"It's sold!": Assistant Director of Lands Chris Mills sells the Tai Po lot for $4.55 billion.

A government lot in Tai Po has been sold to Pacific Bond $4.55 billion at this financial year's fifth land auction, 48% higher than the $3.08-billion opening bid, the Lands Department says.

The Pak Shek Kok Development Area lot has a site area of 22,126 square metres and is designated for private residential purposes. A minimum gross floor area of 39,827 square metres must be completed.