Macau (MNA) – The temporary and replacement housing bill under the urban renewal regime will be effective tomorrow, according to a dispatch in the Official Gazette on Tuesday.
The bill is intended to provide a option for real estate owners affected by urban renewal projects, aimed as an incentive measure for promoting the latter.
According to the bill, temporary housing is to be built for rental for real estate owners affected by urban renewal during reconstruction periods, while replacement housing is to be built in exchange for those affected by urban renewal projects.
However, the bill highlights that neither temporary nor replacement housing are ‘compensations’ but a complementary effort for urban renewal.
Each real estate owner, regardless of how many real estates he or she owns, is only allowed to apply for one temporary housing or buy one replacement housing.
The bill also offers special provision for buyers of the failed Pearl Horizon project, whose apartments were declared invalid due to expired land concessions.
Those buyers are also allowed to buy replacement housing under the bill, although the Pearl Horizon Condominium Owners United Association complained that the bill “ignores” their needs and rights.
