Henderson applied forced auction on 4 projects in half year.

“ Kind of Old building” Henderson applied for forced auction on project again. The project is located in No. 9-19, Nam Cheong Street, Sham Shui Po. It is the fourth project that this group had applied for forced auction in half year. While among the 11 cases of forced auction applications that Lands Tribunal received until now, 7 cases were came from Henderson. The ratio was up to 63.64%. According to the data, Henderson divided into 3 cases of forced auction applications on the application of Nam Cheong Street project. They had collected 83.4%-91.67% of the ownerships. The site of the project can be developed floor area up to 45,367 sq ft in future. Henderson had focused in merger of downtown’s old buildings in past few years and it was into a harvest period in recent years. During about the past half year, up to 4 old building sites were applied for forced auction. Besides the Nam Cheong Street project which latest submitted, it still includes No. 1-3 of Luna Park street in North Point, No.68-72C of Kimberley Road in Tsim Sha Tsui and Mansion building in Quarry Bay. Henderson’s project which was applied latest is located in No. 9-19 of Nam Cheong Street in Sham Shui Po. The site is 5,040.82 sq ft and is planed as use of “ Residential (Type A) 6”. The plot ratio is 9 times. It can be built about 45,367 sq ft of floor area. The height limit of the building will be 80 meters above the horizon reference. Developer commissioned Surveyors Company to evaluate the project and the current valuation is about HKD 139.23 million. New World and etc. earned the Lucky Building. In addition, Lucky Building in Quarry Bay which owned by large owners of New World, CHOW TAI FOOK and related person is a larger old building acquisitions in recent years. This project was applied for forced auction in the beginning of last year being divided into 10 cases of applications. Some parts of it were put on sale by public auction yesterday. These parts are located in No. 724-726 of King's Road and No. 19-21 of Nation St. New World and etc. had owned 91.6667% of the ownership and finally earned these parts at bottom price of HKD 156 million in condition of “ no competitor”. Chen Chao-guo, the Managing Director of Valuation and Professional Services of SAVILLS who in charge of the auction expressed, there are still 5-6 sites of Lucky Building waiting for being forced auctioned. It is estimated that arrangement will be made again after the forced auction approval received in short term. The sites are planed as “ Commercial Use” currently.

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