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Apart from maintaining good momentum on the ACP, one of the significant achievements of the year was the reduction of $1,850 million in the overall ACP budget from $158,169 million to $156,364 million.
"This reduction was made possible principally as a result of the Government's rigorous cost control on the works," he said.
This was the second time that the ACP budget had been reduced. In January 1994 the ACP budget was cut from $163,730 million to $158,169 million mainly because of savings arising from Government contracts being awarded below the original estimates.
"Many major infrastructure projects overseas have been hit by massive cost over-runs. It is therefore a major achievement on one of the world's largest infrastructure projects that we have been able to reduce costs and have done it twice," said Mr Lam.
Looking ahead, Mr Lam said that despite excellent progress in 1996, the next 12 months will be an important period for the construction of the new airport and the airport railway where there is much to be done.
"To maintain momentum on the two projects there will be a need for more workers." he said.
The following provides a rundown of the progress of the ACP based on percentage figures as at the end of November:
New airport at Chek Lap Kok
Development of the new airport at Chek Lap Kok has entered its most intensive phases on all fronts. The southern runway will be substantially completed for airfield trials early this year (1997) when the first plane will land on the runway.
As at the end of November, the Airport Authority (AA) works were 73 per cent complete. Including those of the Government and franchisees, the airport project was 61 per cent complete overall.
In mid-September, the AA signed two Supplemental Agreements valued at $1.9 billion with the main contractors for the Passenger Terminal Building. The supplemental agreements re-established a works programme that supported the April 1998 target opening date and settled outstanding claims and related matters with the contractors.