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SCMP Reporter

Hongkong Telecom is selling more than a dozen outlying island holiday properties including one five-house compound on Cheung Chau which is expected to net as much as $15 million because of its redevelopment potential.

 The site, which is called Chilliwig, comprises four, two-floor houses each with a gross floor area of 1,400 square feet and one slightly larger single-floor house.

 The houses, built in 1981, were popular with Telecom employees who used them as holiday flats.

 A Hongkong Telecom spokesman said the firm had decided to cut staff benefits, sell off the flats and recoup profits.

 The company estimates the flat sale will generate about $35 million in revenue.

 A property agent said Hongkong Telecom was asking about $2.7 million for each of the four, two-floor houses, and $5 million for the larger, one-floor house in the compound.

 A Hongkong Telecom spokesman said it was keen to sell Chilliwig as a single unit.

 'We are keen to sell this site as one package and not on a strata-title basis,' a company spokesman said.

 'If some charitable organisation wanted to redevelop the site we could give it a discount.'  The five houses on the site had a combined gross floor area of 7,000 sq ft, Telecom said.

 With a plot ratio of 1.3, that means the 16,000-sq ft site could be redeveloped to include a floor area of 20,000-21,000 sq ft.

 'We really want to sell the whole site as a unit because of its redevelopment potential,' the company spokesman said.

 Telecom also would prefer a developer bought the entire site as individual purchasers 'might' find it difficult securing a property mortgage.

 Also up for sale are two Hongkong Telecom houses at Fa Peng Knoll on Cheung Chau.

 They have been priced at $2.6 million and include a communal swimming pool. There also are two houses at Peak Villa priced at $2.6 million.

 On Lantau Island, three houses are being sold, two of them at Tong Fuk.

 Hillcrest House, which measures 2,100 sq ft, is selling for $5.2 million. Greenview House, also measuring 2,100 sq ft, is selling for $5.3 million.

 A third luxury house at Ham Tin in Pui O was selling for $4.8 million, a Lantau property agent said.

 With the possible exception of Chilliwig, buyers should not have a problem securing mortgages on the properties, the company spokesman said.



HK Telecom to sell outer-islands holiday homes