THURSDAY, DECEMBER 18, 1986
6
THREE LOTS SOLD FOR $75.8 MILLION
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THREE LOTS OF GOVERNMENT LAND ON HONG KONG ISLAND WERE SOLD FOR $75.8 MILLION AT AN AUCTION TODAY (THURSDAY).
THE HIGHEST PRICE PAID WAS $51.5 MILLION FOR AN INDUSTRIAL SITE ON CHAI WAN RECLAMATION. BIDDING OPENED AT $30 MILLION.
THE BUYER WAS TOP SALES DEVELOPMENT LIMITED.
THE SITE HAS AN AREA OF 3 000 SQUARE METRES. UNDER THE TERMS OF THE SALE, THE DEVELOPER HAS TO COMPLETE AT LEAST 21 500 SQUARE METRES OF GROSS FLOOR AREA FOR GODOWN OR INDUSTRIAL PURPOSES BEFORE DECEMBER 31, 1990.
THE OTHER TWO LOTS, WHICH ARE FOR NON-INDUSTRIAL USE, ARE LOCATED AT DES VOEUX ROAD CENTRAL AND DES VOEUX ROAD WEST. SALE CONDITIONS BAR THEM FROM BEING DEVELOPED AS GODOWNS.
THE 209.7 SQUARE METRE SITE AT 258-262, DES VOEUX ROAD CENTRAL, WAS SOLD FOR $17.5 MILLION. BIDDING BEGAN AT $14 MILLION.
IT WAS SOLD TO QUAINTON LIMITED, WHO ARE REQUIRED UNDER THE CONDITIONS OF SALE TO BUILD A MINIMUM OF 1 000 SQUARE METRES OF GROSS FLOOR AREA BY DECEMBER 31, 1989.
THE LOT AT 108-110, DES VOEUX ROAD WEST, WAS BOUGHT BY NEWLINE COMPANY LIMITED FOR $6.8 MILLION.
BIDDING FOR THE 112.5 SQUARE METRE SITE STARTED AT $3.5 MILLION. THE PURCHASER IS REQUIRED TO COMPLETE NOT LESS THAN 250 SQUARE METRES OF GROSS FLOOR AREA ALSO BY DECEMBER 31, 1989,
COMMENTING ON THE SALE RESULTS, THE AUCTIONEER, DISTRICT LANDS OFFICER, MR ROGER NISSIM, SAID THE BIDDING WAS GOOD AND STEADY AND HE WAS HAPPY WITH THE PRICES.
THE AUCTION TOOK PLACE AT THE FURAMA HOTEL.
MINIMUM RENT PROVISION COMES INTO EFFECT
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A PROVISION UNDER THE LANDLORD AND TENANT (CONSOLIDATION) ORDINANCE REGARDING A CHANGE IN MINIMUM RENT WILL COME INTO OPERATION TOMORROW (FRIDAY).
THE AMENDMENT, ENACTED IN JULY, CHANGES THE MINIMUM RENT FROM 55 PER CENT TO 60 PER CENT OF THE PREVAILING MARKET RENT IN THE FORMULA REGULATING RENT INCREASES UNDER PART 1 OF THE ORDINANCE.
THIS ENABLES