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The localities of such sales are indicated on plan 'A, at Quarry Bay and To Kwa Wan.
In the case of Quarry Bay, a large area of land, foreshore and sea-bed, (35 acres), resembling in configuration the land, &c., now under consideration, was sold to Messrs Butterfield & Swire at 10¢ per square foot premium and $375 per acre Crown Rent. In the case of To Kwa Wan, the land is not so hilly, but, on the other hand, the material required for purposes of reclamation has to be brought from a considerably greater distance. The price realized for it was 15¢ per square foot premium and $250 per acre Crown Rent.
Taking into consideration the fact that the land required by the Military Authorities is more distant from the City and less easy of communication, the price for the strip on the west side of the peninsula has been taken at 5¢ per square foot premium and $200 per acre Crown Rent, or about half the prices realised at Quarry Bay, whilst for the strip on the east side, these amounts have again been halved, thus becoming 2 1/2¢ and $100 respectively.
For the large area contained between these strips, the nominal price of $100 per acre has been taken, being equal to a Crown Rent of $4 per acre capitalized at 25 years' purchase.
In all cases, the Crown Rent has been capitalised on this basis (25 years' purchase) in accordance with the instructions contained in O.C.D.198/1895.
In order to provide communication with the area at the extremity of the peninsula, which is excluded from the land to be acquired by the Military Authorities, a stipulation as to the formation and maintenance of a right-of-way across Military...