A further absorption of resources in connection with the construction of the Island Line would occur because of the property development associated with it. No allowance has been made for this in the above analysis as no estimate of its scale is available. Many of the sites involved would be developed in any case over the next few years, but the building of the Island Line and the requirement to generate property profits as early as possible would make the timing of such development much less flexible than it would probably otherwise be. However, the extent to which the imposition of a timetable for the development of these sites would bring forward their development might be offset in resource absorption terms by the delaying of the development of other sites.
43
In summary, although the resource requirements of the Island Line during the period of construction would be quite heavy, they should not add significantly to such inflationary pressures as may be experienced in the early 1980s.
(10) Financial and Staffing Implications of the
Island Line for the Government
„barvuste dug
400
44
Apart from the cost of purchasing additional equity in the MTRC, the Government would be responsible, at least initially, for:
(a) land acquisition costs as set out in paragraph 32 above
($997 million);
(b) protecting the East Kowloon Line at Rumsey Station
($57 million); and
(c) constructing such associated works as pedestrian
subways at stations ($63 million).
Land required solely for permanent railway structures, which could otherwise be developed, would be granted to the Corporation at Full Market Value and the premium would be met by additional equity. By contrast, premia for land granted for development purposes (including land which had a significant railway content) would be payable by the Corporation in cash.
45
Additional staff would be needed urgently by a number of Government Departments to ensure that the construction programme for the Island Line was maintained. Some staff, presently engaged in work connected with the Modified Initial System and the Tsuen Wan Extension, would be available for redeployment. In particular, because of the scale of the land acquisition and development involved, significant additions to the staff of the Mass Transit Adviser's Office, Housing Department and the Registrar General's Department would be necessary at an early date.
03
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