XN000022-1989-05-29 — Page 7

MONDAY, MAY 29, 1989

6

TO BE OF BENEFIT TO RESIDENTS, MR LAN SAID, TO BE WELL PLANNED, COMPREHENSIVE AND CO-ORDINATED.

REDEVELOPMENT

HAD

ONE EXAMPLE OF LARGE SCALE URBAN RENEWAL IN YAU TSIM WAS THE

BEING "SIX-STREETS" REDEVELOPMENT PROJECT CURRENTLY

CARRIED OUT BY THE HONG KONG HOUSING SOCIETY, WHEN COMPLETED, IT WOULD PROVIDE UNITS FOR SALE AND LETTING, ACCOMMODATION FOR THE ELDERLY, COMMUNITY FACILITIES AND SOME 8,000 SQUARE METRES OF OPEN SPACES.

THE LAND DEVELOPMENT CORPORATION ALSO PLANNED TO HELP IMPROVE THE YAU TSIM ENVIRONMENT BY INTRODUCING CO-ORDINATED

IN REDEVELOPMENT. THIS WOULD BE WELCOMED BY RESIDENTS.

EFFORT

"THE YUNNAN LANE REDEVELOPMENT PROJECT IS IMPORTANT BECAUSE ITS SUCCESS WILL CERTAINLY PROVIDE HONG KONG WITH VALUABLE EXPERIENCE

PROJECTS IN TO EMBARK ON SIMILAR

YAU TSIM AND ELSEWHERE IN THE

MR 1990'S,' TERRITORY SO AS TO GIVE HONG KONG A NEW LOOK IN THE NOTED.

.

LAN

REDEVELOPMENT

PROJECT,

CONSULT

THE RESIDENTS OF

MR LAN POINTED OUT THAT FOR ANY FUTURE BOTH THE GOVERNMENT AND DEVELOPERS SHOULD

AN THE AFFECTED DISTRICT, PROVIDE

OPPORTUNITY FOR MAKING SUITABLE AND REASONABLY ARRANGEMENTS, AND TO ENSURE THAT THEY WOULD BE FAIRLY COMPENSATED.

TSIM

LDC

"IN THE CASE OF YUNNAN LANE. I UNDERSTAND THAT THE

IS MAKING A POSITIVE MOVE TOWARDS BRIEFING THE YAU

DISTRICT BOARD WITH A VIEW TO EXPLAINING TO DB MEMBERS AND OTHER YAU TSIM RESIDENTS HOW THE PROPOSED PROJECT IS TO PROCEED, HE CONCLUDED.

SALE OF THREE LOTS FETCHES ALMOST $200 MILLION

THE SALE OF THREE GOVERNMENT

LOTS

TODAY (MONDAY) FETCHED A

TOTAL OF $195.6 MILLION AT THE FIRST AUCTION OF GOVERNMENT LAND BY THE BUILDINGS AND LANDS DEPARTMENT THIS FINANCIAL YEAR.

THE LOTS INCLUDED TWO FOR INDUSTRIAL AND/OR GODOWN PURPOSES EXCLUDING OFFENSIVE TRADE.

ROAD,

AND WING ΤΑΙ ONE IS LOCATED AT THE JUNCTION OF KA YIP STREET CHAI WAN, WITH AN AREA OF ABOUT 2,412 SQUARE METRES.

BIDDING OPENED AT $70 MILLION AND THE LOT WAS BOUGHT BY JADESCORE LTD. FOR $105 MILLION.

SQUARE METRES

ACCORDING TO THE BUILDING COVENANT, THE DEVELOPER IS REQUIRED TO COMPLETE A GROSS FLOOR AREA OF NOT LESS THAN 17,366 BEFORE JUNE 30, 1993.

THE OTHER