of the Director of Public Works. Having regard to the prevailing circumstances, the Government decided to allow subletting of these industrial buildings or parts thereof without prior payment of the outstanding premium and interest, on certain terms and conditions set out in an announcement made in February 1967. If, where the anti-split condition exists, the Director of Public Works has given his prior consent, permission to sublet will on application be given by way of modification of the sale conditions providing for one or other of two alternatives specified in the announcement. The second of these alternatives, allowing subletting of the whole building, is available only to owners holding under Conditions of Grant or Sale dated prior to 3rd January 1967. Subject to certain terms and conditions set out in an announcement made on 18th July 1968, holders of industrial lots who acquired the lots prior to 3rd July 1967 and who for financial or 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. The two year period lapsed on 18th July 1970.
37. The number of private treaty grants during the year decreased to 40. The purposes for which these 40 grants were made were as follows:
Public Utilities Schools
A
...
Grants in lieu of cash compensation for land resumed... Civil Servants' Co-operative Building Schemes Welfare Centres
Church
**
...
...
:
...
12
11
9
5
...
2
1
40
38. 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 re-develop 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 re-development that the owner can obtain an economic return on his investment.
13