Swire Properties' application for the compulsory sale of an industrial building in Quarry Bay has been approved, with a reserve price of HKD5.05 billion – the highest ever of its kind. Zung Fu Industrial Building, at No. 1067 King's Road, is set to be sold through auction. The result came nearly four years after the Company applied for the compulsory sale of the building and a nearby industrial block, Wah Ha Factory Building at 8 Shipyard Lane, in February 2018. Currently, the Company owns 86.96% of Zung Fu Industrial Building. A Swire Properties spokesperson said that the Company welcomes the approval of the compulsory sale and plans to redevelop the two sites into a commercial project with a total gross floor area of around 779,000 sq ft, subject to the Company having successfully bid in the compulsory sale of the sites.