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LDCS 31000/2018
[2021] HKLdT 24
IN THE LANDS TRIBUNAL OF THE
HONG KONG SPECIAL ADMINISTRATIVE REGION
LAND COMPULSORY SALE MAIN APPLICATION NO 31000 OF 2018
__________________________
| BETWEEN |
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SUCCESS ACTIVE LIMITED |
Applicant |
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and |
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HARBOURVIEW INTERNATIONAL HOLDINGS LIMITED
(恒港國際集團有限公司) |
1st Respondent |
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CHU CHUN MING |
2nd Respondent |
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LAU HUNG |
3rd Respondent
(discontinued) |
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FOK SIU BING |
4th Respondent |
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YAU YEE HOLDINGS LIMITED
(友誼集團有限公司) |
5th Respondent |
__________________________
Before: Deputy District Judge Soong, Presiding Officer of the Lands Tribunal and Mr Lawrence Pang, Member of the Lands Tribunal
Dates of Hearing: 1-4, 9-11, 14-16 & 18 December 2020
Date of Closing Submissions: 8 February 2021
Date of Judgment: 19 April 2021
Date of Corrigenda: 17 May 2021
____________________
C O R R I G E N D U M
____________________
1. Please note the following corrigenda in the Judgment dated 19 April 2021: -
2. At paragraph 214, “We arrive at a land value of the Lots at $273,133,000 (ie accommodation value of $86,486/m2).” should read “We arrive at a land value of the Lots at $294,277,000 (ie accommodation value of $93,181/m2).”
3. At paragraph 250, “the reserve price of the Lots to $300,000,000 (which is some 9.8% higher than the value of $273,133,000 assessed by the residual valuation method).” should read “the reserve price of the Lots to $300,000,000 (which is some 1.9% higher than the value of $294,277,000 assessed by the residual valuation method).”
4. The Appendix 1 at page 104 should replace as follow:
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Appendix 1 |
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G/F |
Retail |
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236.4 |
m2 |
x |
$261,375 |
/m2 = |
$61,789,050 |
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1/F |
Retail |
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249.4 |
m2 |
x |
$170,000 |
/m2 = |
$42,398,000 |
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Residential Flats |
1,908.01 |
m2 |
x |
$250,040 |
/m2 = |
$477,078,820 |
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3/F |
Flat Roof |
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3.76 |
m2 |
x |
$36,425 |
/m2 = |
$136,958 |
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Top Roof |
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90.24 |
m2 |
x |
$36,425 |
/m2 = |
$3,286,992 |
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--------------- |
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$584,689,820 |
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Marketing cost |
3% |
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x |
0.97 |
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Present Value for |
2.5 |
years |
@ |
4% |
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x |
0.9066 |
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--------------- |
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$514,177,397 |
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Less |
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Demolition Cost |
2,000.00 |
m2 |
x |
$2,200 |
/m2 = |
$4,400,000 |
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Professional Fee |
@ |
6% |
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x |
1.06 |
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Profit |
@ |
15% |
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x |
1.15 |
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--------------- |
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$5,363,600 |
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Present Value for |
0.25 |
years |
@ |
4% |
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x |
0.99024 |
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--------------- |
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$5,311,251 |
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Construction Cost |
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$137,160,131 |
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Professional Fee |
@ |
6% |
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x |
1.06 |
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Profit |
@ |
15% |
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x |
1.15 |
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--------------- |
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$167,198,200 |
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Present Value for |
1.5 |
years |
@ |
4% |
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x |
0.94287 |
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--------------- |
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$157,646,167 |
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--------------- |
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$351,219,979 |
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Stamp Duty @ |
4.25% |
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Legal Cost @ |
0.10% |
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Developer's Profit on Land |
15% |
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÷ |
1.1935 |
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--------------- |
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$294,277,318 |
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Say |
$294,277,000 |
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Accommodation Value : |
$93,181/ m2 |
Dated this 17nd day of May 20201
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(Ms F Y YEUNG) |
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Clerk to Member Lawrence Pang |
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