LAND AND HOUSING
119
The basic data for preparation of a Colony Outline Plan has been collated and the plan itself is under preparation. The plan, due to be completed in 1970, provides a basis for land development programmes, for long term transportation and other public or private planning and for a more balanced approach to the prepara- tion and review of statutory plans, outline development plans and detailed layout plans. The plan itself will require continuous review to maintain its effectiveness as a guide.
PRIVATE BUILDING
The signs of renewed interest in private building development referred to last year were sustained in 1969.-The year saw a marked interest in all sectors of the property market by both local and overseas investors, particularly noticeable in high-rental apart- ments, factories and hotels. The dramatic revival of interest in private building was borne out by the number of new building schemes processed and approved by the Public Works Department during the year. These amounted to 730 being more than double the number approved in 1968.
However, the total cost of new buildings in 1969, as reported to the Building Authority by architects on completion of their projects, fell to $386,384,858.08 which is the lowest level since 1962, reflect- ing the comparatively quiescent state of the construction industry over the last three years and highlighting the present scarcity of all forms of accommodation. In comparison with the $501 million spent on private buildings completed in 1968, the 1969 figure represents even less in actual buildings completed because of the considerable increases in the costs of labour and materials which have occurred over the year (estimated by some developers to have reached about 20 per cent by the end of the year). A small increase in capital expenditure is expected to be recorded next year on the basis of the increased number of buildings under construction this year.
Additional checking procedures for new building schemes were introduced to ensure that Government's planning in the fields of Urban Renewal, Mass Transport and Road Construction were not frustrated by private development. Since this planning is essen- tially long-term, it has not always proved possible to give landowners