FRIDAY, DECEMBER 2, 1983
6
ADMIRALTY I SITE TO BE AUCTIONED
****
THE GOVERNMENT ANNOUNCED IN THE GAZETTE TODAY (FRIDAY) THAT IT IS TO OFFER THE ADMIRALTY I SITE FOR SALE BY AUCTION NEXT MONTH.
THE SITE, MEASURING 6 312 SQUARE METRES, IS AT THE JUNCTION OF COTTON TREE DRIVE AND QUEENSWAY.
THE PURCHASER WILL HAVE TO COMPLETE A COMMERCIAL DEVELOPMENT COSTING NOT LESS THAN $226 MILLION BEFORE MARCH 31, 1989.
A GOVERNMENT SPOKESMAN SAID THE DEVELOPMENT WOULD INCLUDE A TELEPHONE EXCHANGE. THIS WOULD BE ASSIGNED TO THE GOVERNMENT AND THEN MADE AVAILABLE TO THE HONG KONG TELEPHONE COMPANY.
THE DIRECTOR OF LANDS, MR JOHN TODD, SAID THE CONDITIONS CONTAINED CERTAIN SAFEGUARDS IN RESPECT OF MASS TRANSIT RAILWAY CORPORATION INSTALLATIONS ON THE SITE.
POSSESSION OF THE SITE WOULD BE PHASED, HE SAID, BUT THE MAIN PORTION ON WHICH THE COMMERCIAL TOWERS WOULD BE ERECTED WOULD BE HANDED OVER AS SOON AS THE SITE WAS BOUGHT OR WITHIN SIX MONTHS OF THE PURCHASE DATE.
HR TODD SAID THE DECISION TO SELL THE SITE HAD BEEN TAKEN BECAUSE INTEREST HAD BEEN SHOWN IN IT.
+IT IS ENCOURAGING THAT DEVELOPERS ARE INTERESTED IN BUYING THE SITE AND ALSO IN SPENDING FURTHER SUBSTANTIAL SUMS ON DEVELOPING IT, HE SAID.
+OBVIOUSLY WE CANNOT EXPECT TO RECEIVE THE SAME PRICE PAID WHEN THE MARKET WAS AT ITS PEAK, BUT WE ARE STILL ANTICIPATING A MINIMUM OF $300 MILLION FOR THIS PROMINENT SITE,+ HE SAID.
FOUNDATIONS BUILT BY THE MASS TRANSIT RAILWAY CORPORATION FOR A MULTI-STOREY COMMERCIAL BUILDING WERE ALREADY IN PLACE, MR TODD SAID, THE SALE WOULD GIVE AN OPPORTUNITY FOR THESE TO BE UTILISED AND ALSO FOR DEVELOPMENT OF THE ADMIRALTY AREA TO BE COMPLETED.
THE AUCTION WILL BE HELD AT THE JADE BALLROOM OF THE FURAMA HOTEL AT 2.30 PM ON JANUARY 18.
FULL PARTICULARS AND CONDITIONS OF SALE MAY BE OBTAINED FROM THE LANDS DEPARTMENT, SURVEY DIVISION, MURRAY BUILDING, 5TH FLOOR, GARDEN ROAD, HONG KONG; THE PUBLIC ENQUIRY SUB-OFFICE, CENTRAL GOVERNMENT OFFICES (WEST WING), GROUND FLOOR, HONG KONG; AND THE DISTRICT LANDS OFFICE, KOWLOON WEST, KOWLOON GOVERNMENT OFFICES, 10TH FLOOR, 405 NATHAN ROAD, KOWLOON. SALE PLANS MAY ALSO BE INSPECTED AT THESE LOCATIONS.
CONDITIONS OF SALE MAY ALSO BE AVAILABLE AT THE DISTRICT LANDS OFFICES OF SHA TIN, TUEN MUN, YUEN LONG, TSUEN WAN, TAI PO, NORTH, SAI KUNG, SAN PO KONG GOVERNMENT OFFICES BUILDING, 1ST FLOOR, 692 PRINCE EDWARD ROAD, SAN PO KONG, KOWLOON, AND ISLANDS, INTERNATIONAL BUILDING, 4TH FLOOR, 141 DES VOEUX ROAD, CENTRAL, MONG KONG
17