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TUESDAY, JANUARY 22, 1980
TUEN MUN TOWN CENTRE SITE SOLD FOR DEVELOPMENT
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A 1.068 HECTARE SITE ON WHICH THE FIRST PART OF THE TUEN MUN NEW TOWN CENTRE IS TO BE BUILT WAS SOLD FOR $191 MILLION
($17 868.80 PER SQUARE METRE) AT A PUBLIC AUCTION TODAY (TUESDAY).
THE PURCHASER WAS WALDORF REALTY LTD.
BIDDING OPENED AT $150 MILLION AND THE FINAL FIGURE WAS REACHED IN JUST OVER 30 MINUTES.
THE AUCTION WAS CONDUCTED BY MR L.Y. LEUNG, SENIOR ESTATE SURVEYOR, TUEN MUN DISTRICT OFFICE.
THE SITE AUCTIONED TODAY IS ONE OF SEVEN TOWN CENTRE SITES TO BE SOLD TO PRIVATE CONTRACTORS OVER THE NEXT THREE TO FOUR YEARS, ALTOGETHER MEASURING MORE THAN SIX HECTARES IN AREA.
THE SITE IS NEXT TO TUEN MUN HIGHWAY,
THE PLOT RATIO IS 5 FOR DOMESTIC PREMISES AND AN ADDITIONAL 1.22 FOR NON-DOMESTIC PREMISES. THE BUILDING COVENANT IS $22 MILLION TO BE FULFILLED WITHIN 56 MONTHS.
SALE CONDITIONS REQUIRE THE PURCHASER TO PAY $5 MILLION FIRST AND THE BALANCE OF PREMIUM HAS TO BE PAID WITHIN ONE MONTH. HE IS REQUIRED TO CONSTRUCT A FOUR-LEVEL PODIUM, WITH FACILITIES INCLUDING OPEN ARCADES, TWO-WAY ESCALATORS, COMMERCIAL AND RETAIL ZONES, PARKING AND SERVICE AREAS, AN AIR-CONDITIONED COMMERCIAL AND RETAIL ZONE, A CHILDREN'S PLAYGROUND, EXTENSIVE LANDSCAPING AND A PEDESTRIAN WAY.
TWO DOUBLE AND ONE SINGLE CRUCIFORM RESIDENTIAL BLOCKS CONTAINING 1 128 FLATS ARE TO BE CONSTRUCTED TO HOUSE ABOUT 5 500 PEOPLE.
THE TOWN CENTRE, WHEN IT IS FULLY COMPLETED, WILL HAVE A CIVIC AND CULTURAL CENTRE INCORPORATING AN AUDITORIUM,
A MULTI-STOREY CAR PARK, GOVERNMENT OFFICES, A LIBRARY, A POST OFFICE, A MAGISTRACY AND A BUS STATION. IT WILL ALSO HAVE A POLYCLINIC AND A PRIMARY SCHOOL.
AN AREA NEXT TO THE TOWN CENTRE WILL BE DEVELOPED AS THE TOWN PARK.
A TOTAL OF EIGHT DOUBLE AND SEVEN SINGLE CRUCIFORM RESIDENTIAL BLOCKS OF UP TO 29 STOREYS EACH WILL BE BUILT TO HOUSE 26 000 PEOPLE IN 5 000 FLATS.
TUEN MUN HIGHWAY WILL RUN THROUGH THE MIDDLE OF THE TOWN CENTRE.
THE TOTAL POPULATION OF THE NEW TOWN IS EXPECTED TO BE 600 000 WHEN IT IS COMPLETED IN THE LATTER PART OF THE 1980S, OF WHOM 70 PER CENT WILL BE LIVING IN PUBLIC HOUSING.
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