Summary of Decision Made by the Home Ownership Committee

Transcription

1 Summary of Decision Made by the Home Ownership Committee Paper Number : HOC 96 /2001 Paper Title : Tenants Purchase Scheme Phase 5 Date of Meeting : 4 January 2002 Summary of Recommendations Members were invited to approve (a) sale prices as set out in Annexes B, C and D; (b) Intention Money of $2,500; (c) (d) (e) (f) (g) the management fee levels for Phase 5 estates as set out in Annex E; the contribution of a Maintenance Fund of $14,000 per flat and the time frame for contribution; the lump sum contribution of $0.84 M to the management funds of the Phase 5 estates in respect of the use of facilities by adjoining HOS estates; the refinement of minor operational arrangements; and declassification of the paper. Decision The above recommendations were endorsed. Paul WAN Secretary, Home Ownership Committee Tel : Fax : File Ref. : HA/COM/6/11 Date : 10 January 2002

2 Tenants Purchase Scheme, Phase 5 Proposed Average List Prices Annex B (1) (2) (3) (4) Full Market Value of Assessed Proposed List Price Estate Comparable flats Market Value 55% Discount of Estate from Item (3) ($ per m 2 saleable) ($ per m 2 saleable) ($ per m 2 saleable) Block Age Date of Date of Estate Type (Yrs.) Development Average Price Completion Transaction Tung Tau (II) Trident 4 (T4) 10 Hsin Kuang Centre 30, / ,000 12,200 Linear 1 (LR1) 12 Lung Poon Court (HOS) 33, / ,000 11,300 Linear 3 (LR3) 11 Tin Ma Court (HOS) 28, / ,500 11,500 New Slab (NSL) 20 19,000 8,600 Single H (SGH) 18 19,000 8,600 Double H (DBH) 16 19,500 8,800 Lei Cheng Uk Trident 4 (T4) 13 Cronin Garden 26, / ,000 11,300 Linear 1 (LR1) 12 Mei Fu Sun Chuen 29, / ,500 11,000 Linear 3 (LR3) 12 Po Hei Court (HOS) 34, / ,500 11,000 Old Slab (OSL) 17 Yee Kok Court (HOS) 29, / ,000 9,000 Double H (DBH) 17 19,000 8,600 Tsui Ping (N) Trident 2 (T2) 16 Sceneway Garden 39, / ,000 10,800 Linear 1 (LR1) 11 Laguna City 38, / ,000 11,700 Linear 3 (LR3) 12 Hong Wah Court (HOS) 23, / ,500 11,500 New Slab (NSL) 12 Cheung Wo Court (HOS) 27, / ,500 10,100 Old Slab (OSL) 18 20,500 9,200 Double H (DBH) 20 19,000 8,600 Kwai Hing Linear 1 (LR1) 10 Kwai Chung Plaza 39, / ,000 9,900 Hang King Garden 40, /2001 Sun Kwai Hing Garden 31, /2001 Kwai Hong Court (HOS) 24, /2001 Pok Hong Trident 2 (T2) 16 Garden Rivera 31, / ,000 9,000 Old Slab (OSL) 19 City One Shatin 34, / ,000 7,700 Double H (DBH) 18 Yue Shing Court (HOS) 23, / ,500 7,400 Fung Shing Court (HOS) 23, /2001 Tai Ping Linear 1 (LR1) 13 Sheung Shui Centre 34, / ,000 8,100 Venice Garden 26, /2001 Metropolis Plaza 32, /2001 Sunningdale Garden (PSPS) 21, /2001 Hoc94-01AnnexB

3 Tenants Purchase Scheme, Phase 5 Assessed Market Values and List Prices for Buildings of Different Ages within the same Block Type Annex C (1) (2) (3) (4) (5) (6) Estimated Average Proposed List Price Block Building Full Market Value 55% Discount Estate Type Block Name Age (Yr.)* ($/M 2 SA) from Item (5) Tung Tau (II) LR1 Shing Tung ) Yan Tung ) Mau Tung ) Yat Tung ) Ying Tung ) 13 24,500 11,000 Pak Tung ) Wai Tung ) Wing Tung ) 11 25,500 11,500 Choi Tung 9 26,500 11,900 LR3 Wong Tung 14 24,000 10,800 On Tung 13 24,500 11,000 Cheung Tung ) Hing Tung ) 9 26,500 11,900 SGH Yue Tung 20 18,500 8,300 Yiu Tung 16 19,500 8,800 Tsui Ping (N) LR1 Tsui Tsz ) Tsui Lau ) Tsui Pak ) Tsui Yue ) 12 25,500 11,500 Tsui Cheung 7 28,000 12,600 OSL Tsui Yeung 20 20,000 9,000 Tsui To 16 21,000 9,500 Kwai Hing LR1 Hing Kok ) Hing Yat ) 11 21,500 9,700 Hing Fuk ) Hing Lok ) 9 22,500 10,100 Pok Hong DBH Pok Man ) Pok On ) 19 16,000 7,200 Pok Tat 17 17,000 7,700 * Compared with January Hoc94-01AnnexC

