Rebirth: An artist's impression of the Larch Street/Fir Street Redevelopment Project.

Two new redevelopment projects costing $1.41 billion will be implemented in Tai Kok Tsui to regenerate the district, the Urban Renewal Authority says. About 1,400 residents in 560 households will be affected.

Located on Larch and Fir Streets, and Pine and Anchor Streets, the projects involve 24 buildings and 358 property interests. Most of the buildings were built in the 1960s and are in a dilapidated condition.

Within the total development budget, about $660 million or 47% will be required for compensation for property owners as well as rehousing or cash compensation for tenants. The remainder is for construction, interest and other costs.

The two projects, mainly for residential purposes with some open space for recreation, occupy about 23,700 square feet and 24,700 square feet.

Upon completion, they are expected to yield a gross floor area of 361,700 square feet and 73,200 square feet for residential and retail commercial use. About 4,300 square feet of open space will also be provided at the Pine Street site.

Acquisition offers ready soon

The authority will soon issue acquisition offers to affected owners for consideration. Owner-occupiers will be offered a home purchase allowance based on the value of a notional seven-year-old flat in a similar locality. Tenants will be offered cash compensation or rehousing.

A household survey was conducted today to ascertain the actual number of households and the occupancy status at the two project sites. Six briefings will be arranged shortly to explain to the affected owners and tenants the acquisition and rehousing arrangements and procedures. Further follow-up sessions will be arranged to answer enquiries from those affected.

An urban renewal social service team staffed by the Salvation Army will offer counselling and assistance to residents. They can also visit the authority's Tai Kok Tsui Neighbourhood Centre at the ground floor, Bedford Tower, 68 Bedford Road or call the authority' hotline 2588 2333 for enquiries.