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FRIDAY, AUGUST 22, 1986
ON THE OFFICE FRONT. THERE WERE CURRENTLY SIGNS OF UNDER- SUPPLY, PARTICULARLY IN TSIM SHA TSUI WHERE THE OCCUPANCY RATE WAS VERY CLOSE TO 100 PER CENT, AND THE EXCHANGE SQUARE DEVELOPMENT IN CENTRAL WAS ABOUT 80 PER CENT LET.
+ HOWEVER THERE ARE INDICATIONS THAT THIS WILL CHANGE IN 1988 WITH SOME VERY LARGE DEVELOPMENTS COMING ON STREAM WITHIN CENTRAL AREA, IN PARTICULAR THE SWIRE PROPERTY DEVELOPMENT AT VICTORIA BARRACKS, WHICH WILL PRODUCE OFFICE ACCOMMODATION OF 500 000 SQUARE FEET. THE NEW CHINA BANK BUILDING AND THE NEW CHARTERED BANK BUILDING.+
J
HE SAID IN THE INDUSTRIAL SECTOR THERE WERE ALSO SIGNS THAT SUPPLY WAS MEETING DEMAND AND VACANCIES EXISTING A YEAR AGO WERE NOW BEING ABSORBED.
ON WORRIES THAT THE 50-HECTARE LIMIT AS STIPULATED IN ANNEX 111 OF THE JOINT DECLARATION MIGHT NOT BE SUFFICIENT TO MEET DEMAND MR POPE POINTED OUT THAT DURING THE BOOM YEARS OF 1980-81 GOVERNMENT SOLD ABOUT 100 HECTARES AND THE YEARLY AVERAGE OF LAND DISPOSED OF OVER THE LAST FOUR YEARS WAS ABOUT 62 HECTARES.
+YOU WILL ALSO BE AWARE THAT THE 50-HECTARE LIMIT MAY BE EXCEEDED UPON AGREEMENT BY THE LAND COMMISSION AND THAT FOR SALES LAST FINANCIAL YEAR THE LAND COMMISSION AGREED TO 58.41 HECTARES AND FOR THIS FINANCIAL YEAR 55 HECTARES, HE SAID.
+THE LAND COMMISSION HAS IN FACT BEEN VERY REALISTIC AND INDICATED THAT IT WILL CONSIDER INCREASES TO THIS LIMIT SHOULD CIRCUMSTANCES ARISE AND JUSTIFICATION FOR THE INCREASES BE MADE.
+1 AM CERTAINLY AWARE THAT THE LAND COMMISSION CONSULTS WITH LEADING DEVELOPERS REGARDING THE DEMAND FOR LAND AND THEIR IDEA FOR THE AMOUNT OF LAND TO BE SOLD,+
ONE POINT WHICH MIGHT NOT BE CLEAR WAS THAT THE 50 HECTARES OF LAND NOT ONLY INCLUDED LAND SOLD BY PUBLIC AUCTION AND TENDER UNDER THE LAND SALES PROGRAMME BUT ALSO LAND SOLD BY PRIVATE TREATY. I.E. LAND SOLD BY PRIVATE NEGOTIATION FOR UTILITY. EDUCATIONAL, CHARITABLE AND OTHER NON-PROFIT-MAKING PURPOSES.
THE AVERAGE AMOUNT OF LAND SOLD IN THIS CATEGORY FOR THE CURRENT FINANCIAL YEAR WAS IN FACT 32 HECTARES.
THE GOVERNMENT LAND SALES PROGRAMME THIS YEAR INCLUDED 45 SITES COMPRISING 24.5 HECTARES WITH AN EXPECTED REVENUE OF $2.4 BILLION,
+A QUICK CALCULATION WILL SHOW THAT 32 HECTARES PLUS 24.5 HECTARES AMOUNTS TO 56.5 HECTARES IN EXCESS OF 55 HECTARES,+ MR POPE SAID.
/HOWEVER, SEVERAL