What does the collective sale mean for owners living in 62 Wilkie Road?

For the owners living at 62 Wilkie Road, a collective sale means that the entire property, along with the adjacent block at 64 Wilkie Road, is being put up for sale as a single entity. Here are the key implications:

- Sale of the Property: If the collective sale is successful, the owners will sell their property to a buyer, typically a developer, who intends to redevelop the site.
- Compensation: Owners will receive a share of the sale proceeds, which is usually distributed based on the strata area of their unit.
- Relocation: Once the sale is completed, owners will need to vacate the property, as the new buyer will likely demolish the existing buildings to develop a new project.
- Majority Consent: For the collective sale to proceed, a majority of the owners (typically 80% or more, depending on the property's age and other factors) must agree to the sale.
- Financial Considerations: The sale price of $10 million for the site at 62 Wilkie Road, or $19.5 million for both 62 and 64 Wilkie Road, will be divided among the owners, providing them with a lump sum payment.

This process can offer owners a significant financial windfall, especially if the sale price is attractive, but it also means they will need to find new housing arrangements.