RESTRICTED
XCR (78)241
4
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en
Should the Shun Tak Enterprises Corporation wish to develop the site to the maximum permitted plot ratio of 15, and on the basis that the construction costs of the Govern- ment facilities equates to a plot ratio of 6.49 (the previous quoted plot ratio of 6. 59 in paragraph 7 of XCR (78)200 was a rounded off figure on the basis of a 13 storey structure), the Company would have to pay premium for the excess development rights granted. At current accommodation values, the premium payable by the Company for the additional 8.51 plot ratio is $146.5 million.
5
No further discussions have taken place with the Shun Tak Enterprises Corporation and the figure of $146.5 million has not been mentioned to the Company.
Advice sought
6
Honourable Members will be asked to advise whether negotiation with the Shun Tak Enterprises Corporation should be concluded on the basis recommended in paragraph 8 of memorandum XCR(78)200 (annexed) and payment of a premium of $146,5 million, by ten annual instalments at 10% interest, for the additional development rights.
(The Deputy Secretary for the Environment (Mr G. BARNES) will attend before the Council for the discussion of this item).
2nd November 1978
(ENV 70/03/01 III)
COUNCIL CHAMBER
G.S. 84
RESTRICTED
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