ENG-1964 — Page 143

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LAND AND HOUSING

There has been a marked rise in the prices obtained for industrial land. A very sharp and sudden increase became apparent in January, with the result that the average price obtained for industrial land in Kwun Tong rose by about 49 per cent whilst that sold at San Po Kong showed an even higher increase of over 60 per cent. This increase may have been partly stimulated by new arrangements made during the year for the payment by four instalments of pre- miums for industrial sales outside certain special development areas where premiums were already payable by instalments. Sites for mixed commercial and residential use in several commercial districts also commanded high prices.

Reduced demand for low density residential development has been reflected for the second year in lower prices and less com- petition for land sold for low density housing purposes in various urban districts. There have also been fewer applications for modifica- tion of leases which would permit more intensive development of this kind, all suggesting that the demand for more expensive apart- ments has been largely satisfied.

In August, tenders were invited for 99-year leases of 17 lots in the former Naval dockyard to be sold in either one or two parcels. The development imposed by the Conditions of Sale includes a podium structure with a pedestrian deck and car parking for 2,400 cars. The podium will cover a total area of 617,285 square feet (14.17 acres), and buildings above podium level will have a total covered area of 309,310 square feet (7.1 acres); $200,000,000 is required to be spent on building works by the end of 1973. Crown rent will total $73,000 per annum.

Sales in the New Territories during 1964 included 8.2 acres of land for sawmills at Castle Peak, 18.2 acres for boat yards and other land for general industrial purposes at Tsing Yi and Ngai Ying Chau, and 17.6 acres for ship-breaking at Junk Bay.

Revenue from land transactions in Hong Kong, Kowloon and New Kowloon during the financial year 1963-4 came to about $124,065,000 from sales by public auction; $7,056,000 from private treaty sales; $25,595,000 from modifications of lease conditions, extensions and exchanges; and $37,045,000 from regrants of expired 75 years leases; totalling $193,761,000. Revenue from land transactions in the New Territories during the same period was