Crown leases and the renewal of renewable Crown leases. Virtually all renewable leases in the urban areas including New Kowloon are now statutorily renewed under the Crown Leases Ordinance 1973 at a revised annual Crown rent equal to 3% of the rateable value of the premises. All 75-year non-renewable leases are regranted, unless the property is required for a public purpose, for a further term of 75 years at a premium which represents the full market value of the vacant land as at the date of expiry or the date of application for regrant if this is earlier. Subject to certain qualifications, the premium is payable by 21 annual instalments with interest at 10% per annum. Most non-renewable leases with post-war buildings on the site are eligible for certain initial concessionary premium instalments which equal 70% of the net annual income of the premises concerned.
7.20
Where a building is owned in undivided shares by several owners who fail to apply for a regrant jointly, the lease will be regranted to the Colonial Treasurer Incorporated, which will then assign the individual shares to the respective former owners. Most of the currently expiring non-renewable leases are regranted under this procedure.
7.21
During the year, this Section completed 118 regrants, involving the collection of premia or first instalments of premia, amounting to approximately $29.2 million. Sixty-three leases were renewed under the Crown Leases Ordinance with a total new Crown rent of approximately $0.46 million.
VALUATION DIVISION
Records Section
7.22
The Records Section is the information centre of the Valuation Branch. Its principal function is to collect data and compile economic statistics for use by other Sections in the Valuation Branch of the office. Staff are engaged in continuous research into building costs, property market trends, selling and asking prices of shops and flats, land transactions, and miscellaneous investigations of cost of living indices and the like. The information is recorded on cards and plans, and is summarised monthly in an internal office publication, "Monthly Review", which is circulated to all professional staff in the Office.
7.23
The Section is also responsible for the preparation of valuations for various purposes such as the assessment of incremental values under the Demolished Building (Redevelopment of Sites) Ordinance, premium for exchanges and grants, estimates of revenue from land sales and recommendations of Crown Land Auction reserves as well as valuations of a specialised nature.
Valuations compiled by the Section during the year are summarised below:-
No. of Cases Value Considered Incremental values78
Crown leases and the renewal of renewable Crown leases. Virtually all renewable leases in the urban areas including New Kowloon are now statutorily renewed under the Crown Leases Ordinance 1973 at a revised annual Crown rent equal to 3% of the rateable value of the premises. All 75-year non-renewable leases are regranted, unless the property is required for a public purpose, for a further term of 75 years at a premium which represents the full market value of the vacant land as at the date of expiry or the date of application for regrant if this is earlier. Subject to certain qualifications, the premium is payable by 21 annual instalments with interest at 10% per annum. Most non-renewable leases with post-war buildings on the site are eligible for certain initial concessionary premium instalments which equal 70% of the net annual income of the premises concerned.
7.20
Where a building is owned in undivided shares by several owners who fail to apply for a regrant jointly, the lease will be regranted to the Colonial Treasurer Incorporated, which will then assign the individual shares to the respective former owners. Most of the currently expiring non-renewable leases are regranted under this procedure.
7.21
During the year, this Section completed 118 regrants, involving the collection of premia or first instalments of premia, amounting to approximate- ly $29.2 million. Sixty-three leases were renewed under the Crown Leases Ordinance with a total new Crown rent of approximately $0.46 million.
VALUATION DIVISION
Records Section
7.22
The Records Section is the information centre of the Valuation Branch. Its principal function is to collect data and compile economic statistics for use by other Sections in the Valuation Branch of the office. Staff are engaged in continuous research into building costs, property market trends, selling and asking prices of shops and flats, land transactions, and miscellaneous investigations of cost of living indices and the like. The information is recorded on cards and plans, and is summarised monthly in an internal office publication, "Monthly Review", which is circulated to all professional staff in the Office.
7.23
The Section is also responsible for the preparation of valuations for various purposes such as the assessment of incremental values under the Demolished Building (Redevelopment of Sites) Ordinance, premium for exchanges and grants, estimates of revenue from land sales and recommendations of Crown Land Auction reserves as well as valuations of a specialised nature.
Valuations compiled by the Section during the year are summarised
below :-
No. of Cases
Value Considered
Incremental values
22
$1.215 million
Special and general purposes
165
$1351
million
78
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