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A government site was sold for $53 million at a public land auction held by the Lands Department this afternoon (September 12).
The site, Lot No. TLTL 68, with an area of about 2,076 square metres, is located at Tsing Lung Tau, Tsuen Wan. It was sold to Good Venture Limited. The opening bid was $30 million.
A Lands Department spokesman said this was the second land auction of the current financial year. Under the Conditions of Sale, the permitted use of the site is for private residential purposes and the developer is required to complete a gross floor area of not less than 498 square metres on or before September 30, 2010.
The auction was conducted at the Arena of the Queen Elizabeth Stadium, Wan Chai, Hong Kong by Assistant Director of Lands Mr Graham Ross, assisted by Chief Estate Surveyor, Mr Jimmy Woo.
Ends/Tuesday, September 12, 2006
Issued at HKT 17:59
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