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option to follow can be taken only in the light of the British
Council and MRS reviews (end May/beginning June) and after appraising the Final Sketch Designs and Report (end of April).
[Insert sentence following the second sentence in current
paragraph 5.]
We continue to assess that building on the Colvin House site
is the way to go. As stated in paragraph 1, we fully
appraised in 1989/90 other options. Those involving land cost
elements remain extremely expensive in comparison with
building on the free Colvin House site. The terms of the PTG
prevents the use of our site for commercial purposes
developer/joint ventures are not an option.
as such
(There was never
a "do nothing" option given (i) the changeover in sovereignty,
(ii) the political decision to use the form of the UK's
representation in Hong Kong post 1997 to demonstrate our
continued confidence in and commitment to Hong Kong and (iii)
the practical need to enlarge on the present British Trade
Commission accommodation as we take on extra functions
notably immigration passport and consular work from the Hong
Kong Government).
A summary of the build and leasing options serves to
demonstrate pretty conclusively that building is much the more
economical solution.
[Table as set out in present paragraph 5.]
Redraft of current paragraph 6:
I attach the risk analysis of the construction element of
the project which indicates that the risk to the project
(including cost-escalation) though it could be high, falls
cons.gen21Apr.NAT
JEB
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