THURSDAY, APIL 19, 1985
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LAND AUCTION NETS $789M *****
FIVE LOTS OF LAND, INCLUDING THE PRIME SITE IN QUEENSWAY ON HONG KONG ISLAND, WERE SOLD FOR A TOTAL $789.4 MILLION AT TODAY'S (THURSDAY) AUCTION AT THE CITY HALL THEATRE.
THE 10 690-SQUARE-METRE QUEENSWAY SITE WITH AN UPSET PRICE OF $500 MILLION WAS BOUGHT BY SWIRE PROPERTIES LIMITED AT $703 MILLION.
THE DEVELOPER IS REQUIRED TO COMPLETE NOT LESS THAN 96 210 SQUARE METRES OF GROSS FLOOR AREA ON OR BEFORE JUNE 30, 1991.
THE OTHER FOUR SITES ARE IN SHA TIN, THREE OF THEM, NEAR SUI WO COURT ARE FOR PRIVATE RESIDENTIAL PURPOSES.
MEASURING ABOUT 11 710 SQUARE METRES, SHA TIN TOWN LOT NO. 194 WAS SOLD TO FAR EAST EMPIRE LIMITED AT $45.5 MILLION WHILE STTL NO. 225 OF 9 515 SQUARE METRES WAS BOUGHT BY FAR EAST EMPIRE LIMITED AT $27 MILLION.
THE THIRD SITE. KNOWN AS STTL NO. 252 AND MEASURING ABOUT 960 SQUARE METRES WAS SUCCESSFULLY BID BY MR KWAN CHUN AT $1.8 MILLION.
THE LAST LOT LOCATED AT A SITE OF 4 915 SQUARE METRES NEAR TO SIU LEK YUEN WAS SOLD TO KOON NGAI CO LTD AT $12.1 MILLION.
COMMENTING ON THE SALE, THE AUCTIONEER, GOVERNMENT LAND AGENT, MR JAMES HUGHES, SAID THAT THE PRICES ACHIEVED CONFIRMED THE STEADY STRENGTHENING OF THE MARKET OVER THE PAST SIX MONTHS WHICH HAD ALSO BEEN BORNE OUT BY THE NUMBER OF APPLICATIONS TO PUT SITES UP FOR SALE.
THE MAY 20 AUCTION, WHEN SEVEN SITES OF DIFFERENT TYPES WOULD BE OFFERED FOR AUCTION, WOULD PROVIDE A USEFUL POINTER TO THE FUTURE, HE SAID.
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