G.F. 323
CONFIDENTIAL #
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Accordingly, it will be extremely difficult for people outside
the Walled City to claim this as a precedent.
Financial Implication of this 'Special' Compensation Package
17.
(a) Owners of flats be given ex-gratia cash compensation
equivalent to market value of the flats. The current
market value of flats in the Walled City is estimated
to be between $100 - $120/sq. ft. Approximately 93
building units or flats will be affected in these
26 buildings, each with an average size of about 400 sq.ft.
Therefore the financial commitment would be in the region
of 3.7 million to $4.5 million. However, short of a
physical survey the figures must be regarded as no more
than a very rough estimate.
(b) Tenants and owner occupiers to be offered ex-gratia
compensation for their tenancy. It is difficult to
calculate the financial commitment at this stage.
Housing Implications
18.
All bona fide occupiers whether tenant or landlord to
be offered public housing. Some of the existing conditions for
allocation of public housing units may have to be waived in this case
e.g. residents with known alternative accommodation should still be
considered for rehousing as some of these are branches of families
e.g. married sons of public housing tenants. Subject to the deletion
of these persons from the original tenancy a new tenancy should be
created for those affected by this exercise. It is impossible to
estimate with any degree of accuracy at this moment the exact number
of households in the 93 affected flats. But if we take the average
of 1.5 household in each unit then there are approximately 140 households.
If the whole operation is carried out in stages it is unlikely that
the housing requirement for each stage will be great.
However if
Government is forced to announce its completed programme of action
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