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SHA TIN INDUSTRIAL SITE SOLD
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TUESDAY, JUNE 20, 1978
AN INDUSTRIAL SITE IN SHA TIN FETCHED A RECORD PRICE OF $20 MILLION FOR THE AREA AT A GOVERNMENT AUCTION TODAY (TUESDAY).
THE 3,782 SQUARE METRE SITE REALISED THE EQUIVALENT OF 491 PER SQUARE FOOT
FOR A COMPARABLE SITE.
ONLY MARGINALLY BELOW URBAN AREA PRICES
THE SUCCESSFUL BIDDER WAS NEW YEAR ENTERPRISES LIMITED.
THE AUCTION, HELD AT THE SHA TIN GOVERNMENT SECONDARY SCHOOL, WAS CONDUCTED BY THE SENIOR ESTATE SURVEYOR OF THE SHA TIN DISTRICT OFFICE. MR. ROGER THOMPSON WHO DESCRIBED THE RESULT AS +VERY SATISFACTORY+.
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+ THE BIDDING WAS VERY KEEN, AS WE EXPECTED, BECAUSE IT IS A VERY GOOD SITE SITUATED AT THE JUNCTION OF TAI PO AND LION ROCK TUNNEL ROADS AT TAI WAI,+ HE SAID.
+THERE WERE ABOUT 10 MAIN BIDDERS AND THE COMPETITION AMONG THEM WAS VERY KEEN.
+IT DIDN'T TAKE LONG TO DOUBLE THE OPENING BID OF $10 MILLION. +
R. THOMPSON SAID THE LAST INDUSTRIAL LAND AUCTION IN THE NEW TOWN IN MARCH 1976 HAD REALISED $312 PER SQUARE FOOT FOR A SITE AT THE FO TAN INDUSTRIAL AREA.
BUT, HE POINTED OUT THAT THE PLOT RATIO ON THE FO TAN SITE ALLOWED FOR DEVELOPMENT OF UP TO 14 STOREYS WHILE THE SITE AUCTIONED TODAY IS RESTRICTED TO SIX OR SEVEN STOREY DEVELOPMENT.
HE ADDED THAT TODAY'S AUCTION REFLECTED THE CONTINUING INTEREST BY DEVELOPERS AND INDUSTRIALISTS IN SHA TIN NEW TOWN AND IN NEW TERRITORIES DEVELOPMENT GENERALLY.
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