with the Registrar General's Department which advises on the legal aspects of the Division's work, with the Legal Department regarding court action and with the Buildings Ordinance Office from which, midway through the year, an experienced member of staff was seconded to this Division to help bring more urgent attention to necessary repair works. This has resulted in an improvement in the standard and speed of such work.
Valuation Division
7.11 The Valuation Division is divided into four sections, Records, Urban Renewal, Resumption and Modification. The Records Section records and analyses all sales of land in the urban areas of the Colony, and carries out continuous research into all factors that affect the value of land, including current sale prices of flats and shops and building costs generally. The Section completed, during the year, 135 assessments of Incremental Value under the provisions of the Demolished Buildings (Redevelopment of Sites) Ordinance, and valued for Estate Duty purposes 966 properties with a total value of $257 million.
7.12 The Urban Renewal Section acquired during the year 39 properties at an aggregate cost of $4 million. Nine Resumption Notices were gazetted in respect of a further 77 properties, and evidence was given by expert witnesses before 5 Resumption Boards which sat during the year. Compensation awarded by Boards totalled $3.5 million in respect of 28 properties.
7.13 The Resumption Section dealt with all acquisitions for public purposes outside the Urban Renewal Area. The Section acquired 2 properties by agreement for $0.5 million, 12 parts of sites for road widening purposes at a cost of $0.5 million, and completed 18 cases of grant of land in lieu of cash compensation, involving the grant of over 24,000 square feet of land. In addition, 5 Resumption Notices were gazetted in respect of 25 lots. Evidence was given by expert witnesses to 2 Compensation Boards, and compensation of $44,000 was awarded in respect of 6 lots.
7.14 The Modification Section deals with the interpretation of development conditions contained in Crown leases and the modification of such conditions where appropriate. It completed 91 transactions regarding modifications of lease conditions during the year, the premia collected amounting to nearly $14 million.
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with the Registrar General's Department which advises on the legal aspects of the Division's work, with the Legal Department regarding court action and with the Buildings Ordinance Office from which, midway through the year, an experienced member of staff was seconded to this Division to help bring more urgent attention to necessary repair works. This has resulted in an improvement in the standard and speed of such work.
Valuation Division
7.11 The Valuation Division is divided into four sections, Records, Urban Renewal, Resumption and Modification. The Records Section records and analyses all sales of land in the urban areas of the Colony, and carries out continuous research into all factors that effect value of land, including current sale prices of flats and shops and building costs generally. The Section completed, during the year, 135 assess- ments of Incremental Value under the provisions of the Demolished Buildings (Redevelopment of Sites) Ordinance, and valued for Estate Duty purposes 966 properties with a total value of $257 million.
7.12 The Urban Renewal Section acquired during the year 39 properties at an aggregate cost of $4 million. Nine Resumption Notices were gazetted in respect of a further 77 properties, and evidence was given by expert witnesses before 5 Resumption Boards which sat during the year. Compensation awarded by Boards totalled $3.5 million in respect of 28 properties.
7.13 The Resumption Section dealt with all acquisitions for public purposes outside the Urban Renewal Area. The Section acquired 2 properties by agreement for $0.5 million, 12 parts of sites for road widening purposes at a cost of $0.5 million, and completed 18 cases of grant of land in lieu of cash compensation, involving the grant of over 24,000 square feet of land. In addition, 5 Resumption Notice were gazetted in respect of 25 lots. Evidence was given by expert witnesses to 2 Compensation Boards, and compensation of $44,000 was awarded in respect of 6 lots.
7.14 The Modification Section deals with the interpretation of development conditions contained in Crown leases and the modification of such conditions where appropriate. It completed 91 transactions regarding modifications of lease conditions during the year, the premia collected amounting to nearly $14 million.
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