XN000022-1985-01-05 — Page 2

SATURDAY, JANUARY 5, 1985

FERRY TERMINAL SITE FETCHES $389.9 MILLION

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THE GOVERNMENT HAS ACCEPTED A PRICE OF $389.9 MILLION FOR THE HONG KONG-CHINA FERRY TERMINAL SITE IN CANTON ROAD, TSIM SHA TSUL.

A SPOKESMAN FOR THE LANDS DEPARTMENT SAID TODAY THAT THE SUCCESSFUL TENDERER FOR THE SITE, ALSO KNOWN AS KIL 10743, WAS MILLION SUCCESS LTD.

HE SAID THE DEPARTMENT WAS VERY SATISFIED WITH THE TENDER PRICE RECEIVED.

+THIS CONFIRMS OUR VIEW THAT PROPERTY DEVELOPERS IN HONG KONG ARE AGAIN WILLING TO INVEST SUBSTANTIAL SUMS IN THE PURCHASE AND DEVELOPMENT OF LAND, AND A BETTER RESPONSE FROM DEVELOPERS IN FUTURE LAND SALES CAN BE EXPECTED, + HE SAID.

HE SAID FOUR COMPETITIVE TENDERS FOR THE SITE WERE SUBMITTED ON THE CLOSING DATE - DECEMBER 21 - AND THE MILLION SUCCESS LTD.'S BID WAS THE HIGHEST.

THE 2.44-HECTARE SITE, INCLUDING 9 000 SQUARE METRES OF SEABED, ON WHICH THERE IS AN AIRPORT HEIGHT RESTRICTION OF 60.96 METRES, IS FOR NON-INDUSTRIAL DEVELOPMENT WHICH MAY INCLUDE A HOTEL.

THE PURCHASER WILL BE REQUIRED TO BUILD FOR THE GOVERNMENT A FERRY TERMINAL, INCLUDING A PIER, FOR THE HONG KONG-CHINA VESSEL PASSENGER SERVICES WITH COMPLETION NOT LATER THAN DECEMBER 31, 1987.

THE GOVERNMENT WILL PAY THE PURCHASER THE CONSTRUCTION COST OF THE TERMINAL ACCORDING TO THE WORK COMPLETED IN STAGES, AND THE TOTAL AMOUNT OF WHICH WILL NOT EXCEED $207.5 MILLION.

IN ADDITION, THE PURCHASER WILL BE REQUIRED TO COMPLETE A NON-INDUSTRIAL DEVELOPMENT OF AT LEAST 41 000 SQUARE METRES IN GROSS FLOOR AREA ABOVE THE PODIUM BY THE END OF 1989.

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