TUESDAY, SEPTEMBER 18, 1979
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TUEN MUN INDUSTRIAL SITE SOLD FOR $25.8M
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AN INDUSTRIAL SITE IN THE FAST-GROWING TUEN MUN NEW TOWN FETCHED A RECORD $25.8 MILLION AT A PUBLIC AUCTION TODAY (TUESDAY).
IT REALISED THE EQUIVALENT OF $8 437 PER SQUARE METRE - $437 HIGHER THAN THE PREVIOUS RECORD OF $8 000 FOR A SIMILAR SITE
IN TUEN MUN SOLD LAST MONTH.
THE 3 058-SQUARE-METRE SITE CONVENIENTLY LOCATED IN THE NEW TOWN'S INDUSTRIAL AREA AND FRONTING SHEK PAI TAU ROAD IS THE THIRD INDUSTRIAL LOT SOLD BY WAY OF AUCTION THIS YEAR.
THE SENIOR ESTATE SURVEYOR OF TUEN MUN DISTRICT OFFICE,
MR. VICTOR LEUNG WHO CONDUCTED THE AUCTION AT THE ST. SIMON LUI MING CHOI SECONDARY SCHOOL IN TUEN MUN, INVITED AN OPENING BID OF $12 MILLION AND STEADY BIDDINGS QUICKLY FOLLOWED.
THERE WERE SIX TO SEVEN KEEN BIDDERS BUT WHEN THE PRICE REACHED $25 MILLION THE NUMBER NARROWED TO TWO.
HAMMER FELL ON THE
DOUBLE THE OPENING BID
HIGHEST BID OF $25.8 MILLION - MORE THAN
OFFERED BY WALGIN INVESTMENT LTD.
MR. LEUNG SAID AFTER THE AUCTION THAT HE WAS VERY PLEASED WITH TODAY'S PRICE WHICH WAS A CLEAR INDICATION OF THE CONFIDENCE OF INDUSTRIALISTS IN THE INVESTMENT PROSPECT OF TUEN MUN.
+THE SALE OF THE SITE IS INDEED A WELCOME BOOST TO THE INDUSTRIAL GROWTH WHICH IS ALREADY ADVANCING IN THE NEW TOWN, MR. LEUNG SAID.
+THE COMPETITIVE BIDDINGS AT THE AUCTION ALSO REFLECTED A CONTINUING DEMAND FOR INDUSTRIAL LAND IN TUEN MUN.+
EARMARKED FOR INDUSTRIAL OR GODOWN USE, THE SITE CARRIES A PLOT RATIO OF 9.5 ALLOWING FOR MULTI-STOREY DEVELOPMENT AND A BUILDING COVENANT OF $4 840 000 OVER 36 MONTHS.
IN ADDITION, THE CONDITIONS OF SALE STIPULATE SPECIAL REQUIREMENTS ON ENVIRONMENTAL CONTROL INCLUDING THE DISCHARGE OF TRADE EFFLUENT.
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