LAND DEVELOPMENT IN THE COLONY.
Paper by the Hon. Sir Paul Chater, C.M.G.
In my opinion the method by which the Economic Resources of the Colony can best be developed is by expansion, and by this 1 mean the acquisition of land on the sea level suitable for buildings, such as factories, godowns and tenement houses, the opening up by roadways of the higher levels at present unapproachable and the provision thereby of many excellent sites for residential property suitable for the erection of houses at rentals to suit all classes of the European Community.
That there are many localities on both sides of the harbour where such expansion can easily be made is an indisputable fact.
As one instance thereof, I have now to submit for your con- sideration a scheme by which a very large area of land can be added to the Colony's sea frontage at a comparatively low cost and from which the Government and Colony in general will greatly benefit,
This scheme deals with the reclamation of some 800,000 square feet of land at Kennedy Town as shown on the plan and chart which I lay on the table.
This reclamation, when completed, would give to the Colony an approximate area in Marine Lots, having a fairly deep water front- age, of 363,000 square feet, and in Inland Lots an approximate area of 191,000 square feet, which latter area would be further increased by some 250,000 to 300,000 sq. feet by land in the immediate neighbour- hood now merely hillside, and from which the necessary filling for the reclamation could most conveniently be taken. Leaving out of consideration for the moment this further increase to our Inland Lot area, we obtain on the reclamation itself an area available for build- ing of 554,000 square feet, the remaining 246,000 square feet being required for roads, etc.,
The estimated cost of this reclamation, including granite faced Praya Wall, nullahs, and filling to an average level of 13 feet above Ordnance Datum and contingencies, is $557,000 or about 69 cents per square foot of area to be reclaimed. This is, when compared with the cost of private reclamation recently made at North Point, and which worked out at about 60 cents per square foot, a liberal figure. Existing lots in the immediate neighbourhood have very recently been sold at $7.00 per square foot for Marine and $5.00 per square foot for Inland Lots.
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Let us suppose that the area to be obtained were sold on this basis we arrive at a gross
for Marine Lots of
$2,541,000
And for Inland Lots
1,337,000
3,878,000
Less cost of reclamation
657,000
A net profit of
.$3,321,000
but as these figures may reasonably not be readily obtainable, let us base our calculation upon the safer basis of say $5.00 per foot for Marine and $3.00 for Inland Lots. This will give a net profit of $1,831,000, to which may be added the sum to be obtained from the sale of the additional, say, 250,000 square feet obtained by the cutting of the hillside to which I referred, the cost of which is included in the cost of the reclamation, and which at, say $2.50 per foot would produce a further $625,000, making a total of $2,456,000 profit to be obtained from the sale of the full area-a very handsome sum-not to mention the steady annual income accruing to the Treasury by way of Crown Rent and Rates when the land becomes fully or partially developed. Crown Rent alone is estimated to produce over $10,000 per annum.
Similarly, further additions to our building area are well within the bounds of practicability, by reclamation of a like nature stretching from the Electric Company's properly at North Point, round to Quarry Bay, and from the other side of Taikoo Dockyard on to Shaukiwan.
On the other side of the island there exists a very large area immediately beyond Yaumati and stretching on both sides of the main road up to the village of Mong-kok-tsui, capable of being easily filled in by the cutting down of the surrounding hills, and which, when done, would add to this neighbourhood several acres of useful land.
For residential purposes the south side of our Island has, up to now, remained practically a dead letter; but in these days of motor- cars, omnibuses and potential tramways, giving rapid and easy access to and from the business centres, the day is not far distant when the many excellent building sites to be obtained on this side of the island will be taken up, and homes where one may enjoy the benefit of the southern breezes during the hot summer months will there be established. At present much of this land that I have in mind is occupied by our Dairy Farm, but it may be made easily available by the removal of the Farm to larger, and for their purposes, better tracts of land in the New Territory.
These, Gentlemen, are a few suggestions I wish to put forward dealing with the subject of the development of the Colony's resources, and I feel confident that were building sites prepared at the places I have indicated, and more particularly in the Kennedy Town and Yaumati districts, they would find ready purchasers at good prices; whereas they will remain practically unsaleable if the preparation of the sites fin
se purchasfare.