XN000022-1974-01-18 — Page 13

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Friday, January 18, 1974

NEW HOUSING COMPLEX FOR LOCAL OFFICERS

The new housing scheme for local government officers at Ngok

Yue Shan in Kwun Tong has been completed and will be available for cocupation

shortly.

The housing complex is the second and largest of its type and costs

about $17 million.

Located on a hill top in Hong Lee Road, it was planned

and built by the government and leased, under mortgage, to individual eligible

officers.

A. spokesman for the Civil Service Branch said today the 431 successful

applicants would be notified at the end of this week.

They were selected from eligible serving officers on pensionable

establishment in various government departments on a point system assessed on

the basis of their salary, length of service, the size of family, housing

condition and preference, the epok swan added.

Successful applicants will be required to make a down-payment of 20

or 25 per cent of the total cost of the flats allocated to them. The amount

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will be about $7,500 cr $13,000 accurding to their salary and type of flat

allocated.

The balance will be repaid over a period of 20 years with an interest

of seven per cent a year. This will be subject to variation by the Colonial

Treasurer Incorporated, but will be within the lower and upper limits of five

and nine per cent, the spokesman explained.

The monthly repayment for a small flat will be $232 and $298 for a

larger flat.

There are