XN000022-1979-07-11 — Page 2

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WEDNESDAY, JULY 11, 1979

SAI KUNG INDUSTRIAL SITE FETCHES $10.95 MILLION ******

THE FIRST INDUSTRIAL SITE TO BE PUT UP FOR SALE IN SAI KUNG FETCHED $10.95 MILLION IN A PUBLIC AUCTION AT THE CITY HALL THEATRE TODAY (WEDNESDAY).

THE 1,719-SQUARE METRE SITE WHICH REALISED AN EQUIVALENT OF $6,370 PER SQUARE METRE, IS SITUATED IN TUI MIN HOI. IT WAS SOLD TO DEACONSFIELD ESTATE LTD.

THE SALE PRICE WAS MORE THAN THREE TIMES THE OPENING BID OF $2.8 MILLION.

THERE WERE AT LEAST SIX BIDDERS AT THE BEGINNING OF THE AUCTION BUT WHEN THE PRICE REACHED $7.2 MILLION, THE NUMBER NARROWED TO TWO.

THE WINNING OFFER FROM DEACONSFIELD ESTATE LTD., CAME AF TER A TOTAL OF 110 BIDS IN LESS THAN 20 MINUTES.

THE AUCTION WAS CONDUCTED BY MR. DAVID LAU, SENIOR ESTATE SURVEYOR OF THE SAI KUNG DISTRICT OFFICE.

HE SAID THE PRICE WAS HIGHER THAN EXPECTED AND SHOWED THAT THERE WAS A DEMAND FOR INDUSTRIAL LAND IN THE SAI KUNG DISTRICT.

+TUI MIN HO IS NOW AN INDUSTRIAL AREA WITH A GOOD ENVIRONMENT AND AN ADEQUATE POOL OF LABOUR, HE SAID.

+WITH THE CLEARWATER BAY ROAD BEING WIDENED TO A DUAL TWO-LANE CARRIAGEWAY, ACCESS TO THE AREA WILL BE CONVENIENT.+

MR. LAU POINTED OUT THAT THE SALE OF THE SITE WAS A WELCOME BOOST TO HONG KONG'S ECONOMY AND WOULD CERTAINLY ADD INTEREST TO TWO OTHER ADJACENT SITES WHICH WOULD BE PUT UP FOR SALE TO HOLDERS OF LAND EXCHANGE ENTITLEMENTS IN SEPTEMBER THIS YEAR.

EARLIER, A SITE IN CHEUNG SHA ON LANTAU ISLAND WAS SOLD FOR $1.79 MILLION TO CHUNG NGAI ENTERPRISE COMPANY LTD.

MR. LAU NOTED THAT HE WAS VERY PLEASED WITH THE RESULT AS IT SHOWED STABILITY OF LAND PRICES IN THE AREA WHICH IS ALSO REGARDED AS IDEAL FOR HIGH QUALITY HOUSING DEVELOPMENT.

THE 960-SQUARE METRE LOT, FRONTING SOUTH LANTAU ROAD, IS EARMARKED FOR TWO-STOREY PRIVATE RESIDENTIAL DEVELOPMENT.

IT COMMANDS AN EXCELLENT VIEW OF THE SEA AND IS ONLY A FEW MINUTES' WALK FROM THE CHEUNG SHA BEACH.

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