TUESDAY, JUNE 12, 1979
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SHA TIN SITE SOLD FOR $12.5 MILLION
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THE FIRST SITE ON THE NORTHERN SIDE OF SHA TIN VALLEY FOR RESIDENTIAL DEVELOPMENT WAS SOLD FOR $12.5 MILLION-AT A GOVERNMENT AUCTION TODAY (TUESDAY).
THE SITE MEASURING 1,679 SQ. METRES - THE FIRST RESIDENTIAL LOT DISPOSED OF BY WAY OF AUCTION IN SHA TIN — WAS SOLD TO THE SOUTHEAST ASIA PROPERTIES AND FINANCE LTD, WHICH PAID THE EQUIVALENT OF $7,445 PER SQ. METRE.
BIDDINGS STARTED AT $7 MILLION AND IN LESS THAN 20 MINUTES SEVEN KEEN BIDDERS PUSHED UP THE PRICE TO $12.5 MILLION — ABOUT ED PER CENT HIGHER THAN THE OPENING BID.
THE SITE, DESIGNED FOR HIGH-CLASS RESIDENTIAL DEVELOPMENT, IS IN A VERY SCENIC SETTING OVERLOOKING SHA TIN HO1. IT IS ON THE HILLSIDE OPPOSITE THE PROPOSED KOWLOON-CANTON RAILWAY DEPOT.
THE SALE CONDITIONS OF THE SITE STIPULATE THAT THE TOTAL ROOFED-OVER AREA OF THE RESIDENTIAL BLOCKS CONTAINING NOT MORE THAN 18 STOREYS SHOULD NOT EXCEED 17.5 PER CENT OF THE LOT AREA.
THE SENIOR ESTATE SURVEYOR OF THE SHA TIN DISTRICT OFFICE MR. DON SMITH, SAID THE PRICE REALISED WAS HIGHER THAN EXPECTED BECAUSE OF THE MARKET DEMAND FOR HIGH QUALITY HOUSING IN HONG KONG.
+THE RESULT CLEARLY REFLECTS THAT LOCAL DEVELOPERS HAVE TO COME TO REALISE THE DEVELOPMENT POTENTIAL OF LUXURY HOUSING IN THE NEW TOWN, HE SAID.
MR. SMITH ADDED THAT SOME 40 SITES FOR RESIDENTIAL DEVELOPMENT WOULD BE MADE AVAILABLE IN SHA TIN IN THE NEXT TWO YEARS.
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