XN000022-1976-12-07 — Page 6

1

- 5

TUESDAY, DECEMBER 7, 1976

RECORD PRICE FOR INDUSTRIAL LAND IN TUEN MUN

******

THE GOVERNMENT TODAY SOLD TWO LOTS OF INDUSTRIAL LAND IN TUEN MUN FOR NEARLY $4.8 MILLION.

BOTH LOTS FETCHED LOCAL RECORD PRICES AT THE PUBLIC AUCTION CONDUCTED BY THE NEW TERRITORIES ADMINISTRATION.

THE BIGGEST LOT, COMPRISING 8,678 SQ. FT., WAS SOLD FOR $2.8 MILLION AFTER SPIRITED BIDDING WHICH STARTED AT EXACTLY HALF THE SALE PRICE — $1.4 MILLION.

THE BUYERS, REACO ENTERPRISES LTD., PAID $322 PER SQUARE FOOT FOR THE LAND.

THE SECOND LOT OF 5,320 SQ. FT., FETCHED $1.97 MILLION AFTER BIDDING HAD STARTED AT $850,000.

THE BUYERS WERE ALLIED AND ASSOCIATED ENTERPRISES (HK) LTD., WHO PAID $370 PER SQUARE FOOT.

THE PREVIOUS HIGHEST PRICE PAID FOR INDUSTRIAL LAND IN TUEN MUN AT PUBLIC AUCTION WAS $208 PER SQUARE FOOT LAST AUGUST.

A SPOKESMAN FOR THE TUEN MUN DISTRICT OFFICE SAID TODAY'S SALE REFLECTED A GROWING INTEREST BY INVESTORS AND INDUSTRIAL ISTS IN TUEN MUN NEW TOWN.

+THE FACT THAT THERE WERE 150 PEOPLE AT THE AUCTION AND THAT BIDDING WAS SO STRONG IS AN INDICATION OF THIS, HE SAID.

+THIS CONTINUES A PATTERN OF INTEREST IN THE NEW TOWN WHERE 10 FACTORY BUILDINGS HAVE BEEN COMPLETED, ANOTHER 17 ARE UNDER CONSTRUCTION AND WORK IS TO BEGIN SOON ON SEVERAL OTHERS, HE ADDED.

HE SAID THAT THE TWO LOTS SOLD TODAY CARRIED BUILDING COVENANTS WHICH STIPULATE THAT A TOTAL OF $2.1 MILLION MUST BE SPENT ON DEVELOPING THE SITES FOR INDUSTRIAL AND GODOWN PURPOSES WITHIN 30 MONTHS.

16