MONDAY, JULY 9, 1979
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SHA TIN KCR PODIUM DEVELOPMENT TENDER AWARDED
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YEE PANG REALTY LTD., A COMPANY FORMED BY CHEUNG KONG (HOLDINGS) LTD. AND KIU KWONG INVESTMENT LTD., HAS WON THE RIGHT TO DEVELOP A PRIVATE RESIDENTIAL COMPLEX FOR 13,000 PEOPLE OVER THE PROPOSED KOWLOON-CANTON RAILWAY DEPOT AT SHA TIN WITH A BID OF $383 MILLION.
THE PROJECT WILL RISE ABOVE A 27,000 SQUARE METRE PODIUM TO BE BUILT BY THE GOVERNMENT AND FINANCED IN INSTALMENTS BY THE COMPANY.
THE GOVERNMENT CALLED TENDERS FOR THE PROJECT ON MAY 4 AND THE DECISION TO ACCEPT YEE PANG'S BID MEANS THAT WORK ON THE PODIUM WILL BEGIN ALMOST IMMEDIATELY, THE SECRETARY FOR THE NEW TERRITORIES, MR. DAVID AKERS-JONES, SAID TODAY (MONDAY).
MR. AKERS-JONES SAID THE COMPANY WOULD BUILD A HIGH-CLASS RESIDENTIAL COMPLEX WITH MANY COMMUNITY AND RECREATIONAL FACILITIES.
THE COMPANY WOULD WORK TO CAREFULLY DRAWN UP GOVERNMENT SPECIFICATIONS INCLUDING LANDSCAPING, COMMUNITY FACILITIES AND MANY OTHER AMENITIES SUCH AS A SWIMMING POOL.
+THIS IS A HIGH QUALITY, PRESTIGE DEVELOPMENT AND WE ARE GLAD THAT THE MAJOR DEVELOPERS IN HONG KONG SHOWED SUCH AN INTEREST IN ACQUIRING THE DEVELOPMENT RIGHTS,+ MR. AKERS-JONES SAID.
+THERE WERE FOUR SEPARATE BIDS FOR THE SITE AND THE OFFER MADE BY YEE PANG REFLECTS THE INTEREST IN BEING INVOLVED IN THE NEW TOWNS.+
MR. AKERS-JONES SAID THE TENDER CONDITIONS WERE UNUSUAL FOR LAND SALES IN HONG KONG. +BUT THE IDEA OF THE GOVERNMENT BUILDING PODIUM ITSELF IS TO GIVE THE COMPANY PLENTY OF TIME TO DRAW UP ITS ARCHITECTURAL AND CONSTRUCTIONAL PROGRAMME WHILE THE GOVERNMENT GETS ON WITH THE BASIC FORMATION WORK,+ MR. AKERS-JONES EXPLAINED.
+BY DOING THIS IT IS ESTIMATED THAT AT LEAST A YEAR WILL BE SAVED IN THE OVERALL TIMETABLE IN FINISHING THE DEVELOPMENT,+ HE POINTED OUT.
HE SAID THAT THE GOVERNMENT EXPECTED TO HAND OVER THE FIRST HALF OF THE PODIUM SITE TO YEE PANG IN ABOUT 30 MONTHS' TIME AND THE REST 6 MONTHS LATER. HE ESTIMATED THAT THE WHOLE PROJECT SHOULD BE COMPLETED SOME TIME IN 1984.
UNDER THE INSTALMENT PLAN, YEE PANG WILL NOW MAKE A DOWN PAYMENT OF $28 MILLION AND WILL MAKE A FURTHER FIVE SUCCESSIVE HALF-YEARLY PAYMENTS OF $39 MILLION, $48 MILLION, $36 MILLION, $17 MILLION AND $7 MILLION TO MAKE UP THE COST OF FORMING THE SITE.
E. AKERS-JONES..