Case Details

Citation

KERRYFORD HOLDINGS LTD AND OTHERS v. PROFIT VALLEY LTD AND OTHERS, LDCS 8000/2022

Case Number

LDCS 8000/2022

Registry reference: LDCS8000M/2022

Court

Lands Tribunal

(LT)

Decision Date

30 October 2024

Parties

Applicant(s):

KERRYFORD HOLDINGS LIMITED, TIME PILOT LIMITED, RECORD MASTER LIMITED, MAPLE HARVEST HOLDINGS LIMITED, MAGICAL YEAR LIMITED (佳歲有限公司), GLOBAL CHINA INVESTMENT LIMITED (邦華投資有限公司), TOP HONOR INTERNATIONAL TRADING LIMITED (高信國際貿易有限公司), PRIMERICH INTERNATIONAL LIMITED (旭百國際有限公司), CONNAUGHT INTERNATIONAL (HK) LIMITED (康樂國際(香港)有限公司), FRUITFUL LUCK INVESTMENT DEVELOPMENT LIMITED (富祥投資發展有限公司), FULL SHINE INC LIMITED (逸旭有限公司), GRAND POWER INTERNATIONAL LIMITED (百力國際有限公司), BEST JOY INDUSTRIAL LIMITED (佳樂實業有限公司), CORPORATE KING LIMITED (浩皇有限公司), BEST PARTNERS INVESTMENT DEVELOPMENT LIMITED (栢盈投資發展有限公司), MILLION RICH STAR LIMITED (萬富星有限公司), EXPRESS WEALTH HONG KONG INVESTMENT LIMITED (捷富香港投資有限公司), TOP GRADE INC LIMITED (上灝有限公司), BEAM INC LIMITED (翹暉有限公司)

Respondent(s):

POWER INTERNATIONAL LIMITED (百力國際有限公司) 12th Applicant BEST JOY INDUSTRIAL LIMITED (佳樂實業有限公司) 13th Applicant CORPORATE KING LIMITED (浩皇有限公司) 14th Applicant BEST PARTNERS INVESTMENT DEVELOPMENT LIMITED (栢盈投資發展有限公司) 15th Applicant MILLION RICH STAR LIMITED (萬富星有限公司) 16th Applicant EXPRESS WEALTH HONG KONG INVESTMENT LIMITED (捷富香港投資有限公司) 17th Applicant TOP GRADE INC LIMITED (上灝有限公司) 18th Applicant BEAM INC LIMITED (翹暉有限公司) 19th Applicant and WINRISE CORPORATION LIMITED (永昇達有限公司), WINRISE CORPORATION LIMITED (永昇達有限公司), PROFIT VALLEY LIMITED (青雅有限公司), CIRCLE PROPERTY DEVELOPMENT LIMITED (永光地產發展有限公司), CHU WAI MING CALVIN (朱偉明), CHU WAI CHOI ROBERT (朱偉才), CHU WAI LUN TONY (朱偉倫) also known as CHU, TONY (朱偉倫), LI KIT SHEUNG (李潔嫦), LAI CHI CHOI PHILIP (黎智財), LAI WAI YING MARGARET (黎慧瑩), LAI WEI SUM NORA (黎慧心), SECRETARY FOR JUSTICE, CHAN YIP SHAM (陳業森) alias: CHAN MAN YUK (陳文玉), HOM SHE HEN (譚素軒), CHEUNG HON CHU (張漢柱), the Executor of the Will of KONG SHIH HENG (江雪 ) also known as KONG SHIH HENG (江雪卿) (deceased), CMB WING LUNK BANK LIMITED (招商永隆銀行有限公司), TWIN WIN DEVELOPMENT LIMITED (優冠發展有限公司), KWONG PING KUEN (鄺炳權), guardian ad litem of KWONG WAI PIU (鄺偉標), CHENG KAM NGOR (鄭錦娥), CELESTIAL STAR INVESTMENT LIMITED, MAK SAU KUEN AMY (麥秀娟), LIM SZE SING (林士昇), MAK KIN WAH KEN (麥健華), KWOK HEUNG KUM (郭香琴), CHEUNG KEE MEE HEUNG YUEN GROUP LIMITED (祥記美香園集團有限公司), LEE YEE HUNG (李綺紅), the Administratrix of the estate of KOO KAM HUNG (顧錦鴻), deceased, KOO KAM FU (顧錦富), the Administrator of the estate of KOO KAM HOI, deceased, ETERNAL COSMOS INTERNATIONAL LIMITED (永富安國際有限公司), LEE YEUK SZE (李若詩), the Administratrix of the estate of LI (or LEE) FU WAH (李富華), deceased, LI CHIU TAI alias: LIE TJIOE THAY (李朝泰), KWAN HING WAH alias: KWAN HENG HOA (關慶華), KWAN HON KEUNG alias: KWAN HAN KIONG (關漢強), THE INCORPORATED OWNERS OF HAPPY MANSION (快樂大廈業主立案法團), WILSON DEVELOPMENT COMPANY LIMITED (景成發展有限公司), WONG WING CHIU (黃榮釗), also known as WONG WING CHIU, WARWICK (黃榮釗), TSUI KAR YIN, AMY (徐嘉賢), LAM SAI WING (林世榮), the Executor of the estate of YU FUNG KAM (余鳳金), deceased, CHEERFUL INVESTMENT DEVELOPMENT LIMITED (智富投資發展有限公司), JILL HUIRONG LEUNG as the Trustee of THE LEUNG FAMILY TRUST, TOP ACTIVE LIMITED (冠港有限公司), YAN YAN MOTORS LIMITED (人人汽車有限公司), IP KWONG LEUNG (葉光良), RISE WEALTH ENTERPRISE LIMITED (寶晉企業有限公司), WAN HING (温興), WONG SHUI KIU (黃瑞嬌), CHING WING YEE WINNIE (程詠儀), TJONG FON FAT (張煥發) (otherwise known as RUSTAM SOFIAN), THE REGISTRAR OF COMPANIES, JOHN TSEE CHUNG CHIN (陳子中), CHAN FAI YUEN (陳輝元), EUGENE CHIN (陳友仁), CHAN WAI YEE

