The Urban Renewal Authority (URA) announced the implementation of a HK$371 million redevelopment project at Anchor Street/ Fuk Tsun Street, Tai Kok Tsui, bringing the number of URA redevelopment projects in the district to six. Tai Kok Tsui is one of nine target districts for urban regeneration.  It is not only home to six URA redevelopment projects since early 2002, but also a target service area for 32 rehabilitation projects so far. Together they bring general improvements to the living conditions of some 5,800 households.
     Presently located at the 726-sq m (approximately 7,800 sq ft) site are six buildings built in 1958-1960 where some 63 families comprising about 180 residents make their homes. The general condition of the buildings is poor and unsatisfactory which makes rehabilitation exceedingly difficult and uneconomical.

     The URA's plan is to redevelop the site into a hotel of less than 200 rooms with ancillary commercial uses after taking into consideration the market needs and environmental factors.  Landscaping with tree planting around the project will be considered to improve the overall walking environment. Vertical greening is also proposed to provide further visual relief in this dense built-up urban environment.

     The total development cost of the project is estimated at about HK$371 million, including HK$192 million for acquisition and rehousing expenditures.