• Fri
  • Aug 22, 2014
  • Updated: 12:41pm

Two sites up for auction

PUBLISHED : Wednesday, 24 November, 1993, 12:00am
UPDATED : Wednesday, 24 November, 1993, 12:00am

TWO properties will be offered at the Government Land Auction next Monday.


The bigger of them is a residential site of 46,823 square feet at Yuen Long.


Yuen Long town lot 419 is a three-plot ratio with a maximum permitted gross floor area of 140,470 sq ft.


The site is close to another residential site of 111,085 sq ft that sold for $600 million in September.


The site accommodation value was $1,800 per sq ft. The property is expected to fetch between $240 million and $250 million, representing a site accommodation value of between $1,700 and $1,800 per sq ft.


Julie Baldwin, the valuation consultancy director at First Pacific Davies, said: ''The area is affordable to first-home buyers who want to get their feet on the ladder.'' The second site is at Mui Wo, on Lantau island. It is only 9,442 sq ft, and expected to fetch between $35 million and $45 million.


Any building would be restricted to three storeys and the land is being sold on the condition that not less than 30 per cent of the gross floor area is to be used for restaurants, and not less than 30 per cent of gross floor area be used for supermarketsor grocery retail.


The sale starts at 2.30 pm at the Cultural Centre.


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