XN000022-1978-08-04 — Page 2

FRIDAY, AUGUST 4, 1978

ADMIRALTY STATION SITE SOLD FOR $585 MILLION

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A BUILDING SITE OF 3,983 SQUARE METRES ADJACENT TO THE MASS TRANSIT ADMIRALTY STATION ON HONG KONG ISLAND WAS SOLD AT AN AUCTION TODAY FOR $585 MILLION.

THE SALE PRICE IS EQUIVALENT TO $146,874.21 PER SQUARE METRE. THE PURCHASER WAS LIPAK INVESTMENT COMPANY LIMITED.

THE SITE IS FOR NON-INDUSTRIAL PURPOSES, EXCLUDING HOTELS.

A SPECIAL PROVISION IN THE SALE CONDITIONS IS THAT THE PURCHASER WILL BUILD ON THE GROUND FLOOR A BUS TERMINUS TO BE COMPLETED BY MARCH 31, 1980 TO COINCIDE WITH THE OPENING OF THE ADMIRALTY STATION WHICH THE BUS TERMINUS WILL SERVE.

THE SITE WAS ONE OF THE FOUR LOTS OF CROWN LAND OFFERED FOR AUCTION IN THE CITY HALL THEATRE BY THE P.W.D.'S CROWN LANDS AND SURVEY OFFICE.

A SITE OF 1,797 SQUARE METRES AT SA PO ROAD, NEW KOWLOON, WAS SOLD FOR $51 MILLION TO CHIU TICK INVESTMENTS LTD. THE REALISED PRICE IS EQUIVALENT TO $28,380.63 PER SQUARE METRE. THE SITE IS FOR NON-INDUSTRIAL PURPOSES, AND MUST BE DEVELOPED BEFORE SEPTEMBER 30, 1982.

ANOTHER SITE AT KAM SHING ROAD, NEW KOWLOON, WAS PURCHASED BY PAK SHUI HON LTD. FOR $33 MILLION, $15,306.12 PER SQUARE METRE FOR THE 2,156 SQUARE METRE SITE.

THIS SITE, FOR NON-INDUSTRIAL PURPOSES, MUST ALSO BE DEVELOPED BEFORE SEPTEMBER 30, 1982.

THE FOURTH, A 66.6 SQUARE METRE LOT AT 21 PORTLAND STREET, WAS SOLD TO CATHAY REALTY AND PROPERTY LTD. FOR $1,050,000, $15,765.77 PER SQUARE METRE.

THIS SITE MUST BE DEVELOPED WITHIN 36 MONTHS AFTER VACANT POSSESSION OF THE EXISTING BUILDING HAS BEEN OBTAINED.

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