16 & 18 Wood Road, Wanchai, will be sold under the Land (Compulsory Sale for Redevelopment) Ordinance through Savills by public auction at Room 811 on 8th Floor, Jardine House, Central, Hong Kong tomorrow (3rd March, 2009) at 10:00 am.
16 & 18 Wood Road, Wanchai, will be sold under the Land (Compulsory Sale for Redevelopment) Ordinance through Savills by public auction at Room 811 on 8th Floor, Jardine House, Central, Hong Kong tomorrow (3rd March, 2009) at 10:00 am.
The subject property is situated between Wood Road and Cross Lane. The site area is approximately 2,505.4 sq.ft. (232.76 sq.m.). Currently standing on the site are two blocks of 7-storey old style residential building, with the ground floor and basement designated for retail uses. The development was completed around 1956.
The site falls within an area zoned “Commercial/Residential” for either residential or commercial uses, or with purpose-designed buildings containing both commercial and residential accommodation. The reserved price is set at HK$100 million.
A joint venture of Lai Sun Development and AIG Global Real Estate Investment (Asia), the majority owner of the subject property, currently holds over 90 per cent interest in the property, which comprises of a total of 9 units with only one unit left for acquisition. The majority owner successfully obtained an order for sale under Land (Compulsory Sale for Redevelopment) Ordinance on 21st January, 2009.