CONFIDENTIAL
機密
C
GF 323
XCC(80)137
Page 15 CANNO
affected properties would be given the opportunity to redevelop their properties in conjunction with the MTR construction programme; so not all the affectéd sites would need to be resumed. It is proposed that those properties which had to be resumed would be passed to the MTRC by means of private treaty grants in a similar manner to those affected by the MIS (see end of paragraph 27 above).:
33 T
JA
The rehousing of those people living in the affected areas and properties (approximately 5, 300, about half of whom are in the Chai Wan Temporary Housing Area)'would be undertaken by the Government in accordance with established practices.
34
R
set ds
Some of the sites needed for railway structures are either Crown land, or are compared partly of Crown land and partly of land in private ownership. The latter would have to be acquired by the Government and then leased to the Cor- poration. The cost of acquisition is included in Table 3. Puilding the railway structurea would present an opportunity for development of some of the sites involved and these, together with the special cases of the site east of Murray Road Multi-Storey Carpark and the Kornhill Development site (opposite Tai Koo Shing) are indicated at Annex C. Apart from these two special cases, there is such a gignificant railway content in all the sites that only the Corporation could be responsible for development, if interface problems between building the railway and developing the sites are to be avoided. (The principle of allowing the MTRC to develop such sites was established by Executive Council following its consideration memorandum XCC(75)45 on 29th July 1975). Accordingly, it is proposed that, as an integral part of the construction of the Island Line, the MTRC should under- take these property developments, in partnership with private companies of its own choosing, the profits derived therefrom to be applied to the financing of the construction of the railway itself. The Corporation is of the view that it would be able to reach agreement with developers for them to pay premia equivalent to the Full Market Value of the sites and to meet the cost of development, without any material risk to the Corporation and no cash exposure. The MTRC would negotiate to receive a substantial proportion of the expected profits (estimated in paragraph 29 above at between $2 billion and $4 billion).
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As regards the Crown land site east of Murray Road Multi-Storey Carpark: this would not be required for any railway structures, but MTRC development of the site would greatly expedite the temporary reprovisioning there of the Government offices and Courts displaced from the Marine Depart- ment and Fire Brigade buildings during the course of construction of the Island Line. Rapid reprovisioning would be essential to enable the MTRC to keep to its railway construction programme and would be possible only because the special procedures established between the Corporation and the Government would enable the site to be developed in a very short time. When the building was no longer required for temporary use it would be sold by the MTRC.
CONFIDENTIAL #2