Redevelopment of Kwun Tong: Kwun Tong Town Centre Project

The Kwun Tong Town Centre project is one of the redevelopment projects announced but not yet commenced by the Land Development Corporation in 1998. Occupying a site area of 570,000 square feet, this multi-billion-dollar project will be the largest single project undertaken by the Urban Renewal Authority (URA) affecting about 1,653 property interests and about 5,000 people. The URA commenced the statutory town planning approval process for the project in March 2007.

Because of the very large scale and complexity of the project, the URA will work closely with the local community to ensure that the views of all important stakeholders are fully taken into consideration in the project planning process.

Project Development Information:

  • Gross Floor Area : 401,250 square metres
  • Residential flats: 2,000; Gross Floor Area: about 160,000 square metres
  • Commercial space: 209,640 square metres
  • Other uses: 15,700 square metres
  • Government, Institutional and Community Facilities: 16,300 square metres
  • Open space: 8,700 square metres

Progress of the Project:

  • In July 2008, the Executive Council approved the Development Scheme Plans for the two sites.
  • The Town Planning Board (TPB) approved the Master Layout Plans prepared by the URA for the Yuet Wah Street Site in December 2008, and for the Main Site in January 2009.
  • Construction of the temporary Fuk Tong Road Bus Terminus began in January 2009.
  • On 29 December 2008, the URA issued acquisition offers to owners of all property interests affected, over 80% of whom have accepted the offers in five months after the offer period began.

In fact, the URA had said that the total investment of up to HKD $1.8 hundred billion in the earlier days,it is expected to reach HKD $2.0 hundred billion of the redevelopment value,reduced the HKD $1.8 ten billion of construction cost by the URA,the developers still have to invest about HKD $1.62 hundred billion, according to residential floor area,the development cost per square foot of floor is about HKD $10,829,together with developer’s profit,that the future price sq.ft salable area of about HKD $15,000.

In addition,multi- platform under the residential properties in the future ,including shops,etc. shall be returned to the URA,the URA will pay a total of HKD $1.8 ten billion for the construction cost.Together with the news that the commercial part of the future Phase 4 and 5 Yue Man Square commercial floor plan together.Meanwhile,the successful bidder will be completed the platforms within 45 months of the construction of residential buildings,the delay will be fine.