Aerial view - Stage I
apartments were able to obtain finance from Mei Foo Investments Ltd, at terms of ten per cent as a down payment on signing the contract, with a second ten per cent paid in during the construction period and the balance amortized over a one to 12 years term.
Another feature of the project that is new to private residential develop- ment in Hong Kong is an agreement reached with Government whereby the developers have undertaken to provide a relatively complete system of main- tenance and management of the estate. This undertaking is binding not only on the company but on any successor in title to the company for the life of the lease.
Construction stages
By 1975, the site will contain one hundred 20-storey buildings, arranged in groups, comprising 12,000-12,500 apartments. These are being construct- ed in seven stages with completion scheduled for 1975.
Stage I
The first stage of the project, con- sisting of fourteen 20-storey towers
Far East BUILDER, May 1970
(1,823 apartments), 36 shops, 14 mar- ket stalls and a 24-classroom primary school was completed in mid-1968. All the apartments have been sold and occupied.
Stage II
The second stage, which also con- sists of 14 tower blocks (1,946 apart ments), shopping facilities and a 24-classroom primary school, is under construction and scheduled to be com- pleted by mid-1971. All dwellings in this stage have also been sold. A com- munity centre for use by residents is planned in this stage.
Stage III
stage are now being prepared. In ad- dition to providing 12 domestic towers with 1,374 apartments, this stage will also include regional shopping facilities and amenities commonly found in a development of town size. An 1800- seat cinema is planned, together with a 24-lane bowling centre, department store, restaurants, banks, kindergar tens, offices, miscellaneous shopping and multi-storey car parking to accom- modate 450 vehicles.
A large circular staircase, centrally located, will be the focal point for this phase of the project, connecting the various shopping arcades at ground and upper levels to an open podium deck covering the entire commercial area. The deck will provide large land- scaped areas for use by the residents. Foundations for stage IV should com- mence in December this year with the buildings ready for occupancy by late 1972.
Foundation construction on the third stage started in January this year. This phase will consist of eighteen 20-storey towers of 2,300 flats, neigh- bourhood shopping facilities, a 30- classroom secondary school with gymnasium and a 24-classroom pri- mary school. Scheduled completion Stages V, VI and VII date for the third stage is early 1972.
Stage IV
Working drawings for the fourth
Towers for the fifth and sixth stages of the project have been design- ed and working drawings are now in progress. These stages are located on a
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