The downward trend in both demand and prices, which had become noticeable in the previous year, continued in respect of land on which low-density development for high-class residential accommodation was required. It was apparent that the supply of this type of accommodation was still sufficient to meet demand, resulting in a slackening of competition for new sites of this type.
Private Treaty Grants
4.08. 89 lots or extensions thereto were granted, 25 by exchange and 16 free of premium for non-profit-making institutions. 9 only were granted for Local Government Officers' Housing Schemes.
Land for Government and Government-sponsored projects
4.09. As, of necessity, Government must be the largest single developer of land, the office continued to co-ordinate the clearance and allocation of sites for projects carried out by the Engineering and Architectural sub-departments.
Regrant of Crown Leases
4.10. 253 regrants of 75-year non-renewable leases were made compared with 375 in the previous year, and by the end of the year, applications in respect of 75% of the area affected had either been dealt with or were under consideration.
Kwun Tong
4.11. 118 more lots were sold by Public Auction or granted by Private Treaty, making a total of 442 at the close of the year, with an area of about 6 million sq. ft. The premia derived from this district since its inception total more than $209 million.
Modification of Crown Lease Conditions
4.12. Conditions restricting development, use, or sale were modified in respect of 106 lots, an increase of about 30 over 1962-63; in addition, the Conditions concerning the fulfilment of Building Covenants were modified in 185 cases.
Enforcement of Crown Lease Conditions
4.13. The routine inspection of lots continued, and where breaches of lease conditions were found, action was taken in suitable cases to either modify the Conditions or cause the breach to be terminated.
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