The Urban Renewal Authority has issued acquisition offers to property owners affected by a redevelopment project set for Tai Kok Tsui.

Eighty property interests are affected by the project and owner-occupiers will be offered $4,131 per square foot on a saleable area basis. They have 60 days to consider the offers. There are 300 residents living in the three dilapidated building blocks on Fuk Tsun and Pine Streets, built in the 1950s and 60s.

Facelift: Three old buildings on Fuk Tsun and Pine Streets in Tai Kok Tsui will be re-developed into a 70-unit residential block.

With a 5,800 square feet site, the project is expected to produce a 70-unit residential block with a provision of about 8,650 square feet for shops. The total cost of acquisition and rehousing is about $220 million. Together with the construction, interest and marketing cost for the future development, the total expenditure will be about $350 million.

The authority said owners who live there will receive a home-purchase allowance on top of the market value of the properties concerned. The total compensation will be the value of a notional seven-year-old flat of average quality in Tai Kok Tsui. In addition, an incidental-cost allowance will be offered as an incentive to owners of domestic properties, which serves as a subsidy for the removal and various other expenses normally incurred in the purchase of a replacement flat.

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