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FRIDAY, MAY 7, 1976
TENDERS FOR SHA TIN SITE CLOSED TODAY
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TENDERS FOR AN AREA OF SEABED IN SHA TIN COVE, TO BE RECLAIMED AND USED FOR RESIDENTIAL DEVELOPMENT, CLOSED TODAY (FRIDAY).
THE AREA, AT YUEN CHAU KOK, IS REGARDED AS CHOICE AND COMPETITIVE TENDERING IS EXPECTED.
THE TENDERS WILL BE CONSIDERED BY A COMMITTEE SET UP IN THE NEW TERRITORIES ADMINISTRATION. THE FINDINGS WILL BE SUBMITTED TO THE CENTRAL TENDER BOARD FOR DECISION.
CONDITIONS OF SALE INCLUDE A BUILDING COVENANT ON THE SITE, AMOUNTING TO $65 MILLION, TO BE FULFILLED BY THE END OF DECEMBER 1982.
THE SUCCESSFUL TENDERER WILL BE ABLE TO PAY FOR THE SITE IN FULL ON DEMAND OR BY NINE EQUAL INSTALMENTS WITH INTERESTS AT TEN PER CENT PER ANNUM. HE WILL BE REQUIRED TO RECLAIM ABOUT 20 ACRES, HANDING BACK NINE ACRES TO THE GOVERNMENT WHO WILL USE IT TO BUILD ROADS AND TO PROVIDE OPEN SPACE. EACH TENDER HAD TO BE ACCOMPANIED BY A CHEQUE FOR $10 MILLION.