(1) The Board may determine the standard rent of any premises on the application of either the lessor or the lessee. However, the Board may, in determining the standard rent take into consideration—
(a) the rent at which similar premises in the same locality were let on the prescribed date;
(b) the increased or decreased amenities of the locality;
(c) where the premises were not erected at the prescribed date, the increased cost of building.
(2) Where, for the purpose of determining the standard rent of any premises to which this Act applies, it is necessary to apportion the rent at the date in relation to which the standard rent is fixed, the Board may, on the application of either party or of the superior lessor, make such apportionment as seems just and the decision of the Board as to the amount to be apportioned to the premises is final and conclusive.