A Hong Kong government lot in Kowloon was sold Tuesday to Sunnytact Company Limited for 1.01 billion HK dollars (129.8 million US dollars) at a Lands Department auction, 48 percent higher than the opening bid.

Hong Kong land officials said the price is within market expectations and is a reflection of the positive market sentiment.

The lot sold Tuesday has an area of about 3,521 square meters.

Under the sale conditions, the site is for non-industrial purposes, excluding hotel, cinema, petrol filling station and godown. The developer is required to complete a gross floor area of not less than 19,014 square meters by June 30, 2008.

Source: Xinhua