SIN
ら
CY 20, 1985
LAND AUCTION GOES WELL
*****
A SITE IN THE PRIME LOCATION OF WAN CHAI WAS SOLD FOR $302 MILLION AT TODAY'S (MONDAY) AUCTION AT THE CITY HALL THEATRE.
IT WAS AMONG SEVERAL SALES THAT WENT VERY WELL AMID STRONG BIDDING, THE AUCTIONEER, THE GOVERNMENT LAND AGENT, MR TIM MILLS SAID.
1
MEASURING ABOUT 3 429 SQUARE METRES AT HARBOUR ROAD, THE SITE WAS BOUGHT BY SOUTH CASTLE LIMITED FOR COMMERCIAL DEVELOPMENT (INCLUDING HOTEL).
THE DEVELOPER WILL HAVE TO COMPLETE NOT LESS THAN 30 900 SQUARE METRES OF THE GROSS FLOOR AREA BEFORE JULY 1, 1989.
TWO OTHER LOTS ARE AT MOORSOM ROAD, JARDINE'S LOOKOUT AND SOUTH BAY ROAD IN REPULSE BAY, BOTH FOR PRIVATE RESIDENTIAL PURPOSES WERE ALSO AUCTIONED.
THE 2 243 SQUARE-METRE SITE AT MOORSOM ROAD WAS SOLD TO CAMAFORCE LTD FOR $51 MILLION, WHILE THE SOUTH BAY ROAD SITE OF 3 650 SQUARE METRES WAS BOUGHT BY WIN STANDARD INVESTMENT LTD FOR $76 MILLION.
TWO MORE PLOTS ON HONG KONG ISLAND - ONE AT VICTORIA ROAD FOR INDUSTRIAL OR GODOWN USES AND THE OTHER AT SAI NING STREET FOR NON-INDUSTRIAL PURPOSE - WERE ALSO SOLD.
MEASURING 500 SQUARE METRES, THE VICTORIA ROAD LOT WAS BOUGHT BY GAIN SOURCE INVESTMENT LTD FOR $9 MILLION AND THE SAI NING STREET SITE OF 680 SQUARE METRES WAS SOLD TO RYFORT CONSTRUCTION LTD FOR $25.5 MILLION.
OF THE TWO PLOTS IN SHA TIN, ONE OF ABOUT 39 440 SQUARE METRES NEAR SUI WO COURT WAS SUCCESSFULLY BID BY HEE YUN COMPANY LTD AT $138 MILLION. IT IS FOR RESIDENTIAL USE.
THE OTHER SITE OF 3 371 SQUARE METRES, BEHIND CITY ONE RESIDENTIAL COMPLEX, IS RESTRICTED TO INDUSTRIAL AND/OR GODOWN PURPOSES. THE SUCCESSFUL BIDDER IS CROWN PACIFIC LIMITED AT $9.2 MILLION.
THE SALES WERE AN INDICATION THAT THE PROPERTY MARKET WAS MAKING A COME BACK, MR MILLS SAID.
+ BUT THIS IS AT AN EARLY STAGE, AS THERE IS STILL A LONG WAY TO GO BACK TO THE BOOMING PERIOD SEVERAL YEARS AGO, HE ADDED.
16