XN000022-1978-06-27 — Page 4

TUESDAY, JUNE 27, 1978

LANTAU RESIDENTIAL SITES SOLD AT RECORD PRICES

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MORE THAN 500 PEOPLE PACKED THE ISLANDS DISTRICT OFFICE TODAY (TUESDAY) TO SEE THREE RESIDENTIAL SITES ON LANTAU ISLAND SOLD AT RECORD PRICES FOR THE AREA AT A PUBLIC AUCTION.

THE LOTS IN CHEUNG SHA WERE SOLD FOR $3.55 MILLION, $1.4 MILLION AND $1.5 MILLION — MORE THAN FIVE TIMES THEIR OPENING BID.

THE THREE LOTS WHICH ARE AMONG THE LAST OF 14 IN THE LAYOUT NEAR THE SOUTH LANTAU HOSPITAL ARE FOR TWO-STOREY PRIVATE HOUSING DEVELOPMENT.

THE FIRST SITE OF 3,317 SQUARE METRES REALISED THE EQUIVALENT OF $99 PER SQUARE FOOT AND THE SUCCESSFUL BIDDER WAS SUPER FLIGHT LAND INVESTMENT LIMITED.

THE SECOND LOT OF 1,068 SQUARE METRES REALISED $122 PER SQUARE FOOT WHILE THE THIRD OF 1,133 SQUARE METRES REALISED $123 PER SQUARE FOOT. THE SUCCESSFUL BIDDER FOR THESE TWO LOTS WAS FONWAY INVESTMENT COMPANY LIMITED.

THE AUCTION WAS CONDUCTED BY THE CHIEF ESTATE SURVEYOR (DISTRICTS) OF THE NEW TERRITORIES ADMINISTRATION, MR. DUNCAN SCOTT- WILL WHO DESCRIBED THE RESULT AS +VERY SATISFACTORY+,

+THE BIDDING WAS VERY KEEN AND PRICES WERE APPRECIATEDLY HIGHER THAN WE EXPECTED.

+THERE WERE AT LEAST FOUR MAIN BIDDERS FOR EACH LOT.

$700,000 FOR THE

+IT DIDN'T TAKE LONG TO SEND THE OPENING BID FIRST LOT AND $250,000 EACH FOR THE REMAINING TWO — TO INCREASE MORE THAN FIVE TIMES.+

MR. SCOTT-WILL SAID THE LAST RESIDENTIAL LAND AUCTION AT CHEUNG SHA TWO YEARS AGO HAD REALISED ONLY $18 PER SQUARE FOOT.

HE ADDED THAT TODAY'S AUCTION REFLECTED THE INCREASING INTEREST BY DEVELOPERS IN THE GOVERNMENT'S PROPOSED DEVELOPMENT PROJECTS TO IMPROVE CONDITIONS ON LANTAU.

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