THURSDAY, OCTOBER 29, 1981
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HE WAS PLEASED TO NOTE THAT THE PREVIOUS TARGET OF 35 000 PUBLIC HOUSING UNITS A YEAR WILL BE INCREASED TO 42 500 UNITS A YEAR.
HE PAID TRIBUTE TO THE GOVERNMENT FOR EXCLUDING LAND VALUE FROM THE PRICE OF HOUSING UNITS PURCHASED THROUGH THE HOME OWNERSHIP SCHEME.
BUT HE WOULD LIKE TO SEE THE IMPOSITION OF RULES STRICTER THAN THOSE ADVANCED BY THE SECRETARY FOR HOUSING TO PROHIBIT THE RESALE OF SUCH UNITS.
+1 ACCEPT THAT THERE COULD BE VARIOUS REASONS WHICH NECESSITATE AN OWNER TO WISH TO SELL HIS UNIT,+ SAID MR HU.
+HOWEVER, IN SUCH CASE, I FEEL THAT THE HOUSING AUTHORITY SHOULD BE GIVEN THE FIRST OPTION TO BUY IT BACK, IRRESPECTIVE OF THE YEAR OF OWNERSHIP, AT THE PREVAILING SELLING PRICE OF A SIMILAR HOME OWNERSHIP SCHEME UNIT WITH APPROPRIATE DEDUCTION TAKING INTO CONSIDERATION DEPRECIATION AND OTHER RELEVANT CHARGES.+
ONLY IN THE EVENT OF THE HOUSING AUTHORITY DECLINING TO TAKE UP THE OPTION THAT THE OWNER WOULD BE ALLOWED TO SELL THE UNIT IN THE OPEN MARKET AFTER PAYMENT OF A SUITABLE PREMIUM TO THE GOVERNMENT TO COVER THE AMOUNT OF SUBSIDY IN THE ORIGINAL PRICE ADJUSTED TO THE PREVAILING MARKET PRICE, HE ADDED,
ON THE PRIVATE SECTOR PARTICIPATION SCHEME, MR HU NOTED THAT THE PRESENT TERMS UNDER WHICH PREMIUM MUST BE PAID IN FULL WITHIN A MONTH WOULD NOT BE ATTRACTIVE TO MANY COMPANIES.
THIS IS DUE TO THE RELATIVELY LOW ALBEIT GUARANTEED RETURN COUPLED WITH HIGH INITIAL FINANCIAL INVESTMENT.
HE PROPOSED THAT EASIER PAYMENT TERMS, SAY 10 PER CENT DOWN PAYMENT, WITH THE BALANCE TO BE PAID UP IN 10 EQUAL ANNUAL INSTALMENTS AT 10 PER CENT INTEREST PER ANNUM, SHOULD BE OFFERED IN ORDER TO ATTRACT MORE TENDERERS AND TO ACHIEVE MORE FAVOURABLE RESULTS.
MR HU ALSO URGED THE GOVERNMENT TO HELP THE HIGHER MIDDLE INCOME GROUP+ WHO ARE NOT ELIGIBLE FOR THE HOME OWNERSHIP SCHEME UNITS TO SOLVE THEIR HOUSING PROBLEM.
HE PROPOSED THA THE GOVERNMENT SHOULD REVIEW THE COMPREHENSIVE REDEVELOPMENT PLANS FOR BOTH URBAN DISTRICTS AND FOR NEW TOWNS, TAKING INTO CONSIDERATION TRANSPORT FACILITIES, COMMUNITY NEEDS AND SERVICES AND THEN CONSIDER A REASONABLE INCREASE IN THE PLOT RATIO OF BUILDINGS TO BE CONSTRUCTED.
+SUCH REVISION WOULD CERTAINLY HELP TO INCREASE PRODUCTION IN THE PRIVATE SECTOR AND WOULD REDUCE THE SELLING PRICE OF FLATS TO THE BENEFIT OF THIS INCOME GROUP, HE SAID.
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