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TUESDAY, MAY 25, 1976
KWAI CHUNG CROWN LAND
SALE NETS $7.5 MILLION ******
AN 18,700 SQ. FT. LOT OF CROWN LAND SITUATED AT THE JUNCTION OF TAI LIN PAI ROAD AND KUNG YIP STREET, KWAI CHUNG, WAS SOLD AT A PUBLIC AUCTION TODAY (TUESDAY) FOR $7.5 MILLION, EXACTLY DOUBLE ITS UPSET PRICE OF $3.75 MILLION.
THIS IS $401 PER SQUARE FOOT.
THE LOT, WHICH IS TO BE USED FOR INDUSTRIAL OR GODOWN PURPOSES, WAS BOUGHT BY SUN HUNG KAI PROPERTIES LIMITED.
THE BUILDING COVENANT IS $2.8 MILLION TO BE FULFILLED WITHIN 30 MONTHS FROM JULY 1.
MORE THAN 80 PEOPLE ATTENDED THE AUCTION WHICH WAS HELD IN THE PRINCESS ALEXANDRA COMMUNITY CENTRE, TSUEN WAN, THERE WERE ABOUT 10 BIDDERS.
A SECOND LOT, TOTALLING 39,350 SQ. FT., HAD TO BE WITHDRAWN BECAUSE THERE WERE NO BIDS AT THE UPSET PRICE OF $4.75 MILLION, THIS SITE, IN TAI LIN PAI ROAD, KWAI CHUNG, WAS FOR DEVELOPMENT AS A MULTI-STOREY CAR PARK FOR NOT LESS THAN 340 CARS AND A PETROL FILLING STATION.
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