The Urban Renewal Authority (URA) launched statutory planning procedures for redeveloping 20 street numbers of buildings at the junction of Reclamation and Shantung Streets in Mong Kok. Acquisition and rehousing is expected to cost $1.02 b. Adding construction, interest and other costs to the budget, the total development cost is projected to reach $1.76 b. The authority plans to redevelop the site to provide 168 flats of 35 to 65 sq m each. It is tentatively scheduled for completion by 2019-20.
     The URA also announced that it would soon make acquisition offers to owners of the Pak Tai Street/San Shan Road project in Ma Tau Kok. The Pak Tai Street/San Shan Road project is implemented in accordance with the new Urban Renewal Strategy (URS) which includes the flat-for-flat (FFF) option as an alternative to cash compensation to the domestic owner-occupiers subsequent to the project authorisation. Owners can consider taking cash compensation or using it to buy a new flat in-situ in the new development or in the Kai Tak development.
     Being the fifth redevelopment project the URA has implemented in the district to date, the project area is situated at a corner site abutting Pak Tai Street in Ma Tau Kok, covering an area of about 1,280 sq m. The URA's initial proposal is to redevelop the site to provide about 130 residential units with flat sizes of around 35 sq m to 65 sq m, with completion tentatively scheduled for 2018/2019.