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SUNDAY, MAY 20, 1979
$300 MILLION MARINA-RESIDENTIAL COMPLEX FOR SAI KUNG
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THE GOVERNMENT HAS APPROVED A UNIQUE $300 MILLION PROJECT TO DEVELOP A SITE IN SAI KUNG AS A LUXURY MARINA-RESIDENTIAL COMPLEX SIMILAR TO THE WORLD RENOWNED PORT GRIMAUD IN THE SOUTH OF FRANCE.
THE SECRETARY FOR THE NEW TERRITORIES, MR. DAVID AKERS-JONES, ANNOUNCED TODAY (SUNDAY) THAT THE FINAL CONDITIONS OF GRANT FOR 25 HECTARES OF LAND AND SEA BED HAD BEEN AGREED TO ENABLE THE BEST HOME LTD. TO START WORK IMMEDIATELY.
THE PROJECT, WHICH IS EXPECTED TO TAKE ABOUT FIVE YEARS TO COMPLETE, INVOLVES THE CONSTRUCTION OF 400 THREE-STOREY LUXURY-TYPE HOME UNITS.
THEY WILL BE BUILT ON A 65,000-SQUARE METRE SITE IN LANDSCAPED SURROUNDINGS WITH UNINTERRUPTED VIEWS ACROSS HEBE HAVEN,
EACH UNIT WILL HAVE TWO CAR PARKING SPACES AND A MARINE BERTH, MOST OF WHICH WILL HAVE A SEAFRONTAGE WITH INDIVIDUAL MOOR ING.
A WIDE RANGE OF COMMERCIAL FACILITIES, SUCH AS SHOPS, RESTAURANTS, AND WORKSHOPS FOR BOATS, WILL BE BUILT.
IN ADDITION, A YACHT CLUB WITH A MAXIMUM AREA OF 3,700 SQUARE METRES WILL CARRY AUTOMATIC MEMBERSHIP RIGHTS FOR HOME BUYERS.
COMMENTING ON THE PROJECT TODAY. MR. AKERS-JONES SAID THE GOVERNMENT WAS VERY PLEASED THAT AFTER YEARS OF NEGOTIATIONS, THE GRANT CONDITIONS HAD BEEN FINALISED AND THE COMPANY WAS READY TO GO AHEAD AT FULL STEAM.
+THIS IS THE FIRST SUCH MAGNIFICENT MARINA-CUM-RESIDENTIAL DEVELOPMENT PROJECT EVER PLANNED FOR HONG KONG, HE SAID.
+WE CERTAINLY HOPED THAT IT WILL GO A LONG WAY TOWARDS EASING THE HEAVY DEMAND FOR THIS TYPE OF HIGH CLASS HOUSING AND ASSOCIATED FACILITIES.
+ IT IS ALSO EXPECTED TO CATER FOR THE LEISURE BOOM THAT HAS TOUCHED HONG KONG AT EVERY LEVEL,+ MR. AKERS-JONES ADDED.
IN EXCHANGE FOR THE GRANT, THE COMPANY HAS PAID A $45 MILLION PREMIUM AND SURRENDERED SOME 65,000 SQUARE METRES OF LAND IN YUEN LONG TO THE GOVERNMENT.
WHILE THE COMPANY HAS NOT YET SUBMITTED ITS FINAL DEVELOPMENT PROPOSALS, IT EXPECTS TO SPEND OVER $300 MILLION ON THE WHOLE PROJECT.
ONE OF THE MAJOR EXPENDITURE ITEMS WILL BE ON RECLAMATION AND THE CONSTRUCTION OF SEAWALLS REQUIRED TO FORM THE SITE.
/+RECLAMATION