TUESDAY, SEPTEMBER 24, 1985
AUCTION UNDERLINES STRENGTH OF PROPERTY MARKET
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THE FIRST GOVERNMENT LAND AUCTION SINCE THE COMING INTO FORCE OF THE SINO-BRITISH JOINT DECLARATION HAS EMPHASISED THE UNDERLYING STRENGTH OF THE LOCAL PROPERTY MARKET. GOVERNMENT LAND AGENT, MR BOB POPE, SAID AFTER SIX LOTS WERE AUCTIONED THIS AFTERNOON IN THE CITY HALL.
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+THE SALES REFLECTED FULLY THE TERMS OF THE JOINT DECLARATION WITH LEASE TERMS EXTENDING TO THE YEAR 2047,+ MR POPE WHO WAS THE AUCTIONEER, SAID.
+THIS IS THE FIRST TIME LAND IN THE NEW TERRITORIES AND NEW KOWLOON HAS BEEN SOLD FOR A PERIOD EXTENDING BEYOND 1997.+
THE BIGGEST SALE WAS OF 3 552 SQUARE METRES FOR A TOWN- CENTRE SITE AT TUEN MUN NEW TOWN. THIS WAS BOUGHT BY A PANAMANIAN REGISTERED COMPANY, MAJOR INTERNATIONAL CORPORATION, FOR $30 MILLION 50 PER CENT ABOVE THE UPSET PRICE.
ANOTHER MAJOR SITE - 1 496 SQUARE METRES OF INDUSTRIAL LAND IN KOWLOON BAY WAS SOLD FOR $14.9 MILLION TO PEAK GAIN LTD.
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MR POPE SAID: THE SALES HAVE NOT SHOWN MASSIVE INCREASES WHICH WOULD INDICATE A BOOM IN THE LAND MARKET. THEY HAVE SHOWN THE STEADY RISE AND STRENGTH OF THE MARKET.
+CONSIDER ING THAT THE SITES WERE NOT PARTICULARLY ATTRACTIVE AND THAT SOME OF THE BIDDING WAS SLOW, THE PRICES WERE QUITE GOOD, + MR POPE SAID.
HE EXPRESSED THE VIEW THAT THE NEW LEASE TERMS FOR LAND HAD HAD VERY LITTLE EFFECT ON TODAY'S PRICES.
OTHER SITES SOLD TODAY WERE A SITE OF 115.3 SQUARE METRES AT POPLAR STREET, KOWLOON, WHICH WAS SOLD FOR $2.8 MILLION TO FONNIE CO LTD (UPSET PRICE $2 MILLION); A 83.4-SQUARE-METRE SITE AT TAI NAN STREET, SHAM SHUT PO, SOLD FOR $1.6 MILLION TO JANSON CONSTRUCTION CO (UPSET PRICE $1.5 MILLION); A 673.3-SQUARE-METRE SITE AT KUT SHING STREET, CHAI WAN, BOUGHT BY KATAKENT CO LTD, A SUBSIDIARY OF SUN HUNG KAI, FOR $7.1 MILLION (UPSET PRICE $5 MILLION) AND A 91.5-SQUARE-METRE SITE AT SHEK O WHICH WENT TO THE CAPITAL RESERVE INVESTMENT CO FOR THE UPSET PRICE OF $500 000.
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