Sha Tin lot sold for $5.5 B

 A government lot in Sha Tin was sold for the opeing bid of $5.5 billion during the fourth land auction of the 2011-12 financial year.
 

The Sha Tin Town Lot No. 525 at Area 56A, Kau To, Sha Tin, a site area of about 23,056 square metres designated for private residential purposes, was purchased by Pembrooke Development Investments Limited. A minimum gross floor area of 57,496 square metres must be completed. The maximum gross floor area is 95,826 square metres. The total number of residential units to be built shall not be less than 970.

The auction was conducted at the Queen Elizabeth Stadium, Wan Chai, by the Deputy Director of Lands, Mr Graham Ross, who was assisted by the Chief Estate Surveyor, Mr Tony Moyung.