XN000022-1984-01-18 — Page 28

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WEDNESDAY, JANUARY 18, 1984

+ I WOULD LIKE TO TAKE THIS OPPORTUNITY TO EXPRESS ON BEHALF OF THE BANK OF CHINA OUR APPRECIATION TO THE VARIOUS DEPARTMENTS OF THE HONG KONG GOVERNMENT FOR THEIR CLOSE CO-OPERATION AND KIND ASSISTANCE DURING THE COURSE OF NEGOTIATION AND OUR THANKS TO ALL ARCHITECTS, ENGINEERS, CONSULTANTS AND TRAFFIC EXPERTS IN NEW YORK AND HONG KONG, WHO PARTICIPATED IN BRINGING ABOUT THE PRESENT RESULTS OF THE PROJECT, MR CHEN SAID.

MR TODD SAID HE WAS VERY PLEASED TO CLEAR THIS IMPORTANT STEP IN THE BANK OF CHINA'S DEVELOPMENT PROGRAMME. DETAILED DRAWING UP OF DEVELOPMENT PLANS WITHIN THE BASIC CONSTRAINTS OF THE SITE WHICH WERE REFLECTED IN THE CONDITIONS OF GRANT COULD NOW PROCEED.

+THE SITE IS NOT AN EASY ONE TO DEVELOP,+ MR TODD SAID, +BECAUSE OF THE SURROUNDING ELEVATED PUBLIC ROADS. THE GOVERNMENT HAD RESPONDED FLEXIBLY TO AN IMAGINATIVE APPROACH BY THE BANK TO AMEND THE ALIGNMENT AND IMPROVE THE ROAD LINKING GARDEN ROAD AND COTTON TREE DRIVE. THIS WOULD UPGRADE ACCESS TO THE BUILDING AND BETTER REFLECT THE QUALITY OF THE DEVELOPMENT PROPOSED, HE SAID,

A GOVERNMENT SPOKESMAN SAID SITE INVESTIGATIONS HAVE BEEN CARRIED OUT AND WORK ON THE BUILDING - A HIGH-RISE OFFICE TOWER ERECTED ON A PODIUM STRUCTURE CONTAINING THE MAIN BANKING HALLS WITH VEHICLE PARKING BENEATH - IS EXPECTED TO COMMENCE LATER THIS YEAR.

THE MAXIMUM GROSS FLOOR AREA OF THE BUILDING PERMITTED UNDER THE GRANT CONDITIONS WAS JUST OVER 100 000 SQUARE METRES.

A PORTION OF THE SITE FRONTING GARDEN ROAD, RESERVED FOR PUBLIC OPEN SPACE, WOULD BE DESIGNED AND LANDSCAPED AS PART OF THE PROJECT AND ON COMPLETION WOULD BE OPEN TO THE PUBLIC.

THE SPOKESMAN SAID THE UPGRADED ACCESS TO THE NEW BUILDING WOULD ALSO IMPROVE ACCESS POTENTIAL FOR THE OTHER CROWN LAND SITE

IMMEDIATELY TO THE SOUTH. THIS WOULD BE AVAILABLE FOR SALE ON REMOVAL OF THE TEMPORARY FIRE STATION NOW ON THE SITE.

FIVE CROWN LAND SITES SOLD AT AUCTION

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FIVE PIECES OF CROWN LAND WERE SOLD FOR MORE THAN $94 MILLION AT AN AUCTION AT THE FURAMA HOTEL TODAY (WEDNESDAY).

ONE OF THE SITES, IN LUNG CHEUNG ROAD, WONG TAI SIN, WHICH IS FOR NON-INDUSTRIAL DEVELOPMENT AND MEASURES 2 616 SQUARE METRES, WAS BOUGHT BY OVERSKIP COMPANY LIMITED FOR $47.5 MILLION ($18 157 PER SQUARE METRE), BIDDING OPENED AT $20 MILLION.

A SITE ON THE KOWLOON BAY RECLAMATION MEASURING 4 115 SQUARE METRES, WHICH IS FOR INDUSTRIAL AND GODOWN DEVELOPMENT AS WELL AS FOR CARGO HANDLING AND CONCRETE BATCHING USE, WAS SOLD FOR $17.8 MILLION ($4 326 PER SQUARE METRE), BIDDING OPENING AT $6 MILLION. THE BUYER WAS HONG TA YUEN LTD.

/FROM A