THE Government will reap at least $40 billion if it sells five prime under-utilised sites for redevelopment, according to market analysts.
The valuable urban lots, on both sides of the harbour, are occupied by government department depots, buildings, staff quarters and a higher education institution. They are: The 15,000 square metre Oil Street depot of the Government Supplies Department in North Point; The 24,000 square metre Electrical and Mechanical Services Department depot in Caroline Hill Road, Causeway Bay; The 12,300 square metre San Po Kong Government Offices, magistracy and adjacent clinic; The 10,000 square metre Lingnan College and Lingnan Secondary School in Stubbs Road, Wan Chai; The 17,000 square metre King's Park Rise government staff quarters in Wylie Road, Yau Ma Tei.
Private consultants Palmer and Turner have just submitted a report of their $1.9 million study on the redevelopment potential of these sites to a government working committee.
They had recommended a list of options after balancing views from various government departments on the impact of traffic and environment.
The working committee chairman, Principal Government Town Planner Edmund Lo Chai-wan, said Palmer and Turner was asked to study the sites because they were ''sizeable and complicated''.
''The private consultancy firm was asked to examine the level of development intensity after considering infrastructural facilities, transport, water supply, sewage disposal and environmental conditions such as noise and air pollution,'' he said.
