XN000022-1979-07-20 — Page 2

FRIDAY, JULY 20, 1979

1

MOST FLAT OWNERS +BETTER OFF+ IN SAI LAU KOK CLEARANCE,

SAYS TSUEN WAN TOWN MANAGER ******

OWNERS OF DOMESTIC FLATS IN THE SEVEN DEMOLITION-DOOMED BUILDINGS AT SAI LAU KOK WHO TOOK ADVANTAGE OF A GOVERNMENT ASSISTANCE SCHEME TO BUY NEW FLATS FINISHED UP WITH A BETTER THAN +FOOT-FOR-FOOT+ DEAL, THE TSUEN WAN TOWN MANAGER, MR. JAMES HAYES, SAID TODAY (FRIDAY).

HE SAID THAT ON AVERAGE THOSE WHO JOINED THE SCHEME WERE ABLE TO BUY FOR A RELATIVELY SMALL PERSONAL OUTLAY MUCH BIGGER FLATS IN +AN INFINITELY SUPERIOR+ ENVIRONMENT TO THE ONES THEY HAVE HAD TO VACATE.

HE REVEALED THAT MORE THAN BO OWNER-OCCUPIERS AND A NUMBER OF OTHER OWNERS WERE TAKING UP OFFERS OF BRAND NEW FLATS IN THE ALLWAY GARDENS PROJECT AT NORTH TSUEN WAN, A MODERN LANDSCAPED PRIVATE HOUSING COMPLEX WITH A FULL RANGE OF AMENITIES RANGING FROM SCHOOLS TO A SWIMMING POOL COMPLEX.

MR. HAYES ALSO POINTED OUT THAT MOST OF THE OWNER-OCCUPIERS WHO HAD TAKEN UP THE OPTION OF PUBLIC HOUSING WOULD BE GOING TO FLATS COMPARABLE IN SIZE TO THE ONES THEY HAD LEFT AND AGAIN WITH THE ADVANTAGES OF A FAR SUPERIOR ENVIRONMENT AND COMMUNITY AND OTHER FACILITIES.

+AND THOSE WHO HAVE CHOSEN THE OPTION OF PUBLIC HOUSING WILL BE TAKING WITH THEM A TIDY NEST-EGG - ABOUT $125,000 ON AVERAGE - PAID IN FAIR MARKET VALUE COMPENSATION FOR THE IR SAT LAU KOK FLATS, HE SAID.

THE TOWN MANAGER TOLD A PRESS CONFERENCE THAT HE BELIEVED THAT MOST OF THE OWNERS AFFECTED BY THE CLEARANCE WOULD IN THE END BE BETTER OFF.

HE OUTLINED IN DETAIL THE OPTIONS THE GOVERNMENT HAD OFFERED OWNER-OCCUPIERS.

* FULL MARKET VALUE OF THE IR PREMISES AT THE DATE OF REVERSION PLUS A DISTURBANCE ALLOWANCE PLUS PUBLIC HOUSING- OR

*

FULL MARKET VALUE AT THE DATE OF REVERSION, PLUS

DISTURBANCE ALLOWANCE, PLUS

A CAPITALISED INTEREST ALLOWANCE TO HELP BRIDGE THE GAP BETWEEN COMPENSATION AND THE COST OF BUYING A NEW FLAT, PLUS

A SETTING-UP ALLOWANCE OF $10,000 TO MEET THE EXPENSES OF CONVEYANCING, MORTGAGE FEES AND STAMP DUTY, PLUS

1. A RENTAL