January_1967 — Page 4

MORE SITES IN OLDER HONG KONG AREAS

In his latest annual Departmental Report, the Com- missioner of Rating and Valuation commented that there was an increasing number of sites becoming available for re-development as a result of the demolition of dangerous buildings under the Buildings Ordinance. Many of these sites were situated in the older areas of Hong Kong where. generally, less intensive development had previous- ly taken place; this gave property owners the opportunity to embark on new building schemes.

The Commissioner remarked that there was little doubt that 1965 would stand out as a turning point in the property market. Over recent years Hong Kong had become conditioned to land hunger and to the race by many developers to build as much as possible in the shortest possible time with little pause for reflection. Each year had thus brought new records in the amount built, increased costs, higher rents and no real change in the pattern between one year and the next.

However, following the failure of two banks in 1965 and the consequent tighter credit conditions, buying momentum was halted. New properties became more difficult to sell, purchase prices were reduced and de- velopers' terms became more attractive.

Sales of pre- war properties for re-development almost completely dried-up and a number of sites put-up for public auction failed to attract bidders. It was not only in the domestic sector that the results of previous feverish development could be seen; there now seemed to be an over-supply of office accommodation. flatted factories and even shops (except for those in first-class trading positions) were failing to attract the rents or purchase prices obtaining in the peak periods of 1964.

BUILDING PLANS APPROVED

THE Building Authority approved a total of 34 new build- ing plans of all types in Hong Kong, Kowloon and the New Territories during the month of November.

In the same period, completed buildings certified for occupation numbered 79 a decrease of 12 as compared with that in the preceding month. This total includes 11 buildings for domestic purposes, 21 for non-domestic pur- poses and 47 for combined domestic and non-domestic use. In addition, the Building Authority approved the demolition of 43 buildings.

Cost of new building work in the Colony during the month of November was HK$33,231,595. Another $1,894,432 was spent on site formation work. New build- ings of all types erected totalled 51, including four fac- tories and godowns, six offices and shops, thirty-five houses and flats and six mixed accommodation.

CONSOLIDATED MINES BUILDING

GIBBONS

FOR VA

EVERYTHING

IN

ARCHITECTURAL

FITTINGS

The new eight-storey Consolidated Mines Building on Ayala Ave. in Makati, Philippines, is a product of the combined talents of three noted Philippine architects; Carlos Arguelles, Gabriel For- moso and Ange! Nakpil. The building was constructed by A. U. Miranda and Associates and was designed with basic simplicity for maximum area utilisation

Sole Agents:

GILMAN & CO., LTD. CO.,LTD.

HONG KONG

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Far East Architect & Builder January, 1967