City transformation: Urban Renewal Authority Chairman Barry Cheung and Secretary for Development Carrie Lam announce the Central Market revamp.

The Urban Renewal Authority will spend $500 million to revitalise Central Market into a "Central Oasis" in collaboration with the Development Bureau.

Secretary for Development Carrie Lam told reporters today the project will provide much needed open space and greenery in Central and a leisure facility for the district's workers.

Noting the 1939-built historic building is highly accessible from Des Voeux Road Central, Queen's Road Central and the Mid-levels escalator, authority chairman Barry Cheung said the revitalised market will feature different themes on each floor.

There will be four levels of information-cum-leisure space, with a mega bookstore, cyber information points and an arts event atrium on the ground and first floors, eateries on the second floor, sitting-out areas on the third floor and a roof garden providing 1,000 square metres of public open space.

The premises' architectural characteristics of Streamlined Moderne style and functionalism will be retained, Mr Cheung said, adding phase-one works are expected to be completed in two to three years while the whole project is due for completion in four years.

Gov't-URA partnership

Mrs Lam said the Government will partner with the authority due to its active participation in renewal and rejuvenating projects.

"Together with the host of preservation projects in Central taken up by the authority, we believe a synergy effect can be achieved with the addition of the Central Market revitalisation," Mrs Lam said.

She added the project is not put under the Revitalising Historic Buildings Through Partnership Scheme - which normally takes at least 12 months to select a partner NGO - so it can be completed earlier.

Financially, as $3 billion has already been reserved for the authority's work in 2009 to 2014, letting it take up the project will save the Government from extra fund allocation without affecting the $1.5 billion earmarked for the partnership scheme, Mrs Lam said.

"Since the announcement of the project some people have expressed worries about the Central Market becoming another high-end shopping mall for profit making. The answer is no," Mrs Lam said, adding shop rents will be reasonable. She hoped the market place can be financially sustainable in the long term.

The authority will consult the Antiquities & Monuments Office before making any changes to the old building and will form an advisory committee with district councillors, professionals and other stakeholders to study the operation mode and the shop composition.