FRIDAY, JULY 8, 1988
8
EXCO APPROVES DEVELOPMENT OF THIRD INDUSTRIAL ESTATE
THE
THE EXECUTIVE COUNCIL HAS APPROVED IN PRINCIPLE DEVELOPMENT OF A THIRD INDUSTRIAL ESTATE TO BE MANAGED BY THE HONG KONG INDUSTRIAL ESTATES CORPORATION (HKIEC).
THE HKIEC HAS INDICATED A STRONG PREFERENCE FOR THE THIRD INDUSTRIAL ESTATE TO BE LOCATED IN JUNK BAY, CLOSE TO THE SITE OF THE NEW UNIVERSITY OF SCIENCE AND TECHNOLOGY,
THE CORPORATION IS AWARE OF THE INCREASING NEED FOR GREATER INTERACTION BETWEEN INDUSTRY AND INSTITUTIONS OF HIGHER EDUCATION IN ORDER TO FACILITATE RESEARCH AND ABSORPTION OF NEW TECHNOLOGIES.
THE SITE IN JUNK BAY WILL OCCUPY A GROSS AREA OF ABOUT 100
HECTARES.
EXCLUDING THE LAND REQUIRED FOR ROADS AND OTHER INFRASTRUCTURE, THE NET AMOUNT OF INDUSTRIAL LAND FOR SALE SHOULD BE IN THE ORDER OF 75 HECTARES,
BEFORE MAKING A FINAL DECISION ON JUNK BAY AS THE SITE FOR THE THIRD INDUSTRIAL ESTATE, THE GOVERNMENT WILL CONDUCT STUDIES ON SUCH MATTERS AS THE COST OF SITE FORMATION, ENVIRONMENTAL PROTECTION REQUIREMENTS, TRANSPORT LINKS AND OTHER INFRASTRUCTURAL SUPPORT.
TIME HAS TO BE ALLOWED FOR THE FEASIBILITY STUDIES, SETTLING ADMINISTRATIVE AND FINANCIAL ARRANGEMENTS BETWEEN THE GOVERNMENT AND THE HKIEC AND TENDERING OUT OF CONTRACTS.
BUT IT IS EXPECTED THAT THE SITE FORMATION FOR THE THIRD INDUSTRIAL ESTATE COULD START IN EARLY 1990, WITH THE FIRST FORMED LAND AVAILABLE IN THE LATTER HALF OF 1992.
CONSTRUCTION OF ROADS, DRAINS AND OTHER SERVICES WOULD TAKE A FURTHER TWO YEARS TO COMPLETE.
IT MIGHT BE POSSIBLE, HOWEVER, TO SELL THE FIRST SITES IN 1993.
INDUSTRIAL