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Statement on land sale results
Commenting on the land sale results this (Wednesday) afternoon, the Secretary for Planning, Environment and Lands, Mr Tony Eason, said: "There was very enthusiastic bidding for the two residential sites which were sold at prices well above the opening prices.
"This is a very positive signal from the market that there is strong demand for prime residential sites."
With regard to the three non-residential sites, Mr Eason said, these sites were not sold probably because developers prefer sites where they consider there might be better prospects. This is particularly so when they are well aware that some good sites will be available for sale soon.
"I will discuss the matter further with the Director of Lands to find out whether there is anything we could do regarding the withdrawal of these sites.
"Developers are rightly cautious and selective in the light of the uncertainty of the market and Government cannot sell sites which the market does not want," Mr Eason said.
End/Wednesday, February 22, 1995
Two lots of land sold for $1,073.5 million
Two lots of Government land were sold for a total of $1,073.5 million at a public land auction held by the Lands Department this (Wednesday) afternoon.
The first lot, at the junction of 9 Cox's Road and 1-6 Cox's Path, was sold to Way Charm Investment Limited at $1,020 million, with bidding opening at $750 million.
It has an area of 4,126 square metres for residential use.
The developer has to complete a gross floor area of not less than 12,300 square metres before September 30, 1998.
The second lot, adjoining 7 Stanley Main Street, was bought by Senman International Limited at $53.5 million with bidding opening at $28 million.
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