HK Gov't Land Sold for 1,285 mln HKD

The Lands Department of Hong Kong Tuesday held the sixth land auction of the 2010/11 financial year, with a government lot at Kowloon Tong sold for 1,285 million HK dollars (165 million U.S. dollars).

The auction was conducted at Tsuen Wan Town Hall on Tuesday afternoon. The opening bid was 659 million HK dollars. The lot, New Kowloon Inland at No.1 Ede Road, Kowloon Tong, was sold to Kildare Limited after 65 bids within about 20 minutes.

New Kowloon Inland has a site area of about 2,399 square meters and is designated for private residential purposes. A minimum gross floor area of 4,319 square meters must be completed. The maximum gross floor area is 7,197 square meters. (1 U.S. dollar equals 7.78 HK dollars)