XN000022-1980-03-11 — Page 5

TUESDAY, MARCH 11, 1980

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SIX NT SITES SOLD FOR $56.9 MILLION

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A TOTAL OF $56.9 MILLION WAS PAID FOR SIX NEW TERRITORIES SITES WHEN THEY WERE AUCTIONED AT THE CITY HALL THIS (TUESDAY) MORNING.

FOUR OF THE SITES WERE IN SAI KUNG DISTRICT, ONE ON CHEUNG CHAU AND THE REMAINING SITE ON LANTAU,

THE HIGHEST PRICE PAID WAS $22.8 MILLION FOR A 3 231 SQUARE METRE SITE AT TUI MIN HOI, SAI KUNG, TO BE DEVELOPED FOR INDUSTRIAL/GODOWN PURPOSES. THIS REPRESENTS A PRICE OF $7 057 PER SQUARE METRE. THERE IS A REQUIREMENT FOR THE DEVELOPER TO PROVIDE SMALL FACTORY UNITS OF 75 SQUARE METRES EACH.

ANOTHER INDUSTRIAL SITE AT TUI MIN HOI MEASURING 2 638 SQUARE METRES WENT FOR $17.2 MILLION ($6 520 PER SQUARE METRE).

A SITE FOR A SUPERMARKET AT RAZOR HILL, CLEARWATER BAY, MEASURING 800 SQUARE METRES, REALISED $5.6 MILLION ($7 000 PER SQUARE METRE).

A RESIDENTIAL DEVELOPMENT SITE AT TAI MONG TSAI, SAJ KUNG MEASURING 2 420 SQUARE METRES WAS SOLD FOR $4.2 MILLION ($1 736 PER SQUARE METRE). DEVELOPMENT OF THE SITE IS LIMITED TO TWO-STOREYS.

THE FIRST SITE TO BE SOLD ON CHEUNG CHAU SINCE NOVEMBER, 1973, REALISED $5.3 MILLION ($1 677 PER SQUARE METRE). THE SITE, MEASURING 3 160 SQUARE METRES, IS FOR LOW DENSITY RESIDENTIAL DEVELOPMENT RESTRICTED TO TWO STOREYS. THE PLOT RATIO WILL BE ONLY 0.6.

A SITE FOR RESIDENTIAL DEVELOPMENT AT CHEUNG SHA, LANTAU WITHIN WALKING DISTANCE OF THE BEACH WAS SOLD FOR $1.8 MILLION ($2 105 PER SQUARE METRE). IT MEASURES 855 SQUARE METRES AND WILL BE DEVELOPED AS VILLA TYPE HOUSING.

THE AUCTIONEER WAS A CHIEF ESTATE SURVEYOR OF THE NEW TERRITORIES ADMINISTRATION, MR NIGEL BURLEY, WHO DESCRIBED THE RESULTS OF THE AUCTION AS MOST ENCOURAGING+,

+THESE ARE RECORD PRICES AND REFLECT THE CONTINUOUS DEMAND

FOR LAND IN THE NEW TERRITORIES DISTRICT, HE SAID.

THE AUCTION OF THE SIX SITES TOOK ABOUT ONE AND THREE QUARTER HOURS TO COMPLETE.

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