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FRIDAY, JULY 20, 1979 ·
(2)
THE COMPENSATION SUM OF $190,000 PAID TO THE OWNER- OCCUPIER OF A 296 SQ. FT. FLÅT AT SAI LAU KOK, WHO PURCHASED A 482 SQ. FT. FLAT AT THE ALLWAY GARDENS FOR $209,300, IS DERIVED FROM :
►
130,000
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
2,405
DISTURBANCE ALLOWANCE
5,536
CAPITALISED INTEREST ALLOWANCE TO HELP
BRIDGE THE GAP BETWEEN COMPENSATION AND THE COST OF BUYING A NEW FLAT
30,654
SETTING-UP ALLOWANCE TO MEET THE EXPENSES OF CONVEYANCING, MORTGAGE FEES AND
STAMP DUTY
10,000
RENTAL ALLOWANCE
11,419
$190,014
+I AM SURE THAT THERE ARE SOME OWNERS WHO NOW VERY MUCH REGRET THAT THEY DID NOT TAKE THIS OPPORTUNITY TO DO SO MUCH BETTER FOR THEMSELVES,+ MR. HAYES SAID.
+
+THE OWNERS WHO DID TAKE IT UP AND PAID THE EXTRA $20,000 OR SO WOULD SURELY HAVE RECOVERED THAT SUM ALREADY BY VIRTUE OF THE FACT THAT THE VALUE OF THEIR PROPERTIES HAS ALREADY RISEN.+
IN AT LEAST ONE CASE, HE SAID, A SAI LAU KOK OWNER-OCCUPIER FOUND HIMSELF WITH CASH IN HAND AFTER BUYING A FLAT IN ALLWAY GARDENS - IN THIS CASE THE GOVERNMENT'S PAYOUT WAS $221,614 WHILE THE COST OF THE NEW FLAT WAS $211,120,
MR. HAYES SAID THOSE OWNERS WHO PREFERRED TO TAKE UP THE FIRST OFFER - AND MOST DID ALSO DID VERY WELL AS THE MAJORITY OF FAMILIES WITH FOUR OR MORE PERSONS WENT TO CHEUNG SHAN ESTATE GENERALLY REGARDED AS ONE OF THE MOST ATTRACTIVE PUBLIC HOUSING ESTATES IN THE NEW TERRITORIES.
LIKE ALL MODERN HOUSING AUTHORITY ESTATES, IT HAD A SELF-CONTAINED COMMUNITY ENVIRONMENT WITH A PRIMARY AND SECONDARY SCHOOL, A KINDERGARTEN, PARKING SPACES, COMMUNITY FACILITIES A RESTAURANT, CAFE AND SUPERMARKET. THE ESTATE'S COMMERCIAL COMPLEX HAS 41 MARKET STALLS AND TEN COOKED FOOD STALLS AND A WHOLE RANGE OF RETAIL SHOPS.
THE SIZE OF THE FLATS RANGES FROM 250 SQUARE FEET TO 450 SQUARE FEET WITH RENTS PITCHED TETWEEN $270 AND 3450 PER MONTH.
/+IT ALSO