Mid-Levels plan gets 90pc support in largest collective sale
In the largest attempt at a collective property sale, owners of more than 176 of the 196 flats in Merry Terrace in Mid-Levels agreed to put the estate up for tender in January next year, surpassing the 90 per cent support needed to compel the rest of the owners to sell.
Surveyors expect the 52,466 square foot site to fetch about HK$4.6 billion or HK$9,741 per square foot.
The supporting owners have signed a binding joint disposal agreement and appointed property consultant Jones Lang LaSalle to handle the tender, according to Nicholas Chiu, a member of the Merry Terrace development committee.
The tender for the flats held by consenting owners will be open from January 2 to March 1.
Under the law, once 90 per cent of owners in a building agree to sell, a developer can apply for a court order seeking the auction of the remainder.
As the supply of residential sites in traditional luxury districts is limited, property consultants expect many major developers to be interested in the property.