XN000022-1985-02-04 — Page 2

MONDAY, FEBRUARY 4, 1985

FIRST LAND AUCTION NETS $109.55 M

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FIVE LOTS OF LAND WERE SOLD FOR $109.55 MILLION AT THE FIRST PUBLIC LAND AUCTION OF THE YEAR HELD AT A CENTRAL HOTEL TODAY (MONDAY).

THE FIRST SITE, WITH AN UPSET PRICE OF $30 MILLION, IS AT 547-555 NATHAN ROAD. IT WAS BOUGHT BY STAR JET PROGRESS" (HK) LIMITED AT $45 MILLION.

THE 690-SQUARE-METRE SITE IS FOR NON-INDUSTRIAL EXCLUDING GODOWN PURPOSES.

THE DEVELOPER WILL HAVE TO COMPLETE NOT LESS THAN 3 900 SQUARE METRES OF GROSS FLOOR AREA ON THE SITE BEFORE MARCH 31, 1989. THE BUILDING HEIGHT RESTRICTION IS 91.44 METRES.

THE DEVELOPER IS ALSO REQUIRED TO DEMOLISH THE EXISTING STRUCTURE ON THE SITE AT HIS OWN EXPENSE WITHIN SIX MONTHS.

THE SECOND SITE, AT THE JUNCTION OF ABERDEEN MAIN ROAD AND CHENGTU ROAD, WAS SOLD FOR $27 MILLION, IT WAS BOUGHT BY LAI SUN GARMENT CO. LTD.

IT IS A NON-INDUSTRIAL EXCLUDING GODOWN SITE WITH AN AREA OF ABOUT 537 SQUARE METRES.

THE UPSET PRICE FOR IT WAS $15 MILLION.

THE THIRD LOT, ON WHICH THERE IS A BUILDING HEIGHT RESTRICTION OF 45.72 METRES, IS AT YEE KUK STREET, KOWLOON.

IT WAS SOLD TO PAO HONG CO. LTD. FOR $30 MILLION.

THE LOWEST THREE LEVELS OF THE DEVELOPMENT (INCLUDING ANY BASEMENT LEVEL OR LEVELS) ARE FOR NON-INDUSTRIAL EXCLUDING HOTEL AND GODOWN USES, AND THE REMAINING UPPER LEVELS ARE FOR PRIVATE RESIDENTIAL PURPOSES.

UNDER THE SALES CONDITIONS, THE PURCHASER IS REQUIRED TO COMPLETE NOT LESS THAN 5 200 SQUARE METRES OF GROSS FLOOR AREA ON THE 1 278-SQUARE-METRE SITE BEFORE MARCH 31, 1988.

A LOT FOR INDUSTRIAL AND-OR GODOWN PURPOSES AT SHA TIN WAS SOLD FOR $6 MILLION TO LOTFUL COMPANY LIMITED.

THE PURCHASER IS REQUIRED TO COMPLETE NOT LESS THAN 8 051 SQUARE METRES OF GROSS FLOOR AREA ON THE 3 834-SQUARE-METRE SITE IN SIU LEK YUEN ROAD BEFORE MARCH 31, 1989.

THE LAST SITE, WHICH IS ALSO AT SHA TIN, WAS BOUGHT BY CHENG KUNG SZE AND COMPANY LIMITED AT $1.55 MILLION.

THE 1 875 SQUARE METRE SITE AT SUI WO ROAD IS TO BE USED FOR LOW DENSITY RESIDENTIAL DEVELOPMENT.

COMMENTING ON THE SALE, THE AUCTIONEER, GOVERNMENT LAND AGENT, MR ROBERT POPE, SAID THE RESULTS WERE VERY GOOD AND PROVED THAT THERE WAS TREMENDOUS CONFIDENCE IN THE FUTURE OF HONG KONG.

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