HAH OFFICE
Much higher up the hill side, on Barker Road, 12 cents a foot is paid, though the cost of building houses at this level of 800′ to 1,000 feet, would be double that of building on the site selected for the West Point Battery.
Waste land, on almost inaccessible hill sides above Quarry Bay, four miles from the City, has lately been sold at public auction for 8 cents and 6 cents per square foot.
I, therefore, consider 10 cents a foot a fair valuation for this land, and the rent usual in all such cases is $250 per acre.
On this basis I value this land as follows :-
266,859 square feet @ 10 cents..... $26,685.90
6°12 acres @ $250 an acre capitalized for 25 years.... 38,250.00
Total $64,935.90
(Sgd:) R.D.Ormsby, D.P.W.
8:2:01.