KERRYFORD HOLDINGS LTD AND OTHERS v. PROFIT VALLEY LTD AND OTHERS

Lands Tribunal30 October 2024

LDCS8000M/2022 KERRYFORD HOLDINGS LTD AND OTHERS v. PROFIT VALLEY LTD AND OTHERS

LDCS 8000/2022

[2025] HKLdT 46

IN THE LANDS TRIBUNAL OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

LAND COMPULSORY SALE MAIN APPLICATION NO. 8000 OF 2022

__________________________

BETWEEN

	KERRYFORD HOLDINGS LIMITED	1^st Applicant
	TIME PILOT LIMITED	2^nd Applicant
	RECORD MASTER LIMITED	3^rd Applicant
	MAPLE HARVEST HOLDINGS LIMITED	4^th Applicant
	MAGICAL YEAR LIMITED (佳歲有限公司)	5^th Applicant
	GLOBAL CHINA INVESTMENT LIMITED (邦華投資有限公司)	6^th Applicant
	TOP HONOR INTERNATIONAL TRADING LIMITED (高信國際貿易有限公司)	7^th Applicant
	PRIMERICH INTERNATIONAL LIMITED (旭百國際有限公司)	8^th Applicant
	CONNAUGHT INTERNATIONAL (HK) LIMITED (康樂國際(香港)有限公司)	9^th Applicant
	FRUITFUL LUCK INVESTMENT DEVELOPMENT LIMITED (富祥投資發展有限公司)	10^th Applicant
	FULL SHINE INC LIMITED (逸旭有限公司)	11^th Applicant
	GRAND POWER INTERNATIONAL LIMITED (百力國際有限公司)	12^th Applicant
	BEST JOY INDUSTRIAL LIMITED (佳樂實業有限公司)	13^th Applicant
	CORPORATE KING LIMITED (浩皇有限公司)	14^th Applicant
	BEST PARTNERS INVESTMENT DEVELOPMENT LIMITED (栢盈投資發展有限公司)	15^th Applicant
	MILLION RICH STAR LIMITED (萬富星有限公司)	16^th Applicant
	EXPRESS WEALTH HONG KONG INVESTMENT LIMITED (捷富香港投資有限公司)	17^th Applicant
	TOP GRADE INC LIMITED (上灝有限公司)	18^th Applicant
	BEAM INC LIMITED (翹暉有限公司)	19^th Applicant
	and
	WINRISE CORPORATION LIMITED (永昇達有限公司)	1^st Respondent (Discontinued)
	PROFIT VALLEY LIMITED (青雅有限公司)	2^nd Respondent
	CIRCLE PROPERTY DEVELOPMENT LIMITED (永光地產發展有限公司)	3^rd Respondent (Discontinued)
	CHU WAI MING CALVIN (朱偉明)	4^th Respondent
	CHU WAI CHOI ROBERT (朱偉才)	5^th Respondent
	CHU WAI LUN TONY (朱偉倫) also known as CHU, TONY (朱偉倫)	6^th Respondent
	LI KIT SHEUNG (李潔嫦)	7^th Respondent
	LAI CHI CHOI PHILIP (黎智財)	8^th Respondent
	LAI WAI YING MARGARET (黎慧瑩)	9^th Respondent
	LAI WEI SUM NORA (黎慧心)	10^th Respondent
	SECRETARY FOR JUSTICE	11^th Respondent (Discontinued)
	CHAN YIP SHAM (陳業森) alias: CHAN MAN YUK (陳文玉)	12^th Respondent
	HOM SHE HEN (譚素軒)	13^th Respondent
	CHEUNG HON CHU (張漢柱), the Executor of the Will of KONG SHIH HENG (江雪 ) also known as KONG SHIH HENG (江雪卿) (deceased)	14^th Respondent
	CMB WING LUNK BANK LIMITED (招商永隆銀行有限公司)	15^th Respondent
	TWIN WIN DEVELOPMENT LIMITED (優冠發展有限公司)	16^th Respondent
	KWONG PING KUEN (鄺炳權), guardian ad litem of KWONG WAI PIU (鄺偉標)	17^th Respondent (Discontinued)
	CHENG KAM NGOR (鄭錦娥)	18^th Respondent
	CELESTIAL STAR INVESTMENT LIMITED	19^th Respondent
	MAK SAU KUEN AMY (麥秀娟)	20^th Respondent
	LIM SZE SING (林士昇)	21^st Respondent
	MAK KIN WAH KEN (麥健華)	22^nd Respondent
	KWOK HEUNG KUM (郭香琴)	23^rd Respondent
	CHEUNG KEE MEE HEUNG YUEN GROUP LIMITED (祥記美香園集團有限公司)	24^th Respondent
	LEE YEE HUNG (李綺紅), the Administratrix of the estate of KOO KAM HUNG (顧錦鴻), deceased	25^th Respondent (Discontinued)
	KOO KAM FU (顧錦富), the Administrator of the estate of KOO KAM HOI, deceased	26^th Respondent (Discontinued)
	ETERNAL COSMOS INTERNATIONAL LIMITED (永富安國際有限公司)	27^th Respondent
	LEE YEUK SZE (李若詩), the Administratrix of the estate of LI (or LEE) FU WAH (李富華), deceased	28^th Respondent
	LI CHIU TAI alias: LIE TJIOE THAY (李朝泰)	29^th Respondent
	KWAN HING WAH alias: KWAN HENG HOA (關慶華)	30^th Respondent
	KWAN HON KEUNG alias: KWAN HAN KIONG (關漢強)	31^st Respondent
	THE INCORPORATED OWNERS OF HAPPY MANSION (快樂大廈業主立案法團)	32^nd Respondent
	WILSON DEVELOPMENT COMPANY LIMITED (景成發展有限公司)	33^rd Respondent
	WONG WING CHIU (黃榮釗), also known as WONG WING CHIU, WARWICK (黃榮釗)	34^th Respondent
	TSUI KAR YIN, AMY (徐嘉賢)	35^th Respondent (Discontinued)
	LAM SAI WING (林世榮), the Executor of the estate of YU FUNG KAM (余鳳金), deceased	36^th Respondent
	CHEERFUL INVESTMENT DEVELOPMENT LIMITED (智富投資發展有限公司)	37^th Respondent (Discontinued)
	JILL HUIRONG LEUNG as the Trustee of THE LEUNG FAMILY TRUST	38^th Respondent
	TOP ACTIVE LIMITED (冠港有限公司)	39^th Respondent
	YAN YAN MOTORS LIMITED (人人汽車有限公司)	40^th Respondent
	IP KWONG LEUNG (葉光良)	41^st Respondent (Discontinued)
	RISE WEALTH ENTERPRISE LIMITED (寶晉企業有限公司)	42^nd Respondent
	WAN HING (温興)	43^rd Respondent
	WONG SHUI KIU (黃瑞嬌)	44^th Respondent
	CHING WING YEE WINNIE (程詠儀)	45^th Respondent (Discontinued)
	TJONG FON FAT (張煥發) (otherwise known as RUSTAM SOFIAN)	46^th Respondent
	THE REGISTRAR OF COMPANIES	47^th Respondent (Discontinued)
	JOHN TSEE CHUNG CHIN (陳子中)	48^th Respondent
	CHAN FAI YUEN (陳輝元)	49^th Respondent
	EUGENE CHIN (陳友仁)	50^th Respondent
	CHAN WAI YEE	51^st Respondent (Discontinued)

__________________________

Before:

Her Honour Judge LJ Cruden, Presiding Officer of the Lands Tribunal, and Mr Lawrence Pang, Member of the Lands Tribunal

Dates of Trial:	16-17, 21, 23-25 & 28-30 October 2024
Date of Closing Submissions:	17 April 2025
Date of Handing Down Judgment:	21 August 2025
Date of Corrigenda:	5 September 2025

__________________

CORRIGENDA

__________________

Please note the following corrigenda in the Judgment dated 21 August 2025:

1. In paragraph 149, the table should replace as:

Shop No Effective Area (m²) Zone A (m²) Zone B (m²) Zone C (m²) In terms of Zone A (m²) Adjustments Adjusted Unit Rate (/m²) EUV

Location Return Frontage Headroom Total

5 64.19 19.74 21.21 23.24 36.16 -40.0%
(-85.0%) 0.0% 1.2% -39.3% $2,276,000 $82,300,000

7 56.35 4.2 x 4.2 =17.64 17.64 21.07 31.73 -40.0%
(-85.0%) 0.0% 1.2% -39.3% $2,276,000 $72,217,000

