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The URA’s five plans deal with the reconstruction of civil servants’ cooperatives with flat land premiums and exemption from stamp duty

2021-08-01T04:04:53.577Z


The URA launched two civil service housing cooperatives (co-operatives) building redevelopment pilot projects in Kowloon City District last year, namely the Shing Tak Street/Ma Tau Chung Road Development Project (Shing Tak Street Project) and Kuo Pui Lung Road/Zhejiang Street


The URA launched two civil service housing cooperatives (cooperatives) building redevelopment pilot projects in Kowloon City District last year, namely the Shing Tak Street/Ma Tau Chung Road Development Project (Shing Tak Street Project) and the Kao Pui Lung Road/Zhejiang Street Development Project (Back Back Long Road Project), after the reconstruction of Shing Tak Street Project, it can provide about 640 units, which is more than three times more than the current 150 units.


The Chief Executive Officer of the URA, Wei Zhicheng, published a blog today (1st), stating that the URA has initiated five measures to deal with the reconstruction of cooperative buildings, and formulated a "reasonable and reasonable" acquisition plan for the owners, including the first "flat premium" price per square foot. The plan is based on the lowest land premium paid for the project. The URA also flexibly arranges for the "big family" unit to purchase two units to reduce the impact of "household splitting"; and exempt the related administrative fees and additional stamp duty for businesses that have not paid land premiums.


Wei Zhicheng said that the Ma Tau Kok Housing Cooperative in Shing Tak Street Project has completed the dissolution process. All members have signed the lease in June this year and become "owners of unpaid land prices."

(Picture of Wei Zhicheng's Blog)

Wei Zhicheng pointed out in his blog that in the past year, the URA held more than 20 inter-departmental meetings with various government policy bureaus and different government departments on matters such as dispersing cooperatives, reimbursing land prices, paying stamp duties, and compensation plans. With the participation and coordination of the Construction Bureau, five new measures were proposed on the acquisition plan.

First, because the location, floor, orientation and landscape of the units applying for land premium will affect the premium that needs to be paid, take the Shing Tak Street project as an example. Due to the lack of elevators in the building, the value of the lower-level units is higher than the higher-level units. , The premium will also be larger, and a rough calculation can vary by more than 30%.

Calculate the amount to be paid for all units based on the minimum land premium price per square foot

Therefore, the URA first set up a "flat-rate premium per square foot". The land premium per square foot that was assessed as the lowest in the entire project was used as a flat rate as the premium per square foot applicable to all units in the project. The relevant difference will be determined by URA paid.

"Branch family" can purchase two resettlement units

Second, the area of ​​a cooperative building unit generally exceeds 800 square feet, and the largest unit is 1,600 square feet. Many families are already "three generations in the same house" or even "four generations in the same house."

Under the new unit replacement plan, eligible former members of self-occupied households, such as "branch families", can purchase up to two resettlement units after accepting the URA's purchase proposal.

There is also flexibility in choosing the type of resettlement unit. You can purchase two subsidized-sale units in exclusive resettlement housing estates, or a different combination of subsidized-sale units and one-bedroom units. This reduces the need for redevelopment to "household" families. Influence.

Third, owners who have not paid land premiums can be exempted by the government from the administrative fee of more than 50,000 yuan that they would have to pay when paying land premiums; The additional stamp duty involved by the URA, which amounts to about 100,000 or even more than 1 million yuan, does not need to be paid.

The task force assists in contacting overseas proprietors

Fourth, in order to shorten the "dissolution of the agency" procedure, the URA specially appointed a task force and appointed lawyers with experience in the dissolution of agency to provide free legal support services.

Among the 9 cooperatives in the Shing Tak Street Project, the remaining one involving 12 units has not been disbanded, and 3 of its members have moved overseas.

The URA and the legal adviser contacted 9 members in Hong Kong one by one, and then liaised with the remaining 3 members across the ocean, assisted in convening meetings, and resolved the dissolution of the club. In the end, it only took about a year to complete the dissolution and recapture the industry. The procedure of rights is 18 months shorter than that of self-dissolution.

Fifth, with regard to the amount of land premium, the URA urged the government to review the assessment basis for the payment of land premium by members of the cooperative.

Since June last year, the "existing land value" of the old cooperative building was used as the basis for assessing the amount of land premium for eligible cases. Compared with the previous amount based on the "reconstruction value of the land" as the assessment basis, it has decreased by 40% or even 50%. become.

Wei Zhicheng pointed out that after the above plan is released, the owners of the cooperative units of the Shing Tak Street project will later receive the URA acquisition and compensation plan and understand that the current plan has balanced the needs of residents based on the principle of "reasonable and reasonable". And the effective use of public resources, to appreciate the sincerity and hard work of the URA, and to accept the acquisition proposal.

01News

The URA has approved more than 1,600 applications with "complete bidding" and more than 60% of the winning bids are lower than estimated consumer vouchers | URA helps vendors in Yumin Bazaar install electronic payment system stalls in order to stimulate business URA plans to start To Kwa Wan The Civil Service Cooperative Reconstruction Concern Group advocates calculation of compensation, exemption of land price, URA’s old building drainage system repair subsidy, received 100 applications involving 5,700 units, URA researched "community planning" reconstruction and Shanli Sham Shui Po, an urban renewal area of ​​16 hectares

Source: hk1

All news articles on 2021-08-01

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