Hong Kong government defends controversial Tsim Sha Tsui waterfront redevelopment plan
A proposal before the Town Planning Board could allow New World to run a development plan for the Avenue of Stars well beyond 2024
A plan to build more shops and attractions on the Tsim Sha Tsui waterfront could mean an extension of New World Development's management role on the Avenue of Stars to 2035, the learned yesterday.
Under a revitalisation plan pending approval by the Town Planning Board at a meeting today, the avenue will be extended eastward and the developer will build more facilities along the Tsim Sha Tsui promenade, including an eatery hub, a film industry exhibition centre and a performance venue.
Works would shut public access to the waterfront for up to three years.
The avenue was built in 2004 at a cost of HK$40 million paid by New World, under an agreement with the government that granted the developer 20 years of operating rights and maintenance responsibility. The Leisure and Cultural Services Department remains the managing authority of the site.
While the existing contract is due to expire in 2024, the developer set up an organisation called Sustainable Foundation Company to take over the avenue's management on a non-profit basis should the revitalisation plan be endorsed.
New World is seeking to sign a new contract with the government so that the organisation will manage the avenue for another 20 years from signing the contract. If signed this year, the organisation would run the facilities until 2035.
