Kowloon Tong lot sale earns $1.6bln

The private residential lot has a site area of 2,808 square metres was sold to Panayork Limited.

A Government lot in Kowloon Tong was sold for $1.63 billion at the Lands Department’s eighth auction of the 20010-11 financial year at Queen Elizabeth Stadium on Tuesday, according to a govenment report.

New Kowloon Inland Lot 6423 at 3 and 5 Ede Road, Kowloon Tong, was sold to Panayork Limited for $1.63 billion. The opening bid was $1.053 billion.

The lot has a site area of about 2,808 square metres and is designated for private residential purposes. The developer must complete a minimum gross floor area of 5,054 square metres.