9 59.63 17.64 18.06 23.93 32.65 -40.0%
(-80.0%) 0.0% 1.2% -39.3% $2,276,000 $74,311,000

11 56.35 17.64 17.64 21.07 31.73 -40.0%
(-70.0%) 0.0% 0.8% -39.5% $2,269,000 $71,995,000

13 59.63 17.64 18.06 23.93 32.65 -40.0%
(-50.0%) 0.0% 0.8% -39.5% $2,269,000 $74,083,000

15 56.35 17.64 17.64 21.07 31.73 -30.0%
(-50.0%) 0.0% 0.8% -29.4% $2,648,000 $84,021,000

17 60.26 17.64 18.06 24.56 32.81 -30.0%
(-50.0%) 0.0% 0.8% -29.4% $2,648,000 $86,881,000

19 56.35 17.64 17.64 21.07 31.73 -20.0%
(-45.0%) 0.0% 0.4% -19.7% $3,011,000 $95,539,000

21 59.63 17.64 18.06 23.93 32.65 -15.0%
(-45.0%) 0.0% 0.4% -14.7% $3,199,000 $104,447,000

23 56.35 17.64 17.64 21.07 31.73 0.0%
(-20.0%) 0.0% 0.0% 0.0% $3,750,000 $118,988,000

25 35.70 17.64 18.06 0 26.67 0.0%
0.0%) 0.0% 0.0% 0.0% $3,750,000 $100,013,000

27 46.37 10.9 x 4.2 = 45.78 0.59 0 46.08 10.0%
(35.0%) 15% 0.0% 26.5% $4,744,000 $218,604,000

Sub-Total: $1,183,399,000

2. In para 150, the table should replace as:

Address Effective Area (m²) Zone A (m²) Zone B (m²) Zone C (m²) In terms of Zone A (m²) Adjustments Adjusted Unit Rate (/m²) EUV

Location Return Frontage Total

Remaining Portion of 60 Russell Street & Remaining Portion of the Rear Portion of 74 Percival Street & Portion A of 25 Lee Garden Road 67.97 5.81 x 4.2 = 24.40 5.6 x 4.2 = 23.52 20.05 41.17 15.0%
(30%) 2.65%[59] 18.1% $4,425,000 $182,177,000

Left Portion of 60 Russell Street & Portion of Rear Portion of 74 Percival Street 37.18 3.5 x 4.2 = 14.7 14.7 7.78 24.00 15.0%
(30%) 0.0% 15.0% $4,313,000 $103,512,000

76 Percival Street 38.75 8.1 x 4.2 = 34.02 4.73 0 36.39 20.0%
(45.0%) 15.0% 38.0% $5,175,000 $188,318,000

74 Percival Street 43.60 4.1 x 4.2 = 17.22 17.22 9.16 28.12 0.0%
(0.0%) 0.0% 0.0% $3,750,000 $105,450,000

Sub-Total: $579,457,000

3. In paragraph 153, the table should replace as:

Shop No Effective Area (m²) Zone A (m²) Zone B (m²) Zone C (m²) In Term of Zone A (m²) Adjustments Adjusted Unit Rate (/m²)

EUV

Location* Headroom Total

72 79.52 17.22 17.22 45.08 37.10 -5.0% 0.0% -5.0% $3,563,000 $132,187,000

70 79.80 17.22 17.22 45.36 37.17 -10.0% 0.0% -10.0% $3,375,000 $125,449,000

68 81.76 17.22 17.22 47.32 37.66 -10.0% 0.0% -10.0% $3,375,000 $127,103,000

66 80.55 17.22 17.22 46.11 37.36 -10.0% 0.0% -10.0% $3,375,000 $126,090,000

64 80.45 17.22 17.22 46.01 37.33 -10.0% 0.4% -9.6% $3,390,500 $126,549,000

62 85.72 17.22 17.22 51.28 38.65 -10.0% 0.4% -9.6% $3,390,500 $131,024,000

60 79.52 17.22 17.22 45.08 37.10 -10.0% 0.8% -9.3% $3,401,000 $126,177,000

58 79.80 17.22 17.22 45.36 37.17 -15.0% 0.8% -14.3% $3,214,000 $119,464,000

56 79.52 17.22 17.22 45.08 37.10 -15.0% 0.8% -14.3% $3,214,000 $119,239,000

54 85.72 19.32 19.32 47.08 40.75 -15.0% 0.8% -14.3% $3,214,000 $130,971,000

Sub-Total: $1,264,253,000

4. In paragraph 176, the table should replace as:

Floor Address Saleable Area (m²) Adjustments Adjusted Unit Rate (/m²) Reinstatement Cost for Outstanding Building Order[73] EUV

Floor Size View Nuisance/ Noise Internal Condition Total

1/F 74 Percival Street, Rear Portion 31.5 6.0% 1.0% -5.0% -2.0% 0.0% -0.3% $185,603 $5,846,000*

