Owners' sale decision offers joint development opportunity
Developers are eyeing the joint development potential of a 30-year-old residential property in Kowloon Tong that has been put up for tender by individual owners.
Owners of 53 units of the 56-unit Joy Garden at 3 Alnwick Road recently appointed property consultant Colliers International to offer the properties for sale by tender.
Even though three of the units have not been put up for sale, the building is being offered under collective sale because the enactment of the Land (Compulsory Sale for Redevelopment) Ordinance in 1998 allows property owners who hold more than 90 per cent of a building to apply to the Lands Tribunal for an order to force the sale of all properties in their building.
Herrick Lee, a director of the investment division at Colliers International, said the site would be especially attractive to developers because of its potential to be jointly developed with adjacent sites
Cheung Kong (Holdings) last year bought 46 of 50 units of the nearby Fortune Villa at 4 to 22 Alnwick Road for $242 million at auction.
The price paid by Cheung Kong was almost double the transacted prices for similar units in the secondary market at the time.