Owners of the Faber Court residential development in Tai Tam, Hong Kong, are collectively selling the 41,500-square-foot property at an indicative price of HK$3.78 billion, the South China Morning Post reported.

Included in the 29-31 Tai Tam Rd. property are twin seven-story apartment buildings featuring 28 sea-view units. The June 12 report noted that the owner of each unit could gain up to HK$135 million if the sale is successful, with the tender process running until Aug. 29.

According to the paper, the JLL-marketed land parcel can yield a total gross floor area spanning 37,350 square feet, with an up to 0.9x plot ratio for houses. There is another option for developing apartment buildings on the site, a plan that would yield a maximum floor area of 58,100 square feet based on a 1.4x plot ratio.

Danny Chan, regional director of Capital Market at JLL, was cited in the report as saying that the site could be regenerated into two ultradeluxe detached houses with a site area of 18,765 square feet or into two luxury apartment buildings with units measuring between 7,000 square feet and 9,000 square feet.