URBAN RENEWAL AND REDEVELOPMENT PROJECTS (Particulars)

Mr Teong Eng Siong asked the Minister for Law and National Development what progress has been made in urban renewal and redevelopment since the Government introduced incentive measures to encourage public participation, and if he will state in detail (i) the amount of local capital involved in the various projects: (ii) the amount of foreign capital involved in the projects: the names of countries participating, and the amount of investment by each of them: and (iii) the types of construction projects planned and whether they include shopping centres, hotels and dwelling houses.

Mr Barker: Mr Speaker, Sir, in keeping with Government's policy of encouraging investment and participation from the private sector in our urban renewal programme, the sales of urban renewal sites were held on two occasions. On the first sale, the total investment exceeded $90 million, of which about $70 million came from local entrepreneurs and the balance from abroad made up as follows: Malaysia $12 million Hong Kong $ 4 million Taiwan $ 2 million America $ 4½ million.

On the second sale, the tenders of which closed on the 14th of March this year for another 14 sites, 57 tenders were received from 38 tenderers. The Member will understand that it is not possible for me to give the amount and breakdown of foreign or local investment until the tenders have been fully processed and the offers accepted. The tenders, at the moment, are in the process of thorough investigation and careful study.

Sir, the proposed developments for the various sites include hotels and shopping complexes, multi-storey car parks, office buildings, theatres, residential flats and a recreational Disneyland.