Executive Summary

The Spring Limited is a property developer. Our consultant department, instructed by the
Mr. Daniel Clyne, will provide feasibility study on both existing market value and associated
redevelopment value of 4 luxurious residential development at the Peak. The project
development department will be responsible for creating the construction master program
with design considerations and cost estimates.

Property Valuation Summary

1. Existing Value of the Subject Property: HK$957,000,000
2. Redevelopment Value of the Subject Property: HK$ 1,905,000,000
3. Suggest to redevelop into fully-detached houses to maximize property value
4. Since it is a valuation report for sale purpose, the value of the Subject Property lies
on its redevelopment use and value.

Feasibility Study Summary

1. The total Gross Floor Area (GFA) and total construction floor area are approximately
2,486 m2 and ,2968 m2 respectively. The roofed-over Area is 968 m2.
2. The redevelopment project and proposed building design complies with restriction
under lease, statutory requirements of planning and building control.
3. Design-Bid-Build Approach will be adopted for procurement method with a fixed
lump sum contract.
4. The duration of the project is estimated at 544 days.
5. The total estimated cost is approximately HKD $ 115,215,487.60.

For Spring Development

1
Table of Contents
Executive Summary.................................................................................................................... 1
Site Particulars ........................................................................................................................... 6
Location Plan of the Development ........................................................................................ 6
Aerial Photograph of the Development................................................................................. 7
Outline Zoning Plan Relating to the Development ................................................................ 8
1.0 Property Valuation ............................................................................................................. 10
1.1 Market Commentary...................................................................................................... 10
1.2 Valuation Assessment .................................................................................................... 10
1.2.1 Basis of Valuation .................................................................................................... 10
1.2.2 Valuation Assumptions: .......................................................................................... 10
1.2.3 Selection of Valuation Approach ............................................................................ 11
1.2.4 Limitation of the Comparative Method .................................................................. 11
1.3 The Subject Property ..................................................................................................... 12
1.3.1 Valuation Result and Comments (Calculated by Comparative Method)................ 12
1.3.2 Standard Conditions: For All Valuation Reports ..................................................... 13
1.4 Sales Comparables ......................................................................................................... 15
1.4.1 Criteria of Choosing Comparables .......................................................................... 15
(a) Recent Records ....................................................................................................... 15
(b) Adequate Degree of Similarity ............................................................................... 15
1.4.2 Selected Sale Comparables ..................................................................................... 15
(a) Comparable 1: House on the Peak ......................................................................... 16
(b) Comparable 2: House on Shouson Hill ................................................................... 16
1.5 Valuation Assessment .................................................................................................... 17
(a) Adequate Time-Horizon.......................................................................................... 17
(b) Sufficient Transaction Volumes .............................................................................. 17
(C) Real Value Conversion ............................................................................................ 17
1.5.1 Valuation of the Existing Use Value ........................................................................ 18
(a) Location .................................................................................................................. 18
(b) View ........................................................................................................................ 19

2
 (c) Form Factor ............................................................................................................. 20
(d) Year of Completion ................................................................................................. 20
(e) Date of Transaction ................................................................................................ 21
1.5.2 Reconciliation on the Existing Value ....................................................................... 21
(a) Based on All Factors of Adjustments on the Two Comparables ............................ 21
(b) Cross-Checking Based on Comparative Market Yield ............................................ 22
(c) Conclusion on the Existing Value ............................................................................ 22
1.5.3 Valuation on the Redevelopment Value ................................................................. 23
(a) Reconciliation on the Redevelopment Value ......................................................... 24
1.6 Conclusion of Value ....................................................................................................... 24
Part 2: Feasibility Study............................................................................................................ 25
2.0 Feasibility Study ................................................................................................................. 26
2.1 Proposed Design Scheme............................................................................................... 26
2.1a Site Layout Plans and Floor Plans ................................................................................ 27
2.1.1 Design Considerations ............................................................................................ 30
(a) Stunning View ......................................................................................................... 30
(b) Recreational Facilities ............................................................................................. 30
(c) Multitude of Building Services ............................................................................... 31
(d) Barrier Free Access ................................................................................................. 32
(e) High Degree of Privacy ........................................................................................... 33
(f) More Natural Lighting ............................................................................................. 34
2.2 Technical Issues.............................................................................................................. 35
(a) Demolition of existing building ............................................................................... 35
(b) Structural System ................................................................................................... 36
2.3 Compliance with Development Controls ....................................................................... 37
2.3.1 Lease Control .......................................................................................................... 37
2.3.2 Planning Control ..................................................................................................... 37
2.4 Compliance with Building Design Controls .................................................................... 39
2.4.1 Demolition Works ................................................................................................... 39
2.4.2 New-Building Works ............................................................................................... 39
(a) Building (Planning) Regulations (Cap. 123F)........................................................... 39

