Individual flat owners of at least six old buildings in Kowloon Tong are hoping to sell their properties by tender this year after the successful sale of nearby Fortune Villa in late 2004. Fortune Villa at 4-22 Alnwick Road is the first example of a public tender initiated by individual property owners since the enactment of the Land (Compulsory Sale for Redevelopment) Ordinance. The ordinance allows property owners holding more than 90 per cent of a building to apply to the Lands Tribunal for an order to force the sale of all the properties in their building. Forty-six out of 50 units in Fortune Villa were sold in December 2004 to Cheung Kong (Holdings) for $242 million. Property consultants said the the transaction had prompted flats owners of Joy Garden, Moonbeam Terrace, Lung Cheung Court, Luso Apartments, Orion Court and Manhattan Court to initiate public tenders. The high redevelopment potential of these properties was expected to attract developers. Gabriel Cheng Hon-wah, director of Savills' investment department, said: 'Most of the flat owners of Moonbeam Terrace and Lung Cheung Court have appointed Savills to handle the tenders.' He expected Moonbeam Terrace would be ready to be put up for sale in the second quarter. 'This property is estimated at $450 million,' he said. The flat owners of Lung Cheung Court had been meeting every month to discuss the details of their tender. Mr Cheng said this estate was likely to be put up for tender in mid-2006. Joy Garden and Orion Court were put up for separate tenders last year. However, no deal was clinched as flat owners of the two buildings were not satisfied with the price offered by developers. Willis Mak Tse-hing, associate director of Colliers International Investment Department, said: 'The flat owners of Joy Garden are too optimistic about the market and insisted on their asking price, even though the offers made by some developers are reasonable.' Colliers was appointed by more than 90 per cent of Joy Garden owners to sell the units last year. Mr Mak said flat owners of Luso Apartments and Manhattan Court were preparing to put their properties up for tender. But it would take time to discuss the asking price, allocation of benefits and assignation of a sole agent. Midland Realty district sales director Patrick Fung Kim-chiu said Jade Garden in Mid-Levels would be put up for tender for the second time in the near future. More than 90 per cent of the owners had agreed to sell their properties, slightly more than last year's 89 per cent.