The Urban Renewal Authority will issue purchase offers at a unit rate of $5,937 per square foot for a notional seven-year-old flat to owners of 1,657 property interests in the Kwun Tong Town Centre project by the end of December.

Meeting the media today authority chairman Barry Cheung said 11 independent valuation firms, instead of the usual seven, have been appointed to assess the unit rate so it is fair and reasonable.

As comparable buildings of a notional seven-year-old flat in Kwun Tong are absent, proper adjustments have been made to the valuation with reference to transactions of comparable flats in districts with characteristics and a transport network similar to Kwun Tong.

The surveying firms' reports will be placed in the district's resource centre at Hip Woo Street by the end of the month for owners' information.

Besides the market value of the acquired properties, eligible owner-occupiers will receive the full home purchase allowance amount approved by the Legislative Council in 2001 while owners of tenanted and vacant domestic properties will also get a supplementary allowance.

Owners will have ample time to consider the authority's offer and to accept it within 90 days after receiving it. Eligible domestic owner-occupiers will receive an extra allowance if they accept the offer within the 90-day period.

Briefing sessions will be held for the affected owners, residents and shop operators after the issuance of purchase offers. The resource centre will extend its office hours to seven days a week 9am to 9pm from the end of December. Call 2588 2333 for enquiries.