3
 (b) Provisions for Means of Escape .............................................................................. 43
(c) Provisions for Fire Resisting Construction ............................................................ 44
(d) Provisions for Means of Access .............................................................................. 48
(e) Provision of Barrier Free Access ............................................................................. 49
(f) GFA Concession ....................................................................................................... 51
2.5 Project Procurement ...................................................................................................... 56
2.5.1 Selection of Procurement Method ......................................................................... 56
2.5.2 Flow of Design-bid-build ......................................................................................... 56
(a) Role of Architects, QS consultant and their relationship with clients .................... 56
(b) Obligation of QS, architect in the tender selection process .................................. 56
(c) Role of the selected contractor in DBB ................................................................... 57
2.6 Contract Administration ................................................................................................ 58
2.6.1 Lump sum contract ................................................................................................. 58
2.6.2 Lump sum contract - drawing and specification..................................................... 58
2.6.3 Lump sum contract – bills of quantities.................................................................. 58
2.7 Master Programme ........................................................................................................ 59
Stage I: Building design and preparation ......................................................................... 59
Stage II: Documentation submission to government ...................................................... 60
Stage III: Tendering .......................................................................................................... 60
Stage IV: Site preparation ................................................................................................ 61
Stage V: Supplementary site works ................................................................................. 62
Stage VI: Constructing swimming pool ............................................................................ 62
Stage VII: Constructing the main building ....................................................................... 63
Stage VIII: Contingencies.................................................................................................. 64
Stage IX: Documentations after completion ................................................................... 64
2.8 Cost Estimation .............................................................................................................. 65
2.8.1 Basis of Estimate ..................................................................................................... 65
2.8.2 Specifications and Assumptions ............................................................................. 65
2.8.3 Time Adjustment for Cost Data .............................................................................. 66
2.8.4 Total Cost Estimate ................................................................................................. 67
2.8.5 Cost Estimate of Elemental Breakdowns ................................................................ 67

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 2.9 Project Risks Identification and Mitigation .................................................................... 74
2.9.1 Technical Issues....................................................................................................... 74
(a) Challenges in accessibility and its Solution............................................................. 74
(b) Loading Problem and its Solution ........................................................................... 74
(c) Complication in Constructing Building Services and its Solution ........................... 74
2.9.2 Environmental Issues .............................................................................................. 75
(b) Noise Pollution Problem and its Solution ............................................................... 76
(c) Water pollution problem and its Solution .............................................................. 76
(d) Construction & Demolition Waste Problem and its Solution................................. 76
2.9.3 Construction Contingency....................................................................................... 77
(a) Adverse Weather Problem ..................................................................................... 77
(b) Asbestos Problem ................................................................................................... 77
2.10 Reflections on Utilizing BIM in Modern Construction ................................................. 78
3.0 Reference ........................................................................................................................... 79
Appendix .................................................................................................................................. 81
Construction Drawings Attached

5
Site Particulars
The Spring development is located on 8 Barker Road on the Peak, with the supreme location
and best-in-class view over the Victoria Harbor and the commercial district in Kowloon. In
the following sections, site plans are drafted to fully demonstrate the physical attributes of
the site as well as the property.

