WEDNESDAY, FEBRUARY 26, 1986
10
RESIDENTIAL SITE FETCHES $42 MILLION
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A RESIDENTIAL SITE IN WATERLOO ROAD, KOWLOON, WAS RE-SOLD AT AN AUCTION TODAY (WEDNESDAY) FOR $42 MILLION.
THE 1 635-SQUARE-METRE SITE WAS BOUGHT BY LAI SUN GARMENTS, ONE OF FOUR ACTIVE BIDDERS AT THE AUCTION. BIDDING STARTED AT $35 MILLION AND WENT UP IN $1 MILLION BIDS.
THE SITE WAS ORIGINALLY SOLD AT AN AUCTION IN NOVEMBER LAST YEAR TO WORLD WIDE EXHIBITION CO. LTD. WHO BID $60 MILLION BUT LATER FAILED TO 60 THROUGH WITH THE TRANSACTION.
TODAY'S AUCTIONEER, MR NIGEL BURLEY, SAID HE WAS HAPPY WITH THE PRICE OF $42 MILLION. IT WAS ABOUT WHAT WE EXPECTED. THE PRICE AT THE LAST SALE WAS OBVIOUSLY TOO HIGH, HE SAID.
+I DON'T VIEW THE PRICE AS A LOSS ON THE LAST SALE AS THE LAST TRANSACTION DID NOT GO THROUGH.+
THE BUYERS WILL HAVE TO DEVELOP THE SITE TO A MINIMUM OF 4 400 SQUARE METRES BEFORE THE END OF DECEMBER 1989.
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TENANCIES SOUGHT FOR THREE SITES
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TENDERS ARE BEING INVITED FOR SHORT TERM TENANCIES OF THREE SITES TWO IN KOWLOON AND ONE IN THE NEW TERRITORIES.
ONE OF THE KOWLOON SITES IS AT THE JUNCTION OF HONG NING
ROAD AND KUNG LOK ROAD IN KWUN TONG.
MEASURING ABOUT 1 980 SQUARE METRES, THE SITE IS TO BE USED AS A FEE-PAYING PARKING AREA FOR VEHICLES WITH THE EXCEPTION OF CONTAINERS.
THE OTHER LOT OF ABOUT 750 SQUARE METRES AT YUET LUN STREET, LAI CHI KOK, IS FOR OPEN STORAGE PURPOSES.
TENANCY FOR THE KWUN TONG SITE IS FOR ONE YEAR AND RENEWABLE QUARTERLY AFTERWARDS WHILE FOR THE LAI CHI KOK ONE IT IS TWO YEARS, ALSO RENEWABLE QUARTERLY AFTERWARDS.
THE NEW TERRITORIES SITE IS AT SAI KUNG TUK AND IS FOR VEHICLE PARKING, VEHICLE REPAIRING AND OPEN STORAGE PURPOSES.
/THE 1 719-SQUARE-VETRE
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