MONDAY, MARCH 23, 1987
FOUR LOTS SOLD FOR $242.9 MILLION
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FOUR LOTS OF GOVERNMENT LAND WERE SOLD FOR A TOTAL $242.) MILLION TODAY (MONDAY) AT THE LAST AUCTION HELD BY THE BUILDINGSá AND LANDS DEPARTMENT THIS FINANCIAL YEAR.
LEASE TERMS FOR THE LOTS ARE TO START FROM THE DATE OF AGREEMENT AND EXPIRE ON JUNE 30, 2047. THE SUCCESSFUL BIDDERS WOULD ALSO HAVE TO PAY AN ANNUAL RENTAL RANGING FROM $300 TO $1 000 UP TO JUNE 30, 1997 AND THEREAFTER AN AMOUNT EQUAL TO THREE PER CENT OF THE RATEABLE VALUE FOR THE TIME BEING OF THE LOT.
FETCHING THE HIGHEST PRICE WAS A 5 487-SQUARE-METRE LOT AT KAI HING ROAD, KOWLOON BAY RECLAMATION. IT WAS SOLD TO KOTACHI LTD FOR $125 MILLION. BIDDING BEGAN AT $70 MILLION.
UNDER LEASE TERMS, THE PURCHASER WILL HAVE TO COMPLETE AT LEAST 36 000 SQUARE METRES OF GROSS FLOOR AREA BEFORE MARCH 31, 1991 FOR INDUSTRIAL AND/OR GODOWN PURPOSES,
THE ONLY OTHER LOT STIPULATED FOR SIMILAR PURPOSES WAS SOLD FOR THE SECOND HIGHEST PRICE. LOCATED AT SHEUNG ON STREET IN CHAI WAN, THE 3 000-SQUARE-ME TRE-SITE WAS BOUGHT BY STRAIGHTFIELD LAND INVESTMENT LTD. FOR $70 MILLION. OPENING BID WAS $45 MILLION,
THE BUYER IS REQUIRED TO PRODUCE A GROSS FLOOR AREA OF NOT LESS THAN 21 500 SQUARE METRES BEFORE MARCH 31, 1991.
THE ONLY RESIDENTIAL LOT, MEASURING 3 800 METRES ON RAZOR HILL IN SAI KUNG, WAS SOLD TO JADE PINE LTD FOR $20.4 MILLION. BIDDING BEGAN AT $9 MILLION.
UNDER THE TERMS OF SALE, THE BUYER IS REQUIRED TO COMPLETE AT LEAST 1 710 SQUARE METRES OF GROSS FLOOR AREA FOR PRIVATE RESIDENTIAL USE BEFORE MARCH 31, 1991.
ANOTHER NON-INDUSTRIAL LOT, LOCATED AT WANCHAI ROAD, WAS BOUGHT BY CHING YEE REALTY LTD FOR $27.5 MILLION. BIDDING FOR THE 444.1-SQUARE-METRE-SITE OPENED AT $20 MILLION,
AS PART OF THE SALES AGREEMENT, THE PURCHASER WILL HAVE TO BUILD A GROSS AREA OF NOT LESS THAN 2 125-SQUARE-METRE BEFORE MARCH 31, 1991 FOR NON-INDUSTRIAL USE, INCLUDING A SPECIAL CHILD CARE CENTRE WITH ANCILLARY ACCOMMODATION BUT EXCLUDING GODOWN.
COMMENTING ON THE RESULT OF THE AUCTION, GOVERNMENT LAND AGENT, MR C.M. MO, SAID THE PRICES FETCHED WERE VERY GOOD AND MORE THAN EXPECTED,
TODAY'S AUCTION BROUGHT THE TOTAL NUMBER OF LOTS SOLD TO 24 IN EIGHT AUCTIONS, WHICH REALISED A TOTAL REVENUE OF $2 371.8 MILLION THIS FINANCIAL YEAR.
J
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