XN000022-1984-11-28 — Page 3

WEDNESDAY, NOVEMBER 28, 1984

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TSIM SHA TSUI EAST SITE SOLD FOR $190 M

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HUNDREDS OF PEOPLE TODAY (WEDNESDAY) TURNED UP FOR THE AUCTION OF THE REMAINING SITE IN THE PRIME LOCATION OF TSIM SHA TSUI EAST WHICH WAS SOLD FOR $190 MILLION.

BIDDING WAS HECTIC FOR THE 2 850-SQUARE METRE SITE DURING THE AUCTION AT A CENTRAL HOTEL, WITH THE UPSET PRICE SET AT $100 MILLION.

THE SITE WAS BOUGHT BY QUINNOLEX LIMITED AT $66 666 PER SQUARE METRE.

IT HAS A BUILDING HEIGHT RESTRICTION OF 51.82 METRES.

THE BUYER OF THE SITE, WHICH IS FOR NON-INDUSTRIAL DEVELOPMENT, INCLUDING A HOTEL, HAS THE OPTION TO PAY THE PREMIUM IN THE FORM OF MONETISED LAND EXCHANGE ENTITLEMENTS (LETTERS A/B).

UNDER THE SALES CONDITIONS, THE DEVELOPER HAS TO COMPLETE AT LEAST 13 500 SQUARE METRES OF GROSS FLOOR AREA ON THE SCIENCE MUSEUM ROAD SITE BEFORE DECEMBER 31, 1988.

ANOTHER SITE AT KOWLOON BAY RECLAMATION WAS KEENLY BID BETWEEN MR LI KAR-SHING AND ANOTHER BUYER.

THE SITE, MEASURING 2 058 SQUARE METRES, WAS EVENTUALLY BOUGHT BY MR LI AT $30 MILLION - AN INCREASE OF 200 PER CENT OVER THE OPENING PRICE OF $10 MILLION.

DURING THE 20 MINUTE CONTEST, THE TWO BIDDERS RAISED THEIR HANDS FOR A TOTAL OF 53 TIMES.

ALTHOUGH EACH INCREASE WAS SET AT $100 000, MR LI RAISED THE SET INCREASE TO ALMOST $1 MILLION ON AT LEAST 10 OCCASIONS.

THE SITE IS TO BE USED FOR STORAGE, DISTRIBUTION AND SALE OF CEMENT, SAND AND OTHER SIMILAR BUILDING MATERIALS AS WELL AS FOR CONCRETE OR ASPHALT BATCHING.

THE THIRD SITE, AT SHA TIN, MEASURING 2 200 SQUARE METRES, WAS SOLD TO THE BANK OF CHINA (HONG KONG BRANCH) FOR $3.85 MILLION.

THE SITE IS AT THE JUNCTION OF WONG CHUK YEUNG STREET AND KWEI TEI STREET IN FO TAN.

THE DEVELOPER OF THE SITE, WHICH IS FOR INDUSTRIAL AND GODOWN DEVELOPMENT OR FOR THE CONSTRUCTION OF A DATA PROCESSING CENTRE, ALSO HAS THE OPTION TO PAY THE PREMIUM IN THE FORM OF MONETISED LAND EXCHANGE ENTITLEMENTS (LETTERS A/B).

COMMENTING ON THE SALE, THE AUCTIONEER, GOVERNMENT LAND AGENT, MR ROBERT POPE, SAID THE RESULTS OF THIS AFTERNOON'S AUCTION WERE EXTREMELY GOOD AND SHOWED THAT THERE WAS INCREASED CONFIDENCE IN PROPERTY DEVELOPMENT IN HONG KONG.

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