XN000022-1978-10-13 — Page 5

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FRIDAY, OCTOBER 13, 1978

TUEN MUN COMMERCIAL SITE FOR AUCTION

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THE GOVERNMENT WILL AUCTION THE FIRST COMMERCIAL SITE IN THE FAST-GROWING TUEN MUN NEW TOWN AT THE END OF THIS MONTH.

THE AUCTION WILL BE HELD AT THE ST. SIMON LUI MING CHOI SECONDARY SCHOOL IN TUEN MUN ON OCTOBER 31, STARTING AT 2.30 P.M. A LARGE INDUSTRIAL SITE, MEASURING 4,971 SQUARE METRES WILL ALSO BE SOLD AT THE SAME AUCTION.

THE ESTATE SURVEYOR OF TUEN MUN DISTRICT OFFICE, MR. JOHN DILLEY, SAID TODAY (FRIDAY): +THE COMMERCIAL SITE OF NEARLY 700 SQUARE METRES IS VERY ATTRACTIVE AND IS SITUATED WITHIN 15 MINUTES WALKING DISTANCE FROM THE TOWN CENTRE.

+ IT IS SPECIALLY DESIGNATED FOR MULTI-STOREY COMMERCIAL DEVELOPMENT AND ITS CONDITIONS OF SALE WOULD ALLOW FOR THE WIDE VAR IETY OF COMMERCIAL USES SUCH AS A RESTAURANT, SHOPS AND BANK ING PREMISES ON THE LOWER FLOORS AND OFFICE SPACES ON THE UPPER FLOORS.+

MR. DILLEY ADDED THAT THE AUCTION OF THE SITE IS AIMED AT DEVELOPING TUEN MUN INTO A SELF-CONTAINED AND MODERN NEW TOWN FOR 500,000 PEOPLE BY 1985.

THE SITE WITH AN AREA OF 693.1 SQUARE METRES CARRIES A BUILDING COVENANT OF $1.5 MILLION TO BE FULFILLED WITHIN 36 CALENDAR MONTHS.

COMMENTING ON THE INDUSTRIAL SITE, HE SAID, IT WAS AN EXTENSION OF EXISTING INDUSTRIAL AREA IN TUEN MUN SAN HUT. IT CARRIES A BUILDING COVENANT OF $8 MILLION TO BE FULFILLED WITHIN 40 CALENDAR MONTHS.

MR. DILLEY SAID HE EXPECTED KEEN BIDDING FOR THE TWO PRIME SITES AT THE AUCTION JUDGING BY THE LARGE NUMBER OF INQUIRIES RECEIVED AT THE NEW TERRITORIES ADMINISTRATION AND ITS DISTRICT OFFICES.

HE SAID THE LAST INDUSTRIAL SITE AUCTION IN THE NEW TOWN ON JULY 18 THIS YEAR HAD REALISED $15.2 MILLION FOR THE AREA -- MORE THAN TWICE ITS OPENING BID OF $7 MILLION, THE 2,702 SQUARE METRE SITE REALISED THE EQUIVALENT OF $522 PER SQUARE FOOT.

A TOTAL OF 20 NEW FACTORY BUILDINGS HAVE BEEN COMPLETED IN TUEN MUN NEW TOWN AND ANOTHER 21 ARE CURRENTLY BEING BUILT.

CONSTRUCTION WORK ON ANOTHER FOUR SITES WILL COMMENCE IN THE NEXT FEW MONTHS, HE ADDED.

+ INDUSTRIALISTS HAVE SHOWN A VERY KEEN INTEREST IN TUEN MUN AND THERE WILL BE A CONTINUING SUPPLY OF INDUSTRIAL LAND IN TUEN MUN IN THE NEXT FEW YEARS,+ MR. DILLEY SAID.

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