La
26 July 1979
Mr Robert Parry (Liverpool, Scotland Exchange): To ask the Lord Privy Seal, what is the present level of compensation being offered per square foot for: (a) shops, (bo other businesses and (c) flats being currently offered to tenants of Sai Lau Kok in Hong Kong; and how these levels compare with market prices for similar properties, bearing in mind the enhanced values that obtain by close proximity to the proposed mass transit railway station.
No W27
MR. PETER BLAKER
Statutory compensation is based on open market values at the time when the property in question is resumed by the Crown. Depending on the size, location and other facilities of the properties, compensation at the date of reversion on 12 November 1978 was as follows:-
Commercial Premises
Between HK$850 and HK$1,100 per square foot. Comparable properties in the area were then selling at about HK$800 per square foot.
Flats
Between HK$400 and HK$450 per square foot. Similar flats in buildings without lifts were being sold at similar rates.
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