CO129-468 - Governor Sir Stubbs - 1921 [6-8] — Page 334

LAND

DEVELOPMENT.

Second paper by Hox. SIR PAUL CHATER, C.M.G.

When addressing you the other day on the subject of the 'Colony's Resources I referred to the acquisition of a further large area of land to be obtained by reclamation at North Point, extending from the Electric Company's Station almost to Quarry Bay.

I have now gone somewhat more fully into the matter, and as you will see from the plan and chart, which I lay on the table, the approximate total area to be oblained by this scheme is 3,800,000 square feet at an estimated cost, including granite faced Praya Wall, roads, filling to an average level of 13 ft. above ordnance datum and contingencies, of $2,660,000.00 or about 70 cents per square foot.

A total area to be reclaimed of Less required for Roads, Streets, &c.

Gives us an area in Marine Lots of

to be disposed of by the Government.

.3,800,000 square feet.

750,000

3,050,000 square feet.

Land in this neighbourhood has, to my knowledge, been sold at as much as $2.50 per square foot, but to place our calculations upon a more conservative and safer basis let us presume that the price be only $2.00 per square foot, at which price we arrive at a gross receipt

of

Less cost of reclamation

A net gain of some

$6,100,000.00 2,660,000,00

. $3,440,000,00

to the Colony's revenue, if and when all the land is sold.

The necessary filling for this work is readily obtainable from the hillsides in the immediate neighbourhood, and, as I pointed out when putting forward my suggestion for the Kennedy Town develop- ment, a further considerable area by way of Inland Lots will also be obtained in this district

It is impossible at the moment to approximate what this area will be, but it cannot but be very considerable, and I estimate the price obtainable for such Inland Lots at from 50 cents to $1.00 per square foot.

It will thus be readily seen how large an increase must accrue to the revenues of the Colony by way of Land Premia, Crown Kent, Government Rates on rateable improvements whensoever such scheme be carried out to completion.

I do not, however, advocate for a moment the immediate under- taking of so large a work, particularly in view of the more important Praya East Reclamation which will no doubt be shortly put in hand, but rather throw out this suggestion as a possible and potential asset to the Colony in years to come.

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