Tuesday, April 10, 1973
LAND SALE PROGRAMME FOR APRIL-SEPTEMBER
Upset Prices To Be Announced At Start Of Auction
Twenty-two lots of Crown land with a total area of nearly 260,000
square feet will be put up for sale by auction during the next six months.
This was announced today by the Director of Lands and Survey
in his Land Sales Forecast for the six-month period ending September 30.
Of the 22 lots, five are for industrial use, nine for non-industrial
purposes and eight are for residential development.
In addition, more than fifty sites of various sizes and uses are
included in a separate Sales Forecast for land within the New Territories.
These will also be sold by public auction during the same six-month
period.
The Director also announced that in future, the Particulars of
Sale for most lots would not state an "Upset Price"
at which bidding.commenced.
previously the sum
It had been apparent for some while that the advance publication of
"Upset Prices" had caused inconvenience at auctions and had proved misleading
to the public, he said.
Sale Conditions had to be printed and made available to intending
purchasers some five weeks before the auction, and if Upset Prices were to
be included, they in turn had to be determined some two months in advance
of sale.
This meant
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