XN000022-1987-05-29 — Page 6

FRIDAY, MAY 29, 1987

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THREE GOVERNMENT SITES SOLD FOR $968 MILLION

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THREE PIECES OF GOVERNMENT LAND ON HONG KONG ISLAND WERE SOLD FOR A TOTAL OF $968 MILLION AT AN AUCTION TODAY (FRIDAY).

ATTRACTING MOST INTEREST FROM BUYERS AND ALSO FETCHING THE HIGHEST PRICE WAS A PRIME SITE AT DES VOEUX ROAD CENTRAL. IT WAS SOLD TO HANG SENG BANK LIMITED FOR $840 MILLION. BIDDING OPENED AT $480 MILLION.

THE SITE, FORMERLY OCCUPIED BY THE CENTRAL FIRE SERVICES HEADQUARTERS BUILDING, IS FOR NON-INDUSTRIAL DEVELOPMENT, INCLUDING A HOTEL.

HOWEVER, GODOWNS, RESIDENTIAL BLOCKS AND CARPARKS WILL NOT BE PERMITTED ON THE 2 098-SQUARE-METRE SITE.

UNDER THE BUILDING COVENANT, THE BUYER HAS TO PRODUCE AT LEAST 18 800 SQUARE METRES OF GROSS FLOOR AREA BEFORE DECEMBER 31, 1991.

TWO INDUSTRIAL LOTS WERE ALSO SOLD BY THE BUILDINGS AND LANDS DEPARTMENT AT THE SAME AUCTION.

ONE IS AT KA YIP STREET, CHAI WAN, AND MEASURES ABOUT 3 200 SQUARE METRES. IT WAS PURCHASED BY MINBASE LIMITED AT $83 MILLION,

THE BUYER IS REQUIRED TO COMPLETE NOT LESS THAN 23 000 SQUARE METRES OF GROSS FLOOR AREA ON THE SITE BEFORE JUNE 30, 1991.

THERE IS A HEIGHT RESTRICTION OF 113.4 METRES ON THE SITE.

THE OTHER SITE, COVERING AN AREA OF 1 057 SQUARE METRES, IS AT KING'S ROAD, QUARRY BAY. BIDDING OPENED AT $16 MILLION AND IT WAS FINALLY SOLD FOR $45 MILLION.

IT IS STIPULATED IN THE LEASE TERMS THAT THE BUYER HONG KONG TOBACCO COMPANY LIMITED HAS TO DEVELOP NOT LESS THAN 6 000 SQUARE METRES OF GROSS FLOOR AREA BY JUNE 30, 1991.

THE HEIGHT RESTRICTION ON THE SITE IS 85.34 METRES.

IT IS STATED IN THE LEASE CONDITIONS FOR BOTH SITES THAT THEY CAN BE USED AS GODOWNS, BUT NOT FOR OFFENSIVE TRADES.

COMMENTING ON THE RESULT OF THE AUCTION, GOVERNMENT LAND AGENT, MR TIM MILLS, SAID THE PRICES WERE +EXTREMELY GOOD.+

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