72 Percival Street, Rear Portion 31.5 6.0% 1.0% -5.0% -2.0% 0.0% -0.3% $185,603 $5,846,000*

70 Percival Street, Rear Portion 31.5 6.0% 1.0% -5.0% -2.0% 3.0% -0.3% $185,603 $5,846,000*

68A Percival Street 31.5 6.0% 1.0% -5.0% -2.0% 0.0% -0.3% $181,953 $5,732,000*

66A Percival Street 31.5 6.0% 1.0% -5.0% -2.0% 0.0% -0.3% $181,953 $5,732,000*

64A Percival Street 31.5 6.0% 1.0% -5.0% -2.0% 3.0% 2.7% $187,428 $5,904,000*

62A Percival Street 31.5 6.0% 1.0% -5.0% -2.0% 0.0% -0.3% $181,953 $5,732,000*

60 Percival Street, Rear Portion 31.5 6.0% 1.0% -5.0% -2.0% 0.0% -0.3% $181,953 $5,732,000*

58 Percival Street, Rear Portion 31.5 6.0% 1.0% -5.0% -2.0% 0.0% -0.3% $181,953 $5,732,000*

56 Percival Street, Rear Portion 31.5 6.0% 1.0% -5.0% -2.0% 0.0% -0.3% $181,953 $5,732,000*

54 Percival Street, Rear Portion 33.1 6.0% 0.8% -5.0% -2.0% 0.0% -0.5% $181,588 $6,011,000*

2/F 5 Lee Garden Road 43.9 4.0% -0.3% 0.0% 0.0% 0.0% 3.7% $189,253 $8,308,000

7 Lee Garden Road 41.2 4.0% 0.0% 0.0% 0.0% 0.0% 4.0% $189,800 $7,820,000

9 Lee Garden Road 41.2 4.0% 0.0% 0.0% 0.0% 0.0% 4.0% $189,800 $7,820,000

11 Lee Garden Road 41.2 4.0% 0.0% 0.0% 0.0% 0.0% 4.0% $189,800 $7,820,000

13 Lee Garden Road 41.2 4.0% 0.0% 0.0% 0.0% 0.0% 4.0% $189,800 $7,820,000

15 Lee Garden Road 41.2 4.0% 0.0% 0.0% 0.0% 0.0% 4.0% $189,800 $7,820,000

17 Lee Garden Road 41.2 4.0% 0.0% 0.0% 0.0% 0.0% 4.0% $189,800 $7,820,000

19 Lee Garden Road 41.2 4.0% 0.0% 0.0% 0.0% 0.0% 4.0% $189,800 $7,820,000

21 Lee Garden Road 41.2 4.0% 0.0% 0.0% 0.0% 0.0% 4.0% $189,800 $7,820,000

23 Lee Garden Road 41.2 4.0% 0.0% 0.0% 0.0% 0.0% 4.0% $189,800 $7,820,000

25 Lee Garden Road 41.2 4.0% 0.0% 2.0% -3.0% 0.0% 2.9% $187,793 $7,737,000

27 Lee Garden Road 50.4 4.0% -0.9% 2.0% -3.0% 0.0% 2.0% $186,150 $9,382,000

60 Russell Street 42.6 4.0% -0.1% 0.0% 0.0% 0.0% 3.9% $189,618 $8,078,000

76 Percival Street 57.5 4.0% -1.6% 0.0% 0.0% 0.0% 2.3% $186,698 $10,735,000

74 Percival Street, Front Portion 42.9 4.0% -0.2% 0.0% 0.0% 0.0% 3.8% $189,435 $8,127,000

74 Percival Street, Rear Portion 31.5 4.0% 1.0% -5.0% -2.0% 0.0% -2.2% $182,135 $5,737,000*

72 Percival Street, Front Portion 42.9 4.0% -0.2% 0.0% 0.0% 0.0% 3.8% $189,435 $8,127,000*

72 Percival Street, Rear Portion 31.5 4.0% 1.0% -5.0% -2.0% 0.0% -2.2% $182,135 $5,737,000*

70 Percival Street, Front Portion 42.9 4.0% -0.2% 0.0% 0.0% -3.0% 0.7% $189,435 $8,127,000*

70 Percival Street, Rear Portion 31.5 4.0% 1.0% -5.0% -2.0% 0.0% -2.2% $182,135 $5,737,000*

68 Percival Street 42.9 4.0% -0.2% 0.0% 0.0% 0.0% 3.8% $189,435 $8,127,000

68A Percival Street 31.5 4.0% 1.0% -5.0% -2.0% 3.0% 0.7% $182,135 $5,737,000

66 Percival Street 42.9 4.0% -0.2% 0.0% 0.0% 0.0% 3.8% $189,435 $8,127,000

66A Percival Street 31.5 4.0% 1.0% -5.0% -2.0% 0.0% -2.2% $182,135 $5,737,000

64 Percival Street 42.9 4.0% -0.2% 0.0% 0.0% 0.0% 3.8% $189,435 $8,127,000

64A Percival Street 31.5 4.0% 1.0% -5.0% -2.0% 0.0% -2.2% $182,135 $5,737,000

62 Percival Street 42.9 4.0% -0.2% 0.0% 0.0% 0.0% 3.8% $189,435 $8,127,000

62A Percival Street 31.5 4.0% 1.0% -5.0% -2.0% 0.0% -2.2% $182,135 $5,737,000

60 Percival Street, Front Portion 42.9 4.0% -0.2% 0.0% 0.0% 0.0% 3.8% $189,435 $8,127,000*

60 Percival Street, Rear Portion 31.5 4.0% 1.0% -5.0% -2.0% 0.0% -2.2% $178,485 $5,622,000

58 Percival Street, Front Portion 42.9 4.0% -0.2% 0.0% 0.0% 0.0% 3.8% $189,435 $8,127,000*

58 Percival Street, Rear Portion 31.5 4.0% 1.0% -5.0% -2.0% 0.0% -2.2% $178,485 $5,622,000

56 Percival Street, Front Portion 42.9 4.0% -0.2% 0.0% 0.0% 0.0% 3.8% $189,435 $4,000 $8,123,000*

56 Percival Street, Rear Portion 31.5 4.0% 1.0% -5.0% -2.0% 0.0% -2.2% $178,485 $5,622,000

54 Percival Street, Front Portion 44.5 4.0% -0.3% 0.0% 0.0% 0.0% 3.7% $189,253 $64,000 $8,358,000*

54 Percival Street, Rear Portion 33.1 4.0% 0.8% -5.0% -2.0% 0.0% -2.4% $178,120 $5,896,000

5. At page 101, paragraph 183, “We agree with Mr Chan” should read “Subject to §175 above, we agree with Mr Chan.”.

6. In paragraph 187, “$2,654,833,000” should read as “$4,836,434,000”. And the table should replace as:

EUV

G/F $3,027,109,000

1/F $294,671,000

2/F $268,647,000

3/F $260,944,000

4/F $257,890,000

5/F $246,752,000

6/F $156,878,000

7/F $162,758,000

8/F & Roof (if any) $160,785,000

Total: $4,836,434,000

7. In paragraph 188, the table should replace as:

Respondent Property EUV Pro Rata Share of the Total

R2 Rear Portion, 8/F, 54 Percival Street $5,696,000 0.11777%

7/F, 66A Percival Street $5,732,000 0.11852%

R42 G/F, 76 Percival Street $188,318,000 3.89374%

R4, R5 & R6 G/F, 58 Percival Street $119,464,000 2.47008%

R7 Rear Portion, 3/F, 58 Percival Street $5,513,000 0.11399%

R8, R9 & R10 G/F, 60 Percival Street $126,177,000 2.60888%

R14 G/F, 5 Lee Garden Road $82,300,000 1.70167%

G/F, 7 Lee Garden Road $72,217,000 1.49319%

R15 G/F, 62 Percival Street $131,024,000 2.70910%

R46 G/F, 27 Lee Garden Road $218,604,000 4.51994%

R38 G/F, 70 Percival Street $125,449,000 2.59383%

Rear Portion of 1/F, 70 Percival Street $5,904,000 0.12207%

R16 G/F, 64 Percival Street $126,549,000 2.61658%

R19 G/F, 66 Percival Street $126,090,000 2.60413%

R39 Left Portion of G/F, 60 Russell Street and Portion of Rear Portion of G/F, 74 Percival Street (“the Combined Shop”) $103,500,000 2.14025%

R18 1/F, 64A Percival Street $5,904,000 0.12207%

R20, R21, R22 & R23 1/F, 66 Percival Street $9,249,000 0.19124%

R24 G/F, 68 Percival Street $127,103,000 2.62803%

R27 G/F, 13 Lee Garden Road $74,083,000 1.53177%

R28
(with R29-R31 service dispensed) 2/F, 13 Lee Garden Road $7,820,000 0.16169%

R33 G/F, 15 Lee Garden Road $84,021,000 1.73725%

G/F, 17 Lee Garden Road $86,881,000 1.79639%

R34 5/F, 15 Lee Garden Road $6,661,000 0.13773%

R36 G/F, 19 Lee Garden Road $95,539,000 1.97540%

R40 Remaining Portion of G/F, 60 Russell Street $182,177,000 3.76676%

Remaining Portion of Rear Portion of G/F, 74 Percival Street

Remaining Portion of G/F, 15 Lee Garden Road

8. In paragraph 331, the table should replace as:

Comp Unit Rental (/m²) Adjustment Adjusted Unit Rate (/m²)

