KELLETT
GROVE
Architects: Harriman Realty Co., Ltd.
Photograph of the completed project from "La Hacienda”.
for
Kellett Estates Ltd., was incorporated the same time, converting an expense, In the Kellett Grove enterprise, how- the purpose of developing Rural that is rent, which would otherwise be ever, there is no ambiguity as to ownership Building Lot No. 31, which is situated considered as irretrievable, into a first or responsibility of management. The below the Royal Naval Hospital and com- class investment.
building was capitalised as a limited com- mands a beautiful view over the Aberdeen
pany, the amount of shares acquired being and Repulse Bay areas.
a fixed sum depending upon whether the investor acquired a two-bedroom type cr a three-bedroom type of apartment. These shares are freely negotiable subject only to conditions of mutual interest as provid- ed by the Articles of Association, and there is no bar on the sub-leasing of flats by the flat owners. Another feature is that each investor is entitled to nominate a director to the board so as to have an active say in the management of the com- pany and the building.
Under their auspices was erected on this site, on a co-operative basis, a 6-storeyed block of flats. A second block, almost identical in design, was also erected on the same site by District Estates Ltd. soon after the first was completed; this block, however, was built to be rented out as individual apartments in the normal way
In Hong Kong, a number of apartments have already been erected on a co-opera- tive basis, but in nearly all cases the purchaser has simply acquired possession of the area he occupies and pays no further rent for it. He is, of course, permitted to sell his interest in his apartment at any time, but the actual ownership of the building and the land thereon is still vest- ed in the builder. The amount he pays for maintenance and repairs, etc.. is not The building of apartments on а co- always clearly defined and often there is operative basis is, of course, common no co-operation among the various owners practice all over the world. Participation of the flats in the building with respect The only other expense incurred by the in such an enterprise has always been to the cleaning and maintenance of the investor in addition to the usual legal fees, considered an ideal way of ensuring per- staircases and other common portions of stamp duties, and commissions payable manent possession of a residence and, at the building.
to the promoting company, is a single
(Above) The car ports and parking areas. (Right) The site plan.
45
BLOCK
MOUSI
-APPROACH
ROAD
PLAYGROUND
AGARADES.
ABL NO
KELLETT
BLOCK
ROAD