Updated at 6.02pm: The government on Tuesday sold three Kowloon residential lots for $10.15 billion in the first land auction for the 2005-06 financial year. The auction was announced in August - about two months after the government modified the land application list system. It was also the first residential land auction since October last year. Two adjacent lots in West Kowloon, comprising 146,130 square feet overall, were sold at $5.92 billion to a joint venture of the Sino Group, Chinese Estates Group and Nan Fung Group. The 79,620-square foot site on Hoi Ting Road, near the Olympic MTR station in Tai Kok Tsui fetched $3.19 billion, 52 per cent above the proposed price of $2.09 billion. With a gross floor area of 358,298 sq ft, the site is worth $5,432 per square foot. An adjacent plot covering 66,510 square feet at the junction of Hoi Wang Road and Hoi Ting Road was sold for $2.73 billion - 64 per cent above the proposed price of $1.66 billion. With a gross floor area of 299,301 sq ft, it has a value of $5,473 per square foot. The largest plot of the three sites auctioned on Tuesday went to Sun Hung Kai Properties. The 155,000 sq ft Ngau Chi Wan site was sold for $4.23 billion, about 69 per cent higher than its $2.49 billion proposed price. With a gross-floor area of 466,906 square feet, it has a value of $5,458 per square foot. After the auction, Sino Land chairman Robert Ng Chee-siong told reporters the company would spend $9 billion to $10 billion building a luxury flat complex at the two sites. He said the winning prices were 'reasonable'.