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are dtermined only on a six-monthly basis, and while
every attempt is made to adhere to a programme once
announced, adjustments are sometimes
necessary in
the light of market conditions. Subject to these
reservations, however, and for purely illustrative
purposes, it is tentatively forcast that a total
of about 425 hectares of land would be available for
sale in the five years ending 1987-88.
16.
In appropriate cases, the government also
permits modifications to be made on application to
existing lease conditions to allow greater
development where this would accord with the
applicable town planning requirements. A premium
equivalent to the difference in land value between
the development permitted under the existing lease
and that permissible under the new lease terms
is normally payable by the developer for any
modification granted.
17.
A premium is also payable where a lot held
on an expiring non-renewable 75 year lease is
regranted to the former owners. The premium is
normally determined on the basis of the current
market rate for a comparable new lease, but concessionary