Resettlement_Department_Annual_Report_1957-1958 — Page 57

of the whole of the Tai Hang Tung Estate of 6,916 habitable rooms which was completed at the end of April, 1956, and the average cost per room of the various items as compared with the 1954 estimate:

Average cost per room

Tai Hang Tung Tai Hang Tung 1954 Estimate

(whole estate)

(i) Buildings

$10,561,783

$1,527

(ii) Site formation and piling. (iii) Engineering works ..

•

•

1,819,754

263

} $1,806

923,852

134

not included

Intermediate

Totals

$13,305,389

$1.924

$1,806

(iv) Add 2% for P.W.D. supervision (v) Value of land (taken at $10 a

sq. ft.)

266.108

38

36

6,970,200

1,008

533

Grand Totals ..

$20,541,697

$2,970

$2,375

143. Actual receipts for rents at Tai Hang Tung are also higher than was estimated in 1954 because of the subsequent decision to allow ground floor rooms to be used as shops and workshops and to charge a higher rental for them $50.00 a month for a ground floor shop of 120 sq. feet and $100 a month for one of 240 sq. feet, the more usual size.

144. Receipts for the year ending 31st March, 1958 amounted to $1,335,551. $962,295 of this amount is required to recover the total capital cost ($20,541,697) in forty years with interest at 34% com- pound leaving a balance of $373,256 which is considered adequate for such annually recurrent costs

recurrent costs as proportionate administrative expenses, electricity and water consumption, maintenance of buildings. and Crown rent.

145. In the cottage areas, site permit fees were fixed in 1952 at an arbitrary low figure. These permit fees were increased on the 1st April, 1956 to the maximum amount it was considered that permittees could afford to pay, and the revenue from permit fees now covers about two- thirds of the annually recurrent costs of the cottage areas, but does not provide for the recovery of any part of the original capital expenditure.

146. Particulars of Government expenditure on Resettlement and the revenue from permit fees and rents for the six-year period from 1st April, 1952 to 31st March, 1958, are attached as an Appendix to this chapter. It will be noted that the total expenditure during this period by the Hong Kong Government has been $92,791,628, while revenue from permit fees and rents has amounted to $14,910,204.

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