of properties, which have reverted to Government in the form of the Colonial 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.
7.09
$11.5 million.
The amount of rent collected during the year totalled approximately One property not required for public purposes was disposed of by public auction sale. Three further C.T.I.'s properties are being processed for sale.
7.10
In the Urban Renewal Pilot Scheme Area, 42 properties were being managed at the end of the year, demolition work having continued within Phases I, II and III of that project. The Property Management Section had obtained vacant possession of 23 resumed properties within the Urban Renewal Pilot Scheme and 12 resumed properties in Kowloon for Mass Transit Railway purposes. A total of 59 properties was demolished and demolition work was being carried out on 6 others. Besides the Pilot Scheme there are currently about 146 properties under management pending Environmental Improvement projects. Eighteen properties are affected by Government or public projects such as road widening or Mass Transit Railway purposes.
7.11
Ten properties involving 40 lettings within the Wanchai Environmental Improvement Area were taken under management, as were 11 properties, involving 12 lettings, affected by other Government projects.
7.12
Approximately 406 properties comprising 953 lettings were under management at the end of the year, compared with 393 properties comprising 877 lettings in 1974/75. In addition, 4 commercial piers and 19 ferry piers and various bus canteens and regulators' offices were managed and various wayleaves 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 or recovery of monies due to Government, and with the Buildings Ordinance Office regarding repair and boarding-up of managed properties.
7.13
This Division also deals with the interpretation of development conditions contained in Crown Leases and Conditions of Sale or Grant and the modification of such conditions where appropriate. Forty-six transactions regarding modification of lease conditions were completed during the year. During the period under review, a noticeable increase in the number of applications received for modification of lease conditions took place. If the property market continues its steady improvement more applications are expected.
7.14
The premium fees collected during the year amounted to approximately $17.5 million.
VALUATION BRANCH
Government Land Agent (Valuation):
P.A. WARD, A.R.I.C.S.
D.M. SCOTT-WILL, A.R.I.C.S. (Acting)
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