(1)     For the purposes of this section-

 

‘cost’ means the costs (other than borrowing or finance costs) actually incurred in erecting or extending, adding to or improving a building or part thereof and includes any costs incurred-

 

(a)     in demolishing any existing building or part thereof;

 

(b)     in excavating the land for purposes of that erection, extension, addition or improvement; and

 

(c)     in respect of structures or works directly adjoining the building or part so erected, extended, added to or improved, for purposes of providing-

 

(i)      water, power or parking with respect to that building or part;

 

(ii)     drainage or security for that building or part;

 

(iii)    means of waste disposal for that building or part; or

 

(iv)    access to that building or part, including the frontage thereof;