FRIDAY, MAY 16, 1980
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LETTER B HOLDERS URGED TO BID WHEN LAND IS OFFERED
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A PLOT OF RESIDENTIAL LAND IN SHA TIN WHICH WAS SOLD AT AUCTION LAST DECEMBER FOR $643.87 PER SQUARE FOOT WOULD HAVE BEEN OBTAINED BY HOLDERS OF LAND EXCHANGE ENTITLEMENTS (LETTER B) ISSUED AFTER OCTOBER, 1979, FOR ONLY $296.25 PER SQUARE FOOT A NEW TERRITORIES ADMINISTRATION SPOKESMAN SAID TODAY (FRIDAY).
THE SPOKESMAN WAS COMMENTING ON A STATEMENT SECRETARY FOR THE NEW TERRITORIES, MR DAVID AKERS-JONES, MADE IN THE LEGISLATIVE COUNCIL ON WEDNESDAY,
MR AKERS-JONES SAID HE HAD NOTICED RECENTLY THAT NO TENDERS HAD BEEN RECEIVED FROM LAND EXCHANGE ENTITLEMENT HOLDERS FOR SITES WITH LOW PLOT RATIOS, ALTHOUGH HE CONSIDERED THAT THESE SITES REPRESENTED AN ATTRACTIVE PROPOSITION.
HE SAID HE ASSUMED HOLDERS WERE HANGING BACK IN ANTICIPATION OF BETTER THINGS TO COME, BUT POINTED OUT THAT NOT EVERYONE COULD BE SUCCESSFUL IN OBTAINING PRIME SITES IN TOWN CENTRES. +1 MUST ADVISE EVEN THE HOLDERS OF MORE RECENTLY ISSUED ENTITLEMENTS TO APPLY FOR LAND WHEN IT IS OFFERED, HE SAID.
THE SPOKESMAN SAID SIX RESIDENTIAL SITES IN SHA TIN OVERLOOKING THE RACECOURSE HAD BEEN OFFERED BY TENDER TO LETTER B HOLDERS IN JANUARY, BUT NO BIDS HAD BEEN RECEIVED. HE SAID THE SITES WOULD BE RE-OFFERED NEXT MONTH OR IN JULY,
+ IT IS OBVIOUS FROM THE RESULTS OF THE AUCTION OF THE SHA TIN SITE THAT LETTER B HOLDERS WOULD HAVE OBTAINED IT FOR SUBSTANTIALLY LESS THAN THE MARKET PRICE, HE SAID. +IT IS HARD TO SEE THEREFORE THE REASON FOR RELUCTANCE ON THE PART OF HOLDERS TO BID FOR SUCK SITES.+
HE SAID, SIMILARLY, A 3 230-SQUARE METRE SITE AT TUI MIN HOI, SAI KUNG, WITH A PLOT RATIO OF 4, FAILED TO ATTRACT ANY BIDS WHEN OFFERED TO LETTER B HOLDERS, BUT WAS SOLD FOR $656 PER SQUARE FOOT WHEN AUCTIONED. IT WOULD HAVE COST A LETTER B HOLDER $396.25 PER SQUARE FOOT, A PRICE WHICH INCLUDED BOTH THE COST OF THE LETTER B AND THE PREMIUM.
THE SPOKESMAN SAID HOLDERS MIGHT BE MISSING SOME GOOD OPPORTUNITIES BY WAITING IN THE HOPE OF PICKING UP A TOWN CENTRE SITE. +SOME OTHER VERY DESIRABLE SITES ARE COMING ONTO THE MARKET AND IT WOULD BE VERY MUCH IN THE HOLDERS' BEST INTERESTS TO BID FOR THEM,+ HE SAID.
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