Location Age Size Frontage Return Frontage Layout Headroom Total

NRL-1 $16,263 -25.0% 8.1% -5.9% -9.0% -20.0% -20.0% 5.2% -53.3% $7,599

N1 $4,813 10.0% 8.8% -7.1% -2.8% -20.0% 4.0% -10.1% $4,327

N4 $2,734 50.0% 4.8% -2.7% -0.2% -2.0% -5.0% 2.4% 45.5% $3,978

NRRT-1 $1,291 40.0% 9.5% -1.0% 0.2% 5.0% -1.2% 57.8% $2,037

NRRT-2 $2,437 20.0% 9.3% 6.1% -5.4% 5.0% 6.0% 46.5% $3,570

NRRT-3 $2,567 30.0% 8.1% -5.6% 0.0% -10.0% -20.0% 4.0% -0.7% $2,549

NRRT-5 $2,262 20.0% 8.5% -3.3% -0.4% 0.0% -1.2% 23.9% $2,803

NRRP-1 $4,573 50.0% 4.8% -8.9% -4.8% -2.0% 2.4% 36.8% $6,256

N3 $4,667 -30.0% 8.3% -5.2% -0.2% -5.0% 2.4% -27.5% $3,384

N2 $4,960 -25.0% 8.1% 0.5% -1.8% 0.0% 5.2% -15.8% $4,176

Average (excluding NRRT-1): $4,294

Average (excluding the highest and lowest and NRRT-1): $4,071

Median (excluding the highest and lowest and NRRT-1): $3,873

9. In paragraph 340, the table should replace as:

Shop No Effective Area (m²) Zone A (m²) Zone B (m²) Zone C (m²) In terms of Zone A (m²) Adjustments Adjusted Unit Rate (/m²) GDV

Location Return Frontage Total

P1 50.5 50.50 0.00 0.00 50.5 -10.0% 0.0% -10.0% $2,007,000 $101,354,000

P2 51.0 51.00 0.00 0.00 51 -7.5% 0.0% -7.5% $2,062,750 $105,200,000

P3 76.3 25.58 25.58 25.14 44.66 -5.0% 0.0% -5.0% $2,118,500 $94,612,000

P4 76.1 28.40 29.81 17.89 47.78 0.0% 0.0% 0.0% $2,230,000 $106,549,000

P5 76.1 28.40 29.81 17.89 47.78 10.0% 0.0% 10.0% $2,453,000 $117,204,000

P6 66.5 25.58 25.58 15.34 42.21 15.0% 0.0% 15.0% $2,564,500 $108,248,000

R1B 30.0 30.00 0.00 0.00 30 20.0% 0.0% 20.0% $2,676,000 $80,280,000

R1A 30.0 30.00 0.00 0.00 30 25.0% 15.0% 43.8% $3,206,740 $96,202,000

R2 41.5 24.52 16.98 0.00 33.01 20.0% 0.0% 20.0% $2,676,000 $88,335,000

R3 41.5 24.52 16.98 0.00 33.01 20.0% 0.0% 20.0% $2,676,000 $88,335,000

R4 35.4 21.24 14.16 0.00 28.32 20.0% 0.0% 20.0% $2,676,000 $75,784,000

R5 35.4 21.24 14.16 0.00 28.32 20.0% 0.0% 20.0% $2,676,000 $75,784,000

R6 35.4 21.24 14.16 0.00 28.32 20.0% 0.0% 20.0% $2,676,000 $75,784,000

R7A 30.0 30.00 0.00 0.00 30 20.0% 10.0% 32.0% $2,943,600 $88,308,000

R7B 30.3 30.30 0.00 0.00 45.45 20.0% 0.0% 20.0% $2,676,000 $81,083,000

L3 91.7 34.46 36.36 20.88 57.86 20.0% 0.0% 20.0% $2,676,000 $154,833,000

L2 99.4 27.90 27.90 43.60 52.75 10.0% 0.0% 10.0% $2,453,000 $129,396,000

L1 113.1 28.89 28.89 55.32 57.17 -10.0% 0.0% -10.0% $2,007,000 $114,740,000

Total: $1,782,031,000

10. In paragraph 368, the table should replace as:

Comp Monthly Rent (/m²) Adjustments Adj Unit Rate (/m²)

Time Building Age Size Floor Level Location View[153] Scale of Facilities & Development Head-room Whole Floor Building Quality Total

NS/RR-1 $557 -11.5% 18.0% 6.8% 5.0% 0.0% 0.0% 8.0% 2.8% 0.0% 20.0% 56.0% $869

NS/RR-2 $616 -11.5% 13.0% -9.5% 5.0% 15.0% 3.0% 8.0% 5.2% -3.0% 10.0% 36.5% $841

NSR-1 $471 -8.5% 18.0% -5.8% -2.5% 0.0% 4.0% 8.0% 3.6% 0.0% 20.0%
38.5%
$652

NSR-2 $539 -10.6% 18.0% -6.2% 0.5% 0.0% 5.0% 8.0% 3.6% 0.0% 20.0% 40.1% $755

NSR-3 $610 -10.8% 18.0% -7.2% 2.0% 0.0% 5.0% 8.0% 3.6% 0.0% 20.0% 35.6% $857

NSR-4 $480 -11.5% 18.0% -5.7% 1.0% 0.0% 4.0% 8.0% 3.6% 0.0% 20.0% 38.9% $667

NSR-5 $596 -16.6% 16.5% 9.4% -7.5% 20.0% -15.0% 8.0% 0.0% -3.0% 20.0% 30.3% $752

Average: $770

11. In paragraph 379, “3.4%” should read as “3.6%”.

12. In paragraph 417, “$9,600,000 x 12 ÷ 5% = say $2,300,000,000” should read as “$9,600,000 ÷ 5% = say $192,000,000”.

13. In paragraph 429, “$2,838,000,000” and “$102,697/m² ” should read as “$2,679,000,000” and “$96,944/m² ” respectively.

14. In paragraph 430, “$2,838,000,000” should read as “$2,679,000,000”.

15. In paragraph 433 (4)(ii), “$2,838,000,000” should read as “$2,679,000,000”.

16. Appendix 6, 8, 9, 11 and 16 annexed to the Judgment, should be replaced by the Appendix of the same title annexed hereto.

Dated this 5^th day of September 2025

	(Cardio TZE)
	Clerk to Member Lawrence PANG, Lands Tribunal

Appendix 6

EUV determination of 3/F of the Buildings

Address Saleable Area (m²) Adjustment Adjusted Unit Rate (/m²) Reinstate-ment Cost[176] EUV

