LAND
141. The development and redevelopment of land continued with ever increasing tempo throughout the year. Auction sales of Crown land drew the usual large crowds, and the new practice of selling sites in accordance with a planned development scheme without awaiting a specific application enabled an increased sales programme to be carried out. A noticeable increase of interest was exhibited in the redevelopment of leased land.
142. The revenue from urban land transactions at $26,340,000 was an all-time record.
Auction Sales
143. (i) Industry. Kwun Tong again made the greatest contribution to new industrial sites, a total of thirty lots comprising just over 1,000,000 sq. ft. being sold during the year. The upset price continued at $5 per sq. ft., but realized prices were generally well above this figure, rising in some cases to more than $20 per sq. ft. The practice of allowing payment by instalments over eighteen years in respect of these lots continued, and all purchasers availed themselves of the opportunity to pay in this way.
144. With a view to providing for the needs of the smaller industrialist requiring only a few thousand sq. ft. of floor area, two sites totalling 53,000 sq. ft. were sold at Kwun Tong restricted specifically to the erection of buildings not less than five storeys in height to be let out in floors or parts of floors, no one industrialist (including the purchaser) being allowed to occupy more than one floor.
145. Six other sites, five on the island and one in Kowloon, were sold for industrial purposes, one such site realizing almost $60 per sq. ft.
146. (ii) Non-Industrial. Thirteen sites were sold for housing, including three at Kwun Tong New Town. A few lots restricted to certain special purposes were also sold at auction e.g. school sites, a funeral parlour and a car park.
Private Treaty Grants
147. Sixty-one lots were granted by private treaty of which eighteen were free of premium. More than half of these were in respect of local officers' housing co-operatives, the remainder being for educational (18), religious (1) or welfare purposes (2).
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LAND
141. The development and redevelopment of land continued with ever increasing tempo throughout the year. Auction sales of Crown land drew the usual large crowds, and the new practice of selling sites in accordance with a planned development scheme without awaiting a specific application enabled an increased sales programme to be carried out. A noticeable increase of interest was exhibited in the redevelop- ment of leased land.
142.
The revenue from urban land transactions at $26,340,000 was an all time record.
Auction Sales
143. (i) Industry. Kwun Tong again made the greatest contribution to new industrial sites, a total of thirty lots comprising just over 1,000,000 sq. ft. being sold during the year. The upset price continued at $5 per sq. ft., but realized prices were generally well above this figure, rising in some cases to more than $20 per sq. ft. The practice of allowing payment by instalments over eighteen years in respect of these lots continued, and all purchasers availed themselves of the opportunity to pay in this way.
144. With a view to providing for the needs of the smaller indus- trialist requiring only a few thousand sq. ft. of floor area, two sites totalling 53,000 sq. ft. were sold at Kwun Tong restricted specifically to the erection of buildings not less than five storeys in height to be let out in floors or parts of floors, no one industrialist (including the purchaser) being allowed to occupy more than one floor.
145. Six other sites, five on the island and one in Kowloon, were sold for industrial purposes, one such site realizing almost $60 per sq. ft.
146. (ii) Non-Industrial. Thirteen sites were sold for housing, including three at Kwun Tong New Town. A few lots restricted to certain special purposes were also sold at auction e.g. school sites, a funeral parlour and a car park.
Private Treaty Grants
147. Sixty one lots were granted by private treaty of which eighteen were free of premium. More than half of these were in respect of local officers' housing co-operatives, the remainder being for educational (18), religious (1) or welfare purposes (2).
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