MONDAY, JANUARY 10, 1994
1
AIRPORT CORE PROGRAMME PROGRESS REVIEW
THE GOVERNMENT HAS REDUCED THE TOTAL MONEY OF THE DAY (MOD) ESTIMATE FOR THE AIRPORT CORE PROGRAMME (ACP) BY $5.5 BILLION, FROM $163.7 BILLION TO $158.2 BILLION.
THIS HAS BEEN MADE POSSIBLE BY SIGNIFICANT SAVINGS ON THE SEVEN GOVERNMENT ACP PROJECTS, WHICH HAVE ENABLED THE $60.1 BILLION MONEY OF THE DAY ESTIMATES FOR THE SEVEN PROJECTS TO BE REDUCED BY $7.6 BILLION TO $52.5 BILLION.
SLIGHT INCREASES IN THE MOD ESTIMATES FOR THE AIRPORT AND THE AIRPORT RAILWAY HAVE ALSO BEEN TAKEN INTO ACCOUNT IN CALCULATING THE NEW OVERALL ACP ESTIMATE.
A GOVERNMENT SPOKESMAN SAID THIS INFORMATION HAD BEEN PASSED TODAY (MONDAY) TO MEMBERS OF THE LEGISLATIVE COUNCIL AND THE AIRPORT CONSULTATIVE COMMITTEE IN AN INFORMATION PAPER COVERING UPDATED COST ESTIMATES FOR THE ACP.
SIGNIFICANT
"THE $7.6 BILLION REDUCTION IN MONEY OF THE DAY ON THE SEVEN GOVERNMENT PROJECTS HAS BEEN MADE POSSIBLE MAINLY BY SAVINGS STEMMING FROM HIGHLY COMPETITIVE TENDERING ON A VERY COST- EFFECTIVE PROGRAMME," THE SPOKESMAN SAID.
"MANY OF THE GOVERNMENT CONTRACTS HAVE BEEN AWARDED BELOW BUDGET.
THERE HAVE ALSO BEEN REDUCTIONS IN THE LEVELS OF CONTINGENCES AND REVISIONS IN OUR CONSTRUCTION INFLATION FORECAST9."
THE GOVERNMENT HAS AWARDED 34 CONTRACTS WORTH A TOTAL OF ABOUT $31.4 BILLION, REPRESENTING 78 PER CENT BY VALUE OF THE TOTAL GOVERNMENT ACP CONTRACTS. THEY HAVE ALL BEEN LET BELOW BUDGET AND ARE PROGRESSING WELL.
TOGETHER WITH CONTRACTS LET BY THE PROVISIONAL AIRPORT AUTHORITY (PAA) AND THE WESTERN HARBOUR TUNNEL COMPANY, THE TOTAL VALUE OF ACP CONTRACTS LET SO FAR IS ABOUT $46.8 BILLION.
"THIS PROGRESS IS A SIGNIFICANT ACHIEVEMENT ON WHAT IS ONE OF THE WORLD'S LARGEST INFRASTRUCTURE PROGRAMMES, SAID THE SPOKESMAN.
H
THE PAPER SAYS THAT THE REAL COST ESTIMATES (EXPRESSED IN MARCH
· 1991 PRICES) FOR THE NEW AIRPORT AT CHEK LAP KOK AND THE AIRPORT RAILWAY ARE UNCHANGED.
SLIGHT INCREASES HAVE HOWEVER BEEN NECESSARY IN THE MOD ESTIMATES. THERE IS A 3.5 PER CENT INCREASE OF $1.6 BILLION IN THE $48.2 BILLION ESTIMATED COSTS OF THE AIRPORT TO BE
BY THE PAA, AND AN INCREASE OF 1.5 PER CENT ($0.5 BILLION} BILLION. ESTIMATE FOR THE AIRPORT RAILWAY.
BORNE IN THE $33.5
THE $5.5 BILLION REDUCTION IN THE NEW ACP OVERALL MOD TAKES THESE INCREASES INTO ACCOUNT.
ESTIMATE
/THE SPOKESMAN