Public Utilities
Welfare Centres
Schools
...
...
...
14
10:
7
...
Civil Servants' Co-operative Building Schemes Grants in lieu of cash compensation for land resumed Church
2
2
1
36
40. Applications may be made for the regrant of land held under a non-renewable 75-year lease any time within 20 years before the date of expiry of the term, but applications for regrant are not usually made until the owner is ready to re-develop the lot. This is because the regrant premium is based on the full market value of the land exclu- sive of the buildings thereon, and as the value of land in all areas is high, it is only by re-development that the owner can obtain an economic return on his investment.
41. The premium chargeable for a regrant is calculated according to the area and location of the lot, the user and development restric- tions placed upon it, and the length of the existing term, if any, still to run. In certain cases defined in a Government announcement made in October 1960 regrant premiums may be paid by up to 21 equal annual instalments incorporating interest at 10% per annum, but with certain exceptions specified in a further announcement in June 1962, the entire balance of premium has to be paid in the event of an assign- ment or any other type of dealing specified in the announcements. While formerly in cases where a building had been split up into separately owned flats the regrant premium had to be paid in a lump sum if any one of the flat owners had assigned his flat within five years of the date of expiry of the lease or application for a new lease, the premium may now be paid by instalments as announced by the Government in February 1967. 76 regrants were made during the year, one with premium of less than $100,000, 59 with premium of between $100,000 and $500,000, and 16 with premium of more than $500,000. The total of these premiums (to the nearest $1,000) and modes of payment were as follows:
No.
Total Premium
By lump sum
45
•
$15,115,000
By instalments under the October 1960 terms
31
$34,420,000
76
$49,535,000
13
No comments yet.
Private notes are available after approval.