Location Plan of the Development

6
Aerial Photograph of the Development

7
Outline Zoning Plan Relating to the Development

8
Part 1: Property Valuation

9
1.0 Property Valuation
This is a market valuation report for sale purpose, aiming to provide a fair assessment on
the redevelopment project of the Spring from the property market perspective. To assess
values of properties for different conditions and purposes, there are in general five methods,
namely the comparative method, residual method, cost method, profits method, and
investment method. This valuation report is mainly based on the comparative method.

1.1 Market Commentary

The Subject Property is located on the Peak which belongs to the traditional luxury segment
in the residential market. Apart from the Peak, other noteworthy locations may include the
Southern District of Hong Kong Island, such as Shouson Hill and Repulse Bay. Premium
residential developments in these areas are deemed as with the highest value in Hong Kong
primarily because of their supreme locations. In addition to the high values, the related
market segment has been recording a lower transaction volume due to the low supply, in
spite of the constantly surging demands.

1.2 Valuation Assessment

1.2.1 Basis of Valuation
The Valuation report is resort to Code on Takeovers and Mergers Rule 11: Asset valuations
on The Stock Exchange of Hong Kong and The HKIS Valuation Standards 2012 by the Hong
Kong Institute of Surveyors. Owing to the non-specialized nature of Subject Property,
valuation standard would lie on open market value, EPRC and Government Lease.

Considering the market value based nature, both RICS & HKIS define it as an opinion for the
best price of which a property interest would have been completed unconditionally for cash
consideration exclusively on the date of valuation with few prerequisite assumptions:

i. a potential seller;
ii. that, before the date of valuation, there has been a reasonable period (having regard
to the nature of the property and the state of the market) for the proper marketing
of the interest, for the agreement of price and terms and for the completion of the
sale;
iii. that, the state of the market, level of values and other circumstances were, on any
earlier assumed data of exchange of contracts, the same as on the date of valuation;
iv. that, no account is taken on any additional bid by a purchaser with a special interest;
v. that, both parties to the transaction had knowledgeably, prudently and without
compulsion.

1.2.2 Valuation Assumptions:

In the interim of valuation process, some assumptions have been made:

(a) Any premium payable have already been fully settled

10
 (b) The properties are subject to same market conditions
(c) The legal interest is similar
(d) There are efficient records of many transactions
(e) The transactions are fairly recent
(f) The property market is stable
(g) The economic factors underlying the trend of prices in the property market have
been studied to interpret past evidence

If, in any sense, the above assumptions on which our valuation report is based on are to be
found incorrect, the outcome valuation figures might as well be found incorrect and should
be reconsidered subsequently.

1.2.3 Selection of Valuation Approach

Direct Comparison Market Approach is adopted for valuing the interest of Subject
Properties. Two properties within the same estate are taken as comparables. These
comparables are assumingly in competition with the Subject Property with similar appealing
to same class of purchaser in the market.

Comparison Approach has always been widely in favor of the general public and is
frequently being used due to the successful minimization of human error involved.
Nevertheless, the heterogeneous nature of estate properties such as price variables due to
fluctuating market trends, upheavals in employment rates and income levels, etc. has
created hindrance for direct comparison among properties. Thus, adjustments are to be
made in response for the discrepancy.

1.2.4 Limitation of the Comparative Method

Comparative method mainly relies on the past transaction records to estimate the present
value of the property. However, considering the present is a broad extension of the past is a
fallacy, yet such forms the very foundation of this valuation method.

When searching for the comparables to estimate the value of the property, it is difficult to
ascertain circumstances surrounding the sale of comparables. A price of a comparable may
be abnormally high or low, which would skew the data due to some unclear reasons such as
the seller or buyer’s personal preferences or needs.

