XN000022-1983-03-29 — Page 4

TUESDAY, MARCH 29,

MARCH 29, 1983

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LAND TENDER AWARDED FOR BILLION DOLLAR PROJECT

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THE LANDS DEPARTMENT HAS AWARDED A TENDER TO BAYNARD LIMITED FOR THE DEVELOPMENT OF A 40-HECTARE SITE IN SO KWUN WAT INTO A MAJOR MARINA AND HIGH-CLASS RESIDENTIAL AREA.

ANNOUNCING THIS TODAY, THE ACTING PRINCIPAL GOVERNMENT LAND AGENT, MR DUNCAN SCOTT-WILL, SAID THAT THE DEVELOPER TENDERED JUST OVER $8.5 MILLION FOR THE SITE WHICH CALLED FOR A FURTHER CONSTRUCTION INVESTMENT OF ABOUT $1 BILLION.

COMMENTING ON THE AWARD OF THE TENDER, A SPOKESMAN FOR BAYNARD LIMITED SAID, WE ARE VERY PLEASED TO HAVE BEEN AWARDED THIS TENDER AND WE FEEL SURE THAT, WITH OUR EXPERIENCE IN DEVELOPING THE ABERDEEN MARINA, THIS PROJECT TOO WILL BE A MAJOR SUCCESS.

+OUR INVOLVEMENT IS INDICATIVE OF OUR CONFIDENCE IN THE DEVELOPMENT OF TUEN MUN AS A NEW TOWN. WE INTEND PRESSING AHEAD WITH THE DEVELOPMENT AT THE EARLIEST OPPORTUNITY AND ARE ALREADY WORKING ON PLANS FOR SUBMISSION TO GOVERNMENT.+

MR SCOTT-WILL SAID THE GOVERNMENT WOULD RECOUP SOME 15 HECTARES OF FORMED AND SERVICED LAND FOR FUTURE DISPOSAL FOR PRIVATE DEVELOPMENT AND A NEW BEACH FOR USE BY THE PUBLIC.

UNDER THE SALES CONDITIONS, THE DEVELOPER WILL BE REQUIRED TO DEVELOP A MARINA WITH MOORING OR BERTHING FACILITIES FOR A MINIMUM OF 300 BOATS, A YACHT CLUB AND A FULL RANGE OF ASSOCIATED MARINA FACILITIES, INCLUDING BOAT REPAIRING WORKSHOPS, CHANDLERY STORES, BOAT STACKING AREAS AND THE LIKE.

TO PROTECT THE MARINA, THE DEVELOPER WILL BE REQUIRED TO BUILD A BREAKWATER.

ON THE SEAWARD SIDE OF THE BREAKWATER, THE DEVELOPER WILL BE REQUIRED TO FORM A NEW BEACH TO LINK UP WITH NEARBY CAFETERIA BEACH. THIS, TOGETHER WITH ASSOCIATED PARKING, CHANGING AND OTHER BEACH FACILITIES TO BE PROVIDED BY THE DEVELOPER, WILL BE HANDED OVER TO THE GOVERNMENT UPON SATISFACTORY COMPLETION FOR USE BY THE GENERAL PUBLIC.

MR SCOTT-WILL SAID THAT THE MAJORITY OF THE 40-HECTARE SITE GRANTED WAS SEABED AND ABOUT HALF WOULD HAVE TO BE RECLAIMED BY THE DEVELOPER FOR THE CONSTRUCTION OF A MINIMUM OF 1 550 HIGH-CLASS RESIDENTIAL UNITS, WITH A TOTAL GROSS FLOOR AREA OF KOT MORE THAN 200 000 SQUARE METRES, A COMMERCIAL CENTRE TO INCLUDE SHOPS, A SUPERMARKET AND RESTAURANTS, AND THE YACHT CLUB.

+THE RESIDENTIAL UNITS WHEN DEVELOPED WILL BE IN A PRIME LOCATION OVERLOOKING THE MARINA WITH READY ACCESS TO TUEN MUN TOWN CENTRE AND, BY WAY OF TUEN MUN HIGHWAY, TO THE URBAN AREAS, HE SAID.

/+ADEQUATE CAR