XN000022-1977-09-02 — Page 6

FRIDAY, SEPTEMBER 2, 1977

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EASY TERMS FOR BUYING SAI KUNG FLATS

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BUYERS OF TEN MORE FLATS IN SAI KUNG TOWN TO BE AUCTIONED BY THE GOVERNMENT LATER THIS MONTH WILL BE ABLE TO OPT FOR PAYING HALF OF THE PURCHASE PRICE BY ANNUAL INSTALMENTS.

THE FLATS, EACH OF 692 SQ. FT., ARE IN A ROW OF MODERN FIVE-STOREY BLOCKS WHICH WERE PRIMARILY BUILT TO REHOUSE LOCAL VILLAGERS AFFECTED BY THE HIGH ISLAND WATER SCHEME.

IT WILL BE THE SECOND AUCTION IN A SERIES PLANNED TO DISPOSE OF ABOUT 80 SIMILAR FLATS, WHICH WERE LEFT OVER BECAUSE SOME VILLAGERS OPTED FOR CASH COMPENSATION.

THE FIRST AUCTION TOOK PLACE IN FEBRUARY THIS YEAR WHEN FOUR FLATS WERE SOLD FOR A TOTAL OF $435,000 AND TWO OTHERS WERE WITHDRAWN.

EXPLAINING THE SALE CONDITIONS OF THE NEXT AUCTION, MR. GORDON MOFFOOT, SENIOR ESTATE SURVEYOR OF THE SAI KUNG DISTRICT OFFICE, SAID ALL SUCCESSFUL BIDDERS WOULD BE REQUIRED TO PAY A DEPOSIT OF $10,000 AFTER THE FALL OF THE HAMMER.

+THEN, WITHIN ONE CALENDER MONTH OF THE SALE, THEY CAN PAY EITHER THE FULL PURCHASE PRICE, OR HALF OF THE PRICE PLUS THE FIRST OF TEN EQUAL ANNUAL INSTALMENTS FOR THE REMAINING 50 PER CENT,+ HE SAID.

+ IN THE CASE OF PAYING BY INSTALMENTS, INTEREST AT THE RATE OF 10 PER CENT PER ANNUM SHALL BE CHARGED ON THE BALANCE.

+HOWEVER, THE BUYER CAN AT ANY TIME AFTER GIVING SUFFICIENT NOTICE PAY OFF IN ONE LUMP SUM THE WHOLE OF THE OUTSTANDING BALANCE OF THE PURCHASE PRICE AND THE ACCRUED INTEREST, HE SAID.

MR. MOFFOOT POINTED OUT THAT BUYERS OPTING FOR INSTALMENT PAYMENTS WOULD NOT BE ALLOWED TO ASSIGN, UNDERLET OR ENTER INTO ANY AGREEMENT TO DISPOSE OF THE FLATS UNTIL THEY HAD PAID THE WHOLE AMOUNT OF THE PURCHASE PRICE.

HE SAID ALL THE TEN FLATS ON SALE WERE ON EITHER THE SECOND OR THIRD FLOORS- SEVEN WERE AT MAN NIN STREET, COMMANDING A GOOD SEAVIEW, WHILE THE OTHER THREE WERE AT YI CHUN STREET.

+THE FLATS ARE ALL VERY WELL LOCATED OPPOSITE THE MARKETS IN SAI KUNG TOWN, AND THERE IS SHOPPING ON THE GROUND FLOOR OF EACH OF THE BLOCKS,+ HE SAID.

/DEPENDING ON