XN000022-1995-03-14 — Page 14

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The developer has to complete a gross floor area of not less than 32,700 square metres on or before September 30, 1999.

The third lot situated in Tuen Mun was bought by Sum Lung Investment Company Limited at $137 million, with bidding opening at $75 million. It has an area of 4,991 square metres for non-industrial purposes.

The developer has to complete a gross floor area of not less than 28,450 square metres on or before March 31, 1999.

Held in the Concert Hall of the Hong Kong Cultural Centre, Tsim Sha Tsui, the auction was conducted by Government Land Agent, Mr Francis Hay.

End/Tuesday, March 14, 1995

KMB fare rise

The Governor-in-Council today (Tuesday) approved a weighted average of a seven per cent fare rise for Kowloon Motor Bus to take effect from April 2, 1995. Cross-harbour fares will remain unchanged and fares on local routes will go up by about eight per cent.

On average all local routes have roughly the same rate of increase although fares on some short distance routes will have a slightly higher rate of increase due to the need to round off to the nearest 10 cents.

A Government spokesman said as a result of the fare rise, eight per cent of the passengers would not be affected while 73 per cent of the passengers would pay only 10 cents to 30 cents more per trip and 17.5 per cent of the passengers would pay 40 cents and 50 cents more per trip.

"The impact of the increase on general inflation is minimal," he said.

The spokesman said it was necessary that fares should be pitched at a level which was both affordable to the public and provided a reasonable return to the bus operator.