Modification of Crown Lease Conditions
5.19. Conditions restricting development user, or sale were modified in respect of 66 lots which is a decrease over the previous year and is again accounted for by the fact that there is now little incentive to seek a modification of a lease of land located in the better residential areas on account of the slackening demand for high-class residential flats.
Fulfilment of Building Covenants
5.20. The conditions concerning the fulfilment of building covenants were modified in 342 cases. This is a marked increase over those dealt with in the previous year and results from the large amount of land which has been sold by Government in recent years and which is now in the course of being developed.
Valuations
5.21. These were made for the following purposes and, in addition, assistance in valuation matters was given to other Government Departments:
(a) Resumptions.
(b) Surrenders.
(c) Regrants of Crown Leases.
(d) Renewal of Crown Leases.
(e) Sale and purchase of land and buildings.
(f) Town Planning.
(g) Removal of Restrictive Covenants.
(h) Estate Duty purposes, the hereditaments valued during the year exceeding $138 million.
Compulsory Acquisition
5.22. Preparatory work was done for Boards to be convened under the Crown Lands Resumption Ordinance for resumptions gazetted during the year.
Demolished Buildings (Re-development of Sites) Ordinance, 1963
5.23. Incremental value was determined in respect of 291 properties.
Permits
5.24. 869 Crown Land Permits were cancelled during the year and although 287 new ones were issued, these mostly superseded an equivalent number of those cancelled. The revenue realized was about $5.5 million, a fairly large decrease compared with the previous year due to many of the cancelled permits lying in areas required for permanent resettlement development.
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