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Table 6
25.
Comparing the twelve months ending
June 1989 with the preceding twelve-month
period, while consents for industrial property and for other types of property decreased by 18% and 34% respectively, those for commercial property increased by 17%. As regards
residential property, consents decreased by 12% in terms of floor area, and by 17% in terms of
number of units. Planned developments of all types of property were 13% less in terms of floor area over the same period of comparison.
26.
(e) Land disposal
During the first half of 1989, a total
of 15.6 hectares of land were sold at Government
auctions and by tender (including Letter A/B tenders), comprising 1.9 hectares for industrial use and 13.7 hectares for non-industrial use.
The land auction on 29 May met better than expected response amidst the political unrest in China. The prime commercial site at Garden Road disposed of recently to a tender bid of $2.7 billion, and three other sites auctioned on 25 July, however fetched prices which were about 20 - - 30% below the levels estimated before the
events in June. These results suggest that developers have become cautious but are nonetheless still optimistic about the outlook for the property market.
27.
Only one site, with an area of 0.3 hectare, was taken up in the Tai Po Industrial Estate in the first half of 1989 (Table 6). Up
to the end of June 1989, 95% of the land in the
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