Above average: Assistant Director of Lands Francis Ng (standing) says the price paid by Sunnytact is well above the opening bid of $682.2 million.

A Government lot at Sa Po Road in Kowloon has been sold to Sunnytact Company Limited for $1.01 billion at a Lands Department auction, well above the opening bid of $682.2 million.

Assistant Director of Lands Francis Ng said the price is within market expectations and is a reflection of the positive market sentiment.

The New Kowloon Inland Lot No. 6330 has an area of about 3,521 square metres.

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 metres by June 30, 2008.