THE Central-Wan Chai reclamation project is set for final approval after Legislative Councillors yesterday raised no objections to a request for $2.7 billion to pay for it.
The project, which had been delayed since October by China's refusal to back the scheme, will get final approval from the legislature at next Friday's special Finance Committee meeting.
During yesterday's meeting of the Legco ad hoc group on airport finance, United Democrats expressed concern at the cost increase brought on by the delay and asked who should be held responsible.
But the project manager of the Urban Area Development Office, Keith Austin, said it was estimated that $3.5 billion at March 1991 prices would be generated from the sale of the reclaimed land, which would be increased to $11 billion upon completion of property on the site.
That was far more than the $2.7 billion needed to reclaim the land, he said.
The director of the New Airport Projects Co-ordination Office, Billy Lam Chung-lun, said there might be a 10 to 12 per cent rise in the cost.