TNAG-0564-FCO40-659-Construction-of-an-underground-railway-system-in-Hong-Kong-1975 — Page 68

C.S. 166

CONFIDENTIAL

機密

XCC(75)45

ground floor for use as an entrance lobby and ticket concourse and to provide circulation space and access to both Pedder and Chater stations, the two stations which are designed to serve the central business district of Hong Kong. While the structures below ground have been designed so that the development rights above the ground floor can be separately alienated, the benefits accruing from granting these rights to the Mass Transit Railway Corporation would be that:

(a)

(b)

(c)

the design and purpose of both the building and railway facilities would be integrated into a single entity, thus reducing overall costs and permitting maximum exploitation of the commercial possibilities;

instalments of premium would be payable as from the date of grant to the Mass Transit Railway Corporation but, if the upper storey development rights were separately alienated, premium instalments would be receivable at a later date or would reflect the deferment of possession; and

development disturbance would be greatly re- - duced since the building would be constructed

at the same time as the station structure,

11

as follows:

Area

Term

The basic terms proposed for the grant of this site are

:

24,430 square feet (approximately)

:

Crown rent

User restriction

75 years renewable from the

date of grant;

$1,000 per annum;

Mass Transit Railway Station Complex and non-industrial purposes, excluding residential or hotel development;

Development conditions

:

(i)

Zone I Class C site de- development in accordance

with the provisions of the Buildings Ordinance.

CONFIDENTIAL

機密