Apartments in new project expected to fetch $4,600 to $4,900 per square foot
The Lands Tribunal has given approval to Kowloon Development to force the remaining owners to sell a residential site in North Point - the fifth time that a site has come to auction through a compulsory order under acquisition rules.
The developer, which began targeting the 7,600 sq ft site at 24, 26, 28, 30 and 32 Ming Yuen Western Street 13 years ago, acquired more than 90 per cent ownership - the level at which a sale can be forced - after the remaining owners at 28 Ming Yuen Western Street could not be traced.
The Lands Tribunal approved the order last week and appointed Jones Lang LaSalle to handle the public auction at 28 Ming Yuen Western Street, which will have a reserve price of $15.79 million, according to the valuation report prepared by the surveyor of DTZ Debenham Tie Leung.
A date for the auction of the property has not yet been set.
The site area at 28 Ming Yuen Western Street totals approximately 1,600 sq ft and under the regulations of the Building Department can provide a total gross floor area of 12,800 sq ft, worth $1,234 per square foot.
The surveyor expects the saleable unit rates of the site's domestic and retail areas to be about $4,200 per square foot and $4,000 per square foot, respectively.