-
TUESDAY, NOVEMBER 30, 1976
PRIME WANCHAI SITE FETCHES $120 M.
******
A MAJOR DEVELOPMENT SITE ON WANCHA RECLAMATION WAS TODAY SOLD FOR $120 MILLION AT A PUBLIC AUCTION CONDUCTED IN THE CITY HALL BY THE P.W.D.'S CROWN LANDS AND SURVEY OFFICE.
THE SITE, WHICH MEASURES SOME 4,340 SQUARE METRES, IS THE FIRST OF SEVERAL PRESTIGE SITES IN THE AREA TO BE SOLD FOR PRIVATE DEVELOPMENT.
THE LOT SOLD TODAY IS LOCATED BETWEEN GLOUCESTER ROAD AND HARBOUR ROAD, AND IS INTENDED FOR EITHER COMMERCIAL OR RESIDENTIAL DEVELOPMENT, OR FOR COMBINED COMMERCIAL/RESIDENTIAL USE, INCLUDING A HOTEL.
IT WAS BOUGHT BY A JOINT VENTURE FORMED BY E. HING CHEUNG REALTY LTD., AIK MING REALTY LTD. AND INLAND HOLDINGS LTD. AFTER KEEN BIDDING FROM A NUMBER OF INTERESTED GROUPS.
BIDDING FOR THE SITE OPENED AT $70 MILLION WITH EACH SUCCESSIVE BID TOPPING IT BY $1 MILLION.
BIDDING REMAINED BRISK UNTIL THE FINAL BID OF $120 MILLION. A TOTAL OF 51 BIDS WERE MADE.
THE REALISED PRICE FOR THE LOT AMOUNTED TO $27,647.22 PER SQUARE METRE.
THE LOT CARRIES A BUILDING COVENANT OF $27.25 MILLION AND MUST BE DEVELOPED BEFORE DECEMBER 31, 1981,
A SECOND SITE OF ABOUT 4,900 SQ. METRES ADJACENT TO THE ONE SOLD TODAY IS TO BE PUT UP FOR AUCTION IN THE FIRST HALF OF NEXT YEAR.
THREE OTHER LOTS WERE OFFERED FOR SALE AT TODAY'S AUCTION AND FETCHED A TOTAL OF $20 MILLION.
ONE NON-INDUSTRIAL SITE OF 151.8 SQUARE METRES AT PO KONG VILLAGE, KOWLOON, WAS SOLD TO LUNG FUNG INVESTMENT CO. LTD, FOR $1.4 MILLION. THE REALISED PRICE WAS $9,222,66 PER SQ. METRE.
ANOTHER NON-INDUSTRIAL LOT OF 720 SQ. METRES AT YUE KO STREET. TIN WAN, ABERDEEN WENT TO PELENE LAND INVESTMENT LTD. FOR $11 MILLION. THE REALISED PRICE WAS $15,277.78 PER SQ. METRE.
THE ONLY INDUSTRIAL SITE AT THE AUCTION WENT FOR $7.6 MILLION TO MR. LEE CHU-HO. THIS LOT COVERS ABOUT 480 SQUARE METRES OFF WONG CHUK HANG ROAD IN ABERDEEN. THE REALISED PRICE WAS $15,846.54 PER SQ. METRE.
THE AUCTION WAS CONDUCTED BY MR. K.B. ROLFE, GOVERNMENT LAND AGENT OF THE P.W.D.'S CROWN LANDS AND SURVEY OFFICE.
/2