1967 and who for financial and other reasons were unable to develop their lots would also, on application within two years from the date of the announcement, be allowed to assign their lots once before fulfilment of the building covenant and without the need to pay the outstanding balance of premium before assignment.
36. The number of private treaty grants during the year increased to 48. The purposes for which these 48 grants were made were as
Public Utilities.
Schools ...
Grants in lieu of cash compensation for land resumed
Churches
Welfare and Training Centres
Civil Servants' Co-operative Building Scheme
Clinic Temple
17
14
7
4
3.
1
1
1
48
37. Applications may be made for the regrant of land held under a non-renewable 75-year lease any time within 20 years before 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 high, it is only by redevelopment that the owner can obtain an economic return on his investment.
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 has to be paid in the event of an assignment or any other type of dealing
balance of premium specified in the announcements. While formerly
in
·
2
.
cases where a building had been split up into separately owned flats. the regrant premium had to be paid in a lump sum if any one of the flat owners had assigned his flat within five years of the date of expiry of the lease or application for a new lease, the premium may now be paid by instalments as announced by Government in February 1967.
13