SHUN Tak Holdings is planning a multi-billion dollar redevelopment of two buildings now owned by the Hong Kong Civil Servants' Co-operative Building Society (CSCBS). But the company needs the approval of all 364 members of CSCBS, who jointly own the properties. Shun Tak director Anthony Chan said total investment for redeveloping Chatham Garden Flats in Chatham Road and Belcher Gardens in Pokfulam Road would be between $5 billion and $6 billion. CSCBS, comprising mostly retired civil servants, bought the properties at a discount from the Government when they were public servants. They must abide by legislation requiring unanimous support for any sale of the properties. Yesterday, Shun Tak held a meeting at the Hotel Victoria for members to sign and give the company exclusive rights to redevelop the properties. CSCBS officials said more than 80 per cent had attended but they were not sure how many had signed last night. CSCBS chairman Leung Sik-hung said the co-operative had submitted an application to the Government to relax the legislation so only 75 per cent would be enough to endorse the project. Stanley Ho Hung-sun, chairman of Shun Tak, said he was confident the redevelopment plan would win approval from members as well as the Government. Shun Tak wanted to go ahead with the project although it would involve a large premium for change of land use, he said. Shun Tak proposes to buy Chatham Garden Flats and Belcher Gardens for $560 million and $760 million, respectively. The land-use premiums are expected to be as much as $135 million and $2.4 billion, respectively. Mr Chan said it was intended to turn Belcher Gardens into a luxury residential development and possibly redevelop Chatham Garden Flats for residential and commercial use but details had not been finalised. Other property companies had expressed interest in joining the project but Shun Tak was so far the only developer, he said. He would not rule out bringing in partners. Belcher Gardens has a site area of 322,874 sq ft, with a maximum plot ratio of eight, which means more than 2.5 million sq ft could be developed. Chatham Garden Flats has a gross floor area of 112,000 sq ft on a 40,000 sq ft site.
