ENG-1960 — Page 193

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LAND AND HOUSING

Po Kong (formerly part of Kai Tak Airport) where industrial sites were offered for sale for the first time in 1960, lots were sold for industrial purpose at prices ranging from $46 to $53 a square foot although the premium is payable in a lump sum. Industrial land which had sold for $8 per square foot at Tsuen Wan in February rose to $23 per square foot in October.

There was more land available for sale at public auction for housing than for many years past and although most of it was some distance away from established housing areas the demand was brisk and prices were higher than before. The few commercial, or mixed commercial and residential, sites offered during the year sold well, the highest premium paid being $144 million for 39,000 square feet of the former Murray Parade Ground. Several large sites were granted by private treaty for low cost housing schemes, non-profit-making schools and other institutional purposes; re- settlement estates and other Government projects were constructed on unalienated Crown land.

Revenue from land transactions in Hong Kong, Kowloon and New Kowloon during the financial year 1959-60 came to $7,089,000 for sales by public auction; $4,247,000 for private treaty sales; $5,732,000 for modification of lease conditions, extensions and exchanges; and $5,782,000 from 'regrants' of expired 75 year leases. During the same period land transactions in the New Territories brought in premia of $1,205,600 for sales by public auction and private treaty; $2,796,600 for land exchanges and conversions; and $172,500 for modifications of lease conditions.

Where it is not possible to dispose of land immediately, either because public utilities and other services are not yet available or because the site has been set aside for some future purpose, the land is rarely left vacant but may be occupied on a temporary annual permit. The 1959-60 revenue from these permits was $2,500,800 in the urban area and $52,740 in the New Territories. As permanent development expanded, it became necessary to cancel some of these permits, and the number of permits is likely to decrease as time goes on, both in the urban area and in the more accessible parts of the New Territories.

Legislation to revise the scale of fees for temporary occupation of Crown land in the urban area only, entitled the Summary Offences (Licences and Fees) Regulations, 1959, took effect from