WEDNESDAY, AUGUST 13, 1980
FOUR NT SITES AUCTIONED FOR $373.5 MILLION
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THE GOVERNMENT SOLD FOUR NEW TERRITORIES SITES FOR A TOTAL OF $373.5 MILLION AT AN AUCTION, WHICH LASTED LESS THAN AN HOUR, AT THE CITY HALL THIS MORNING (WEDNESDAY).
THE MOST SOUGHT AFTER SITE WAS IN TSUEN WAN WHICH WAS SOLD AFTER 30 MINUTES BIDDING FOR $234 MILLION ALMOST FIVE TIMES THE OPENING BID.
THE 4 600 SQUARE METRE SITE IS THE FIRST WHOLLY COMMERCIAL SITE TO BE SOLD IN THE NEW TOWN.
THE DEVELOPER, WHO HAS TO MEET A $100 MILLION BUILDING COVENANT WITHIN FOUR YEARS, IS ALSO REQUIRED TO BUILD A BUS TERMINUS ON THE SITE WHICH MUST BE COMPLETED BEFORE JUNE, 1982.
THIS WILL BE LINKED TO THE FUTURE MASS TRANSIT RAILWAY STATION AND OTHER BUILDINGS BY COVERED PEDESTRIAN WALKWAYS.
THE PURCHASER WAS KIN FUNG GARMENTS AND INVESTMENT COMPANY LIMITED, WHO PAID $50 870 PER SQUARE METRE.
THE COMMERCIAL DEVELOPMENT WILL BE OVER THE BUS TERMINUS.
THE PLOT RATIO FOR THE SITE IS 12.5, COMPARED WITH THE NORMAL 9.5 RATIO FOR NEW TERRITORIES SITES.
A NEW TERRITORIES ADMINISTRATION SPOKESMAN SAID THE HIGHER PLOT RATIO FIGURE HAD BEEN ALLOWED BECAUSE OF THE REQUIREMENT TO BUILD THE BUS TERMINUS WHICH, HE SAID, WOULD NOT COUNT FOR GROSS FLOOR AREA PURPOSES.
A 13 160 SQUARE METRE SITE IN SHA TIN FOR TWO-STOREY RESIDENTIAL DEVELOPMENT WAS SOLD FOR $38 MILLION ($2 887 PER SQUARE METRE) TO GREAT EARNEST LIMITED.
BIDDING OPENED AT $25 MILLION.
THE SITE, BETWEEN THE CHINESE UNIVERSITY AND THE RAILWAY STATION, HAS A PLOT RATIO OF ONLY 0.4.
THE BUILDING COVENANT OF $8.2 MILLION HAS TO BE COMPLETED WITHIN FOUR YEARS.
A NON-INDUSTRIAL SITE MEASURING 2 271 SQUARE METRES, ALSO IN SHA TIN, WAS SOLD FOR $62 MILLION ($27 300 PER SQUARE METRE). ITS OPENING BID WAS $38 MILLION.
THIS SITE HAS A BUILDING COVENANT OF $13.6 MILLION TO BE FULFILLED WITHIN FOUR YEARS.
IT WAS BOUGHT BY KEEP FAIRY COMPANY LIMITED.
THE FOURTH SITE, FOR INDUSTRIAL/GODOWN PURPOSES, WAS SOLD FOR $39.5 MILLION,
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