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Two Government sites were sold for a total of $5.18 billion at a public land auction held by the Lands Department this afternoon (November 28).
A Lands Department spokesman said this was the third land auction of the current financial year.
The first lot New Kowloon Inland Lot No 6374 at 1 Broadcast Drive, with an area of about 6,088 square metres was sold to Rainbow City Limited at $1.94 billion. The opening bid was $ 1.1 billion. The site is designated for private residential and the developer is required to complete a gross floor area of not less than 10,958 square metres on or before June 30, 2012.
The second lot, Sha Tin Town Lot No 548, in Area 77, Ma On Shan with an area of about 16,440 square metres, was sold to New City Investments Limited for $3.24 billion. The opening bid was $2.4 billion. This site is also designated for private residential purpose and under the Conditions of Sale the developer is required to complete a minimum gross floor area of 49,320 square metres on or before December 31, 2011.
The auction was conducted at the Hong Kong Cultural Centre, Tsim Sha Tsui by Assistant Director of Lands Mr Graham Ross, assisted by Chief Estate Surveyor, Ms Karen Chan.
Ends/Tuesday, November 28, 2006
Issued at HKT 17:38
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