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The current water price is $2.405 per cubic metre and the new prices represent an annual increase of 8.65 per cent in the next three years, said the spokesman.
"The increase is due to an escalation in the operation costs of the Guangdong Authority," he explained.
"The annual price increase was very close to the 1995 inflation figure of 8.7 per cent in the territory."
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Two lots sold for $552 million at land auction
Two lots of Government land were sold for a total of $552 million at a public land auction held by the Lands Department this (Wednesday) afternoon. This was the first land auction held this fiscal year.
Of the lots sold, the first one, located in area 30, Tai Po, was sold to Henderson Land Development Co. Ltd. at $535 million, with bidding opening at $380 million. It has an area of about 21,200 square metres for private residential use. The developer has to complete a gross floor area of not less than 10,176 square metres on or before September 30, 2001.
The second lot in Shek O Headland, Shek O, was bought by Sino Land Company Limited at $ 17 million, with bidding opening at $12 million.
use.
With an area of about 276 square metres, this lot is also for private residential
The developer has to complete a gross floor area of not less than 124 square metres on or before September 30, 1999.
Held in the Concert Hall of the Hong Kong Cultural Centre, Tsim Sha Tsui, the auction was conducted by Government Land Agent, Mr Allan Hay.
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