FRIDAY, MARCH 19, 1982
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NEW COMPENSATION RATES FOR RESUMED NT LAND
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THE CITY AND NEW TERRITORIES ADMINISTRATION TODAY (FRIDAY) ANNOUNCED THE REVISED COMPENSATION RATES FOR LAND RESUMED IN NEW TOWN DEVELOPMENT AREAS OF THE NEW TERRITORIES.
FROM APRIL 1, OWNERS OF AGRICULTURAL LAND RESUMED WILL BE COMPENSATED AT THE FULL RATE OF $71 PER SQ. FT., AND FOR BUILDING LAND AT THE FULL RATE OF $145 PER SQ. FT.
THE NEW RATES, EFFECTIVE UP TO SEPTEMBER 30 WHEN A FURTHER REVIEW WILL BE CARRIED OUT, WILL ALSO FORM THE BASIS OF THE PERCENTAGE DEDUCTION FOR COMPENSATION FOR LAND RESUMED OUTSIDE NEW TOWN DEVELOPMENT AREAS.
THE COMPENSATION RATES WERE FIXED AT $27 PER SQ. FT. FOR AGRICULTURAL LAND AND $55 PER SQ. FT. FOR BUILDING LAND IN JULY 1978, AS RECOMMENDED IN A REPORT BY THE WORKING GROUP ON NEW TERRITORIES URBAN LAND ACQUISITIONS HEADED BY SIR YUET-KEUNG KAN.
SINCE THEN, THE RATES HAD BEEN INCREASED, THROUGH HALF-YEARLY REVIEWS AS RECOMMENDED BY THE WORKING GROUP, TO THE PREVAILING RATES OF $103 PER SQ. FT. FOR AGRICULTURAL LAND AND $220 PER SQ. FT. FOR BUILDING LAND, WHICH HAVE REMAINED UNCHANGED FOR THE PAST 12 MONTHS.
THE RATES ARE BEING TIED TO LAND VALUES, AND THE DROP IN THE COMPENSATION FOR THE CURRENT REVIEW REFLECTS THE DECREASE IN LAND VALUES OVER THE PAST SIX MONTHS.
THE COMPENSATION RATE FOR OLD SCHEDULE AGRICULTURAL LOTS IN NEW KOWLOON AND HONG KONG ISLAND IS EQUIVALENT TO THE N.T. RATE PLUS 10 PER CENT AND THUS WILL ALSO BE REVISED TO $78.1 PER SQ. FT. FROM APRIL 1.
LOTS
TWO INDUSTRIAL LOTS SOLD
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TWO INDUSTRIAL LOTS IN KOWLOON BAY RECLAMATION WERE SOLD AT AN AUCTION CONDUCTED BY THE CROWN LANDS AND SURVEY OFFICE IN THE SHOUSON THEATRE, ARTS CENTRE TODAY (FRIDAY).
THE LARGER LOT, MEASURING ABOUT 3 509 SQUARE METRES, WAS SOLD TO WOKING INVESTMENT LIMITED FOR $18 MILLION OR $5 129.67 PER SQUARE METRE.
THE OTHER SITE, MEASURING ABOUT 1 696 SQUARE METRES, WAS SOLD TO SHU LIN INVESTMENT COMPANY LIMITED FOR $10.4 MILLION OR $6 132.08 PER SQUARE METRE.
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