LAWS International Holdings has proposed to sell the units in the redeveloped premises of a 20-storey building in Kowloon for a consideration of up to $550 million.
The investment holding company said yesterday it intended to sell Sterling Centre in Cheung Yue Street ''in the near future'' in a public sale.
It said the selling price of the property and the arrangement of the public sale had not been fixed.
However, it is expected that the selling price ranges from $4,000 to $5,700 a square foot.
If the property was fully sold, the total consideration received would be in the range of $500 million to $550 million, it said.
The company said part of the proceeds from the disposal would be retained to settle the construction cost and repay the bank loan.