THURSDAY, JULY 29, 1982
+THE CONCLUSION WAS THAT THE GOVERNMENT NEEDED TO RESERVE ITS POSITION IN CONSIDERING OTHER LONGER TERM DEVELOPMENT OPTIONS FOR THE AREA. A LONG-TERM COMMITMENT BY THE GOVERNMENT TO THE FULL DEVELOPMENT OF TIN SHUT WAT WOULD HAVE PREJUDICED THESE OPTIONS, IN ADDITION TO PLACING UNACCEPTABLE DEMANDS ON GOVERNMENT RESOURCES AND HAVING AN ADVERSE EFFECT ON OTHER MORE URGENT UNDERTAKINGS ELSEWHERE IN THE TERRITORY, + MR CHAN SAID.
+ IT WAS FINALLY DECIDED THAT A LIMITED SCALE OF DEVELOPMENT, WHICH WILL HELP SATISFY MEDIUM TERM HOUSING NEEDS, SHOULD BE ACCEPTED. +
HE SAID, +AMONG THE ADVANTAGES ARISING OUT OF THIS DECISION ARE THAT INVOLVEMENT WITH THE PRIVATE SECTOR NOT ONLY ALLOWS FOR THE LAND TO BE DEVELOPED QUICKLY BUT ALSO MEANS A REDUCTION IN THE DEMAND ON GOVERNMENT RESOURCES.
+ THE PRESENT ARRANGEMENT IS ALSO IN KEEPING WITH THE GOVERNMENT'S POLICY OF DEVELOPING NEW TOWNS IN PACKAGES, WHICH IS MORE EASILY MANAGEABLE AND PRUDENT IN ECONOMIC TERMS, +
+TIN SHUI WAI COMPRISES A QUARTER OF ALL FLAT LAND IN THE NEW TERRITORIES AND IS ONE OF HONG KONG'S LARGEST REMAINING SOURCES OF LAND WITH GOOD DEVELOPMENT POTENTIAL. IT IS ALSO SPARSELY POPULATED AND IN SINGLE OWNERSHIP, MR CHAN SAID. +TIN SHUI MAI, THEREFORE, OFFERS THE QUICKEST AND PROBABLY THE CHEAPEST OPPORTUNITY FOR LAND PRODUCTION THAT IS AVAILABLE CURRENTLY.+
MR CHAN SAID THE GOVERNMENT WAS DETERMINED TO DEVELOP THE LAND BANK TO THE FULLEST ADVANTAGE AND THAT THE DETAILS AND TIMING WOULD BE DECIDED AFTER THE COMPLETION OF SEVERAL ENGINEERING STUDIES IN THE MIDDLE OF NEXT YEAR AND AN ASSESSMENT OF THE RESOURCES INVOLVED.
COMMENTING ON THE SEQUENCE OF EVENTS LEADING UP TO THE PRESENT AGREEMENT, MR CHAN SAID THAT FOLLOWING AN INITIAL EVALUATION OF THE ORIGINAL PROPOSAL IN MAY 1980 IT WAS MADE QUITE CLEAR TO THE DEVELOPER THAT THE GOVERNMENT WAS NOT COMMITTED AT THAT STAGE TO PERMIT THE DEVELOPMENT TO PROCEED BUT WOULD TAKE A VIEW ON THE MATTER AFTER CONSIDERING THE RESULTS OF THE FIRST TWO STAGES OF THE COMPANY'S OWN DEVELOPMENT STUDIES WHEN THEY WERE COMPLETED.
HE SAID THE IDEA OF PURCHASING THE LAND WAS PROPOSED BY THE GOVERNMENT IN JULY 1981 AT THE SAME TIME THAT IT WAS DECIDED THAT THE ORIGINAL PROPOSAL BY THE DEVELOPER SHOULD BE SCALED DOWN.
+THE PROPOSAL BY THE DEVELOPER OFFERED A GOOD OPPORTUNITY WHICH, FOR SEVERAL REASONS, THE GOVERNMENT CHOSE TO TAKE UP,+ MR CHAN SAID. +BY ACQUIRING THE LAND THE GOVERNMENT WILL ASSUME FULL CONTROL OF THE FUTURE DEVELOPMENT OF AN AREA ALREADY IDENTIFIED FOR ITS SUBSTANTIAL DEVELOPMENT POTENTIAL. IN ADDITION, THE COST OF RESUMING THE LAND AT A LATER DATE WOULD PROBABLY BE HIGHER THAN THE PURCHASE PRICE TODAY.+
No comments yet.
Private notes are available after approval.