COMPENSATION AND EX-GRATIA ALLOWANCES PAYABLE TO RESIDENTS OF THE BUILDINGS AT SAI LAU KOK
Owners of Domestic Premises
1.
Statutory compensation is payable to owners of resumed property under the Mass Transit Railway (Land Resumption and Related Provisions) Ordinance (Chapter 276). This is based on the open market value of the property (which must be surveyed) at the time when it is resumed by the Crown. Interest on the statutory compen- sation is paid between the date of resumption and the date of
written acceptance of the offer.
2.
Additional allowances payable on an ex-gratia basis are as
follows:
(a) Disturbance Allowance on the basis of the usable area of the
premises at a rate of $20 per square foot. This rate is based on that applied by the Tenancy Tribunal to resumed properties
previously subject to Part 1 of the Land and Tenant Ordinance.
(b) Capitalised Interest Allowance, which is a lump sum equivalent to the capitalised interest on the difference of value between
the statutory compensation and the newly purchased property. The amount payable is subject to a maximum of 50% of the statutory compensation payable or $100,000, whichever is the
less.
(c) Setting-up Allowance, which is a flat rate of $10,000 to meet
the expenses of conveyancing, mortgage fees and stamp duty. This payment is made irrespective of the costs actually incurred.
(d) Rental Allowance of $1,500 a month, running from the time when
the old premises are vacated until new premises are ready for occupation, or until the end of December 1979, whichever is the earlier. The rate is based on the prevailing rent in Tsuen Wan for small flats similar to those in the Sai Lau Kok Buildings.
Owner-occupiers of domestic premises resumed are offered the choice of:-
3.
/(i)
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