Courage Investments Ltd and Another v. Go Sin Li Alias Wu Shen Li and Others

LDCS 17000/2020

[2021] HKLdT 78

IN THE LANDS TRIBUNAL OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

LAND COMPULSORY SALE MAIN APPLICATION NO 17000 OF 2020

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Before:  Mr Lawrence Pang, Member of the Lands Tribunal

Dates of Hearing: 7 October 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

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1.  Please note the following corrigenda in the Judgment dated 21 December 2021: -

2.  At Paragraph 59, “…land value of the Lots at $363,000,000 (ie an accommodation value of $140,106/m²)” should read “…land value of the Lots at $350,000,000 (ie an accommodation value of $135,088/m²)”.

3.  At Paragraph 60, “…a land value of the Lots at $368,000,000 (ie the accommodation value $142,036/m²)” should read “…a land value of the Lots at $355,000,000 (ie the accommodation value $137,018/m²)”

4.  At Paragraph 61, “…reserve price of the Lots at $368,000,000 (which is equivalent to $142,036/m²)” should read “…reserve price of the Lots at $355,000,000 (which is equivalent to $137,018/m²)”

5.  At Paragraph 64(4)(ii), “…reserve price be set at $368,000,000” should read “…reserve price be set at $355,000,000.”

6.  At Paragraph 64(4)(iv), “…informing the 1st respondent and all persons claiming…” should read “…informing the 1^st and 3^rd respondent and all persons claiming…”.

7.  At page 33, the table of Appendix 1 should be replaced as follow:

								Appendix 1
Residual Valuation
Gross Development Value
G/F Retail	128.50	m2	x	$511,300	/ m2	=	$65,702,050
Residential Flat	1,658.15	m2	x	$324,600	/ m2	=	$538,235,490
Flat Roof on 3/F	40.00	m2	x	$47,465	/ m2	=	$1,898,600
Top Roof	60.00	m2	x	$52,500	/ m2	=	$3,150,000
							$608,986,140
Less Marketing Costs			@	3%			0.97
							$590,716,556
Present Value in	2.5	years	@	4%			0.9066
								$535,543,630
Development Costs
Demolition Cost	1,100.00	m2	x	$2,200	/ m2	=	$2,420,000
Professional Fee			@	6%			1.06
Developer's Profit			@	12.5%			1.125
							$2,885,850
Present Value in	0.25	year	@	4%			0.9902
								$2,857,569
Construction Costs							$110,289,538
Professional Fee			@	6%			1.06
Developer's Profit			@	12.5%			1.125
							$131,520,274
Present Value in	1.5	years	@	4%			0.9429
								$124,010,466
								$408,675,595
Stamp Duty			@	4.25%
Legal Cost			@	0.10%
Developer's Profit			@	12.5%			÷	1.16850
								$349,743,770
							say	$350,000,000
					Accommodation Value			$135,088.19

Dated this 30^th day of December 2021