Floor Size View Nuisance/ Noise Internal Condition Lighting & Ventilation Total

5 Lee Garden Road 43.9 2.0% -0.3% 0.0% 0.0% 0.0% 0.0% 1.7% $185,603 $8,148,000

7 Lee Garden Road 41.2 2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% $186,150 $7,669,000

9 Lee Garden Road 41.2 2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% $186,150 $7,669,000

11 Lee Garden Road 41.2 2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% $186,150 $7,669,000

13 Lee Garden Road 41.2 2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% $186,150 $7,669,000

15 Lee Garden Road 41.2 2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% $186,150 $7,669,000

17 Lee Garden Road 41.2 2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% $186,150 $7,669,000

19 Lee Garden Road 41.2 2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% $186,150 $7,669,000

21 Lee Garden Road 41.2 2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% $186,150 $7,669,000

23 Lee Garden Road 41.2 2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% $186,150 $7,669,000

25 Lee Garden Road 41.2 2.0% 0.0% 0.0% -3.0% 0.0% 0.0% -1.1% $180,493 $7,436,000

27 Lee Garden Road 50.4 2.0% -0.9% 0.0% -3.0% 0.0% 3.0% 1.0% $184,325 $9,290,000

60 Russell Street 42.6 2.0% -0.1% 0.0% 0.0% 0.0% 0.0% 1.9% $185,968 $7,922,000

76 Percival Street 57.5 2.0% -1.6% 0.0% -3.0% 0.0% 3.0% 0.3% $183,048 $10,525,000

74 Percival Street, Front Portion 42.9 2.0% -0.2% 0.0% -3.0% 0.0% 0.0% -1.3% $180,128 $7,727,000

74 Percival Street, Rear Portion 31.5 2.0% 1.0% -5.0% -2.0% 0.0% 0.0% -4.1% $175,018 $5,513,000

72 Percival Street, Front Portion 42.9 2.0% -0.2% 0.0% 0.0% 0.0% 0.0% 1.8% $185,785 $7,970,000

72 Percival Street, Rear Portion 31.5 2.0% 1.0% -5.0% -2.0% 0.0% 0.0% -4.1% $175,018 $5,513,000

70 Percival Street, Front Portion 42.9 2.0% -0.2% 0.0% 0.0% 0.0% 0.0% 1.8% $185,785 $7,970,000

70 Percival Street, Rear Portion 31.5 2.0% 1.0% -5.0% -2.0% 0.0% 0.0% -4.1% $175,018 $5,513,000

68 Percival Street 42.9 2.0% -0.2% 0.0% 0.0% 0.0% 0.0% 1.8% $185,785 $1,000 $7,969,000

68A Percival Street 31.5 2.0% 1.0% -5.0% -2.0% 0.0% 0.0% -4.1% $175,018 $5,513,000

66 Percival Street 42.9 2.0% -0.2% 0.0% 0.0% 0.0% 0.0% 1.8% $185,785 $7,970,000

66A Percival Street 31.5 2.0% 1.0% -5.0% -2.0% 0.0% 0.0% -4.1% $175,018 $5,513,000

64 Percival Street 42.9 2.0% -0.2% 0.0% 0.0% 0.0% 0.0% 1.8% $185,785 $10,000 $7,960,000

64A Percival Street 31.5 2.0% 1.0% -5.0% -2.0% 0.0% 0.0% -4.1% $175,018 $5,513,000

62 Percival Street 42.9 2.0% -0.2% 0.0% 0.0% 0.0% 0.0% 1.8% $185,785 $7,970,000

62A Percival Street 31.5 2.0% 1.0% -5.0% -2.0% 0.0% 0.0% -4.1% $175,018 $5,513,000

60 Percival Street 42.9 2.0% -0.2% 0.0% 0.0% 0.0% 0.0% 1.8% $185,785 $7,970,000

Front Portion

60 Percival Street, Rear Portion 31.5 2.0% 1.0% -5.0% -2.0% 0.0% 0.0% -4.1% $175,018 $5,513,000

58 Percival Street, Front Portion 42.9 2.0% -0.2% 0.0% 0.0% 0.0% 0.0% 1.8% $185,785 $7,970,000

58 Percival Street, Rear Portion 31.5 2.0% 1.0% -5.0% -2.0% 0.0% 0.0% -4.1% $175,018 $5,513,000

56 Percival Street, Front Portion 42.9 2.0% -0.2% 0.0% 0.0% 0.0% 0.0% 1.8% $185,785 $7,970,000

56 Percival Street, Rear Portion 31.5 2.0% 1.0% -5.0% -2.0% 0.0% 0.0% -4.1% $175,018 $5,513,000

54 Percival Street, Front Portion 44.5 2.0% -0.3% 0.0% 0.0% 0.0% 0.0% 1.7% $185,603 $7,000 $8,252,000

54 Percival Street, Rear Portion 33.1 2.0% 0.8% -5.0% -2.0% 0.0% 0.0% -4.3% $174,653 $7,000 $5,774,000

Total: $260,944,000

Appendix 8

EUV determination of 5/F of the Buildings

Address Saleable Area (m²) Adjustment Adjusted Unit Rate (/m²) Reinstate-ment Cost[178] EUV

Floor Size View Nuisance/ Noise Internal Condition Lighting & Ventilation Total

5 Lee Garden Road 41.0 -5.0% 0.0% 0.0% 0.0% 0.0% 0.0% -5.0% $173,375 $7,108,000

7 Lee Garden Road 38.3 -5.0% 0.3% 0.0% 0.0% 0.0% 0.0% -4.7% $173,923 $6,661,000

9 Lee Garden Road 38.3 -5.0% 0.3% 0.0% 0.0% 0.0% 0.0% -4.7% $173,923 $6,661,000

11 Lee Garden Road 38.3 -5.0% 0.3% 0.0% 0.0% 0.0% 0.0% -4.7% $173,923 $6,661,000

13 Lee Garden Road 38.3 -5.0% 0.3% 0.0% 0.0% 0.0% 0.0% -4.7% $173,923 $6,661,000

15 Lee Garden Road 38.3 -5.0% 0.3% 0.0% 0.0% 0.0% 0.0% -4.7% $173,923 $6,661,000

17 Lee Garden Road 38.3 -5.0% 0.3% 0.0% 0.0% 0.0% 0.0% -4.7% $173,923 $6,661,000

19 Lee Garden Road 38.3 + Roof: 27.7 -5.0% -0.1% 0.0% 0.0% 0.0% 0.0% -5.1% $173,193 $7,239,000

21 Lee Garden Road 38.3 + Roof: 27.7 -5.0% -0.1% 0.0% 0.0% -3.0% 0.0% -7.9% $168,083 $7,026,000

23 Lee Garden Road 38.3 + Roof: 27.7 -5.0% -0.1% 0.0% 0.0% 0.0% 0.0% -5.1% $173,193 $7,239,000

25 Lee Garden Road 38.3 + Roof: 27.7 -5.0% -0.1% 3.0% -3.0% 0.0% 0.0% -5.2% $173,010 $7,232,000

27 Lee Garden Road 46.8 + Roof: 26.6 -5.0% -0.9% 3.0% -3.0% 0.0% 3.0% -3.1% $176,843 $8,860,000

60 Russell Street 42.6 -2.0% -0.1% 0.0% 0.0% 0.0% 0.0% -2.1% $178,668 $7,611,000

76 Percival Street 57.5 -2.0% -1.6% 0.0% -3.0% 0.0% 3.0% -3.7% $175,748 $7,000 $10,099,000

74 Percival Street, Front Portion 42.9 -2.0% -0.2% 0.0% -3.0% 0.0% 0.0% -5.1% $173,193 $7,430,000

74 Percival Street, Rear Portion 31.5 -2.0% 1.0% -5.0% -2.0% 0.0% 0.0% -7.8% $168,265 $5,300,000

72 Percival Street, Front Portion 42.9 -2.0% -0.2% 0.0% 0.0% 0.0% 0.0% -2.2% $178,485 $7,657,000

72 Percival Street, Rear Portion 31.5 -2.0% 1.0% -5.0% -2.0% 0.0% 0.0% -7.8% $168,265 $5,300,000

70 Percival Street, Front Portion 42.9 -2.0% -0.2% 0.0% 0.0% 0.0% 0.0% -2.2% $178,485 $7,657,000

70 Percival Street, Rear Portion 31.5 -2.0% 1.0% -5.0% -2.0% 3.0% 0.0% -5.1% $173,193 $5,456,000

68 Percival Street 42.9 -2.0% -0.2% 0.0% 0.0% 3.0% 0.0% 0.7% $183,778 $1,000 $7,883,000

68A Percival Street 31.5 -2.0% 1.0% -5.0% -2.0% 3.0% 0.0% -5.1% $173,193 $5,456,000

