XN000022-1979-04-09 — Page 3

PU

MONDAY, APRIL 9, 1979

+ IN THIS WAY, THE DEVELOPER WILL BE RELIEVED OF THE RESPONSIBILITY OF PLANNING AND IMPLEMENTING THE SITE FORMATION AND FOUNDATIONS AND INSTEAD WILL BE ABLE TO CONCENTRATE ON HIS DESIGN AND CONSTRUCTION PLANNING FOR THE DEVELOPMENT ITSELF.

+HAVING DONE ALL THE INITIAL PLANNING AND BEING READY TO MOVE STRAIGHT AWAY, THE GOVERNMENT HAS PROBABLY SAVED AT LEAST A YEAR IN THE COMPLETION TIME, MR. THOMPSON SAID.

AS IT WAS, HE SAID, THE GOVERNMENT'S TIMETABLE WAS TO HAND OVER AT LEAST THE FIRST HALF OF THE PODIUM TO THE DEVELOPER IN ABOUT 30 MONTHS' TIME AND THE REST ABOUT SIX MONTHS LATER.

+THIS MEANS THE WHOLE PROJECT SHOULD BE COMPLETED SOME TIME 1984, + HE ADDED.

IN

UNDER THE INSTALMENT PLAN CONTAINED IN THE SALE CONDITIONS, THE SUCCESSFUL TENDERER WILL BE REQUIRED TO MAKE A DOWN PAYMENT OF $27 MILLION WITH FIVE SUCCESSIVE HALF-YEARLY INSTALMENTS OF $38 MILLION, $46 MILLION, $34 MILLION, $16 MILLION AND $7 MILLION TO COMPLETE THE SITE FORMATION CHARGES.

+ON PAYMENT OF THE FINAL INSTALMENT TO REACH THE $168 MILLION, THE DEVELOPER WILL BE GIVEN THE OPTION OF PAYING THE BALANCE OF THE SUCCESSFULLY TENDERED PREMIUM OVER A 10-YEAR PERIOD AT 10 PER CENT INTEREST,+ MR. THOMPSON SAID.

+THE SITE IS A VERY WELCOME ADDITION TO THE PRIVATE DEVELOPMENT SECTOR OF SHA TIN AS A NEW TOWN AND WE WOULD EXPECT HONG KONG'S TOP DEVELOPMENT COMPANIES TO BE VERY INTERESTED IN SUCH A PRESTIGE PROJECT.+

+ THE SITE IS RIGHT OPPOSITE THE RACE COURSE AND WILL COMMAND SWEEPING VIEWS UP AND DOWN SHA TIN VALLEY.

+ IT IS AN IDEAL LOCATION FOR THIS TYPE OF GOOD QUALITY RESIDENTIAL DEVELOPMENT AND WILL ADD TO THE PRESTIGE AND VARIETY OF PRIVATE HOUSING PLANNED FOR 40 PER CENT OF THE TOWN'S ULTIMATE POPULATION OF HALF A MILLION RESIDENTS.

+IT WILL BE CONNECTED BY ROAD TO THE MAIN COMMUNICATION ARTERIES OF SHA TIN AND TO THE PROPOSED RAILWAY STATION AT FO TAN. THE WHOLE DEVELOPMENT TIMETABLE HAS BEEN DRAWN UP TO RUN PARALLEL WITH THE ELECTRIFICATION PROGRAMME WHICH WILL TRANSFORM THE KCR INTO A RAPID SURFACE TRANSIT SYSTEM LINKING KOWLOON AND THE NEW TERRITORIES,+ HE SAID.

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