XN000022-1982-01-12 — Page 3

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TUESDAY, JANUARY 12, 1982

NT SITES WITHDRAWN FROM AUCTION

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FOUR OF SEVEN NEW TERRITORIES SITES OFFERED FOR SALE AT A GOVERNMENT AUCTION THIS MORNING (TUESDAY) WERE WITHDRAWN WHEN THERE WERE NO BIDS.

THEY ARE AT TSING YI, TUEN MUN, SAI KUNG AND CHEUNG SHA, LANTAU.

THE TSING YI SITE, MEASURING 2 550 SQUARE METRES, WAS FOR INDUSTRIAL/GODOWN DEVELOPMENT. THE BUILDING COVENANT WAS $18.6 MILLION TO BE COMPLETED IN FOUR YEARS AND THE PLOT RATIO 9.5. THE GOVERNMENT LAND AGENT, MR C.M. MO, WHO CONDUCTED THE AUCTION, ASKED FOR AN OPENING BID OF $15.5 MILLION.

THE TUEN MUN SITE, ALSO FOR INDUSTRIAL/GODOWN DEVELOPMENT, MEASURED 3 038 SQUARE METRES. THE SITE HAD A FOUR-YEAR BUILDING COVENANT OF $28.62 MILLION AND A 9.5 PLOT RATIO. MR MO ASKED FOR AN OPENING BID OF $14 MILLION,

THE SAI KUNG SITE, FOR PRIVATE RESIDENTIAL DEVELOPMENT, WAS WITHDRAWN WHEN THERE WERE NO BIDS AT THE ASKED-FOR OPENING PRICE OF $15 MILLION. THIS SITE, MEASURING 6 D50 SQUARE METRES, HAD A FOUR-YEAR BUILDING COVENANT OF $10 MILLION AND A PLOT RATIO OF 0.75.

THE LAST SITE TO BE WITHDRAWN WAS AT CHEUNG SHA, LANTAU, AND WAS ALSO FOR PRIVATE RESIDENTIAL DEVELOPMENT. MEASURING 4 628 SQUARE METRES, IT HAD A $3 MILLION BUILDING COVENANT TO BE COMPLETED BEFORE MARCH 31, 1985. THE AUCTIONEER HAD ASKED FOR AN OPENING BID OF $5 MILLION.

THE THREE SITES SOLD REALISED A TOTAL OF $50.9 MILLION.

THE HIGHEST PRICE PAID WAS $25 MILLION FOR A 5 351-SQUARE- METRE SITE IN SHA TIN FOR DEVELOPMENT AS A PUBLIC LORRY PARK AND GODOWN, EXCLUDING THE STORAGE OF DANGEROUS GOODS. THE PURCHASER WAS WELLO ENTERPRISES LIMITED, WHO ARE REQUIRED TO MEET A $48.8-MILLION BUILDING COVENANT WITHIN FOUR YEARS. THE PLOT RATIO ON THIS SITE IS 9.5. THE PRICE PAID WAS THE OPENING BID.

A PRICE OF $4 504.5 PER SQUARE METRE WAS PAID FOR A SITE AT TUEN MUN WHICH IS FOR INDUSTRIAL/GODOWN DEVELOPMENT. THE PURCHASER WAS SURE ACHIEVE LIMITED, WHO ALSO PAID THE OPENING PRICE - $20 MILLION FOR THE SITE WHICH HAS A FOUR-YEAR BUILDING COVENANT OF $40.49 MILLION. THE PLOT RATIO ON THE 4 440-SQUARE-METRE LOT IS ALSO 9.5.

THE ONLY SITE TO ATTRACT ANY REAL BIDDING WAS AN INDUSTRIAL, GODOWN LOT AT YUEN LONG MEASURING 1 659 SQUARE METRES. FROM AN OPENING BID OF $4 MILLION, THE SITE WAS EVENTUALLY SOLD TO E. WAH LAND LIMITED FOR $5.9 MILLION ($3 556.4 PER SQUARE METRE). THE SITE HAS A PLOT RATIO OF 5 AND A BUILDING COVENANT OF $7.96 MILLION TO BE COMPLETED IN FOUR YEARS.

THE AUCTION WAS HELD AT THE CITY HALL THEATRE.

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