N
FRIDAY, JULY 20, 1979
A RENTAL ALLOWANCE OF $1,500 PER MONTH UNTIL THE END OF THE YEAR FOR THOSE WHOSE NEW FLATS ARE NOT READY AT THE TIME OF CLEARANCE OR TEMPORARY HOUSING DEPARTMENT ACCOMMODATION, PLUS
INTEREST AT CURRENT RATES ON THE FAIR MARKET VALUE COMPENSATION SUM CALCULATED FROM THE DATE OF REVERSION TO THE DATE OF WRITTEN ACCEPTANCE OF THE GOVERNMENT OFFER.
MR. HAYES GAVE TWO TYPICAL EXAMPLES OF OWNERS BENEFITTING FROM THE LATTER OFFER
ONE OWNER-OCCUPIER OF A 296 SQ. FT. FLAT AT SAI LAU KOK WAS PAID A TOTAL OF $188,413 AND BOUGHT A 536 SQ. FT. FLAT AT THE ALLWAY GARDENS HOUSING COMPLEX AT TSUEN WAN FOR $207,480.
A SECOND OWNER OF A 296 SQ. FT. FLAT IN SAI LAU KOK RECEIVED $190,000 IN COMPENSATION FROM THE GOVERNMENT AND PURCHASED A 482 SQ. FT. FLAT IN A PRIME LOCATION ON THE 18TH FLOOR OF ALLWAY GARDENS FOR $209,300.
THE BREAKDOWN OF THE COMPENSATION SUM QUOTED IN EACH OF THE TWO EXAMPLES IS AS FOLLOWS:
(1)
THE COMPENSATION SUM OF $188,413 PAID TO THE OWNER-OCCUPIER OF A 296 SQ. FT. FLAT AT SAI LAU KOK, WHO BOUGHT A 536 SQ. FT. FLAT AT THE ALLWAY GARDENS FOR $207,480, IS DERIVED FROM #
FULL MARKET VALUE AT THE DATE OF REVERSION
INTEREST AT CURRENT RATES ON THE FAIR MARKET VALUE COMPENSATION SUM CALCULATED FROM THE DATE OF REVERSION TO THE DATE OF WRITTEN ACCEPTANCE OF THE GOVERNMENT OFFER
$129,500
2,395
. DISTURBANCE ALLOWANCE
4,660
CAPITALISED INTEREST ALLOWANCE TO HELP BRIDGE THE GAP BETWEEN COMPENSATION AND THE COST OF BUYING A NEW FLAT
30,536
SETTING-UP ALLOWANCE TO MEET THE EXPENSES OF CONVEYANCING, MORTGAGE FEES AND STAMP DUTY
10,000
RENTAL ALLOWANCE
11,322
+
$188,413
/(2) THE COMPENSATION