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GOVT LAND SOLD FOR $303.5M
FRIDAY, MARCH 23, 1990
FOUR PIECES OF GOVERNMENT LAND WERE SOLD FOR A TOTAL OF $303.5 MILLION BY THE BUILDINGS AND LANDS DEPARTMENT AT THE LAST PUBLIC AUCTION IN THE CURRENT FINANCIAL YEAR TODAY (FRIDAY).
TOPPING THE LIST IS A LOT AT ON LAI STREET IN SHA TIN, WHICH WAS BOUGHT BY CHINA LIGHT AND POWER COMPANY LIMITED FOR $145 MILLION. BIDDING OPENED AT $65 MILLION.
THE LOT IS FOR INDUSTRIAL AND/OR GODOWN, EXCLUDING OFFENSIVE TRADE, PURPOSES. IT HAS AN AREA OF ABOUT 3,380 SQUARE METRES.
THE DEVELOPER HAS TO COMPLETE A GROSS FLOOR AREA OF NOT LESS THAN 19,266 SQUARE METRES ON OR BEFORE MARCH 31, 1994.
THE SECOND LOT IS IN AREA 2A, TUEN
MUN, WHICH IS DESIGNATED
FOR NON-INDUSTRIAL, EXCLUDING GODOWN, PURPOSES.
IT WAS SOLD TO PEONY CITY DEVELOPMENT LIMITED FOR $117 MILLION. BIDDING OPENED AT $90 MILLION.
THE BUILDING COVENANT STIPULATES THAT THE PLOT RATIO SHOULD BE 9.5/5 AND THE MAXIMUM SITE COVERAGE 66.6 PER CENT. A BUILDING OR BUILDINGS AT THE 4,949-SQUARE-METRE SITE HAVE ΤΟ BE COMPLETED BY MARCH 31, 1994.
THE THIRD LOT, WHICH IS DESIGNATED FOR PRIVATE RESIDENTIAL PURPOSES, IS AT RAZOR HILL ROAD IN SAI KUNG AND HAS AN AREA OF ABOUT 4,575 SQUARE METRES.
BIDDING OPENED AT $14 MILLION AND THE LOT WAS BOUGHT BY WAH WEN DEVELOPMENT COMPANY LIMITED FOR $31 MILLION.
ACCORDING TO THE BUILDING COVENANT, THE DEVELOPER IS REQUIRED TO COMPLETE A GROSS FLOOR AREA OF NOT LESS THAN 2,058 METRES ON OR BEFORE MARCH 31, 1994.
THE FOURTH LOT IS A PRIVATE RESIDENTIAL LOT LOCATED IN SHA НА IN SAI KUNG.
BIDDING OPENED AT $5 MILLION AND THE LOT WAS BOUGHT BY TRUE MANNER LIMITED FOR $10.5 MILLION.
THE LOT COVERS AN AREA OF 1,860 SQUARE METRES, AND THE DEVELOPER HAS TO COMPLETE A GROSS FLOOR AREA OF NOT LESS THAN 670 SQUARE METRES ON OR BEFORE MARCH 31, 1993.
THE AUCTION, HELD AT THE CITY HALL THEATRE, THE ACTING GOVERNMENT LAND AGENT, MR ROGER HARDING.
WAS CONDUCTED BY
SAID
MR HARDING SAID HE WAS VERY SATISFIED WITH THE PRICES. HE THE PRICES REFLECTED THE UNDERLYING STRENGTH OF THE PROPERTY MARKET.
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