Facelift plan: A Shun Ning Road site will be redeveloped to provide 110 residential units and 8,342 square feet of commercial space.

The Urban Renewal Authority plans to launch a $424 million project to redevelop a Sham Shui Po site on Shun Ning Road near Tonkin Street.

According to the authority's initial proposal, the site will be redeveloped to provide 110 residential units and 8,342 square feet of commercial floor area by 2016-17.

The project affects 42 property interests. It is estimated there are 81 households comprising 182 residents involved.

If approval is granted by the Secretary for Development the authority will proceed with acquisition of the properties and re-housing of the tenants, estimated to cost $194 million at current prices.

Adding construction and interest to the budget, the total development cost is estimated to be $ 424 million.

A briefing session will be held to explain to the affected owners and tenants the planning approval procedure and the prevailing acquisition and compensation arrangements.