The Government has raised $2.97 billion from the sale of four residential sites at the first land auction of this financial year, which saw keen bidding among developers.
Yesterday's sales eclipsed the $2.68 billion raised from auctions and tenders for the whole of last year, prompting analysts to suggest the Government was well on the way to meeting its land revenue target for the full year of $24.99 billion.
Analysts said the result indicated confidence in the urban property market, but caution remained in the luxury sector.
A 1.04-hectare site at West Kowloon fetched a higher-than-expected $1.64 billion from Sino Land, beating six rival bidders.
Sino Land also teamed up with Manhattan Realty and Chinese Estates to pay $570 million, at the low end of expectations, for a 1.47-hectare luxury lot in Kowloon Tong.
A 1.93-hectare site in Sha Tin was bought by Nan Fung Development and USI Holdings for $660 million, while a plot in Stanley was sold to Tai Cheung Holdings for $100 million.
