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Thursday, 8 November 1973
Page: 1702


Senator Rae asked the Minister representing the Minister for Urban and Regional Development, upon notice:

(   1 ) Can the Minister provide any details of the terms of the agreement between Bond Corporation's Sun City Pty Ltd, and the Tokyu Corporation of Japan relating to the Yanchep development.

(2)   Is it a fact that the Commonwealth proposes to acquire part of that land; if so, what is the agreed price which the Commonwealth is to pay Sun City Pty Ltd.


Senator Cavanagh - The Minister for Urban and Regional Development has provided the following answer to the honourable senator's question:

Any information the Government may have about the terms of any agreement proposed between Sun City Pty Ltd and the Tokyu Corporation of Japan relating to the Yanchep development would come to it in confidence. In these circumstances, unfortunately no details can be provided.

In a recent press statement I said explicitly that the West Australian Government intended to acquire all the land held by Sun City Pty Ltd, not yet sub-divided. I also said that Mr Bond had been told of the Australian Government's intention to give financial assistance to the West Australian Government to help purchase the lands. I emphasised that the Australian Government would encourage the West Australian Government to continue with its acquisition plans. I understand that the West Australian Government has informed Mr Bond that it valued the land at a price much lower than the estimate set on it by Mr Bond and I believe that the view taken by the West Australian Government with regard to the value of the land was a reasonable one.







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