14
Wednesday, May 9, 1973
TSING YI SITE SOLD FOR $1.65 MILLION
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The price paid by the successful tenderer for the five-acre
industrial site on Tsing Yi Island was $1,650,000, representing about
$7.10 per square foot for the unformed land.
The tender was awarded to the American company, Outboard Marine
the largest manufacturer in the
Corporation International S.A.
world of outboard marine engines
received for the site.
which submitted the only tender
Details of the tender were announced in the Legislative Council
today by the Acting Financial Secretary, the Hon. D.J.C. Jones, in reply
to a question from the Hon. Dr. S.Y. Chung.
Mr. Jones stressed that in considering the price paid for the
site "it must be emphasised that the land involved is at present under
the sea." The works required to reclaim and form it, he added, would
be "extensive."
Estimates provided by a reputable local construction firm with
extensive experience in this type of work, he told Council, indicated
that the formed cost would probably amount to about $47.50 per square foot.
The conditions of the tender provided that the use of the land
should be restricted to the automotive manufacturing industry, including
the manufacture of internal combustion engines," he explained.
He added: "It must also be borne in mind that the nature of this
particular industry restricts development largely to one-storey buildings."
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