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LDCS 4000/2023
[2025] HKLdT 40
IN THE LANDS TRIBUNAL OF THE
HONG KONG SPECIAL ADMINISTRATIVE REGION
LAND COMPULSORY SALE MAIN APPLICATION NO 4000 OF 2023
______________________________
BETWEEN
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TAI CHUNG PROPERTY LIMITED |
Applicant |
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and |
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CHEN LAN SUM IRENE (陳蘭心) |
1st Respondent |
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LING CHI TACK (凌志德) |
2nd Respondent (Discontinued) |
______________________________
| Before: |
Mr Lawrence Pang, Member of the Lands Tribunal |
| Dates of Trial: |
20 - 21 March and 24 - 25 March 2025 |
| Date of Respondent’s Closing Submission: |
29 April 2025 |
| Date of Applicant’s Closing Submission: |
3 June 2025 |
| Date of Handing Down Judgment: |
28 July 2025 |
| Date of Corrigenda: |
1 August 2025 |
__________________
CORRIGENDA
__________________
Please note the following corrigenda in the Judgment dated 28 July 2025:
1. At page 57, paragraph 151, under the Adjustments table for Amber Place, “Facilities” should read “Headroom”.
2. At page 59, paragraph 152, line M, “15.6%” should read “5.1%”.
3. At page 59, paragraph 152, line M, “$203,456” should read “$184,976”.
4. At page 59, paragraph 152, line M, “$12,680,000” should read “$11,540,000”.
5. At page 62, paragraph 160 and 162, “$83,300,000” should read “123,000,000”.
6. At page 62, paragraph 161, “This is, with respect, lower than the $92,400,000 assessed by Mr Lai, not to mention the $153,350,000 determined by Dr Wong.” should read “This is lower than the $153,350,000 determined by Dr Wong.”.
7. At page 69, paragraph 179 (4)(ii), “$83,300,000” should read “123,000,000”.
8. Appendix annexed to the Judgment, should be replaced by the Appendix of the same title annexed hereto.
Dated this 1st day of August 2025
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(Cardio TZE) |
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Clerk to Member Lawrence PANG, Lands Tribunal |
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Appendix |
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Residual Valuation |
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Gross Development Value |
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G/F Retail |
145.22 |
m2 |
x |
$462,831 |
/ m2 |
= |
$67,210,000 |
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1/F Retail |
398.23 |
m2 |
x |
$238,358 |
/ m2 |
= |
$94,920,000 |
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4/F-23/F Residential |
2,627.48 |
m2 |
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= |
$504,080,000 |
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Private Carparking Spaces |
12 |
spaces |
x |
$1,335,000 |
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= |
$16,020,000 |
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Accessible Parking Space |
1 |
space |
x |
$1,469,000 |
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= |
$1,469,000 |
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Motorcycle Parking spaces |
2 |
spaces |
x |
$258,000 |
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= |
$516,000 |
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$684,215,000 |
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| Less |
Marketing Costs |
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@ |
3% |
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0.970 |
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$663,688,550 |
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Present Value in |
4.125 |
years |
@ |
4.75% |
pa |
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0.8258 |
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$548,074,005 |
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| Less |
Premium for Lease Modification |
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$140,575,000 |
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Premiun for Balconies & Utility Platforms |
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$2,979,200 |
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$143,554,200 |
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Developer's Profit |
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@ |
17% |
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$24,404,214 |
$167,958,414 |
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Present Value in |
1.5 |
years |
@ |
4.75% |
pa |
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0.9328 |
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$156,671,609 |
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Development Costs |
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Demolition Cost |
1,554.21 |
m2 |
x |
$2,200 |
/ m2 |
= |
$3,419,262 |
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Professional Fee |
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@ |
6% |
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1.06 |
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Developer's Profit |
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@ |
17% |
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1.17 |
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$4,240,569 |
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Present Value in |
1 |
year |
@ |
4.75% |
pa |
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0.9547 |
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$4,048,471 |
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Construction Costs |
3,923.92 |
m2 |
x |
$55,550 |
/ m2 |
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$217,972,000 |
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Professional Fee |
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@ |
6% |
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1.06 |
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Developer's Profit |
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@ |
17% |
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1.17 |
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$270,328,874 |
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Present Value in |
2.8125 |
years |
@ |
4.75% |
pa |
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0.8776 |
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$237,240,620 |
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$241,289,091 |
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$150,113,305 |
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Developer's Profit |
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@ |
17.0% |
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÷ |
1.17 |
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$128,301,970 |
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Stamp Duty |
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@ |
4.25% |
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Legal Cost |
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@ |
0.10% |
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÷ |
1.0435 |
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$122,953,493 |
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say |
$123,000,000 |
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Accommodation Value (before lease modification) |
$66,259 |
/ m2 |
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Accommodation Value (after lease modification) |
$31,346 |
/ m2 |
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