ENG-1977 — Page 153

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HOUSING AND LAND

Reclamation of 98 hectares of land for the Sha Tin Racecourse and the Jubilee Sports Centre has been completed. Some 51 hectares of land formed in the borrow areas for the racecourse reclamation will be handed back to the government for the Housing Authority home ownership scheme and for private residential development.. Reclamation by private developers is well under way to create 67 hectares of land, 47 hectares of which will be given back to the government for various uses, including a new hospital and land for industry. The remaining 20 hectares will be developed for residential use. During the year, two hectares of land were formed for light industry. The widening of the Sha Tin Bridge and the construction of the second Lion Rock Tunnel were completed, and refurbishing of the existing tunnel began. Major improve- ments to the Lion Rock Tunnel Road and the Tai Po Road to raise them to trunk road standards continued, A master plan for the Sha Tin Town Centre was com- missioned, and consultants completed a master landscape plan for Sha Tin New Town and the possible extension areas.

Besides the progress of the three new towns, planning and engineering work con- tinued in the market towns of Tai Po, Fanling, Shek Wu Hui and Yuen Long. At Tai Po, which will have an ultimate population of about 220,000 people, five hectares of land has been reclaimed for the first public housing estate, work on which has started. In the neighbouring towns of Fanling and Shek Wu Hui, development has begun to eventually join the two towns together to allow for a population of about 170,000 people. Construction of a temporary housing area begun in 1977 is almost complete. Work will shortly begin on the formation of commercial, residential and community sites. At Yuen Long, work has started on the provision of land for development for commercial, residential and community uses.

Development also is being carried out in other rural townships and on outlying islands. As with the new towns and market towns, the aim in these areas is to provide balanced communities related to public housing. At Sai Kung (Tui Min Hoi), the formation of land for light industry, a public housing estate and fishermen's housing is under way, and engineering works are in progress at Mui Wo, Tai O and Cheung Chau. The total planned population for these townships is 81,000 people. Their development forms part of the overall plan to provide an improved living environment for people in the rural areas of the New Territories.

Private Building

The improved financial and economic climate of 1976 was maintained in 1977. There was continuing investment in the real estate market, interest rates remained low and the supply of money, both from local and foreign sources, remained plentiful. This was reflected in 889 building proposals being submitted for approval during the year, compared with 807 in 1976. In terms of expenditure on completed buildings, the year recorded $2,435 million, representing an increase of 41 per cent over the 1976 figure.

The programme for the Acceleration of Private Development Scheme, which was introduced by the government in 1974 to stimulate private development during a period. of recession and which resulted in the establishment of the Priorities Committee of the Buildings Ordinance Office, was reviewed in April. Because of the significant improvement in the economic situation in Hong Kong, the original objectives of the programme had been overtaken. While the government recognised that a priorities