Advertisement

Sale of flats to fetch $2 billion

Reading Time:1 minute
Why you can trust SCMP
0

A TOTAL of $2 billion could be fetched from the sale of two old and under-developed disciplined services quarters sites in Central, according to the Government.

Chief Property Manager Wong Fay-pang estimated that $1.5 billion could be obtained from selling the police quarters site in Hollywood Road, and $500 million from the Correctional Services quarters site in Wyndham Street.

It was revealed in yesterday's Finance Committee meeting, at which legislators granted $2.6 billion to buy 950 flats for married staff of the disciplined services and the Independent Commission Against Corruption.

The approval came despite criticism over why the Government did not build the flats itself, which Mr Wong said, would save 25 per cent of the costs.

Legislator Emily Lau Wai-hing also queried why the funding request came so suddenly, and whether it was because the Government was going to have another surplus year and therefore wanted to spend more to avoid embarrassment.

The administration has a budget of deficit for 1993-94.

Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x