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RESIDENTIAL PROPERTY | Tony Chua, Hong Kong
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Government sold its two auctioned sites for $11.95bn

Lot at Borrett Road on Hong Kong Island was sold to Bristow Investments, while lot on Ping Kwai Road was sold to Great Art Investment.

Two government lots were sold on Thursday at the third land auction of the 2011-12 financial year. A site on Borrett Road sold for $11.65 billion while one in Ping Shan, Yuen Long sold for $300 million, according to a government report.

Inland Lot No. 8949 at Borrett Road on Hong Kong Island was sold to Bristow Investments Limited. The opening bid was $9.5 billion. The site has an area of about 10,488 square metres for private residential purposes. The developer must complete a minimum gross floor area of 24,264 square metres.

The second lot, Lot No. 2129 in Demarcation District No. 121 on Ping Kwai Road was sold to Great Art Investment Limited. The opening bid was $130 million. The residential site has an area of about 6,076 square metres. The developer must complete a minimum gross floor area of 3,645 square metres.

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