XN000022-1983-11-24 — Page 12

THURSDAY, NOVEMBER 24, 1983

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JUBILEE STREET PIER DEVELOPMENT APPROVED

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THE GOVERNMENT HAS APPROVED A REVISED DEVELOPMENT SCHEME FOR THE JUBILEE STREET FERRY PIER.

A GOVERNMENT SPOKESMAN SAID THE HONG KONG AND YAUMATE FERRY COMPANY ORIGINALLY APPLIED FOR PERMISSION IN 1979 TO REPLACE THE EXISTING PIER WITH A THREE-STOREY DEVELOPMENT WHICH WOULD HAVE INCORPORATED COMMERCIAL PREMISES ON TOP OF FOUR NEW BERTHS.

FOLLOWING APPROVAL OF THIS APPLICATION, THE COMPANY SUBMITTED IN 1982 AN ALTERNATIVE PROPOSAL FOR THE CONSTRUCTION OF A 32-STOREY COMMERCIAL BLOCK AT JUBILEE STREET.

DURING DISCUSSIONS WITH THE GOVERNMENT ABOUT THE PREMIUM, AND FOLLOWING THE DOWNTURN IN THE PROPERTY MARKET, HYF SUBMITTED ANOTHER REVISED DESIGN WHICH RETURNED THE PROJECT TO A LOW-RISE DEVELOPMENT OF FOUR STOREYS.

THE SPOKESMAN SAID THE APPLICATION WAS GRANTED WITH CERTAIN CONDITIONS.

THE PRINCIPAL ONE IS THAT THE SEABED ON WHICH THE PIER WOULD BE BUILT WILL REMAIN CROWN LAND AND OWNERSHIP OF THE ENTIRE STRUCTURE WILL BE VESTED IN THE GOVERNMENT.

THE USE AND OCCUPATION OF THE ENTIRE STRUCTURE WILL REVERT TO THE GOVERNMENT IF THE COMPANY'S FRANCHISE WAS TO CEASE OR BE REVOKED AT SOME STAGE IN THE FUTURE.

THE EXISTING JUBILEE STREET PIER WAS BUILT IN 1933 AND THE FACILITIES ARE INADEQUATE TO MEET THE DEMANDS OF THE FERRY SERVICES OPERATING FROM IT.

THE NEW PIER COMPLEX WILL INCLUDE BETTER WAITING AREAS AND PASSENGER FLOW FACILITIES AND WILL RESULT IN AN IMPROVEMENT IN THE STANDARD OF SERVICE.

THE GOVERNMENT HAS DECIDED TO WAIVE THE PREMIUM FOR THE REDEVELOPMENT AS THIS IS IN THE BEST PUBLIC INTEREST.

AS THE PROPOSAL CALLS FOR HYF RATHER THAN THE GOVERNMENT TO MEET THE COST OF THE CONSTRUCTION OF THE NEW PIER, IT REPRESENTS A SAVINGS TO PUBLIC FUNDS.

ANOTHER CONDITION OF THE ARRANGEMENT IS THAT REVENUES FROM THE DEVELOPMENT WILL BE INCLUDED IN THE INCOME DERIVED FROM FERRY OPERATIONS.

AS THIS IS TO ENABLE A REASONABLY STABLE FARE STRUCTURE TO BE MAINTAINED, THE TRAVELLING PUBLIC WILL ALSO BENEFIT.

THE SPOKESMAN SAID THE NEW PIER WAS EXPECTED TO BE COMPLETED BY THE END OF 1985.

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