4 Tenants Purchase Scheme, Phase 5 - Average Flat Sale Prices (with 50% credit) Annex D 1 of 3 Sale Price Total Total Housing Size List Price (List Price Mortgage Rates & Management Housing Expenditure Block Age No. of FMV (at 55% with 50% Rent Payment Govt. Rent Fee Expenditure as a multiplier Estate Type (yrs.) (M 2 GFA) (M 2 SA) Flats ($) discount) credit) ($p.m.) ($p.m.) ($p.m.) ($p.m.) ($p.m.) of Rent Tung Tau (II) T , , , , , , ,900 1,395 1, , ,020, , ,600 1,466 1, , ,112, , ,300 1,620 1, , ,363, , ,100 1,947 1, , ,501, , ,200 2,241 1, , LR * , , , , , , ,800 1,279 1, , ,020, , ,500 1,517 1, , ,147, , ,400 1,742 1, , ,327, , ,000 2,034 1, , LR * , , ,600 1, , , , ,300 1,494 1, , ,040, , ,600 1,754 1, , ,162, , ,200 2,044 1, , ,259, , ,100 2,154 1, , ,354, , ,400 1,971 1, , NSL , , , , SGH , , ,200 1, , , , ,000 1, , ,174, , ,800 2,148 1, , DBH , , ,500 1, , , , ,900 1, , ,269, , ,500 2,464 1, , Lei Cheng Uk T , , ,600 1,248 1, , ,030, , ,800 1,507 1, , ,315, , ,200 1,970 1, , LR , , ,500 1,273 1, , , , ,900 1,507 1, , ,124, , ,500 1,733 1, , ,301, , ,100 2,024 1, , Hoc94-01AnnexD

5 Tenants Purchase Scheme, Phase 5 - Average Flat Sale Prices (with 50% credit) Annex D 2 of 3 Sale Price Total Total Housing Size List Price (List Price Mortgage Rates & Management Housing Expenditure Block Age No. of FMV (at 55% with 50% Rent Payment Govt. Rent Fee Expenditure as a multiplier Estate Type (yrs.) (M 2 GFA) (M 2 SA) Flats ($) discount) credit) ($p.m.) ($p.m.) ($p.m.) ($p.m.) ($p.m.) of Rent Lei Cheng Uk LR , , ,500 1,273 1, , , , ,900 1,510 1, , ,124, , ,500 1,733 1, , ,210, , ,700 1,834 1, , ,301, , ,100 2,016 1, , OSL , , , , , DBH , , ,200 1, , , , ,000 1, , , , ,200 1,459 1, , ,236, , ,000 2,382 1, , Tsui Ping (N) T , , ,200 1,323 1, , ,092, , ,700 1,762 1, , LR * , , , , , , ,800 1,256 1, , ,034, , ,900 1,484 1, , ,193, , ,500 1,710 1, , LR * , , , , , , ,300 1,256 1, , ,040, , ,600 1,469 1, , ,170, , ,000 1,710 1, , ,259, , ,100 1,805 1, , NSL , , ,600 1, , OSL , , , , , DBH , , ,200 1, , , , ,000 1, , , , ,200 1,462 1, , , , ,100 1,554 1, , ,236, , ,000 2,214 1, , Hoc94-01AnnexD

6 Tenants Purchase Scheme, Phase 5 - Average Flat Sale Prices (with 50% credit) Annex D 3 of 3 Sale Price Total Total Housing Size List Price (List Price Mortgage Rates & Management Housing Expenditure Block Age No. of FMV (at 55% with 50% Rent Payment Govt. Rent Fee Expenditure as a multiplier Estate Type (yrs.) (M 2 GFA) (M 2 SA) Flats ($) discount) credit) ($p.m.) ($p.m.) ($p.m.) ($p.m.) ($p.m.) of Rent Kwai Hing LR * , , , , , , ,300 1, , , , ,000 1,711 1, , ,009, , ,200 1,819 1, , ,168, , ,900 2,345 1, , Pok Hong T , , , ,300 1, , , , ,800 1,868 1, , OSL , ,900 99,000 1, DBH , , ,200 1, , , , , ,400 1, , , , ,500 1, , , , ,600 1, , ,074, , ,900 2,681 1, , ,184, , ,700 3,025 1, , Tai Ping LR , , ,500 1, , , , ,800 1, , , , ,300 1, , , , ,900 1,488 1, , , , ,100 1,738 1, , Notes: - * maximum size of 1P and 2P flats average areas quoted are typical sizes only - mortgage payment is calculated on the following assumptions : mortgage rate 4.5% (approx. one year average of the year 2001), mortgage amount 90% of the sale price; and mortgage period of 20 years. - rates and Government rent are derived from the block assessments for 01/02. - effective date of bold and italic rents were in whereas the others were effective from management fee is based on the proposed management fee for respective Phase 5 estates. Hoc94-01AnnexD

7 Annex E Name of Estate Proposed Management Fee Levels for Phase 5 Estates Domestic Flats and Integrated HA Accommodation 1 Management Fee ($ per management share) Detached HA Accommodation and GA 2 Tung Tau II Lei Cheng Uk Tsui Ping (N) Kwai Hing Pok Hong Tai Ping Average Integrated HA Accommodation - HA non-domestic properties located within residential blocks. Similar to domestic flats, Integrated HA Accommodation will contribute towards the management fees in respect of both RBCA and ECA. Detached HA Accommodation - free-standing HA properties, e.g. shopping centres, carparks, etc. GA (Government Accommodation) - e.g. schools, indoor recreation centre, community centre, etc. Both Detached HA Accommodation and Government Accommodation will contribute towards the management fees in respect of ECA only. Hoc94-01AnnexE