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12
WEDNESDAY, MARCH 2, 1994
TO
HE SAID THE GOVERNMENT HAD ALREADY TAKEN IMPORTANT FURTHER INCREASE THE SUPPLY OF LAND IN RESPONSE TO THE GROWING DEMAND.
STEPS
A
PLANNING COMMERCIAL SITES.
CONTRIBUTION SIGNIFICANT
IN CHANGES RULES. THESE WILL MAKE IT EASIER TO INCREASE THE SUPPLY
OF PREMISES, PARTICULARLY THROUGH REDEVELOPMENT FOR EXAMPLE:
WILL COME FROM
TOWN
OF
EXISTING
*
KOWLOON SOUTH AND BOTH SIDES OF NATHAN ROAD ARE NOW ZONED FOR COMMERCIAL PURPOSES, WHICH SHOULD FURTHER ENCOURAGE COMMITTED DEVELOPMENTS ALREADY EXCEED
REDEVELOPMENT.
600,000 SQUARE METRES OF OFFICE SPACE,
MORE FLEXIBLE GUIDELINES ON INDUSTRIAL-OFFICE BUILDINGS WILL IN ALLOW
ACCOMMODATION A CONSIDERABLE EXPANSION OF OFFICE BUILDINGS. SUCH
INDEED, ALREADY APPLICATIONS HAVE BEEN APPROVED FOR INDUSTRIAL-OFFICE DEVELOPMENT
WILL WHICH PRODUCE 1.2 MILLION SQUARE METRES OF ADDITIONAL FLOOR SPACE, THE MAJORITY OF WHICH WILL BE OFFICE SPACE,
PLANNING
APPROVAL HAS ALSO BEEN GIVEN TO MANY MORE
SMALLER
OFFICE BUILDINGS IN OTHER LAND-USE ZONES, SO FAR TOTALLING 300,000 SQUARE METRES OF OFFICE SPACE.
IN ADDITION, HE SAID THE GOVERNMENT WAS DIRECTLY INCREASING THE SUPPLY OF NEW SITES:
WHERE NEW LAND IS BEING FORMED CLOSE TO EXISTING COMMERCIAL
SUITABLE AREAS,
SITES ARE RESERVED FOR COMMERCIAL DEVELOPMENT. THE HUNG HOM BAY RECLAMATION, FOR EXAMPLE, WILL PROVIDE 100,000 SQUARE METRES OF OFFICE SPACE.
THE LAND DEVELOPMENT CORPORATION WILL PROVIDE 218,000 SQUARE METRES OF NEW OFFICE SPACE THROUGH TWO MAJOR PROJECTS CLOSE TO CENTRAL DISTRICT.
WHILE
COMMERCIAL PROPERTY
THE PRICES HAVE RISEN,
PRICE OF
RESIDENTIAL PROPERTY HAS RISEN FASTER AND LONGER. OVER THE LAST 10 HE YEARS,
430%, THE AVERAGE PRICE OF DOMESTIC ACCOMMODATION ROSE BY
SAID.
IN
RECENT YEARS,
THE GOVERNMENT HAS TRIED TO COUNTER SPECULATIVE PRESSURE THROUGH INTRODUCING A CEILING ON MORTGAGE LENDING AND BY EXTENDING THE SCOPE OF STAMP DUTY.
THESE MEASURES HAVE PROVIDED SOME USEFUL RELIEF, BUT THEY NOT BEEN EFFECTIVE ENOUGH BY THEMSELVES, HE SAID.
HAVE
"ONCE AGAIN, WE HAVE TO DO EVERYTHING POSSIBLE BOTH TO INCREASE THE
OF EXISTING SUPPLY
REDEVELOPMENT OF NEW LAND AND TO ENCOURAGE SITES WHEREVER SUITABLE.
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THE SECRETARY FOR PLANNING, ENVIRONMENT AND LANDS IS TAKING URGENT STEPS TO ACHIEVE BOTH GOALS.
THE
THE
THE IN
INCREASE COMING YEAR, THE GOVERNMENT PROPOSES TO LAND DEPARTMENT'S STAFF BY OVER A HUNDRED, IN ORDER TO ACCELERATE PROCESSING OF NEW LAND GRANTS, LAND EXCHANGES AND LEASE MODIFICATIONS.
/IT MAY