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COMMERCIAL PROPERTY | Staff Reporter, Hong Kong
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Lot at The Peak sells for $10.4 billion

Market Prospect Limited buys the site area of about 23, 312 square metres designated for private residential purposes.

The Lands Department on Wednesday held the fourth land auction of the 2010-2011 financial year. A government lot at with an address of Inland Lot No. 9007 at 103 Mount Nicholson Road, The Peak, Hong Kong, was sold to Market Prospect Limited at $10.4 billion, according to a report from the Lands Department.

The opening bid was said to be at $8 billion. The site has an area of about 23,312 square metres and is designated for private residential purposes. A minimum gross floor area of 18,109 square metres must be completed. The maximum gross floor area is 30,180.4 square metres.

The auction was conducted at Tsuen Wan Town Hall by the Deputy Director of Lands, Mr Graham Ross, who was assisted by the Chief Estate Surveyor, Mr Tony Moyung.

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