THURSDAY, AUGUST 30, 1979
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ACTIVE BIDDING FOR TUEN MUN FACTORY SITE
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A 2 500 SQUARE METRE INDUSTRIAL SITE IN TUEN MUN FETCHED $20 MILLION OR $8 000 A SQUARE METRE IN A PUBLIC AUCTION
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TODAY (THURSDAY).
THE SITE WAS JOINTLY BOUGHT BY KATONG REALTY LTD. AND WOODNIC REALTY LTD.
A NUMBER OF LEADING PROPERTY COMPANIES MADE BIDS AT THE AUCTION WHICH WAS HELD AT ST. SIMON LUI MING CHOI GOVERNMENT SECONDARY SCHOOL IN TUEN MUN.
THE OPENING BID FOR THE SITE WAS $10 MILLION BUT FOLLOWING SPIRITED BIDDING IT SOON REACHED $16 MILLION AT WHICH STAGE THE NUMBER OF COMPETITORS NARROWED TO TWO.
THE WINNING OFFER FROM THE JOINT BUYER CAME AFTER A TOTAL OF 52 BIDS IN LESS THAN TWENTY MINUTES.
THE SALE PRICE WAS ABOUT $470 PER SQUARE METRE HIGHER THAN THE PRICE FETCHED IN A PUBLIC AUCTION FOR A SITE IN THE SAME AREA IN MARCH THIS YEAR.
THE SENIOR ESTATE SURVEYOR OF THE TUEN MUN DISTRICT OFFICE, MR. VICTOR LEUNG, WHO CONDUCTED THE AUCTION, DESCRIBED THE PRICE AS MOST SATISFACTORY.
+THE SALE OF THE SITE WAS A WELCOME BOOST TO LOCAL ECONOMY AND WOULD CERTAINLY ADD INTEREST TO FIVE OTHER ADJACENT SITES WHICH ARE BEING PUT UP FOR SALE BY TENDER TO HOLDERS OF LAND EXCHANGE ENTITLEMENTS, APPLICATIONS FOR WHICH WILL CLOSE ON SEPTEMBER 21,+ MR. LEUNG SAID.
THE SITE, EARMARKED FOR INDUSTRIAL OR GODOWN USES CARRIES SPECIAL LEASE CONDITIONS DESIGNED TO HELP INDUSTRIES REQUIRING INCREASED FLOOR LOADING CAPACITY AND HIGHER CEILING CLEARANCES.
THE CONDITION OF SALE ALSO INCLUDES POLLUTION CONTROL CLAUSES AND THE PROVISION OF AT LEAST 3 800 SQUARE METRES OF USABLE FLOOR AREA AS SMALL FACTORY UNITS SUITABLE FOR SEPARATE USE, EACH OF WHICH SHALL NOT EXCEED 75 SQUARE METRES.
AT THE SAME AUCTION TODAY, A 1 524 SQUARE METRE RESIDENTIAL SITE IN SHAM TSENG, TSUEN WAN WAS SOLD FOR $5.1 MILLION TO CHUN ON DEVELOPMENT CO. LTD.
IT REALISED AN EQUIVALENT OF ABOUT $3 346 PER SQUARE METRE.
THE SALE PRICE WAS MORE THAN TWELVE TIMES THE OPENING BID OF $400 000.
MR. ALLAN HAY, SENIOR ESTATE SURVEYOR OF THE TSUEN WAN DISTRICT OFFICE NOTED THAT HE WAS VERY PLEASED WITH THE RESULT.
+IT CLEARLY REFLECTS THAT HEAVY DEMAND EXISTS IN THE MARKET AT PRESENT FOR SITES WHICH CAN PROVIDE LOW DENSITY RESIDENTIAL DEVELOPMENT,✦+ HE SAID.
THE LOT, DESIGNED FOR TWO-STOREY PRIVATE HOUSING DEVELOPMENT COMMANDS A BEAUTIFUL SEA VIEW AND IS ONLY A FEW MINUTES' WALK FROM THE GEMINI BEACH IN CASTLE PEAK ROAD.
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