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TUESDAY, JANUARY 23, 1979
PRESTIGE ISLANDS DISTRICT SITES SOLD AT RECORD PRICES
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THREE PRESTIGE RESIDENTIAL SITES IN THE ISLANDS DISTRICT WERE SOLD AT RECORD PRICES AT A PUBLIC AUCTION IN THE CITY HALL THEATRE THIS (TUESDAY) MORNING.
THE LOTS - ONE ON LANTAU ISLAND AND THE OTHERS ON PENG CHAU -- FETCHED A TOTAL OF $3.24 MILLION IN A SESSION OF COMPETITIVE BIDDINGS.
A 1,398 SQUARE-METRE LOT AT CHEUNG SHA ON LANTAU WAS SOLD FOR (2.65 MILLION MORE THAN DOUBLE THE OPENING BID OF $980,000.
THE SUCCESSFUL BIDDER WAS SOUTH KOWLOON LAND INVESTMENT CO. LTD. WHO PAID THE EQUIVALENT OF $1,896 PER SQUARE-METRE, A 44 PER CENT
INCREASE ON THE RECORD $1,323 PER SQUARE-METRE MADE AT THE LAST LAND SALE FOR THE AREA IN JUNE, 1978.
THE SECOND AND THIRD LOTS WHICH ARE ADJACENT SITES OF 372 SQUARE METRES ON WAI TSAI PEAK ON PENG CHAU WENT TO QUADPONT LTD. FOR $290,000 AND $300,000 RESPECTIVELY — EQUAVALENT TO $780 AND $806 PER SQUARE-METRE.
THE PRICES WERE 209 AND 219 PER CENT HIGHER THAN THE PREVIOUS PRICE FOR LAND ON PENG CHAU IN 1977.
THE THREE SITES, THE FIRST NEW TERRITORIES LOTS PUT ON THE MARKET THIS YEAR, ARE FOR TWO-STOREY PRIVATE RESIDENTIAL DEVELOPMENT.
THE AUCTION WAS CONDUCTED BY THE SENIOR ESTATE SURVEYOR OF THE ISLANDS DISTRICT OFFICE, MR. KEITH HEALY WHO DESCRIBED THE PRICES AS +MOST SATISFACTORY+
+THE BIDDING WAS VERY KEEN ESPECIALLY FOR THE TWO PENG CHAU LOTS,+ MR. HEALY SAID.
HE POINTED OUT THAT AFTER OPENING THE BIDDING FOR THE FIRST PENG CHAU LOT AT $80,000 HE DECIDED TO RAISE THE OPENING BID TO $240,000 FOR THE SECOND.
+ IT WAS CLEAR THAT THERE WAS A GREAT DEAL OF INTEREST IN BOTH SITES, HE SAID.
+THE SECOND LOT WAS SOLD IN LESS THAN FIVE MINUTES, HE ADDED.
MR. HEALY ATTRIBUTED THE BIG INCREASE IN THE PRICE PAID SINCE THE LAST SALE TO THE GENERAL TREND ON THE PROPERTY MARKET IN THE LAST TWO YEARS.
+BUT TODAY'S AUCTION REFLECTS THE INCREASING INTEREST OF DEVELOPERS IN THE ISLANDS DISTRICT AS IDEAL AREAS FOR HIGH QUALITY HOUSING,+ HE ADDED.
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