XN000022-1978-12-19 — Page 6

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TUESDAY, DECEMBER 19, 1978

SHA TIN INDUSTRIAL SITE SOLD FOR $50.2 MILLION

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TWO ADJOINING INDUSTRIAL SITES AT FO TAN IN SHA TIN NEW TOWN WERE SOLD TODAY (TUESDAY) FOR A TOTAL OF $50.2 MILLION AT A PUBLIC AUCTION.

ONE SITE OF 2,966 SQ. METRES FETCHED $25.6 MILLION AND THE SECOND SITE OF 2,821 SQ. METRES WAS KNOCKED DOWN FOR $24.6 MILLION,

BOTH WERE PURCHASED BY SHUI KAI CO. LTD. AFTER COMPETITIVE BIDDING AT THE AUCTION HELD IN THE SHA TIN GOVERNMENT SECONDARY SCHOOL.

THE LARGER SITE REALISED $8,631 PER SQ. METRE AND THE SECOND SITE, $8,720 PER SQ. METRE, ONLY MARGINALLY LOWER THAN THE NEW TERRITORIES RECORD PRICE PAID FOR A SITE IN THE SAME AREA LAST (NOVEMBER) MONTH.

HOWEVER, THE SENIOR ESTATE SURVEYOR OF THE SHA TIN DISTRICT OFFICE, MR. ROGER THOMPSON SAID THE PRICES PAID AT TODAY'S AUCTION WERE IN LINE WITH THE SPECIAL CONDITIONS ATTACHED TO THE SITES.

+BOTH LOTS HAVE PROVISIONS FOR AT LEAST TWO FLOORS WITH HIGH CEILING CLEARANCES AND HEAVIER FLOOR LOADING CAPACITY, + MR. THOMPSON SAID.

+THESE CONDITIONS WOULD ADD TO THE COST OF DEVELOPMENT AND THE BIDDERS WOULD HAVE TAKEN THIS INTO CONSIDERATION.

MR. THOMPSON ADDED THAT THE CONDITIONS WOULD ALLOW FOR THE DEVELOPMENT OF THE TWO SITES AS A WHOLE.

+THE CONDITIONS WERE INCLUDED TO ALLOW A DIVERSITY OF INDUSTRIAL DEVELOPMENT AND THE BUILDINGS, WHEN COMPLETED, WILL BE ABLE TO ACCOMMODATE INDUSTRIES, SUCH AS ŠILK WEAVING, WHICH NORMALLY FIND IT DIFFICULT TO OPERATE IN REGULAR HIGH-RISE INDUSTRIAL BUILDINGS.

+TAKING INTO ACCOUNT THE SPECIAL CONDITIONS AND GENERAL MARKET CONSIDERATIONS, THE PRICES REFLECTED A CONTINUING AND STABLE MARKET FOR INDUSTRIAL LAND IN THE NEW TOWN,+ HE SAID.

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