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Statement on offers to owners
of domestic flats at Sai Lau Kok
The Govermart has made a two-pronged offer to owners of the 339 domestic flats at San Lau hol, Tsuen Won, which must be vacated by the end
of the month to make way or the hass Transit Railway.
(a)
The owner-occupiers had the choice or taking either
Full market value of their premises at the date of reversion
plus a disturbance allowance plus public housing; OR
(b) Full market value at the date of reversion, plas
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Disturbance allowance, plus
A capitalised interest allowance to help bridge the gap between compensation and the cost of buying a new flat, plus
A setting-up allowance of $10,000 to meet the expenses of cor veyancing, mortgage fees and stam duty, plus
A rental allowance of $1,500 per month until the end of the year for those whose now flats are not ready at the time of
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clearance, plus.
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Interest at current rates on the Fair Market Value compensation sum calculated from the date of reversion to the date of written acceptance of the Government offer.
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More than 80 owner-occupiers and a number of owners to whom the assistance scheme was also offered accepted the latter offer and in practice the schoo has worked to their advantage. Host in effect received a better than "foot-for-flat" offer because they were able to buy bigger and far superior flats to those they had in Sai Lau Kok for a relatively small addition 1 outlay on top of the money they received from the Government's compensation "package".
Two typical examples are as follows :
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One owner-occupier of a 296 sq. ft. flat at Sai Lau Kok was paid a total of $188,413 and bought a 536 sq. ft. flat at the Allway Gardens housing complex at Tsuen Wan for $207,480.
A second owner of a 296 sq. it. flat in Sai Lau Kok received $190,000 in compensation from the Government and purchased a 482 sq.ft. flat in a prime location on the 18th floor of Allway Gardens for $209,300.
In at least one case, a Sai Lau Koli over occupier found himself with cash in and after buyng a flat in Aliway Gardens in this case the Government payout was 221,614 while the cost of the new flat was 211, 120.
Owners who took advantage of the Governments assistance offor, bought their new flats at an average of 410 per sq. ft. compared with an average of $420 per sq. ft. in air market value statutory compensation reckoned on a usebio, floor area ite.
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