11
1.3 The Subject Property
Subject Property
Location The Peak (with view of the Victoria Harbour)

Site Area 5,000 sqm

Government Lease private residential use; maximum GFA of 2,500sqm; maximum 6 storeys over
Restrictions carport and maximum roofed area of 20%

Town Planning Town Planning Zoning R(Group C) 3 with a maximum plat ratio of 0.5 and a
Zoning maximum of 6 storeys over 1 storey of carport

Existing Building 4-storey apartment building above the carport with the GFA of 2,500sqm.
Built in 1985 and the building is reasonably well maintained

Occupation Status 7 tenants with a total monthly rent of HK$700,000 per month (inclusive of
government rates and rents); One of the units is now vacant; Latest lease
expiry will be within one year

The site is located on the Peak with the view of the Victoria Harbor with a site area of 5,000
sqm. According to the government lease restriction, the site belongs to the category of
private residential use with a maximum GFA of 2,500sqm. Buildings on this site should not
exceed 6 storeys over carport with maximum roofed area of 20%. With accordance in Town
Planning Zoning R(Group C) 3, buildings on this land entitle to a maximum of 6 storeys over
1 storey of carport with maximum plat ratio of 0.5.

The existing building is a 4-storey apartment building above the carport built in 1985 with
the GFA of 2,500sqm. It is in well-maintained condition. The units of the building are now
leased 7 tenants of HK$700,000 per month inclusive of government rates and rents and one
of the units is now vacant. The latest lease expiry will be within one year. It is believed that
the lease expiry profile would not make redevelopment to difficult and it would not be
significant in the valuation assessment. It is suggested that the currency tenancy, tenant
profiles and the lease expiry date information to be disclosed in the sales documents.

1.3.1 Valuation Result and Comments (Calculated by Comparative Method)

Current Open Market Value HK$ 1,905,000,000

(as of the Valuation date on Feb 2017) (Assuming vacant possession)

Forced Sale Value Not Required

Building Insurance Reinstatement Cost Not Required

Remarks: This report is subject to the attached Standard Conditions.

12
1.3.2 Standard Conditions: For All Valuation Reports
1. The use of the word ‘property’ throughout this Report is intended to mean ‘land and
building’ and the word ‘land’ has its normal legal interpretation.
2. The definition of open market value is the best price at which the sale of an interest
in the property might reasonably be expected to have been completed
unconditionally for cash consideration at the date of the valuation assuming:
(a) a willing seller;
(b) that, prior to the date of valuation, there had been a reasonable period
(having regard to the nature of the property and the state of the market) for
the property marketing of the interest, for the agreement of price and terms
and for the completion of the sale;
(c) that the state of the market, level of values and other circumstances were,
on any earlier assumed date of exchange of contracts, the same as on the
date of valuation; and
(d) that no account is taken of any additional bid by a purchaser with a special
interest.
3. Forced Sale Value is the open market value as defined above with the proviso that
the vendor has imposed a time limit for completion of the sale which cannot be
regarded as a reasonable period as referred to in Para. 2(b).
4. The value stated in this report does not take into account any mortgage or charges
which may or may not registered against the property. Unless otherwise stated, it is
assumed that the property is free from encumbrances, restrictions and outgoings of
an onerous nature which could affect its value. We assume no responsibility for
matters legal in nature, nor do we render any opinion as to the title which is
assumed to be good and marketable. We are not aware of any easements or rights
of way affecting the property and our valuation assumes that none exists.
5. No structural survey has been made; we are therefore unable to report that the
property is/is not free from any structural defects. None of the services have been
tested by us and we are, therefore, unable to report on their present condition.
6. No detailed on-site measurements of the property were taken. The plans in this
report are included to assist the reader to visualize the Subject Property and we
assume no responsibility for their accuracy.
7. We have assumed that the Subject Property has been constructed, occupied and
used in full compliance with, and without contravention of all Ordinances, except
only where otherwise stated. We have further assumed that, for any use of the
Subject Property upon which this report is based, any and all required licenses,
permits, certificate, and authorizations have been obtained, except only where
otherwise stated.

