FRIDAY, MARCH 22, 1985
NEW EX-GRATIA RATES FOR RESUMED LAND
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THE GOVERNMENT TODAY (FRIDAY) ANNOUNCED NEW EX-GRATIA COMPENSATION RATES FOR RESUMED LAND.
THE RATE FOR AGRICULTURAL LAND IN THE NEW TOWN DEVELOPMENT AREAS OF THE NEW TERRITORIES AND THE URBAN AREAS OF HONG KONG AND KOWLOON WILL BE $40.80 PER SQUARE FOOT. THE OLD RATE WAS $38.40 PER SQUARE FOOT.
THE RATE FOR BUILDING LAND WITHIN THE NEW TOWN AREAS WILL EE $66 PER SQUARE FOOT, COMPARED WITH THE PREVIOUS RATE OF $60 PER SQUARE FOOT.
THE RATES FOR LAND RESUMED OUTSIDE THE NEW TOWN DEVELOPMENT AREAS IN THE NEW TERRITORIES WILL BE THE APPROPRIATE PERCENTAGE OF THE BASIC RATES OF $34 PER SQUARE FOOT FOR AGRICULTURAL LAND AND $55 PER SQUARE FOOT FOR BUILDING LAND.
THE LATEST GOVERNMENT GAZETTE, WHICH PUBLISHED THE NEW RATES, ALSO CONTAINS A LIST OF REVISED CURRENCY VALUES OF NEW TERRITORIES LAND EXCHANGE ENTITLEMENTS (LETTERS A/B).
ACCORDING TO A GOVERNMENT SPOKESMAN, THE NEW VALUES REPRESENTED INCREASES BETWEEN 10 TO 25 PER CENT OF THE PRESENT CURRENCY VALUES, DEPENDING ON THE YEAR OF THE LETTER B WAS ISSUED.
+ THE MONETISATION OF LETTER B HAS PROVED TO BE VERY SUCCESSFUL AND THAT SINCE THE IMPLEMENTATION OF THE POLICY ON APRIL 1 LAST YEAR, ABOUT 10 MILLION SQUARE FEET OR 30 PER CENT OF THE OUTSTANDING LETTERS B HAVE BEEN REDEEMED, HE SAID.
BOTH THE NEW EX-GRATIA COMPENSATION RATES FOR RESUMED LAND AND CURRENCY VALUES FOR LAND EXCHANGE ENTITLEMENTS, WHICH IS REVIEWED EVERY SIX MONTHS, WILL COME INTO EFFECT ON APRIL 1.
CROWN LAND FOR AUCTION
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FIVE PIECES OF CROWN LAND, ONE IN HONG KONG AND FOUR IN SHA TIN WILL BE OFFERED FOR SALE BY THE LANDS DEPARTMENT AT AN AUCTION ON APRIL 18.
THE AUCTION WILL BE HELD IN THE CITY HALL THEATRE,
STARTING AT 2.30 PM.
THE QUEENSWAY PLOT, NAMELY INLAND LOT NO. 8571, IS RESTRICTED T NON-INDUSTRIAL, INCLUDING HOTEL PURPOSES AND MEASURES ABOUT 1: 690 SQUARE METRES.
/THE DEVELOPER