By Amy Wong: Subscribe to Amy's RSS feed
July 28, 2010 5:01 PM EDT
Hong Kong auctioned a residential site in one of the most desired luxury areas for HK$10.4 billion ($1.33 billion), marking the third-most expensive land sale, the city's Lands Department said on Wednesday.
The price was 30 percent higher than the reserve price, but failed to hit the top end of forecasts of $1.46 billion, suggesting the government's measures to cool the market may be having an effect.
"The market has decided the price today," said Graham Ross, government auctioneer. " And it doesn't matter what some people think it would sell for, more important what did it sell for."
Unlisted developer Nan Fung Group won the auction.
The 2.3 hectare site can provide a total gross floor area of nearly 325,000 square feet, Lands Department said in the statement. The site used to house the former government headquarters and boasts panoramic views of Victoria Harbour.
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The government, in its fourth auction this year, received an opening bid of 8 billion Hong Kong dollars for the site at Mount Nicholson Road, in the Peak district, known for its luxury homes.
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