XN000022-1978-05-23 — Page 8

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TUESDAY, MAY 23, 1978

TUEN MUN SITE SOLD FOR $2 MILLION

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A COMMERCIAL SITE AT THE 17 MILESTONE IN CASTLE PEAK ROAD, TUEN MUN WAS SOLD FOR $2 MILLION AT A PUBLIC AUCTION TODAY.

THE 2,000 SQUARE METRES SITE LOCATED IN A HIGH CLASS RESIDENTIAL AREA WITH GOOD ROAD ACCESS TO KOWLOON AND TUEN MUN NEW TOWN BY WAY OF THE NEW TUEN MUN ROAD IS FOR SUPERMARKET OR RESTAURANT DEVELOPMENT.

MUN.

IT WAS THE FIRST AUCTION FOR A COMMERCIAL SITE HELD FOR TUEN

THE SENIOR ESTATE SURVEYOR OF TUEN MUN DISTRICT OFFICE, MR. VINCENT CHỤ, WHO CONDUCTED THE AUCTION AT THE ST. SIMON LUT MING CHOI SECONDARY SCHOOL IN TUEN MUN, INVITED AN OPENING BID OF $1.5 MILLION AND STEADY BIDDINGS QUICKLY FOLLOWED.

THE HAMMER FELL ON THE HIGHEST BID OF $2 MILLION ABOUT $93 PER SQUARE FOOT OR $1,000 PER SQUARE METRE OFFERED BY KIT LING ENTERPRISES LTD.

MR. CHU SAID AFTER THE AUCTION THAT THE SALE PRICE WAS SATISFACTORY.

+THE BIDDINGS AT TODAY'S AUCTION REFLECTED THE CONTINUING

INTEREST IN THE DEVELOPMENT OF THE NEW TOWN.

+THE HIGH LAND PRICE OFFERED BY THE SUCCESSFUL BIDDER ALSO INDICATED THE CONFIDENCE OF ENTREPRENEURS IN THE INVESTMENT PROSPECTS OF TUEN MUN.+

THE SITE CARRIES A BUILDING COVENANT OF $1 MILLION TO BE FULFILLED WITHIN THREE YEARS. UNDER THE CONDITIONS OF SALE, THE GROSS AREA OF THE SUPERMARKET OR RESTAURANT SHALL NOT BE LESS THAN 465 SQUARE METRES. BUILDINGS TO BE ERECTED ON THE SITE WILL BASICALLY BE RESTRICTED TO TWO STOREYS.

IN ADDITION, A BASEMENT MAY BE BUILT FOR THE PURPOSE OF STORAGE OF GOODS.

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