CHRIS DAVIS The Western Harbour Crossing cost three times as much to construct as the Eastern Harbour Tunnel and 20 times more than the Cross Harbour tunnel which opened in 1972.
The tunnel and associated infrastructure was the only Airport Core Project funded by the private sector. By inviting the private sector to raise the $7.5 billion required to build, operate and transfer (BOT) the crossing, the Government saved sufficient money to finance 150 standard-sized primary schools, 28,000 public housing units or 125 secondary schools.
Patrick Ho, the Western Harbour Tunnel Company's finance and material manager, said the high capital cost of the project was partly due to the construction and transfer facilities paid for by the tunnel company.
He said 17 bridges and approach roads had been financed and built for the tunnel company but handed over to the Government on completion.
Mr Ho said the tunnel company also had made a one-time payment of $120 million to the Government to provide residents in the Sai Ying Pun area with double glazing, improved air-conditioning and upgraded electrical supply to reduce noise levels during construction and operation of the tunnel and on approach roads.
He said the finance department was responsible for securing loans, making loan repayments, handling surplus cash, general accounting and financial accounting.
'There is a strong emphasis within the company to put management accounting into practice which is going further than meeting auditors' requirements,' Mr Ho said.