratia payments or re-housing.
The URA will submit two development plans to the Town Planning Board by Monday, Mak said.
Support HKFP | Policies & Ethics | Error/typo? | Contact Us | Newsletter | Transparency & Annual Report | Apps
Help safeguard press freedom & keep HKFP free for all readers by supporting our team
LATEST FROM HKFP
HKFP has an impartial stance, transparent funding, and balanced coverage guided by an Ethics Code and Corrections Policy.
Support press freedom & help us surpass 1,000 monthly Patrons: 100% independent, governed by an ethics code & not-for-profit.
