The Urban Renewal Authority will spend HK$30-plus billion to implement the Kwun Tong Town Centre project in phases and acquire all affected 1,656 property interests in one go.
     Speaking after the authority's board meeting earlier, 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 sq m for commercial use, 159,610 sq m for residential areas and 16,300 sq m for government, institution and community purposes. There will be at least 8,700 sq m of landscaped public open space and 15,700 sq m 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.