City to build Oak Street to buy a price of 18,000

Although the property price has been adjusted back, the Urban Renewal Authority (hereinafter referred to as the URA) Tai Kok Tsui Estate / Tai Wah Street Redevelopment Project (hereinafter referred to as the Oak Street Project) has been set up in accordance with the established price. The purchase price of the self-occupied property of each of the “sales-only" properties set out in the “7-year-old" policy amounted to $18,023, which was the highest in the acquisition price of the URA’s Kowloon Redevelopment Project.

500  about 9 million can buy the same district new building

The Oak Street Project, launched by the URA in March this year, is located at 89-95 Oak Street and 1 to 5 Eiwa Street. It covers an area of ​​about 8826 square meters. The site includes a 6- to 10-storey old building. From 1963 to 1977, involving 64 titles, the total floor area after reconstruction is expected to be about 64,400 square meters, completed in 2027-28.

The Land, Resettlement and Compensation Committee of the URA Board of Directors approved the purchase price of the project yesterday. The URA will issue an offer to the affected owners in the short term. The 7-year-old acquisition price of the owner-occupier is 18023 yuan. It is also possible to consider the purchase of a “flat-for-floor" flat after the redevelopment of Kowloon East Kai Tak Estate. Assuming a 500-square-foot unit in the Oak Street Project, the purchase price of the owner-occupier is about $9,011,500. With reference to market information, under the current market conditions, there is an opportunity to purchase the same district for about 6 years at a similar price. Opal. Yufeng has a practical area of ​​about 574 square feet.

The purchase price of the Oak Street project was 13391 yuan, which was higher than the demand-driven project of Wan’an Street/Tai Kok Tsui Road in February last year. It rose by 34.6% in less than two years and surpassed Chuntian Street/Chongzhi Street in To Kwa Wan. The three development projects set a record price of 15,916 yuan in the Kowloon area in December last year. According to the data, the URA has always acquired the crown of the price, which is the reconstruction project of Chongqingli/Cuixiang Street in Xiyingpan. The purchase price announced in May this year was 23,568 yuan, and the Oak Street project was 23.5% lower.

Mr. Mai Cui, an associate professor in the Department of Finance and Decision Sciences at Baptist University, said that the URA’s purchase price has established calculation methods, fairness and transparency. At present, the property prices have fallen back. Mr. Mai Cui thinks that if the affected owners are faced with a decline in the property market, they may be able to expedite the acceptance of the offer and speed up the acquisition process. This will also help the URA to Collecting the right to reduce the development costs due to prolonged time."