XN000022-1979-07-20 — Page 5

FRIDAY, JULY 20, 1979

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+IT ALSO OFFERS A FAR SUPERIOR ENVIRONMENT AND FACILITIES THAN SAI LAU KOK,+ HE SAID.

TENANTS OF SAI LAU KOK GOING TO CHEUNG SHAN WILL ESPECIALLY BENEFIT FROM THE MOVE AS MANY OF THEM WERE SHARING SMALL FLATS IN THEIR OLD BUILDINGS - SEVEN FAMILIES IN ONE 350 SQUARE FEET FLAT IN ONE CASE.

+OWNER-OCCUPIERS RECEIVED AN AVERAGE OF $125,000 IN FAIR MARKET VALUE COMPENSATION FOR THE IR SAI LAU KOK FLATS, MR. HAYES SAID.

+THEREFORE, THOSE GOING TO PUBLIC HOUSING WILL HAVE A TIDY INVESTMENT SUM AS WELL AS LOW COST HOUSING.

+ INVESTING $120,000 AT 10 PER CENT INTEREST WOULD BRING A RETURN OF $1,000 PER MONTH, LEAVING PLENTY IN RESERVE EVEN AFTER PAYING THE HIGHEST RENT AT CHEUNG SHAN ESTATE,+

MR. HAYES POINTED OUT THAT THE GOVERNMENT'S ASSISTANCE OFFER STILL STOOD BUT THAT THE GAP WHICH THE OFFER WAS DESIGNED TO FILL HAD NOW BECOME WIDER BECAUSE OF THE INCREASED VALUE OF FLATS AT ALLWAY GARDENS.

+HOWEVER, THERE IS STILL AN ATTRACTIVE DEAL THERE FOR ANY OWNER WHO WISHES TO TAKE IT UP, HE EMPHASISED.

+THE OFFER, OF COURSE, APPLIES NOT ONLY TO ALLWAY GARDENS BUT TO ANY FLAT AN OWNER MAY WISH TO PURCHASE ANYWHERE IN HONG KONG.+

THE TOWN MANAGER ALSO POINTED OUT THAT VALUATION OF THE SAI LAU KOK FLATS HAD NOT BEEN CARRIED OUT ON A +FOOT-FOR-FOOT+ BASIS.

HAD THAT BEEN DONE, HE SAID, THE OWNERS WOULD NOT HAVE BEEN SO WELL OFF BECAUSE THE AVERAGE STATUTORY FAIR MARKET VALUE OF SAI LAU KOK FLATS INVOLVED IN THE GOVERNMENT ASSISTANCE SCHEME HAD WORKED OUT TO BE $420 PER SQUARE FOOT COMPARED WITH $415 PER SQUARE FOOT FOR THE ALLWAY GARDENS FLATS BASED ON SALABLE FLOOR AREA.

+ IN ANY EVENT, ALL THE GOVERNMENT'S VALUATIONS ARE OPEN TO CHALLENGE IN THE LANDS TRIBUNAL AND THE GOVERNMENT WOULD BEAR THE LEGAL COSTS OF ANY OWNER WHO TAKES HIS CASE TO THE TRIBUNAL,+ MR. HAYES SAID.

MR. HAYES NOTED THAT IT WOULD HAVE BEEN IMPOSSIBLE FOR THE GOVERNMENT TO MAKE A STRAIGHT +FLAT-FOR-FLAT OFFER+ AS RESIDENTIAL BUILDINGS SUCH AS THOSE AT SAI LAU KOK WERE NOT BEING BUILT ANY MORE.

+THE SAI LAU KOK FLATS RANGE IN SIZE FROM 250 TO 400 SQUARE FEET IN SALABLE AREA,+ HE SAID, +AND ALTHOUGH THEY ARE MULTI-STOREY BUILDINGS THEY HAVE NO LIFTS, THE LIGHTING AND VENTILATION ARE POOR, THE CORRIDORS AND STAIRWAYS ARE DARK AND NARROW.+

+THESE BUILDINGS SIMPLY DO NOT BEAR COMPARISON IN ANY WAY EITHER TO THE ALLWAY GARDENS COMPLEX OR THE MODERN HOUSING ESTATES LIKE CHEUNG SHAN, HE ADDED.