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WEDNESDAY, MAY 10, 1978
HOUSING BILL RECEIVES SUPPORT
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UNOFFICIAL LEGISLATIVE COUNCILLOR, THE HON. HILTON CHEONG- LEEN, TODAY URGED THE GOVERNMENT TO RAISE THE RESTRICTION PERIOD ON RESALE OF HOME OWNERSHIP SCHEME FLATS FROM FIVE YEARS TO SEVEN YEARS +AS SOON AS IT IS PRACTICABLE TO DO SO+.
SPEAKING AT THE RESUMED DEBATE ON HOUSING (AMENDMENT) (NO. 2) EILL 1973, WHICH WAS LATER PASSED IN THE LEGISLATIVE COUNCIL IR. CHEONG-LEEN SAID THE EXTENSION WAS NECESSARY SINCE THE FLATS UNDER THE SCHEME ARE SOLD AT 20 PER CENT BELOW MARKET PRICES.
+THIS IS A VERY DESIRABLE RESTRICTION IN ORDER TO DISCOURAGE SPECULATION ON THE PART OF THE PURCHASER,+ MR. CHEONG-LEEN SAID.
SUPPORTING THE BILL, MR. CHEONG-LEEN NOTED THAT THE REPAYMENT TERM UNDER THE SCHEME IS OVER A MAXIMUM PERIOD OF 15 YEARS, PARTIALLY GUARANTEED BY THE GOVERNMENT AT AN ATTRACTIVE INTEREST RATE OF BETWEEN 7-1/2 PER CENT TO NINE PER CENT, WITH AN INITIAL DOWN PAYMENT OF ONLY TEN PER CENT.
+FURTHERMORE, THE MANAGEMENT STANDARDS WILL BE HIGH COMPARED TO WHAT IS AVAILABLE GENERALLY IN THE PRIVATE SECTOR. RESIDENTS CAN BE ASSURED TOO OF A WELL-BALANCED RANGE OF COMMUNITY FACILITIES, AND SHOPS AND CAR PARKING SPACES AT REASONABLE COMMERCIAL RATES,+ MR. CHEONG-LEEN SAID,
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+FINALLY, IT IS TO BE HOPED THAT EVERY EFFORT WILL BE MADE EY THE HOUSING AUTHORITY TO MAINTAIN MANAGEMENT COSTS AT AN ECONOMICAL MONTHLY RATE, IN KEEPING WITH THE INCOME LEVEL OF RESIDENTS PARTICIPATING IN THE HOME OWNERSHIP SCHEME,+ HE ADDED.
THE SECRETARY FOR HOUSING, THE HON. ALAN SCOTT, THANKED MR. CHEONG-LEEN FOR HIS +ELOQUÉNT+ SUPPORT FOR THE BILL AND SAID THAT THE SUGGESTION ABOUT THE RESALE RESTRICTION PERIOD WOULD BE KEPT | MIND.
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