Tai Chung Property Ltd v. Chen Lan Sum Irene

Read the full judgment text of LDCS 4000/2023 on BabelCite. This LDCS judgment was delivered on 28 July 2025.

1. At page 57, paragraph 151, under the Adjustments table for Amber Place, “Facilities” should read “Headroom”.

Cites 1 case

Case No.LDCS 4000/2023
Court
LDCS
Date28 Jul 2025
Judge
Case Document
100%Judiciary

LDCS 4000/2023

[2025] HKLdT 40

IN THE LANDS TRIBUNAL OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

LAND COMPULSORY SALE MAIN APPLICATION NO 4000 OF 2023

______________________________

BETWEEN

TAI CHUNG PROPERTY LIMITED Applicant
and
CHEN LAN SUM IRENE (陳蘭心) 1st Respondent
LING CHI TACK (凌志德) 2nd Respondent
(Discontinued)

______________________________

Before: Mr Lawrence Pang, Member of the Lands Tribunal
Dates of Trial: 20 - 21 March and 24 - 25 March 2025
Date of Respondent’s Closing Submission: 29 April 2025
Date of Applicant’s Closing Submission: 3 June 2025
Date of Handing Down Judgment: 28 July 2025
Date of Corrigenda: 1 August 2025

__________________

CORRIGENDA

__________________


Please note the following corrigenda in the Judgment dated 28 July 2025:

1.At page 57, paragraph 151, under the Adjustments table for Amber Place, “Facilities” should read “Headroom”.

2.At page 59, paragraph 152, line M, “15.6%” should read “5.1%”.

3.At page 59, paragraph 152, line M, “$203,456” should read “$184,976”.

4.At page 59, paragraph 152, line M, “$12,680,000” should read “$11,540,000”.

5.At page 62, paragraph 160 and 162, “$83,300,000” should read “123,000,000”.

6.At page 62, paragraph 161, “This is, with respect, lower than the $92,400,000 assessed by Mr Lai, not to mention the $153,350,000 determined by Dr Wong.” should read “This is lower than the $153,350,000 determined by Dr Wong.”.

7.At page 69, paragraph 179 (4)(ii), “$83,300,000” should read “123,000,000”.

8.Appendix annexed to the Judgment, should be replaced by the Appendix of the same title annexed hereto.

Dated this 1st day of August 2025

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

Appendix
Residual Valuation
Gross Development Value
G/F Retail 145.22 m2 x $462,831 / m2 = $67,210,000
1/F Retail 398.23 m2 x $238,358 / m2 = $94,920,000
4/F-23/F Residential 2,627.48 m2 = $504,080,000
Private Carparking Spaces 12 spaces x $1,335,000 = $16,020,000
Accessible Parking Space 1 space x $1,469,000 = $1,469,000
Motorcycle Parking spaces 2 spaces x $258,000 = $516,000
$684,215,000
Less Marketing Costs @ 3% 0.970
$663,688,550
Present Value in 4.125 years @ 4.75% pa 0.8258
$548,074,005
Less Premium for Lease Modification $140,575,000
Premiun for Balconies & Utility Platforms $2,979,200
$143,554,200
Developer's Profit @ 17% $24,404,214 $167,958,414
Present Value in 1.5 years @ 4.75% pa 0.9328
$156,671,609
Less Development Costs
Demolition Cost 1,554.21 m2 x $2,200 / m2 = $3,419,262
Professional Fee @ 6% 1.06
Developer's Profit @ 17% 1.17
$4,240,569
Present Value in 1 year @ 4.75% pa 0.9547
$4,048,471
Construction Costs 3,923.92 m2 x $55,550 / m2 $217,972,000
Professional Fee @ 6% 1.06
Developer's Profit @ 17% 1.17
$270,328,874
Present Value in 2.8125 years @ 4.75% pa 0.8776
$237,240,620
$241,289,091
$150,113,305
Developer's Profit @ 17.0% ÷ 1.17
$128,301,970
Stamp Duty @ 4.25%
Legal Cost @ 0.10% ÷ 1.0435
$122,953,493
say $123,000,000
Accommodation Value (before lease modification) $66,259 / m2
Accommodation Value (after lease modification) $31,346 / m2

Other Judgments in This Case

Further hearings and rulings under LDCS 4000/2023