XN000022-1977-06-07 — Page 3

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TUESDAY, JUNE 7, 1977

TUEN MUN LOTS SOLD FOR $14.6 M

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THE GOVERNMENT TODAY SOLD TWO LOTS OF COMMERCIAL/

RESIDENTIAL SITES IN THE FAST DEVELOPING NEW TOWN OF TUEN MUN IN THE NEW TERRITORIES FOR $14.6 MILLION.

THE TWO LOTS WERE SOLD AT A PUBLIC AUCTION ATTENDED BY ABOUT 150 PEOPLE AT THE HOH FUK TONG SECONDARY SCHOOL.

THE BIGGER OF THE TWO LOTS COMPRISING 14,500 SQ. FT. WENT UNDER THE HAMMER FOR $8.8 MILLION NEARLY DOUBLE THE UPSET PRICE OF $4.5 MILLION AFTER HEATED BIDDING.

THE BUYERS, LAKESHORE LAND INVESTMENT LTD., PAID $607 PER SQ. FT. FOR THIS LAND.

THE SECOND LOT MEASURING 9,300 SQ. FT. NETTED $5.8 MILLION AFTER BIDDING HAD STARTED AT $3 MILLION.

THE BUYERS WERE COMMON BOND INVESTMENT LTD. WHO PAID $623 PER SQ. FT.

THE TWO LOTS CARRIED BUILDING COVENANTS REQUIRING THE BUYERS TO SPEND A TOTAL OF $4.76 MILLION ON THE SITES WITHIN 36 MONTHS.

THE SENIOR ESTATE SURVEYOR, MR. VINCENT CHU WHO CONDUCTED THE AUCTION ALONG WITH MR. R.B.J. CROSS, ESTATE SURVEYOR, SAID IT WAS THE FIRST SUCH AUCTION HELD BY GOVERNMENT OF NON- INDUSTRIAL LAND IN TUEN MUN SINCE NOVEMBER 1974. A LOT OF 5,000 SQ. FT. WAS THEN SOLD FOR $790,000 OR $158 PER SQ. FT.

INDUSTRIAL AND

+THERE IS CONSIDERABLE DEVELOPMENT, BOTH RESIDENTIAL, UNDERWAY IN TUEN MUN AND THE KEEN BIDDING TODAY CLEARLY INDICATES THE GREAT DEMAND FOR COMMERCIAL/RESIDENTIAL SITES IN THE DISTRICT, HE SAID.

+ IT ALSO DEMONSTRATES THE PUBLIC'S INTEREST AND CONFIDENCE IN THE FUTURE PROSPECT FOR TUEN MUN NEW TOWN, MR. CHU ADDED.

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