4.09. A total of 476 buildings were certified for occupation. The declared capital cost of these buildings amounted to $427 million which represents a decrease of about 22% compared with the previous year.
4.10. During the year the number of building plans being approved every month showed a continuing increase and by the last quarter (January-March 1969) was three times greater than in the same quarter of 1968. Any suggestion that the building industry is becoming moribund is refuted by the statistical evidence to be found in Appendix N which reveals several encouraging factors pointing towards a return of confidence in real estate investment. In particular the value of balcony fees, which are paid to the Treasury at the time consent is given to commence building works above ground level, rose by nearly 60% over the previous year to $1,324,897; the number of approval permits issued, particularly for those forms of development which have been out of favour in the last few years e.g. tenement-commercial buildings and industrial buildings, shows a considerable increase over last year.
4.11. With the publication of the Mass Transport Study Report recommending construction of an underground railway, the road development proposals in Long Term Road Study Report, and slum clearance proposals in a Report on Urban Renewal, it was found necessary to institute new procedures to avoid possible frustration of these complex proposals. All applications for the development of affected sites have received careful consideration in consultation with other sub-departments. This work, whilst essential, is time-consuming and has resulted, for the first time in several years, in delays in the processing of plans by this Office; every effort has been made to keep these delays to a minimum.
4.12. There were a number of noteworthy private developments which received occupation permits during the year. At Shau Kei Wan the 30-storey Tai On Building was completed; this is claimed to be the largest multi-owned residential complex in the world and contains nearly 1,900 self-contained flats housing some 12,000 people. The 28-storey office block erected for an international assurance company in Stubbs Road is an unconventional structure with pre-stressed floors supported by perimeter reinforced concrete mullions and a central service core. The completion of 8 residential 20-storey tower blocks containing a total of 1,074 flats, 24 shops and a school, represents about 60% of Stage 1 of the Mei Foo Sun Chuen estate at Lai Chi Kok. This is probably the largest privately sponsored housing project in
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