January 2, 2019
URA Tai Kok Tsui redevelopment project to commence
URA recently announced that a two-month public consultation has been conducted on Oak Street/Ivy Street redevelopment project in Tai Kok Tsui, as stipulated in the Urban Renewal Authority Ordinance. With no objection received during the period, the proposal, together with an evaluation on the latent impacts, has been submitted to the Secretary for Development. An authorisation has been granted. Subject to change, the URA’s current proposal is to redevelop the site to provide about 4,990 sq m of residential floor area and some 1,000 sq m of commercial floor area.
According to news report, Emperor Group would sell Inn Hotel Hong Kong in Yau Ma Tei for HK$1.1 billion to local investor Tang Shing-bor. The transaction is expected to complete by June 2019. Inn Hotel Hong Kong has 30 floors with 199 rooms and a total gross floor area of 48,600 sq ft. The estimated value is HK$5.52 million per key.
(Photo: Inn Hotel Hong Kong)
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