The Urban Renewal Act will end the blight of derelict property
The Urban Renewal Act (URA) has been delayed for further consultation in view of concerns about its impact on the property market and the rights of owners facing possible compulsory purchase of rundown residences.
While many of the concerns are raised by well-meaning experts and involve genuine issues that deserve attention, it is also important to maintain a clear understanding of the wider economic implications of the URA so that its benefits are not lost in the debate.
The opposition aside, the URA is an important and overdue reform for local planning and development.
It will streamline the regulations to redevelop and modernise old, dilapidated and derelict properties which have fallen into disrepair due to bad management. Many properties have deteriorated since they were built, many others have been abandoned either completely or unit by unit.
As the property declines, units became unsaleable, and owners have abandoned them or rented to agents who sub-let to foreign workers…
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