XN000022-1978-09-25 — Page 3

2

↓

MONDAY, SEPTEMBER 25, 1978

THE YAU TONG PROJECT, SITUATED ON A SITE AT THE JUNCTION OF CHA KWO LING AND KO CHIU ROADS, WILL CONSIST OF NINE BLOCKS OF SEVEN CR EIGHT STOREYS. THERE WILL BE 12 DIFFERENT TYPES OF TWO OR THREE- BEDROOM FLATS RANGING IN AREA FROM 400 SQUARE FEET (37.2 SQUARE METRES) TO 566 SQUARE FEET (52.6 SQUARE METRES). COMMERCIAL FACILITIES WILL INCLUDE TWO BANKS, THREE RESTAURANTS, A CAFE, A CAKE SHOP/FAST FOOD STORE, A SUPERMARKET, BOWLING ALLEY, TWO MINI- CINEMAS. AN AMUSEMENT CENTRE FOR CHILDREN AND RETAIL SHOPS. WORK ON THE ESTATE WILL BEGIN IN APRIL 1979 AND TAKE 26 MONTHS TO COMPLETE.

ACCORDING TO THE TENDER CONDITIONS, BOTH DEVELOPERS HAVE UNDERTAKEN TO MANAGE THE ESTATES FOR AT LEAST THE FIRST FIVE YEARS.

UNDER THE PRIVATE SECTOR PARTICIPATION ARRANGEMENT, THE GOVERN~ MENT PROVIDES THE LAND AND DEVELOPERS SUBMIT DEVELOPMENT PROPOSALS TOGETHER WITH A TENDER PREMIUM. THE PRICE PER SQUARE FOOT OF FLATS WAS DETERMINED BY THE GOVERNMENT BEFORE TENDERS WERE INVITED AND THE GOVERNMENT ALSO GUARANTEES SALES OF FLATS TO PERSONS WHO ARE ELIGIBLE UNDER THE HOME OWNERSHIP SCHEME. FLATS IN BOTH ESTATES WILL COST AN AVERAGE OF $220 PER SQUARE FOOT ($2,368 PER SQUARE METRE).

COMMENTING ON THE AWARD, MR. SCOTT SAID HE WAS PLEASED WITH THE RESPONSE BY TENDERERS WHO HAVE OBVIOUSLY PUT IN A LOT OF WORK

AND MANAGEMENT PROPOSALS IN

IN PRESENTING COMPREHENSIVE DENEN DONELY PUT IN A LOT OF WORK

ADDITION TO OFFERING VERY COMPETITIVE PREMIA. THE FLATS WILL FORM PART OF PHASE II OF THE HOME OWNERSHIP SCHEME AND BUYERS WILL BE ABLE TO CHOOSE EITHER A FLAT BUILT BY THE HOUSING AUTHORITY OR ONE BUILT EY HONGKONG LAND AND BREWOOD ENTERPRISES. HE SAID PARTICIPATION BY LEADING DEVELOPERS SUCH AS HONGKONG LAND AND EREWOOD ENTERPRISES SEEMED LIKELY TO ACT AS AN INCENTIVE TO OTHER COMPANIES TO TENDER FOR FUTURE PROJECTS.

HE SAID THE NEXT DEVELOPMENT WHICH PRIVATE DEVELOPERS WOULD BE INVITED TO TAKE PART IN WOULD BE AT CHAI WAN AND HE EXPECTED TENDERS TO BE CALLED EARLY NEXT YEAR.

13