3 government lots fetch HK$5.7bn

The auctioned parcels were Inland Lot No.8963 on Stubbs Road, New Kowloon Inland Lot No.6498 on Begonia Road, and Lot No.2086 in Demarcation District No.105.

Three government lots were sold for a total of $5.731 billion at the Lands Department’s second land auction of the 2011-12 financial year at Queen Elizabeth Stadium on Thursday.

Inland Lot No.8963 on Stubbs Road was sold to Wisecity Development for $4.49 billion. The opening bid was $3.1 billion.

The site has an area of 14,700 square metres and is designated for non-industrial (excluding godown, hotel and petrol station) purposes. The developer must complete a minimum gross floor area of 10,080 square metres.

New Kowloon Inland Lot No.6498 on Begonia Road in Yau Yat Chuen, was sold to Gain Regent Company for $579 million. The opening bid was $295 million.

It has an area of 2,810 square metres and is designated for private residential purposes. The developer must complete a minimum gross floor area of 2,050 square metres.

Lot No.2086 in Demarcation District No.105 in Ngau Tam Mei, Yuen Long, was sold to Stanley Investments for $662 million. The opening bid was $295 million.

The lot has an area of 23,480 square metres and is designated for private residential purposes. The developer must complete a minimum gross floor area of 5,635 square metres.