13
8. Unless otherwise stated we have not carried out a valuation on a redevelopment
basis and the study of possible alternative development options and the related
economics do not come within the scope of this report.
9. This report is for the exclusive use of the addressee stated herein and for that
particular purpose only. The contents of this report either in whole or in part shall
not be disclosed to any other parties and we accept no responsibility if it is used or
relied upon by any others or for purposes other than that stated herein.
10. Neither the whole nor any part of this Valuation Report or any reference thereto
may be included in any published document, circular or statement nor published in
any way without our written approval of the form and context in which it may
appear.
11. We have relied to a very considerable extent on the information given by you and
have accepted advice given to us on such matters as statutory notices, easements,
tenure, occupation, lettings, site and floor areas and all other relevant matters. We
assume no responsibility for their accuracy.

14
1.4 Sales Comparables
1.4.1 Criteria of Choosing Comparables
(a) Recent Records
Transaction date of comparables should not remote as out-of-date records would be
misleading. Transaction date of comparables should be as recent as better, since the closer
the date to the Date of Valuation, the more representable the open market price of
property market.

(b) Adequate Degree of Similarity

Degree of similarity between the Subject Property and the comparables should be sufficient
to allow the comparison between them, such as the floor areas, building conditions and
property types. As different types of properties subject to different groups of purchasers,
similar group of properties would be preferable for a more accurate valuation result.

1.4.2 Selected Sale Comparables

Comparable 1
Location The Peak (with view of the South
side of HK Island)
Date of Transaction Sold one month ago
Price HK$1,100,000,000
Site Area 3,500 sqm
Government Lease Private residential use; maximum
Restrictions GFA of 1,750 sqm; maximum 3
storeys and 9m above mean
formation level of site and
maximum site coverage of 30%
Town Planning Zoning R(Group) 2 with a maximum plot
ratio of 0.5 and amaxmium of 4
storeys over 1 storey of carport
Existing Building Six semi-detached 2 storey houses
with a total GFA of 1,750 sqm.
Built in 2000 and the houses are
well maintained.
Occupation Status Fully let at a total monthly rent of
HK$1,000,000 per month
(inclusive of government rates and
rent); Latest lease expiry within 16
months
Comparable 2
Shouson Hill (with the view of
Deep Water Bay)
Sold one month ago
HK$1,250,000,000
4,000 sqm
Private residential use; maximum
3 storeys and maximum site
coverage of 15%
R(Group C) 3 with a max plot
ratio of 0.75 and a max of 3
storeys over 1 storey of carport
One detached 2 storey house
with a saleable area of 700 sqm.
Built in 1970 and the house is
well maintained.
Vacant possession

15
(a) Comparable 1: House on the Peak
Comparable 1 is located on the Peak with the view of the South side of Hong Kong Island has
a site area of 3,500 sqm. According to the government lease restriction, the site belongs to
the category of private residential use with a maximum GFA of 1,750 sqm. Properties on this
site are restricted a maximum 3 storeys and 9m above mean formation level of site and
maximum site coverage of 30% in accordance with the government lease restriction. This
site belongs to R(Group C) 2 with maximum plot ratio of 0.5 and a maximum of 4 storeys
over 1 storey of carport in the Town Planning Zoning.

The existing properties are 6 semi-detached 2-storey houses with a total GFA of 1,750 sqm.
They are built in 2000 with well-maintained. It is now fully let at a total monthly rent of
HK$1,000,000 per month inclusive of government rates and rents. The latest lease expiry
will be within16 months. Similar to the Subject Property, it is believed that the lease expiry
profile would not be significant in the valuation assessment. It was sold 1 month ago at a
price of HK$1,100,000,000.

(b) Comparable 2: House on Shouson Hill

Comparable 2 is located on Shouson Hill with the view of Deep Water Bay has a site area of
4,000 sqm. It is designated as private residential use under the government lease restriction.
It is restricted in a maximum 3 storeys and maximum site coverage of 15%. And according to
the Town Planning Zoning R(Group C) 3, it has a maximum plot ratio of 0.75 and a maximum
3 storeys over 1 storey of carport.

The existing property is a detached 2-storey house built in 1970 with a saleable area of 700
sqm. It is well-maintained and in vacant possession. It was sold 1 month ago at a price of
HK$1,250,000,000.

