Sold!: Assistant Director of Lands Graham Ross sells the Ma On Shan lot for $3.24 billion at the land auction held at the Cultural Centre.

A Government site at 1 Broadcast Drive has been sold to Rainbow City Limited for $1.94 billion, and a lot in Ma On Shan to New City Investments for $3.24 billion, the Lands Department says.

The Broadcast Drive lot is 6,088 square metres and is designated for private residency. The developer must complete a gross floor area of at least 10,958 square metres by June 30, 2012. The opening bid was $1.1 billion.

The Ma On Shan Area 77 site is 16,440 square metres and also designated for private residency. The developer must complete a minimum gross floor area of 49,320 square metres by December 31, 2011. The opening bid was $2.4 billion.