XN000022-1991-06-07 — Page 4

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FRIDAY, JUNE 7, 1991

"WHILE THE HOUSING AUTHORITY HAS RESOLVED THAT THE BLOCKS TO BE SELECTED FOR THE FIRST PHASE OF THE SCHEME WOULD MAINLY BE FIVE TO SIX YEARS OLD BLOCKS OF THE NEW LINEAR I AND TRIDENT II DESIGN, TOGETHER WITH SOME FOUR YEAR OLD TRIDENT IIIS, THE FINAL SELECTION OF BLOCKS WILL BE MADE BY THE HOUSING AUTHORITY'S HOME OWNERSHIP COMMITTEE, HE SAID.

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"IN ORDER TO REACH THE 3,000 TO 4,000 FLATS SALE TARGET, GIVEN AND OTHER CONSTRAINTS, FLATS WILL BE SOLD IN THOSE BLOCKS WHERE THAN 50 PER CENT OF TENANTS HAVE INDICATED A FIRM INTENTION TO

AS A GENERAL GUIDELINE FOR DETERMINING THE PRICE OF THE FLATS TO BE SOLD, THE SPOKESMAN SAID THE HOUSING AUTHORITY HAD CONCLUDED THAT THE TOTAL DISCOUNT TO THE MARKET VALUE OF THE RENTAL FLAT SHOULD BE AT A LEVEL OF 40 PER CENT WHEN IT WAS SOLD TO THE SITTING TENANT.

IN DETERMINING THE MARKET VALUE, DUE ALLOWANCE WOULD BE MADR FOR THE

LESS ATTRACTIVE DESIGN OF THE RENTAL BLOCK COMPARED WITH A PURPOSE-BUILT SALE BLOCK, THE LACK OF UPGRADING OF THE PLASTERING, WIRING, SECURITY SYSTEM AND OTHER FACILITIES, AND THE AGE OF THE BLOCK.

HOWEVER, THE ACTUAL SELLING PRICES WOULD BE SET BY THE HOUSING AUTHORITY'S HOME OWNERSHIP COMMITTEE CLOSER TO THE TIME OF SALE AND BE REVIEWED AT ITS REGULAR MEETINGS.

FLATS IN THE SAME BLOCK WOULD BEAR DIFFERENT PRICES TO REFLECT THEIR RELATIVE ADVANTAGES IN TERMS OF SIZE, LOCATION AND VIEW, AND 80 ON.

THE

SAID

ON THE CONDITION OF THE BLOCKS TO BE SOLD, THE SPOKESMAN HOUSING AUTHORITY WOULD ONLY SELL BLOCKS THAT WERE IN GOOD

CONDITION.

"A CONDITION SURVEY COVERING THE COMMON AREAS OF THE SALE BLOCK WOULD BE CARRIED OUT BY INDEPENDENT SURVEYORS FROM THE PRIVATE SECTOR, HE SAID.

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"TENANTS WOULD ALSO BE ALLOWED TO REPORT DEFECTS FOUND INSIDE THEIR FLATS. THE HOUSING AUTHORITY WOULD ARRANGE FOR THE DEFECTS IDENTIFIED BY THE SURVEYOR, INCLUDING DEFECTS INSIDE FLATS THAT WERE CONFIRMED TO BE GENUINE AND NOT CAUSED BY THE TENANTS' FAULT, TO BE REPAIRED.

"IT

WOULD ALSO UNDERTAKE TO REMEDY DEFECTS ARISING FROM THESE WORKS WITHIN ONE YEAR OF COMPLETION OF REPAIRS.

**

ON THE AFTER-SALE MANAGEMENT, THE SPOKESMAN SAID THE HOUSING AUTHORITY WOULD MANAGE THE BLOCK DIRECTLY FOR TWO YEARS AFTER SALE AND WOULD APPOINT A MANAGEMENT AGENT FOR THE REMAINDER OF

10-YEAR

PERIOD.

THE

+

"HOWEVER, THE OWNERS WOULD BE EMPOWERED TO FORM OWNERS

IF

CORPORATIONS TO TAKE OVER THE MANAGEMENT OF THE BLOCK BEFORE THEN THEY WISHED TO DO SO," HE SAID.

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