Land auction yields US$438.46 million

A Hong Kong government-owned plot of land in Tung Chung was sold for US$438.46 million in the Lands Department’s first land auction of the 2010-11 financial year held on May 11.

The lot, Tung Chung Town Lot No. 37 at Tung Chung Area 55b, Lantau, was sold to First Harvest Development after bidding opened at US$368.71 million. The plot has a site area of approximately 282,014 square feet and is designated for nonindustrial (excluding warehouse, office, hotel and petrol filling station) purposes. A gross floor area of between 846,043 and 1,438,273 square feet for residential purposes must be completed.