*************************************

Two government lots were sold for a total of $373 million at a public auction held by the Lands Department this (September 10) afternoon.

The first lot, New Kowloon Inland Lot No. 6418, with an area of about 2,305 square metres, is located at Sa Po Road, Kowloon. It was sold to Sunnytact Company Limited at $290 million, which was also the opening bid.

The developer has to complete a gross floor area of not less than 12,450 square metres on or before September 30, 2006.

The second lot, Aberdeen Inland Lot No.450, with an area of about 675.4 square metres, is located at 47 Shek Pai Wan Road, Aberdeen. It was sold to Central Well Limited at $83 million. The opening bid was $65 million.

The developer has to complete a gross floor area of not less than 4,315 square metres on or before March 31, 2006.

The first site is designated for non-industrial purpose excluding hotel, cinema, petrol filling station and godown purposes. The second one is designated for non-industrial purpose excluding godown purpose.

The auction was conducted by Assistant Director of Lands, Mr Allan Hay, at the Concert Hall of the Hong Kong Cultural Centre, Tsim Sha Tsui.

End/Tuesday, September 10, 2002

NNNN