WEDNESDAY, OCTOBER 7, 1981
10.
SIMILARLY, SUBSTANTIAL PROGRESS HAD BEEN MADE WITH THE CONSTRUCTION OF FACTORY SPACE OF WHICH THE TOTAL AREA WOULD INCREASE BY 11 PER CENT THIS YEAR AND 13 PER CENT NEXT.
+TAKEN TOGETHER A FURTHER 2.9 MILLION SQUARE METRES WILL BE ADDED TO OUR COMMERCIAL AND INDUSTRIAL FLOOR SPACE BRINGING THE INCREASE IN TOTAL STOCK OVER THE TWO-YEAR PERIOD TO A STAGGERING 25 PER CENT, HE SAID.
LAND PRICE NOT TO BE INCLUDED IN HOME SALES PLAN
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THE GOVERNMENT HAS DECIDED TO REVISE THE HOME OWNERSHIP SCHEME SO THAT PRICES OF HOS UNITS WOULD BE REDUCED TO ABOUT HALF OF THOSE IN THE FREE MARKET, WELL WITHIN THE MEANS OF THE FAMILIES FOR WHOM THE SCHEME IS INTENDED, THE GOVERNOR, SIR MURRAY MACLEHOSE, SAID TODAY.
+IN FUTURE, AS IN PUBLIC HOUSING ESTATES FOR RENTAL, LAND VALUE WILL BE EXCLUDED FROM THE CHARGE, HE SAID.
THIS WILL MEAN THAT THE HIGH LAND VALUES THAT HAVE BEEN INCLUDED IN THE PRICE DO NOT FRUSTRATE THE SOCIAL PURPOSE OF THE AVERAGE OF 5 000 UNITS A YEAR TO BE BUILT UNDER THE SCHEME.
HOWEVER, THE GOVERNOR POINTED OUT THAT WITH SUCH FAVOURABLE AND SUBSIDISED TERMS THERE MUST BE SAFEGUARDS AGAINST PROF ITEERING ON RESALE.
+THE PROPOSAL IS TO FORBID RESALE, EXCEPT TO THE HOUSING AUTHORITY. FOR THE FIRST 10 YEARS, THEREAFTER A PREMIUM WOULD BE PAYABLE ON SALE TO MAKE GOOD TO THE GOVERNMENT THE LARGE ELEMENT OF SUBSIDY IN THE ORIGINAL PRICE ADJUSTED TO CURRENT OPEN MARKET PRICES, SIR MURRAY SAID.
SIR MURRAY SAID SIMILAR ARRANGEMENTS WOULD ALSO APPLY TO THE ADDITIONAL 5 000 UNITS A YEAR PLANNED FOR SALE IN THE PRIVATE SECTOR PARTICIPATION SCHEME, AND THE FURTHER 2 500 PLANNED FOR THE MIDDLE INCOME HOUSING PROGRAMME.
+THUS THERE WILL BE 12 500 UNITS A YEAR FOR SALE AT PRICE WELL WITHIN THE MEANS OF THE MIDDLE AND LOWER INCOME GROUPS, INSULATED AGAINST THE VAGARIES OF THE LAND MARKET, SIR MURRAY SAID.
SINCE COMPLETIONS ON THIS SCALE ARE ESSENTIAL TO OUR NEEDS, HE ADDED, +IF SITES OFFERED TO THE PRIVATE SECTOR PARTICIPATION SCHEME DO NOT ATTRACT ADEQUATE TENDERS THEY WILL BE TAKEN OVER AND DEVELOPED AS PART OF THE HOME OWNERSHIP SCHEME.+
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