66 Percival Street 42.9 -2.0% -0.2% 0.0% 0.0% 3.0% 0.0% 0.7% $183,778 $1,000 $7,883,000

66A Percival Street 31.5 -2.0% 1.0% -5.0% -2.0% 3.0% 0.0% -5.1% $173,193 $5,456,000

64 Percival Street 42.9 -2.0% -0.2% 0.0% 0.0% 0.0% 0.0% -2.2% $178,485 $7,657,000

64A Percival Street 31.5 -2.0% 1.0% -5.0% -2.0% 0.0% 0.0% -7.8% $168,265 $5,300,000

62 Percival Street 42.9 -2.0% -0.2% 0.0% 0.0% 0.0% 0.0% -2.2% $178,485 $7,657,000

62A Percival Street 31.5 -2.0% 1.0% -5.0% -2.0% 0.0% 0.0% -7.8% $168,265 $5,300,000

60 Percival Street, Front Portion 42.9 -2.0% -0.2% 0.0% 0.0% 3.0% 0.0% 0.7% $183,778 $7,884,000

60 Percival Street, Rear Portion 31.5 -2.0% 1.0% -5.0% -2.0% 0.0% 0.0% -7.8% $168,265 $5,300,000

58 Percival Street, Front Portion 42.9 -2.0% -0.2% 0.0% 0.0% 3.0% 0.0% 0.7% $183,778 $7,884,000

58 Percival Street, Rear Portion 31.5 -2.0% 1.0% -5.0% -2.0% 0.0% 0.0% -7.8% $168,265 $5,300,000

56 Percival Street, Front Portion 42.9 -2.0% -0.2% 0.0% 0.0% 0.0% 0.0% -2.2% $178,485 $7,657,000

56 Percival Street, Rear Portion 31.5 -2.0% 1.0% -5.0% -2.0% 0.0% 0.0% -7.8% $168,265 $5,300,000

54 Percival Street, Front Portion 44.5 -2.0% -0.3% 0.0% 0.0% 0.0% 0.0% -2.3% $178,303 $7,934,000

54 Percival Street, Rear Portion 33.1 -2.0% 0.8% -5.0% -2.0% 3.0% 0.0% -5.3% $172,828 $5,721,000

Total: $246,752,000

Appendix 9

EUV determination of 6/F of the Buildings

Address Saleable Area (m²) Adjustment Adjusted Unit Rate (/m²) Reinstate-ment Cost[179] EUV

Floor Size View Nuisance/ Noise Internal Condition Lighting & Ventilation Total

60 Russell Street 42.6 -4.0% -0.1% 0.0% 0.0% 0.0% 0.0% -4.1% $175,018 $7,456,000

76 Percival Street 57.5 -4.0% -1.6% 0.0% -3.0% -6.0% 3.0% -11.3% $161,878 $9,308,000

74 Percival Street, Front Portion 42.9 -4.0% -0.2% 0.0% -3.0% 0.0% 0.0% -7.1% $169,543 $7,273,000

74 Percival Street, Rear Portion 31.5 -4.0% 1.0% -5.0% -2.0% 0.0% 0.0% -9.7% $164,798 $5,191,000

72 Percival Street, Front Portion 42.9 -4.0% -0.2% 0.0% 0.0% 0.0% 0.0% -4.2% $174,835 $7,500,000

72 Percival Street, Rear Portion 31.5 -4.0% 1.0% -5.0% -2.0% 0.0% 0.0% -9.7% $164,798 $5,191,000

70 Percival Street, Front Portion 42.9 -4.0% -0.2% 0.0% 0.0% 0.0% 0.0% -4.2% $174,835 $7,500,000

70 Percival Street, Rear Portion 31.5 -4.0% 1.0% -5.0% -2.0% 0.0% 0.0% -9.7% $164,798 $5,191,000

68 Percival Street 42.9 -4.0% -0.2% 0.0% 0.0% 0.0% 0.0% -4.2% $174,835 $1,000 $7,499,000

68A Percival Street 31.5 -4.0% 1.0% -5.0% -2.0% 0.0% 0.0% -9.7% $164,798 $8,000 $5,183,000

66 Percival Street 42.9 -4.0% -0.2% 0.0% 0.0% 0.0% 0.0% -4.2% $174,835 $7,500,000

66A Percival Street 31.5 -4.0% 1.0% -5.0% -2.0% 0.0% 0.0% -9.7% $164,798 $5,191,000

64 Percival Street 42.9 -4.0% -0.2% 0.0% 0.0% 0.0% 0.0% -4.2% $174,835 $1,000 $7,499,000

64A Percival Street 31.5 -4.0% 1.0% -5.0% -2.0% 0.0% 0.0% -9.7% $164,798 $5,191,000

62 Percival Street 42.9 -4.0% -0.2% 0.0% 0.0% 0.0% 0.0% -4.2% $174,835 $1,000 $7,499,000

62A Percival Street 31.5 -4.0% 1.0% -5.0% -2.0% 0.0% 0.0% -9.7% $164,798 $5,191,000

60 Percival Street, Front Portion 42.9 -4.0% -0.2% 0.0% 0.0% 0.0% 0.0% -4.2% $174,835 $7,500,000

60 Percival Street, Rear Portion 31.5 -4.0% 1.0% -5.0% -2.0% 0.0% 0.0% -9.7% $164,798 $5,191,000

58 Percival Street, Front Portion 42.9 -4.0% -0.2% 0.0% 0.0% 3.0%[180] 0.0% -1.3% $180,128 $7,727,000

58 Percival Street, Rear Portion 31.5 -4.0% 1.0% -5.0% -2.0% 0.0% 0.0% -9.7% $164,798 $5,191,000

56 Percival Street, Front Portion 42.9 -4.0% -0.2% 0.0% 0.0% 0.0% 0.0% -4.2% $174,835 $7,500,000

56 Percival Street, Rear Portion 31.5 -4.0% 1.0% -5.0% -2.0% 0.0%[181] 0.0% -9.7% $164,798 $5,191,000

54 Percival Street, Front Portion 44.5 -4.0% -0.3% 0.0% 0.0% 0.0% 0.0% -4.3% $174,653 $7,772,000

54 Percival Street, Rear Portion 33.1 -4.0% 0.8% -5.0% -2.0% 0.0% 0.0% -9.9% $164,433 $5,443,000

Total: $156,878,000

Appendix 11

EUV determination of 8/F & Roof (if any) of the Buildings

Address Saleable Area (m²) Adjustment Adjusted Unit Rate (/m²) Reinstate-ment Cost[184] EUV

