BabelCite

Sound Advice Property Ltd and Others v. Mok Wai Ching and Another

Read the full judgment text of LDCS 18000/2020 on BabelCite. This LDCS judgment was delivered on 21 December 2021.

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

Case No.LDCS 18000/2020
Court
LDCS
Date21 Dec 2021
Judge—
Case Document
100%Judiciary

LDCS18000/2020

[2021] HKLdT 79

IN THE LANDS TRIBUNAL OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

LAND COMPULSORY SALE APPLICATION NO. 18000 OF 2020

____________________

BETWEEN    
  SOUND ADVICE PROPERTY LIMITED 1st Applicant
  CENTURY ISLAND HOLDINGS LIMITED
(釆天控股有限公司)		 2nd Applicant
  SKY RISE INVESTMENTS LIMITED
(佳升投資有限公司)		 3rd Applicant
  JUBILEE WISDOM LIMITED (禧智有限公司) 4th Applicant
  and  
  MOK WAI CHING (莫慧貞) and
MOK YUI CHEUNG ANTHONY (莫裔祥)		 Respondents

____________________

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

____________________

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:

Appendix 1
Residual Valuation
 
Gross Development Value
G/F Shop 256.37 m2 x $375,000 / m2 = $96,138,750
3/F-23/F Flat 1583.33 m2 x $315,000 / m2 = $498,748,950
24/F Flat 75.39 m2 x $378,000 / m2 = $28,497,420
Flat Roof on 3/F 40.00 m2 x $48,000 / m2 = $1,920,000
Roof on 24/F 70.00 m2 x $48,000 / m2 = $3,360,000
$628,665,120
Less Marketing Costs @ 3% 0.97
$609,805,166
Present Value in 2.5 years @ 4% 0.9066
$552,849,363
Development Costs
Demolition Cost $2,843,500
Professional Fee @ 6% 1.06
Developer's Profit @ 12.5% 1.125
$3,390,874
Present Value in 0.25 year @ 4% 0.9902
$3,357,643
Construction Costs $113,583,087
Professional Fee @ 6% 1.06
Developer's Profit @ 12.5% 1.125
$135,447,831
Present Value in 1.5 years @ 4% 0.9429
$127,713,760
$421,777,960
Stamp Duty @ 4.25%
Legal Cost @ 0.10%
Developer's Profit @ 12.5% ÷ 1.16850
$360,956,748
say $361,000,000
Accommodation Value $134,772.40

Dated this 30th day of December 2021

  (Ms Iris YEUNG)
    Clerk to Member Lawrence Pang  

Other Judgments in This Case

Further hearings and rulings under LDCS 18000/2020

Sound Advice Property Ltd and Others v. Mok Wai Ching and Another
LDCS21 Dec 2021