Individual flat-owners in a Kowloon Tong residential block have collectively sold their building through public tender for more than $240 million.
Cheung Kong (Holdings), developer of the One Beacon Hill low-rise residential complex in the same district, placed the winning bid for Fortune Villa, at 4 to 22 Alnwick Road, a source told the South China Morning Post.
Unsuccessful bidders included Sino Land and Nan Fung Development.
The 50-unit building, built by Nan Fung in 1966, sits on a 45,520 square foot site a few blocks from One Beacon Hill.
The sale marks the first example of a public tender initiated by individual property owners since the enactment of the Land (Compulsory Sale for Redevelopment) Ordinance in 1998.
The ordinance allows for property owners holding more than 90 per cent of a building to apply to the Lands Tribunal for an order compelling the sale of all properties within the building.
