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LAND AND HOUSING
land continued unabated and was mainly met by sales of factory sites at Kwun Tong and San Po Kong. A fall in the realized prices in the early part of the year was followed towards the middle of the year by a recovery, particularly in respect of water- front land at Kwun Tong that could also be used for godown purposes. Prices were maintained and at the end of the year land was selling at an average level of $40 a square foot.
Increased sales of land for housing took place at higher prices and was made available for development at all densities. In the low density bracket, sales were begun in a new area at Chung Hom Kok between Repulse Bay and Stanley, while other rural sales included a 4 acre site at Stubbs Road, the Peak, which was sold for $8 million. Sales of land for medium density develop- ment took place in the vicinity of Waterloo Road, Kowloon, where site formation and provision of roads and drainage were carried out by Government. The price realized by the first sale exceeded the development costs for the scheme as a whole, thus repeating the example of the Tin Hau Temple Road development at North Point two years ago.
Various sites for mixed commercial and residential use were sold throughout the urban area, including most of the remaining sites in the specially planned commercial centres at Kwun Tong and San Po Kong. There was considerable competition for these sites and prices in excess of $100 a square foot were realized in both areas. A general upward trend of prices continued and a site in Hung Hom was sold for $425 a square foot.
To provide for the ship-building and repairing industry, 14 sites restricted to the industry were sold. Eleven of these were at Cheung Sha Wan and three at Yau Tong Bay. The price realized was generally more than twice the upset, reaching $35 a square foot at Cheung Sha Wan. Some five acres of land at San Po Kong for use as an amusement park was put out to tender. This aroused considerable interest and the tender accepted was for an annual premium of $1,050,000. The grant of a lease for the erection of an ocean terminal of international standard on the western side of the Kowloon peninsula was approved. In addition to shipping facilities and offices, the terminal will include shops and a
restaurant.