91.7% stake in Happy Valley property up for public tender

Tender offers compulsory sale pathway and 33,390 sq ft GFA

JLL has launched a public tender for the collective sale of 11 out of 12 undivided shares in Happy Valley, representing 91.7% ownership and carrying an estimated market value of $338m.

The ownership threshold meets the requirement for a compulsory sale application under the Land (Compulsory Sale for Redevelopment) Ordinance, allowing a purchaser to consolidate the remaining interest for redevelopment. The site comprises two low-rise residential blocks on a total site area of about 15,900 sq ft.

The property is offered on an “as-is” basis, with a mix of vacant possession and existing tenancies, providing interim rental income potential ahead of redevelopment. The site sits near Happy Valley Racecourse and within short distance of Causeway Bay and Tin Hau.

Under the approved Wong Nai Chung Gap Outline Zoning Plan, the site is zoned “Residential (Group C) 2” with a maximum plot ratio of 2.1, supporting a potential gross floor area of about 33,390 sq ft. Buyers may redevelop the site into a low-density residential project of up to six storeys, subject to approvals.