Kam Kwok Building and National Building, Hong Kong
Kam Kwok Building and National Building, with a total site area of approximately 15,955 sq ft, were sold at a public auction for a consideration of HK$1.42 billion in August 2008.
Completed in 1961, the 18-storey Kam Kwok Building and 19-storey National Building were put up for sale as a single property at a public auction under the Land (Compulsory Sale for Redevelopment) Ordinance (Cap. 545). Savills acted in two capacities: our Collective Sales team was professional adviser for the purchaser of the majority share of the property, and Savills Valuation team acted as professional adviser and expert witness in the litigation process.
Intelligent House Limited
Intelligent House Limited acquired 92% of property rights of both buildings, comprising a total of more than 300 units. The purchaser hit the threshold under the L(CSR)O that co-owners of not less than 90% of undivided shares of a lot can make an application to the Lands Tribunal for an order of sale of the remaining undivided shares in the lot to redevelop the property. Savills Valuation team was proactive in providing professional advice in the negotiation to acquire these remaining units, with the result that the client subsequently obtained the compulsory sales order for the disposal of the two properties.
How we add value
Savills Collective Sales team provided strategic advice for the purchaser in respect of the collective sale and purchase process to acquire the remaining units. Our Valuation team provided well-timed and qualified guidance to ensure a smooth negotiation at this critical stage, and followed up with professional support in the legal process to complete the unification of land titles of the two buildings.
Valuation and Professional Services
Savills Two Exchange Square
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