Floor Size View Nuisance/ Noise Internal Condition Lighting & Ventilation Total

60 Russell Street 42.6 + Roof: 33.6 -11.0% -0.6% 3.0% 0.0% -3.0% 3.0% -9.0% $166,075 $7,772,000

76 Percival Street 57.5 + Roof: 34.0 -11.0% -2.1% 0.0% -3.0% -3.0% 3.0% -15.6% $154,030 $9,519,000

74 Percival Street, Front Portion 42.9 + Roof: 29.1 -11.0% -0.5% 0.0% -3.0% -3.0% 3.0% -14.2% $156,585 $7,281,000

74 Percival Street, Rear Portion 31.5 + Roof: 29.1 -11.0% 0.6% 3.0% 2.0% -6.0% 3.0% -8.9% $166,258 $5,836,000

72 Percival Street, Front Portion 42.9 + Roof: 29.1 -11.0% -0.5% 0.0% 0.0% -3.0% 3.0% -11.5% $161,513 $7,510,000

72 Percival Street, Rear Portion 31.5 + Roof: 29.1 -11.0% 0.6% 3.0% 2.0% -3.0% 3.0% -6.0% $171,550 $6,021,000

70 Percival Street, Front Portion 42.9 + Roof: 33.1 -11.0% -0.5% 0.0% 0.0% -3.0% 3.0% -11.5% $161,513 $7,591,000

70 Percival Street, Rear Portion 31.5 + Roof: 33.1 -11.0% 0.6% 0.0% 2.0% -3.0% 3.0% -8.8% $166,440 $5,925,000

68 Percival Street 42.9 -11.0% -0.2% 0.0% 0.0% -6.0% 3.0% -14.0% $156,950 $7,376,000

68A Percival Street 31.5 -11.0% 1.0% 0.0% 2.0% -6.0% 3.0% -11.2% $162,060 $5,688,000

66 Percival Street 42.9 -11.0% -0.2% 0.0% 0.0% -3.0% 3.0% -11.3% $161,878 $7,526,000

66A Percival Street 31.5 -11.0% 1.0% 0.0% 2.0% -6.0% 3.0% -11.2% $162,060 $5,688,000

64 Percival Street 42.9 -11.0% -0.2% 0.0% 0.0% -3.0% 3.0% -11.3% $161,878 $7,527,000

64A Percival Street 31.5 -11.0% 1.0% 0.0% 2.0% -6.0% 3.0% -11.2% $162,060 $5,688,000

62 Percival Street 42.9 -11.0% -0.2% 0.0% 0.0% -3.0% 3.0% -11.3% $161,878 $7,607,000

62A Percival Street 31.5 -11.0% 1.0% 0.0% 2.0% -6.0% 3.0% -11.2% $162,060 $5,769,000

60 Percival Street, Front Portion 42.9 -11.0% -0.2% 0.0% 0.0% -6.0% 3.0% -14.0% $156,950 $6,733,000

60 Percival Street, Rear Portion 31.5 -11.0% 1.0% 0.0% 2.0% 0.0% 3.0% -5.6% $172,280 $5,427,000

58 Percival Street, Front Portion 42.9 -11.0% -0.2% 0.0% 0.0% 0.0% 3.0% -8.5% $166,988 $7,164,000

58 Percival Street, Rear Portion 31.5 -11.0% 1.0% 0.0% 2.0% 0.0% 3.0% -5.6% $172,280 $5,427,000

56 Percival Street, Front Portion 42.9 -11.0% -0.2% 0.0% 0.0% 0.0% 3.0% -8.5% $166,988 $7,164,000

56 Percival Street, Rear Portion 31.5 -11.0% 1.0% 0.0% 2.0% 0.0% 3.0% -5.6% $172,280 $5,427,000

54 Percival Street, Front Portion 44.5 -11.0% -0.3% 0.0% 0.0% 0.0% 3.0% -8.6% $166,805 $7,423,000

54 Percival Street, Rear Portion 33.1[185] -11.0% 0.8% 0.0% 2.0% 0.0%[186] 3.0% -5.7% $172,098 $5,696,000

Total: $160,785,000

Appendix 16

Residual Valuation

Gross Development Value

G/F Retail = $1,782,031,000

1/F Retail 881.60 m² x $340,000 / m² = $299,744,000

2/F Retail 1,115.90 m² x $314,000 / m² = $350,392,600

Office/Restaurant (4/F-28/F) 18,339.30 m² x $228,000 / m² = $4,181,360,400

Car Parking Spaces on B1/F, B2/F and B3/F = $232,100,000

Video Walls = $192,000,000

$7,037,628,000

Less Marketing Costs @ 3% $211,128,840

$6,826,499,160

Present Value in 5.25 years @ 5.5% 0.75496

$5,153,733,806

Development Costs

Demolition Cost 13,604.66 m² x $2,200 / m² = $29,930,252

Professional Fee @ 6% 1.06

Developer's Profit @ 22.5% 1.225

$38,864,432

Present Value in 0.375 year @ 5.5% 0.98012

$38,091,807

Construction Costs 27,634.60 m² x $55,350 / m² $1,529,575,110

Professional Fee @ 6% 1.06

Developer's Profit @ 22.5% 1.225

$1,986,153,280

Present Value in 3 years @ 5.5% 0.85161

$1,691,427,995

$3,424,214,004

Developer's Profit @ 22.5% ÷ 1.225

$2,795,276,738

Legal Cost @ 0.10%

Stamp Duty @ 4.25% ÷ 1.0435

$2,678,751,067

say $2,679,000,000

Accommodation Value $96,944 / m²

[59] This accounts for the “Additional Shop Signage” as discussed in §83 above.

[73] While the corresponding amounts had been agreed by both Mr Chan and Mr Lai, we have rounded the amounts to the nearest thousand.

[153] We follow the adjustments proposed by Mr Chan in this analysis.

[176] While the corresponding amounts had been agreed by both Mr Chan and Mr Lai, we have rounded the amounts to the nearest thousand.

[178] While the corresponding amounts had been agreed by both Mr Chan and Mr Lai, we have rounded the amounts to the nearest thousand.

[179] While the corresponding amounts had been agreed by both Mr Chan and Mr Lai, we have rounded the amounts to the nearest thousand.

[180] There was disagreement on the internal condition of this unit. Mr Chan considered it “fair” while Mr Lai suggested it was “poor”. Having viewed the unit, we agree with Mr Chan.

[181] There was disagreement on the internal condition of this unit. Mr Chan considered it “poor” while Mr Lai suggested it was “fair”. Having viewed the unit, we agree with Mr Chan.

[184] While the corresponding amounts had been agreed by both Mr Chan and Mr Lai, we have rounded the amounts to the nearest thousand.

[185] Mr Lai suggested that the saleable area of this upper floor unit is higher at 34.1 sq m instead of 33.1 sq m as for the same units on the lower floors. This does not make sense and we are not persuaded.

[186] There was disagreement on the internal condition of this unit. Mr Chan considered it “poor” while Mr Lai suggested it was “good”. Having viewed the unit, we agree with Mr Chan.

Citation

Court

Procedural posture

Issues

Holdings

Legal principles

Disposition

Key citations

Case Details

Citation

KERRYFORD HOLDINGS LTD AND OTHERS v. PROFIT VALLEY LTD AND OTHERS, LDCS 8000/2022

Case Number

LDCS 8000/2022

Registry reference: LDCS8000M/2022

Court

Lands Tribunal

(LT)

Decision Date

30 October 2024

Parties

Applicant(s):

Respondent(s):