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$2.49b residential site will be auctioned next month

Updated at 7.09pm: A Kowloon residential site worth $2.49 billion will be auctioned next month, a Land Department spokesman announced on Wednesday.

This is the third residential land sale under the land application list system for this financial year.

The first and second sales were triggered on August 18, involving two lots in West Kowloon.

The auction for the lot was scheduled for September 27 at the Hong Kong Cultural Centre, the spokesman said.

He said the government had accepted the minimum guaranteed bid of $2.49 billion for the lot and this would be the opening bid at the auction.

The lot, New Kowloon Inland Lot No. 6350, is located at Fung Shing Street in Ngau Chi Wan. It covers 155,000 square feet.

A minimum gross floor area of 466,906 square feet must be completed for the lot, the spokesman said.

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