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The Urban Renewal Authority will offer HK$15,385 per square foot to eligible property owners of the Kau Pui Lung Road/Chi Kiang Street Development Scheme.

Most of the owners will need to pay a premium to lift alienation restrictions on leases, except for a few who have already done so, the authority announced on Monday.

“Given that the reference rate of premium adopted for this project has been set at HK$1,177 per sq ft, these owner-occupiers will receive HK$14,208 per sq ft of saleable area for their flats,” the authority said.

Property owners will have 60 days to consider whether to take the offer.