GAME THUG BUILDING
KET
4
DER ROON
ÖNING ROOM
SITTING ROOM 量 SERVANT ROOM •
KITCHEN
BALCONY
OPEN COURT
STORE RETADČNĚ WALL
TAI
HANG
ROAD
BOUNDARY
LINE
a
TAJ HANG AD
CAR PORT
T
BOUNDARY LINE-
NEW CUTTING SLOPES
OPEN COURT
NEW STONE RETAINING
WALL
NEW STONE RETAINING WALL
First apartment floor plan
This assistance is two-fold, a loan to cover the cost of construction repayable in 20 years at 31% interest, and the granting of land at half the upset price.
To ensure that the privileges granted by Government are not abused in any way, stringent conditions are imposed which include the prohibition of the sale of flats by individuals, and full acceptance of the financial, legal and moral sibility involved in the occupation of a co-operative flat.
respon-
re-
flat Ownership of a co-operative mains vested with the member after his retirement from Government service, and in his legal heirs after his death. He is, however, permitted to resign at any 3. time, in which case his capital investment to that period is returned to him.
Government has laid down certain fin- ancial and building procedures for the development of co-operative building schemes, which may be summarised as follows:
1.
2.
28
FINANCIAL PROCEDURE
General
(a)
It is agreed that there should be as few Building Co-operatives as possible and that for purposes of control, loans should only be made to co-operatives on the basis of a loan for each project.
(b) All loans will be for 20 years at
31% Simple Interest.
Payments by Government
(a) The Co-operative will be advised by Government of the approximate amount of loan funds which could be made available.
a
I.
(b) On approval by Government of
the programme and expenditure 2. estimate for a project, loan agreement between Government and the Co-operative for the es- timated total cost will be signed. (c) As security for the payment of the loan, the building or buildings in respect of which the loan made will be mortgaged to Gov- ernment.
is
(d) Once the loan agreement has been signed the Co-operative will carry out the programme in accordance with Building Procedure."
(e) If the loan proves to have been underestimated by the Co-opera- tive the deficit will have to be made good by the Co-operative from its' own resources unless there are good grounds for an increase in the loan from Govern- ment.
(f) Once the loan agreement has been 3-
signed the Accountant General will pay all bills in respect the project.
of
(g) All bills will be certified by the the Chairman and Secretary of Co-operative and submitted to the Treasury for payment.
Repayment of Loans
(a) The repayment of a loan will be by equal annual instalments of capital together with interest at 31% on the reducing balance. (b) For the purpose of collecting 5.
monthly payments from individual members, the Co-operative will be required to maintain an account with an approved Bank. Govern- ment cannot be responsible for the recovery
of monthly instalments due to Co-operatives by individual members.
BUILDING PROCEDURE
Within limits of funds allocated and in accordance with the wishes of members eligible on points for first flats, the Co-operative will appoint an Architect or Architects, select the site (a list of available sites, prepared by Crown Lands Office, will be supplied to each Co-operative), and instruct the Architects to prepare sketch designs
for each site.
6.
7.
Cross section
(i) Sketch design showing plans,
elevations and site formation for each scheme.
(g) A list of officers qualifying for
and will
to participate in each scheme, including total income (basic plus C.L.A.).
When the programme and details re- quired in paragraph z above are ap- proved in whole or in part, the Co- operative will purchase the land for any approved scheme and instruct the Architect to
submit plans to
the Building Authority for approval under the Buildings Ordinance.
works
If substantial site formation are required the Architect will proceed in the first instance with the neces- sary drawings to enable him to call for tenders for this work.
After plan is approved by Building Authority, the Architect should pro- ceed with full working drawings and specifications for the building work. The Conditions of Contract, Specifica- tions and drawings must be sufficient- ly detailed for proper competitive
tenders to be called.
The Architect will call for tenders which will be submitted by Contrac- tors direct to the Chairman of the Tender Board.
Expenditure by the Cooperative at various stages of the process pur- chase of land, site formation, archi- tect's fees, contractor's bills etc.- will be met by Accountant General.
As a result of the assistance given to co-operative building societies, a Govern-
The following will be submitted to ment employee can obtain excellent living Government for approval of the use of the total funds allocated: —
(a) Building programme in priority
sequence.
(b) Cost of land for each scheme. (c) Cost of site formation for each
scheme.
(d) Building cost for each scheme. (e) Cost
quarters in new, up-to-date buildings at a monthly cost of between $85 to $500 per month, depending upon the type of accommodation, which sum represents the monthly repayment per flat for capital and interest over 20 years. In addition to this, he pays a small monthly amount towards a Sinking Fund and Maintenance Account and, of course, he has to pay
per flat inclusive of land, his share of the rates and taxes. At the site formation, building, Archi- end of 20 years his monthly expenditure tects' fees and any other capital for repayment of capital and interest expenditure, for each scheme.
ceases.
THE HONG KONG & FAR EAST BUILDER
mg
VOLUME 14, NUMBER 1
Page 30Page 31