The Urban Renewal Authority will spend $30-plus billion to implement the Kwun Tong Town Centre project in phases and acquire all affected 1,656 property interests in one go.

The Development Bureau welcomed the decision and urged the authority to enhance its people-centred approach to the project.

The bureau said it will assist the authority in its preparatory work and has formed an inter-departmental committee chaired by the Secretary for Development to help the authority proceeding with the phased redevelopment smoothly and expeditiously.

Speaking after the authority's board meeting today, chairman Barry Cheung said the arrangements of acquisition in one go and phased development are in the best interest of all parties, taking the project's financial implications into account.

Measuring a total site area of 5.35 hectares, the project will provide 209,640 square metres for commercial use, 159,610 squares metres for residential areas and 16,300 square metres for government, institution and community purposes. There will be at least 8,700 square metres of landscaped public open space and 15,700 square metres of public transport interchange.

The development will be completed by 2021. Acquisition offers will be issued to all affected property interests in December. The actual phasing plan will be submitted to the Town Planning Board for consideration. Phase one will see the relocation of the Yuet Wah Street bus terminus.

Professional surveyors have been commissioned to assess flat and market values for each of the 1,656 property interests. Consultants will study the supply of flats and shops in Kwun Tong and nearby districts.

Apart from cash compensation owner-occupiers of domestic properties can express their interest in purchasing a new flat within the redevelopment at market price under the Expression of Interest in Purchasing Arrangement. Shop owners and tenants who started premises occupation for business before March 30 are entitled to an additional payment.