In demand: A government site in Tsuen Wan sold for $53 million - 76.7% above its minimum guaranteed price.

A government site in Tsuen Wan sold for $53 million - 76.7% above its minimum guaranteed price of $30 million.

The site, Lot No. TLTL 68, with an area of about 2,076 square metres, is in Tsing Lung Tau, Tsuen Wan. It was sold to Good Venture Limited. The opening bid was $30 million.

Under the conditions of sale, the site is meant for private residential purposes and the developer is required to complete a gross floor area of not less than 498 square metres on or before September 30, 2010.

This was the second land auction of the financial year.