The majority owner, Wheelock Properties which currently holds over 90% interests in the subject property, was the only party registered to make bids at the auction. It was represented by Ricky Kwong Yiu WONG, the Executive Director of Wheelock Properties (Hong Kong) Limited.

The subject property is situated between the junction of Belcher's Street with Sands Street and North Street in the Western district.  The site area is approximately 11,125 sq. ft. (1,033.54 sq. m.).  It falls within an area zoned "Residential (Group A)".  Currently erected on the site is a block of 10-storey commercial / residential building with retail shops on Ground Floor.  The building was completed in 1965 and served by two common staircases.

Wheelock Properties successfully obtained an order for sale under Land (Compulsory Sale for Redevelopment) Ordinance on 12th March, 2010. Ricky Wong said the site will be redeveloped as luxury residential building that offer a hundred of units, from the size of 700 sq.ft. to 1000 sq.ft. Since the western district is the major areas for redevelopment according to our government, Wong believes the full potential of the project.

Charles Chan, Managing Director of Savills Valuation and Professional Services, said the price has reflected the market value. He advised, many developers actively engage in the collection sales of the properties with 80% interest. However the previous incorrect reports on the new policy of lowering threshold for compulsory sale mislead some owners of the aging buildings, that their properties will be sold at the extremely low price under the new policy. Thus promotion and education for the minority owners are suggested for enhancing their knowledge of the policy and procedures, in order to protecting their rights when selling the properties.