Success Active Ltd v. Harbourview International Holdings Ltd and Others

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

__________________________

__________________________

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

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C O R R I G E N D U M

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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:

									Appendix 1
G/F	Retail		236.4	m2	x	$261,375	/m2  =	$61,789,050
1/F	Retail		249.4	m2	x	$170,000	/m2  =	$42,398,000
	Residential Flats		1,908.01	m2	x	$250,040	/m2  =	$477,078,820
3/F	Flat Roof		3.76	m2	x	$36,425	/m2  =	$136,958
	Top Roof		90.24	m2	x	$36,425	/m2  =	$3,286,992
								---------------
								$584,689,820
Marketing cost		3%					x	0.97
	Present Value for	2.5	years	@	4%		x	0.9066
								---------------
									$514,177,397
Less
	Demolition Cost		2,000.00	m2	x	$2,200	/m2  =	$4,400,000
	Professional Fee	@	6%				x	1.06
	Profit	@	15%				x	1.15
								---------------
								$5,363,600
	Present Value for	0.25	years	@	4%		x	0.99024
								---------------
									$5,311,251
	Construction Cost							$137,160,131
	Professional Fee	@	6%				x	1.06
	Profit	@	15%				x	1.15
								---------------
								$167,198,200
	Present Value for	1.5	years	@	4%		x	0.94287
								---------------
									$157,646,167
									---------------
									$351,219,979
	Stamp Duty @		4.25%
	Legal Cost @		0.10%
	Developer's Profit on Land		15%					÷	1.1935
									---------------
									$294,277,318
								Say	$294,277,000
						Accommodation Value :			$93,181/ m2

Dated this 17^nd day of May 20201