17
WEDNESDAY, AUGUST 14, 1974
+ANOTHER POINT IS THAT THE TOUN PLANNING ORDINANCE MAKES NO PROVISION FOR COMPENSATION FOR FROZEN PROPERTIES — THAT IS TO SAY, THOSE PROPERTIES WHICH BECAUSE OF OUTLINE ZONING PLANS CANNOT BE DEVELOPED.+
HE POINTED OUT THAT FOLLOWING THE PUBLICATION OF SUCH PLANS FOR VANCHAI AND YAU MA TEI, THE UNELCO OFFICE RECEIVED SEVERAL COMPLAINTS FROM PECPLE WHOSE PROPERTIES WERE AFFECTED IN THIS WAY.
THEIR OBJECTIONS WERE DISMISSED AND THEIR OFFERS TO SELL THEIR PROPERTIES WERE TURNED DOWN. CONSEQUENTLY, THEY COULD NEITHER REDEVELOP THEIR PROPERTIES NOR SELL THEM, RESULTING IN SUBSTANTIAL FINANCIAL LOSS.
+SINCE THIS SITUATION IS CLEARLY MOST INEQUITABLE UMELCO TOOK UP WITH GOVERNMENT THE QUESTION OF ACQUISITION BY THE CROWN AND PAYMENT OF COMPENSATION TO THE PERSONS CONCERNED, SUGGESTING THAT IT SHOULD BE COMPULSORY IN SUCH CIRCUMSTANCES, SHOULD THE PROPERTY OWNER SO WISH, FOR THE CROUN TO PURCHASE THE PROPERTY WITHOUT WAITING UNTIL IT BECAME NECESSARY TO RESULE, THE LAND IN ORDER TO 1PLEMENT THE PARTICULAR PROJECT EFFECTING THE PROPERTY.
✦THE POINT OF PRINCIPLE WAS ACCEPTED BY GOVERNMENT AND UMELCO WERE INFORMED FUNDS WOULD BE PROVIDED FOR THE PURCHASE OF SUCH PROPERTIES, AN ASSURANCE WAS GIVEN THAT OUNERS OF SUCH PROPERTIES COULD APPROACH THE DIRECTOR OF LANDS AND SURVEY TO OFFER THEIR PROPERTY FOR SALE AT ANY TIME.+
HOWEVER, KR. VU SAID THE GOVERNMENT SEEMED TO HAVE GONE BACK ON THIS UNDERTAKING.
COMMENTING ON THE HIGH RENTAL FOR BUSINESS AND DOMESTIC PREMISES PARTICULARLY ON THE ISLAND, MR. WU SAID: +RENTALS FOR OFFICE SPACE HAVE NOW REACHED $10 PER SQ.FT. PER KONTH IN THE CENTRAL AREA, HIGHER THAN EVEN IN TOKYO AND NEW YORK, AND JUSTIFY ING THE RE- DEVELOPMENT OF A HIGH-RISE BLOCK LESS THAN 20 YEARS OLD.
+DOMESTIC PREMISES ARE COSTING A MINIMUM OF $250-$300 PER 2.FT. TO PURCHASE, OR $2.50 TO $3.50 PER SQ.FT. PER MONTH TO RENT SO THAT A FAMILY OF FOUR OR FIVE LIVING IN A FLAT OF 350-400 SQ.FT. → WOULD HAVE TO PAY ABOUT $1,000 PER MONTH, A RATE THE FAMILY CAN
HARDLY AFFORD IF THE INCOME IS BELOW $3,000 PER MONTH.+
BUILDING RESTRICTION, HE SAID, HAD MADE PERMANENTLY INACCESSIBLE OR HAVE TEMPORARILY FROZEN HUGE AREAS OF AVAILABLE LAND WHICH WOULD OTHERWISE BE AVAILABLE FOR DEVELOPMENT TO HELP EASE THE ACUTE LAND SHORTAGE. HE QUOTED AS EXAMPLES THE RESTRICTIONS ON THE POKFULAM AND MID-LEVELS AREAS.
+YET AGAIN, THERE HAVE BEEN EXAMPLES OF OVER-IDEALISTIC TOWN PLANNING SUCH AS THE DRAFT TOWN PLAN OF THE PEAK AREA PERMITTING DEVELOPMENT TO A PLOT RATIO OF ONLY 0.5, AND THE RESERVATION OF THE 100-ACRE WANCHAI RECLAMATION TO MAINLY GOVERNMENT AND INSTITUTIONAL USE.
/+SUCH PLANNING ................