91 regrants were made during the year, 17 with premium of less than $100,000, 52 with premium of between $100,000 and $500,000, and 22 with premium of more than $500,000. The total of these premiums and modes of payment were as follows:
No.
Total Premium
By lump sum
65
$27,862,698
By instalments under the October 1960 terms
26
9,678,591
91
$37,541,289
A new concession to owners of 75 year non-renewable leases expiring before 31st December 1971 was announced by the Government on 29th March 1969. In cases where the lot is considered by the Director of Public Works as reasonably developed, judged by the standards at the time of development, but not sufficiently developed to give a return to the owner to enable him to pay the normal regrant premium, the owner will be allowed to retain his lease for a further five years after the expiry date if he does not wish to take an immediate regrant of his land. An owner granted this holding-over concession will have to pay a new rent representing the fair and reasonable rental value of the land and building at the date of expiry of the lease. During the holding-over period he may sublet the premises or assign them as a whole with the right to apply for a regrant. At any time during the holding-over period, an owner can apply for a regrant for a term of 75 years from the date of expiry of the original lease.
39. Although as stated in paragraph 31 the practice of issuing 75-year leases renewable for a further 75 years was not instituted until 1898, there are a few cases where owing to a right of renewal having been en- grafted on to an original non-renewable 75-year lease as part of condi- tions of modification of a lease or of extension to a lot, the original term either has already expired or is due to expire shortly. The renewal clause in the lease provides that on the expiration of the original term a new lease will be granted 'at such rent as shall be fairly and impartially fixed by the Director of Public Works as the fair and reasonable rental value of the ground at the date of such renewal'. The rent has therefore to be fixed by reference to the rental value of the ground irrespective of what buildings actually stand thereon, and as there has been an enormous increase in land values since such leases were granted, strict adherence by the Government to its legal rights would mean that in every case where a property was not developed to the full extent
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