TUESDAY, AUGUST 22, 1978
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CROWN LAND AUCTION
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TWO LOTS OF CROWN LAND AND TWO FLOORS REALISED MORE THAN $18 MILLION IN TWO SEPARATE PUBLIC AUCTIONS TODAY.
IN AN AUCTION CONDUCTED BY THE PUBLIC WORKS DEPARTMENT'S CROWN LANDS AND SURVEY OFFICE AT THE CITY HALL, A 740-SQUARE METRE SITE AT KAM SHING ROAD, KOWLOON, EARMARKED FOR NON-INDUSTRI AL PURPOSES, WAS SOLD FOR $13.35 MILLION.
THE SITE WAS BOUGHT BY YUE HEUNG CO. LTD. AT $18,040.54 PER SQUARE METRE. IT CARRIES A BUILDING COVENANT OF $1.62 MILLION AND SHOULD BE DEVELOPED BEFORE SEPTEMBER 30, 1981.
IN THE SAME AUCTION, THE GROUND FLOOR AND THE FIRST FLOOR OF 38 NGA TS IN LONG ROAD, KOWLOON, WERE SOLD FOR $1.09 MILLION AND $285,000 RESPECTIVELY TO CHEUNG SING KAM AND NG CHOI FUNG, AND CHAU YU CHEUNG AND MAN JOON-LING,
THE PREMISES MEASURES ABOUT 53 SQUARE METRES AND 67 SQUARE METRES RESPECTIVELY, THE ANNUAL CROWN RENT FOR EACH FLAT IS $250.
IN A SEPARATE AUCTION HELD AT THE SAI KUNG DISTRICT OFFICE IN THE SAN PO KONG GOVERNMENT OFFICES, A PRESTIGE RESIDENTIAL SITE AT SILVERSTRAND, CLEARWATER BAY, FETCHED A LOCAL RECORD PRICE OF $3.55 MILLION.
MISS LEE MONG LAN WAS THE SUCCESSFUL BIDDER FOR THE 1,858 SQUARE METRE SITE WHICH IS ADJACENT TO THE SHAW BROTHERS STUDIO OFF CLEARWATER BAY ROAD AND COMMANDS PANORAMIC SEAVIEWS.
HER BID WAS EQUIVALENT TO JUST OVER $177 PER SQ FT COMPARED WITH THE $105.95 PER SQ. FT. PAID AT THE PUBLIC AUCTION FOR A COMPARABLE SITE IN THE VICINITY IN SEPTEMBER 1977.
THE ACTING SENIOR ESTATE SURVEYOR OF THE SAI KUNG DISTRICT OFFICE, MR. GREGORY LAI, SAID BIDDING FOR THE SITE TODAY STARTED AT $1.4 MILLION BUT KEEN COMPETITION QUICKLY RAISED THE PREMIUM TO THE LEVEL OF $3.55 MILLION.
MR. LAI SAID THE AUCTION REFLECTED THE INCREASING INTEREST
IN DEVELOPING PROPERTY IN THE NEW TERRITORIES.
+FROM THE ENQUIRIES WE RECEIVED PRIOR TO THE AUCTION WE KNEW THAT A NUMBER OF PEOPLE WERE INTERESTED IN THE SITE AND THE KEEN BIDDING SHOWED THAT THERE IS A GREAT DEAL OF INTEREST IN DEVELOPING HIGH QUALITY HOUSING IN SAI KUNG DISTRICT,+ HE SAID.
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