XN000022-1992-10-28 — Page 12

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WEDNESDAY, OCTOBER 28, 1992

"WE ARE CREATING NEW ECONOMIC OPPORTUNITIES FOR URBAN DEVELOPMENT AND PORT EXPANSION, AND ARE THUS MAKING A MAJOR LONG TERM INVESTMENT IN THE ECONOMIC FUTURE OF THE TERRITORY AS A CENTRE OF BUSINESS, TRADE AND FINANCE IN THE PEARL RIVER DELTA REGION," HE SAID.

WEST

SEVEN MAJOR CONTRACTS ARE ALREADY UNDERWAY TO CONSTRUCT THE KOWLOON RECLAMATION, ADDING WELL OVER 300 HECTARES OF VALUABLE SPACE TO THE LAND AVAILABLE IN PRESENT DAY KOWLOON,

HE SAID THE RECLAMATION WOULD PROVIDE LAND FOR THE WEST KOWLOON EXPRESSWAY, AIRPORT RAILWAY, AND NORTHERN LANDFALL OF THE WEST HARBOUR CROSSING, AS WELL AS PROVIDING OPPORTUNITIES FOR MAJOR IMPROVEMENTS TO THE URBAN FACILITIES AVAILABLE IN WEST KOWLOON, ESPECIALLY THE SEWAGE AND SURFACE DRAINAGE SYSTEM.

WORK ON THE TSING MA BRIDGE IS PROGRESSING WELL AND THE CONTRACT FOR THE KAP SHUI MUN BRIDGE AND MA WAN VIADUCT WILL START NEXT MONTH.

TENDERS FOR THE LAST OF THE THREE CONTRACTS THAT WILL COMPLETE THE NORTH LANTAU EXPRESSWAY WILL BE INVITED EARLY NEXT YEAR, HE SAID.

SITE FORMATION IS UNDER WAY FOR PHASE I OF THE NEW TOWN DEVELOPMENT AT TUNG CHUNG, TENDERS FOR THE TWO OF THE THREE CONTRACTS FOR THE ACP PART OF ROUTE 3 HAVE BEEN INVITED, AND TENDERS FOR THE FIRST PHASE OF THE CENTRAL RECLAMATION HAVE BEEN RECEIVED AND EVALUATED.

MR BLAKE SAID THE KAP SHUI MUN FORMAL AWARD NEXT MONTH, WOULD BRING TO 18 THE NUMBER OF ACP CONSTRUCTION CONTRACTS AWARDED AND TO BE DIRECTLY FUNDED FROM THE CAPITAL WORKS RESERVE FUND.

THESE CONTRACTS HAVE BEEN PLACED FOR THE MOST PART ON FIXED PRICE LUMP SUM TERMS, AND TOTAL ALMOST $19 BILLION, A FIGURE WHICH REPRESENTS ABOUT 1/3 OF THE ESTIMATED CAPITAL WORKS EXPENDITURE BUDGETED BY THE GOVERNMENT UNDER THE ACP.

"THE FACT THAT WE HAVE BEEN ABLE TO MAKE THESE AWARDS WITHIN OUR BUDGETED ESTIMATES, PAYS TRIBUTE TO THE PRUDENT FINANCIAL PLANNING AND STRINGENT CONTROLS THAT HAVE BEEN PLACED OVER SCOPE DEVELOPMENT.

FROM IN THE ACP

"IT IS ALSO A SIGN OF THE STIFF COMPETITION WE ARE SEEING AND OVERSEAS COMPANIES SEEKING TO PARTICIPATE PROJECTS IMPLEMENTATION," HE ADDED.

LOCAL

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