THURSDAY, OCTOBER 16, 1975
LOCAL CONSORTIUM WINS CONTRACT FOR MAJOR
RECLAMATION PROJECT IN SHATIN ******
A 40-ACRE LOT IN SHA TIN TOWN HAS BEEN SOLD TO THE PARAMATTA INVESTMENT CO. LTD. AT $20.6 MILLION.
THE COMPANY, A CONGLOMERATE OF WELL-KNOWN LOCAL DEVELOPMENT FIRMS, HAS ALREADY PAID A $15 MILLION DEPOSIT.
THE SITE, SITUATED AT SIU LEK YUEN, WAS ADVERTISED FOR SALE BY TENDER DURING AUGUST AND LAST MONTH.
UNDER THE BUILDING COVENANT, $240 MILLION MUST BE SPENT WITHIN TEN YEARS TO DEVELOP THE SITE, WHICH IS ZONED FOR RESIDENTIAL AND COMMERCIAL PURPOSES.
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THE DEVELOPER IS REQUIRED TO RECLAIM A FURTHER 105 ACRES OF SEABED, PROVIDE ROADS AND DRAINS, AND CONSTRUCT SEAWALLS. THE COST OF THESE IS ESTIMATED AT $130 MILLION.
THIS ADDITIONAL AREA OF 105 ACRES WILL, AT A LATER STAGE, BE HANDED TO THE GOVERNMENT FOR INDUSTRIAL, RESIDENTIAL AND COMMERCIAL DEVELOPMENT WITH OPEN SPACE AND OTHER COMMUNITY FACILITIES.
AN ADDITIONAL REQUIREMENT FROM THE DEVELOPER IS THE PROVISION OF THREE SCHOOLS, ALSO TO BE RETURNED TO THE GOVERNMENT TO PROVIDE EDUCATIONAL FACILITIES FOR THE POPULATION OF THE PROPOSED RESIDENTIAL ESTATE.
COMMENTING ON THE SUCCESSFUL TENDER, A GOVERNMENT SPOKESMAN SAID THAT THE RECLAMATION AND DEVELOPMENT TO BE CARRIED OUT WERE MAJOR STEPS TOWARDS THE FURTHER DEVELOPMENT OF SHA TIN NEW TOWN.
HE ADDED THAT THIS MOVE WAS ALSO A GOOD INDICATION OF THE RETURN OF CONFIDENCE IN THE PROPERTY MARKET IN GENERAL:
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