Summary of Decisions Made by the Subsidised Housing Committee

Transcription

1 Summary of Decisions Made by the Subsidised Housing Committee Paper Number : SHC 41/2004 Paper Title : Tenants Purchase Scheme Phase 6A Date of Meeting : 2 June 2004 Summary of Recommendations Members were invited to approve - (a) (b) (c) the sale of Phase 6A estates in stages with Cheung Wah Estate offering flats to be first put up for sale in June 2004 and the remaining three estates, namely Lei Tung Estate, Po Lam Estate and Shan King Estate in the ensuing few months; the sale prices for all Phase 6A estates to be assessed in one go; the fixing of the discount at 60% and special credit at 30% and the resultant sale prices as set out in Annexes A to C; (d) Intention Money of $2,500; (e) (f) (g) the management fee levels for Phase 6A estates at $8.00 and $3.00 per management share for residential blocks and other accommodation respectively; the contribution of a Maintenance Fund (MF), established on the tenth business day after the notification of formation of the Owners Corporation, of $14,000 per residential unit and MF will only be paid over after the appointment of a trustee and the execution of a trust agreement; the costs for capital works in the amount of $13M for Cheung Wah and Lei Tung Estates, modification works of $2.3M for Shan King Estate and the annual contributions subject to the review of financial arrangements where applicable;

2 - 2 - (h) (i) the lump sum contribution in the amount of $1.8M to the management funds of Po Lam and Lei Tung Estates in respect of the use of facilities by adjoining Home Ownership Scheme estates; and declassification of the paper. Decision The above recommendations were approved. Ms. Fion LAI Secretary, Subsidised Housing Committee Tel. No.: Fax No.: File Ref : HD(A&C)TPS 12/1/4 (Allocation and Commercial Division) Date : 11 June 2004

3 Flat Pricing under Tenants Purchase Scheme Phase 6A (based on 'Adjusted Replacement Cost' approach) Annex A (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) Actual Project Estate Block Number Replacement Management Funding Total Age Adjusted Location Land Cost Estimated Type of Cost Costs Cost Replacement Deduction Replacement Location Addition Payment Price per Price per Average Full Saleable $/m 2 CFA p.a. Cost p.a. Cost $/m 2 CFA $/m 2 SA Market Value Discount Flats $/m 2 CFA $/m 2 CFA $/m 2 CFA (Year) $/m 2 CFA $/m 2 CFA $/m 2 CFA $/m 2 CFA $/m 2 SA (4) x (4)+(5)+(6) (7)x(8)x1.7% (7) - (9) (10)x(11) [(4)+(5)]x0.35 (10)+(12)+(13) Lei Tung T , , ,172 70% 1, ,672 6,952 20,000 65% T , , ,363 70% 1,654 1,066 5,083 7,431 21,000 65% Po Lam T , , ,406 60% 1,444 1,060 4,910 7,034 18,000 61% NSL , , ,260 60% 1, ,611 6,248 15,500 60% Cheung Wah T , , ,092 2,289 35% 801 1,084 4,174 5,989 15,000 60% OSL , , ,081 2,099 35% 735 1,020 3,854 5,436 13,000 58% DBH , , ,014 1,827 35% ,377 4,551 12,500 64% Shan King T , , ,070 6% ,174 4,668 11,000 58% T , , ,075 2,252 6% 135 1,067 3,454 4,999 11,500 57% OSL , , ,116 2,010 6% 121 1,002 3,133 4,257 9,500 55% DBH , , ,791 6% ,792 3,819 9,500 60% Average 60% Abbreviations: T1 : Trident 1 T2 : Trident 2 NSL : New Slab OSL : Old Slab DBH : Double H CFA : Construction Floor Area SA : Saleable Area SHC 41/2004_Annex A

4 Tenants Purchase Scheme Phase 6A Proposed Average List Prices Annex B (1) (2) (3) (4) Full Market Value of Assessed Proposed List Price Estate Comparable flats Market Value 60% 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 Lei Tung Trident 1 (T1) 17 South Horizons 46, /04 20,000 8,000 Trident 2 (T2) 17 Aberdeen Centre 32, /04 21,000 8,400 Ap Lei Chau Centre 25, /04 Yue On Court (HOS) 26, /04 Po Lam Trident 2 (T2) 16 Metro City 40, /04 18,000 7,200 New Slab (NSL) 16 East Point City 38, /04 15,500 6,200 Well On Garden 32, /04 Ying Ming Court (HOS) 23, /04 Cheung Wah Trident 2 (T2) 19 Fanling Town Centre 29, /04 15,000 6,000 Old Slab (OSL) 20 Fanling Centre 28, /04 13,000 5,200 Double H (DBH) 21 Avon Park 26, /04 12,500 5,000 Choi Po Court (HOS) 20, /04 Shan King Trident 1 (T1) 19 Venice Gardens 20, /04 11,000 4,400 Trident 2 (T2) 19 Blossom Garden 20, /04 11,500 4,600 Old Slab (OSL) 21 Tai Hing Gardens 20, /04 9,500 3,800 Double H (DBH) 21 Siu Hong Court (HOS) 14, /04 9,500 3,800 SHC 41-04_Annex B

5 Tenants Purchase Scheme Phase 6A - Average Flat Sale Prices (with credit 30%) Annex C List Price Sale Price Total Total Size (at 60% (List Price Mortgage Rates & Management Housing Housing Block Age No. of Full Market Value discount) with 30% credit) Rent Payment Govt. Rent Fee Expenditure Expenditure as a Estate Type (yrs.) (m 2 GFA) (m 2 SA) Flats ($) ($) ($) ($ p.m.) ($p.m.) ($p.m.) ($p.m.) ($p.m.) Multiplier of Rent Lei Tung T , , ,500 1, , T , , ,200 1,167 1, , , , ,500 1,625 1, , Po Lam T , , ,400 1,238 1, , , , ,300 1,654 1, , NSL , , ,600 1, , ,029, , ,200 2,167 1, , Cheung Wah T , , ,700 1, , , , ,100 1,614 1, , OSL , ,600 93, DBH , ,500 81, , , ,600 1, , , , ,600 1, , , , ,200 1, , , , ,200 1, , , , ,900 2,214 1, , Shan King T , ,500 82, T , , ,000 1, , , , ,500 1, , OSL ,200 97,700 68, DBH , ,600 88, , , ,600 1, , , , ,600 1, , , , ,600 1, , , , ,200 1,897 1, , Notes: Average areas quoted are typical sizes only - mortgage payment is calculated on the following assumptions : mortgage interest rate 4% (based on average of past 3 years), mortgage amount (sale price less $2,500 intention money); and mortgage period of 20 years. - rates and Government rent are derived from the block assessments for 2004/05. - management fee is assumed at $8 per management share. - the above table is used to illustrate the affordability based on average flat price and average housing expenditure for units of typical sizes. SHC 41-04_Annex C