3 Hong Kong government sites raise $3.6bn

The government sold lots at Tseung Kwan O, Pak Shek Wo, Tan Kwai Tsuen Road.

Three government lots were sold for $3.6 billion at the Lands Department’s fifth land auction of the 2011-12 financial year at Queen Elizabeth Stadium on Tuesday.

Tseung Kwan O Town Lot No.113 at Area 66A, Tseung Kwan O, was sold to Crown World Investment for $3.12 billion. The opening bid was $2.85 billion.

The site is 13,393 square metres and is designated for non-industrial purposes. The developer must complete a minimum gross floor area of 44,197 square metres. It must house at least 960 flats, and no more than 1,010.

Sai Kung Inland Lot No.1282 in Demarcation District No.253 at Pak Shek Wo was sold to Stanhope Holdings for $121.5 million. The opening bid was $86 million.

It has an area of 2,400 square metres and is designated for private housing. The developer must complete a minimum gross floor area of 676 square metres.

Lot No.4309 in Demarcation District No.124 in Tan Kwai Tsuen Road, Yuen Long, was sold to Advance Fame Investments for $361 million. The opening bid was $196 million.

The lot has an area of 11,192 square metres and is designated for private housing. A minimum gross floor area of 6,716 square metres must be completed. At least 170 flats must be built on it.