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LDCS18000/2020
[2021] HKLdT 79
IN THE LANDS TRIBUNAL OF THE
HONG KONG SPECIAL ADMINISTRATIVE REGION
LAND COMPULSORY SALE APPLICATION NO. 18000 OF 2020
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| BETWEEN |
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SOUND ADVICE PROPERTY LIMITED |
1st Applicant |
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CENTURY ISLAND HOLDINGS LIMITED
(釆天控股有限公司) |
2nd Applicant |
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SKY RISE INVESTMENTS LIMITED
(佳升投資有限公司) |
3rd Applicant |
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JUBILEE WISDOM LIMITED (禧智有限公司) |
4th Applicant |
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and |
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MOK WAI CHING (莫慧貞) and
MOK YUI CHEUNG ANTHONY (莫裔祥) |
Respondents |
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Before: Deputy District Judge Soong, Presiding Officer of the Lands Tribunal and Mr Lawrence Pang, Member of the Lands Tribunal
Date of Hearing: 27-30 September 2021
Date of Judgment: 21 December 2021
Date of Corrigenda: 30 December 2021
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C O R R I G E N D U M
____________________
1. Please note the following corrigenda in the Judgment dated 21 December 2021: -
2. At Paragraph 149, “…land value of the Lots at $375,000,000 (ie an accommodation value of $139,999/m2)” should read “…land value of the Lots at $361,000,000 (ie an accommodation value of $134,772/m2)”.
3. At Paragraph 150, “…land value of the Lots at $380,000,000 (ie the accommodation value $141,866/m2)” should read “…land value of the Lots at $366,000,000 (ie the accommodation value $136,639/m2)”.
4. At Paragraph 151, “…reserve price of the Lots at $380,000,000 (which is equivalent to $141,866/m2)” should read “…reserve price of the Lots at $366,000,000 (which is equivalent to $136,639/m2)”.
5. At Paragraph 154(4)(ii), “…reserve price be set at $380,000,000” should read “…reserve price be set at $366,000,000.”
6. At Page 59, “Mr Desmond Leung, instructed by Messrs Kwok, Ng & Chan, Solicitors & Notaries, for the Respondents” should read “Mr Desmond Leung, instructed by Messrs Chau & Associates, for the Respondents”.
7. At page 60, the table of Appendix 1 should be replaced as follow:
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Appendix 1 |
Residual Valuation
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Gross Development Value |
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G/F Shop |
256.37 |
m2 |
x |
$375,000 |
/ m2 |
= |
$96,138,750 |
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3/F-23/F Flat |
1583.33 |
m2 |
x |
$315,000 |
/ m2 |
= |
$498,748,950 |
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24/F Flat |
75.39 |
m2 |
x |
$378,000 |
/ m2 |
= |
$28,497,420 |
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Flat Roof on 3/F |
40.00 |
m2 |
x |
$48,000 |
/ m2 |
= |
$1,920,000 |
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Roof on 24/F |
70.00 |
m2 |
x |
$48,000 |
/ m2 |
= |
$3,360,000 |
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$628,665,120 |
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Less Marketing Costs |
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@ |
3% |
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0.97 |
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$609,805,166 |
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Present Value in |
2.5 |
years |
@ |
4% |
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0.9066 |
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$552,849,363 |
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Development Costs |
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Demolition Cost |
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$2,843,500 |
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Professional Fee |
@ |
6% |
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1.06 |
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Developer's Profit |
@ |
12.5% |
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1.125 |
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$3,390,874 |
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Present Value in |
0.25 |
year |
@ |
4% |
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0.9902 |
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$3,357,643 |
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Construction Costs |
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$113,583,087 |
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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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@ |
12.5% |
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1.125 |
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$135,447,831 |
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Present Value in |
1.5 |
years |
@ |
4% |
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0.9429 |
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$127,713,760 |
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$421,777,960 |
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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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Developer's Profit |
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@ |
12.5% |
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÷ |
1.16850 |
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$360,956,748 |
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say |
$361,000,000 |
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Accommodation Value |
$134,772.40 |
Dated this 30th day of December 2021
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(Ms Iris YEUNG) |
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Clerk to Member Lawrence Pang |
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