Authority managing director Wai Chi-sing revealed more details about the plot in To Kwa Wan in his blog on Sunday, two days after the self-financing statutory body was granted the site and another in Tseung Kwan O at a nominal land premium of HK$1,000 (US$127) for 50 years.
“The land grant represents an opportunity to enhance the connectivity and accessibility between the inland areas of To Kwa Wan and its waterfront spaces through urban renewal, injecting more vibrancy into the harbourfront through diverse development,” he said.
The land grant is expected to provide extra financial help for the URA, but the body has to review its operating and financing model so that it can undertake redevelopment projects in a financially sustainable manner.
It earlier said it would rezone the site on Bailey Street in To Kwa Wan, which is currently a temporary outdoor car park, for residential use.
The land parcel has a proposed total gross floor area (GFA) of 68,490 square metres (737,220 sq ft) with a plot ratio of nine, indicating a high development density. A higher ratio indicates increased density.
Wai observed that some road sections connecting the inland areas to the harbourfront in the neighbourhood were blocked by schools and temporary car parks.
