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