Treasurer Incorporated due either to the failure of a former owner of a part interest to take up the offer of an assignment or because of a breach of user conditions.
7.12
The amount of rent collected during the year totalled approximately $11M., and 4 properties not required for public purposes were disposed of by public auction sale. One additional property is being processed for sale.
7.13
In the Urban Renewal Pilot Scheme Area 31 properties were being managed at the end of the year, demolition work having continued within Phases I and II of that project. At the end of the year 35 properties had been demolished and demolition work was in progress in respect of 14 others. In addition, Property Management Section took over responsibility for vacation of occupants of approximately 73 properties resumed for the Urban Renewal Pilot Scheme project. Outside the Pilot Scheme 59 properties are under management pending Environmental Improvement projects in Central and Western areas.
7.14
Ten properties involving 40 lettings within the Wanchai Environmental Improvement Area were taken under management and in addition 11 properties, involving 12 lettings, affected by other Government projects, e.g. highways improvement, were taken under management.
7.15 Approximately 393 (257 in 1973/74 financial year) properties were under management at the end of the year and this comprised a total of 877 (640 in 1973/74) lettings. In addition, 4 commercial piers and 19 ferry piers were managed and various wayleaves, licences, etc. issued. Co-operation was maintained with the Registrar General's Department which advises on the legal aspects of the Section's work; with the Attorney General's Chambers regarding court action for possession, recovery of rent, etc. owing to Government; and with the Buildings Ordinance Office regarding repair and boarding-up work to Property Management properties.
7.16
This section also deals with the interpretation of development conditions contained in Crown Leases and Conditions of Sale/Grant and the modification of such conditions where appropriate. Sixty transactions regarding modification of lease conditions were completed during the year. During the latter part of the period under review, a noticeable reduction in the number of applications received for modification of lease conditions was noted; this lack of interest from developers seeking modifications for re-development of properties may be temporary, possibly due to the current uncertainty in the property market and a change of policy whereby modification of leases of pre-war property, applied for after 30th June 1973, attracts full rate premium instead of half rate previously payable. The premium fees collected during the year amount to approximately $15M.
VALUATION BRANCH
Government Land Agent (Valuation):
P.A. WARD, A.R.I.C.S.
General
7.17
The four main functions of the Valuation Branch are, urban renewal and environmental improvement, renewal and regrant of renewable and non-
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