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The developer has to complete a gross floor area of not less than 4,950 square metres on or before December 31, 1999.
Held at the Concert Hall of the Hong Kong Cultural Centre, Tsim Sha Tsui, thè auction was conducted by Government Land Agent, Mr Timothy Mills.
End
ACAN discusses Beat Drugs Fund
Members of the Action Committee Against Narcotics (ACAN) at a meeting today (Tuesday) discussed the proposed administration and management of a $350 million Beat Drugs Fund, which is expected to be established in April next year subject to the approval of the Finance Committee of the Legislative Council.
According to the proposal discussed at the meeting, the ambit of the fund will include the furtherance of drug preventive education and publicity, research, training, law enforcement and treatment and rehabilitation.
Projects to be funded would be of a capital or short-term recurrent nature lasting not more than three years. Only income generated from the fund, estimated to be about $19 million in the first year, will be utilised so as to preserve the capital base of the fund.
ACAN's advice will be sought on the support-worthiness of applications having regard to the need, the scale of the project, the implementation plan and the budget: and on the relative priority of projects and the level of grants. ACAN will also monitor the progress of implementation of approved applications.
Applications to the fund will be invited twice each year, in April and October. They will be processed by the Narcotics Division which will consider the merits of each application and formulate recommendations in consultation with relevant branches and departments before submitting to ACAN for consideration.
As a general rule, approved projects will be expected to start within nine months after approval.