According to recent news report, the Urban Renewal Authority (URA) has offered a record price to buy properties for a redevelopment project in Sai Ying Pun.
     The proposed development project is situated between Sung Hing Lane and Kwai Heung Street in Sai Ying Pun involving 101 property-owners. The URA is prepared to make an offer at HK$23,568 per sq ft, which means the URA will pay approximately HK$12 million for a 500-sq-ft flat.
     The project was authorised by the government in March and covers a total area of about 12,000 sq ft, involving 14 buildings. URA plans to redevelop the area into 89,000 sq ft of residential space and 4,000 sq ft of commercial area. The project is expected to be completed by 2026 or 2027.

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