HK government sells land for record price in 8th auction this year
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Hong Kong's Lands Department on Tuesday succeeded in bringing the government 1.63 billion HK dollars of income in its eighth public land auction this year from selling a government lot in Kowloon Tong.
The final sale price of the lot, which is 54.8 percent higher than the opening bid of 1.053 billion HK dollars, set a new record in per-square foot accommodation value of 17,900 HK dollars in the Kowloon District, compared to the last record of 16,500 HK dollars.
According to official figures, the auctioned lot has a site area of about 2,808 square meters and is designated for private residential purposes. A minimum gross floor area of 5,054 square meters must be completed and the maximum gross floor area is 8,424 square meters.
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