XN000022-1976-03-15 — Page 6

MONDAY, MARCH 15, 1976

COMPENSATION TERMS SPELLED OUT TO SHOPKEEPERS

*****

THE OPERATORS OF BUSINESS PREMISES IN SHA TIN MARKET DUE TO BE CLEARED WITHIN THE NEXT TWO MONTHS TO MAKE WAY FOR THE WIDENING OF TAI PO ROAD, HAVE BEEN GIVEN DETAILS OF THE EX-GRATIA COMPENSATION WHICH THEY ARE TO RECEIVE,

THE DISTRICT OFFICER, SHA TIN, MR. MICHAEL SUEN, IN LETTERS SENT TO ALL OPERATORS, HAS CONFIRMED THAT THE AMOUNT WILL BE BASED ON THE AREA THE BUSINESSES OCCUPIED AT THE TIME OF A SURVEY CARRIED OUT LAST YEAR.

IT IS CALCULATED AT THE RATE OF $120 PER SQUARE FOOT FOR THE FIRST 50 SQ. FT. AND $30 PER SQUARE FOOT THEREAFTER.

MR. SUEN HAS ALSO PROVIDED DETAILS OF THE RESTRICTED TENDER FOR SHOPS IN LEK YUEN ESTATE, SHA TIN, IN WHICH THE 28 OPERATORS ARE BEING INVITED TO PARTICIPATE.

"

BY SPECIAL ARRANGEMENT WITH THE HOUSING AUTHORITY AND IN RECOGNITION OF THEIR LONGSTANDING AS A COMMERCIAL COMMUNITY, THE OPERATORS ARE BEING GIVEN THE OPPORTUNITY OF CONTINUING TO DO BUSINESS IN SHA TIN, IN THE NEARLY COMPLETED LEK YUEN ESTATE.

THE SHOPKEEPERS MAY EITHER TAKE PART THEMSELVES OR PUT FORWARD A NOMINEE. SUCCESFUL TENDERERS ARE BEING PERMITTED TO ASSIGN THEIR RIGHT ONCE BEFORE THE TENANCY AGREEMENT IS EXECUTED. THE TENDER EXERCISE WILL BE HELD ON MARCH 30.

IN SETTING ASIDE 28 SHOPS FOR THE SHOPKEEPERS WHO ARE TO BE CLEARED, THE HOUSING AUTHORITY HAS STIPULATED THAT THE MINIMUM TENDER PRICE IS TO BE SET AT HALF THE AMOUNT WHICH WOULD BE REQUIRED IF THE UNITS HAD BEEN PUT OUT TO OPEN TENDER.

THE 28 SHOPS, WHICH ARE SITUATED IN THREE BLOCKS OF THE ESTATE, VARY IN SIZE FROM 360 SQ. FT. TO 659 SQ. FT. MONTHLY INCLUSIVE RENTS RANGE FROM $950 TO $1,600. A VARIETY OF TRADES IS OFFERED, SUCH AS PROVISIONS, RICE AND GROCERY, HARDWARE, BOOKS AND STATIONERY AND ELECTRICAL APPLIANCES.

LEK YUEN ESTATE NOW HAS ABOUT 5,000 RESIDENTS AND THIS WILL GROW TO 15,000 BY THE END OF 1976. THE ULTIMATE POPULATION OF THE ESTATE WILL BE 22,000.