TUESDAY, JANUARY 15, 1977
+SINCE THE AREA IS AT PRESENT DEVELOPED ONLY TO AN EXTENT CONSIDERABLY BELOW ITS POTENTIAL, THE REGRANT PREMIUM WOULD PROBABLY BE HIGHER THAN THE EXISTING BUILDINGS WOULD JUSTIFY AND OWNERS WOULD OF NECESSITY HAVE TO REDEVELOP, HE SAID.
CONSIDERING THE LARGE AMOUNT OF MULTI-OWNERSHIP OF BUILDINGS IN THE AREA, IT WAS UNLIKELY THAT ALL INDIVIDUAL OWNERS WOULD AGREE ON JOINT REDEVELOPMENT TO GOVERNMENT REQUIREMENTS.
+THERE IS THEREFORE NO DOUBT IN MY MIND THAT IT IS BETTER FOR GOVERNMENT TO SELL THE REVERTED LOTS FOR COMPREHENSIVE REDEVELOPMENT, WHICH WILL INCLUDE RESIDENTIAL ACCOMMODATION WITH SHOPPING CENTRES, TOURIST AND PUBLIC FACILITIES AND PUBLIC OPEN SPACE, + HE SAID.
MR. MCDONALD SAID THAT IF THE PROPOSAL WAS IMPLEMENTED THE GOVERNMENT STOOD TO LOSE JUST OVER $23 MILLION IN REVENUE, BUT AGAINST THIS MUST BE SET THE ADVANTAGE OF SOME 3,158 SQ. METRES OF OPEN SPACE.
+THE FINANCIAL IMPLICATIONS HAVE BEEN CAREFULLY WEIGHED, BUT ON BALANCE IT IS CONSIDERED RIGHT TO ACCEPT THIS LOSS OF REVENUE IN THE BEST INTERESTS OF THE RESIDENTS IN THE DISTRICT, HE SAID.
NOR WOULD THE PROVISION OF MORE OPEN SPACE CAUSE ANY LOSS IN DEVELOPMENT POTENTIAL, HE STRESSED.
+ALTHOUGH ONLY ABOUT 57 PER CENT OF THE ENTIRE AREA WOULD BE AVAILABLE FOR REDEVELOPMENT AFTER DEDUCTING THE REQUIRED OPEN SPACE, THE AMOUNT OF FLOOR SPACE WHICH COULD BE ALLOWED ON THE RESTRICTED SITE COULD EQUATE TO THAT WHICH COULD HAVE BEEN OBTAINED BY DEVELOPMENT OVER THE WHOLE AREA ON A PIECEMEAL BASIS.+
TOUCHING ON THE PROPOSED NEW MARKET BETWEEN KIMBERLEY ROAD AND KIMBERLEY STREET, MR. MCDONALD SAID THIS WOULD OFFSET THE LACK OF PROPER MARKET FACILITIES IN THE NEIGHBOURHOOD AND EASE CONGESTION BY HAWKER STALLS IN SEVERAL STREETS,
HE RULED OUT ALTERNATIVE SUGGESTIONS FOR SITING THE NEW MARKET AT THE EASTERN SIDE OF CHATHAM ROAD AS IT WOULD BE TOO FAR FROM THE AREA IT WAS INTENDED TO SERVE AND WOULD NOT SOLVE THE HAWKER PROBLEM.
MR. MCDONALD NOTED THAT CONSIDERABLE CONFIDENCE IN THE SUCCESS OF THE DEVELOPMENT PROPOSALS HAD BEEN SHOWN IN THE RECENT SALE OF THE FIRST OF THE COMMERCIAL/RESIDENTIAL LOTS IN THE REDEVELOPMENT AREA EAST OF CHATHAM ROAD.
NEARLY FIVE HECTARES OF LAND IN THIS AREA HAVE BEEN ZONED FOR COMMERCIAL/RESIDENTIAL USE WITH SUPPORTING COMMUNITY FACILITIES SUCH AS SCHOOLS, CARPARKS AND A MARKET, AND MR. MCDONALD WAS SURE THAT SIMILAR CONFIDENCE WOULD BE DEMONSTRATED WHEN THREE OTHER LOTS ARE PUT UP FOR SALE IN THE NEXT FEW MONTHS.
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