Grants in lieu of cash compensation for land resumed
Schools
Public Utilities
J
Welfare and Training Centres (one with a primary school and a
clinic)..
Workers Housing Schemes
---
-
Civil Servants' Co-operative Building Schemes Hospitals and Clinics
Miscellaneous (including one Church)
T
:
12
9
6
4
3
NN
2
2
5
-
43
Included in the Miscellaneous grants was an Agreement entered into on 1st August 1964 between the Government and The Hong Kong and Kowloon Wharf and Godown Co. Ltd. for the grant of approximately 312,500 square feet of sea bed in Kowloon for the construction of a modern Ocean Terminal. The Government is assisting in the financing of the construction of the Terminal, which is to be completed within five years and will include passenger amenities, all necessary facilities for handling cargoes and baggage, Revenue Offices, shopping arcades, and parking accommodation for 1,100 private cars and 50 goods vehicles.
37. Applications may be made for the regrant of land held under a non-renewable 75-year lease any time within 20 years from the date of expiry of the term, but applications for regrant are not usually made until the owner is ready to redevelop the lot. This is because the regrant premium is based on the full market value of the land exclusive of the buildings thereon, and as the value of land in all areas is very high, it is only by redevelopment that the owner can obtain an economic return on his investment. In practice many owners are obliged to sell their land to land investment companies, which are able to finance the payment of the premium and the cost of redevelopment. In most cases of this type the company also has to apply for an Exclusion Order under the Landlord and Tenant Ordinance.
38. The premium chargeable for a regrant is calculated according to the area and location of the lot, the user and development restrictions placed upon it, and the length of the existing term, if any, still to run. In certain cases defined in a Government announcement made in October 1960 regrant premiums may be paid by up to 21 equal annual instalments incorporating interest at 10% per annum, but with certain exceptions specified in a further announcement in June 1962, the entire balance of premium has to be paid in the event of an assignment or any other
13