Urban Renewal Authority
The other economical concern is about the underestimated compensation given by URA. During the reconstruction of Lee Tung Street, the compensation given by the Urban Renewal Authority to the flat owners was $4000 per square feet. However, the selling price of a flat, after the reconstruction, in Avenue Walk is $23000 per square feet in 2013. The URA was criticized for depriving the flat owners by paying an unreasonably low compensation to the flat owner in the affected area i.e. 1.8 billion in total while Urban Renewal Authority is foreseeably gaining $3.4 billion by this project.