16
1.5 Valuation Assessment
To estimate the value of the existing building and the redevelopment value of the Subject
Property, comparative method is adopted based on comparable 1 and 2. As mentioned
above, this valuation approach relied heavily on the previous market transactions. In order
to minimize the impacts of outliers, a long time horizon and a large transaction volume will
be the fundamental rules in constructing the database for each of the following adjustments.

(a) Adequate Time-Horizon

Thus, the time horizon of all transactions has been chosen for 10 years from 2007 to 2017.
This long timeline successfully reflects the genuine market conditions by capturing both the
downward cycle (2008-2009) as well as the upward cycle (2010-2015) of the residential
property market in Hong Kong.

(b) Sufficient Transaction Volumes

In addition, adequate transaction volumes could help to observe the market trends and
pattern. They facilitate the adjustment on the value of the subject property. Without
sufficient transaction records, it is hard to determine the market price of properties and it
would lead to misleading result due the inaccuracy of market data when comparative
method is used as the valuation method. In the following assessment, all of the properties
selected to calculate the adequate adjustments have more than 100 transactions. This
sufficient volume ensures an unbiased assessment on the value of the property.

(C) Real Value Conversion

Moreover, all nominal transaction prices will be adjusted to real values based on the
Appendix 1: RVD Private Domestic Price Index (Class E) in order to reflect the corresponding
changes in the market environment throughout this ten-year period. Below is the extracted
percentage adjusted based on these actual market transactions. Each of the adjustments
will be discussed in detail in the following sections.

Subject Property Items Comparable 1 Comparable 2

Transaction Price HK$1,100,000,000 HK$1,250,000,000

2,500 sqm Existing GFA 1,750 sqm 700 sqm

Unit Price Based upon HK$628,571/sqm HK$1,785,714/sqm

GFA of Existing Building

2,500 sqm Potential Max. GFA 1,750 sqm 1,800 sqm

Analyzed HK$628,571/sqm HK$694,444/sqm

Accommodation Value

HK$8,400,000 per Current Rent HK$12,000,000 per Nil

17
 annum annum

Current Yield 1.09% Nil

The Peak Location The Peak Shouson Hill

Adjustment 0% 5%

Victoria Harbor View South side of HK Island Deep Water Bay

Adjustment 10% 5%

Apartments Form Factor Semi-detached house Detached house

Adjustment -50% -55%

1985 Year of Completion 2000 1970

Adjustment -1% 1%

Feb 2017 Date of Transaction Jan 2017 Jan 2017

Adjustment 0.69% 0.69%

Overall Adjustment -40.31% -43.31%

Adjusted Analyzed HK$375,194/sqm HK$393,680/sqm

Accommodation Value

Weighting 60% 40%

1.5.1 Valuation of the Existing Use Value

(a) Location
In order to adjust for the difference in property value due to the different locations (the
Peak VS Shouson Hill), the past property transactions in a single block with floor area higher
than 2,000sqft are selected. These criteria reflect the characteristic of the Subject Property
as well as the two comparables, namely the large floor area and the form factor as houses
and low-rise apartments.

2007–2017 Volume Average Price ($/psf) Adjustment

The Peak 197 $27,072 +5%

Shouson Hill 212 $25,584 NIL

Based on the data extracted from these transactions, the price of the property on the Peak
is 5% higher than that in Shouson Hill. Thus, the value of the Comparable 2 should be
adjusted 5% upwards while Comparable 1 does not require any adjustment in the aspect of
location.

18
(b) View
There are three different views involved in the view adjustment of the Subject Property and
the two comparables, namely Victoria harbor view, normal city view, and the Deep Water
Bay view. In order to eliminate other variables other than the view of the property, the most
ideal method would be finding an estate of units with all three types of view. However, it is
impossible. As a result, we adopt a common factor approach by choosing the normal city
view as the common factor; firstly compare the Victoria Harbor view and normal city view;
then compare the normal city view and Deep Water Bay view. Similar to common
denominator, we can then find the difference between Victoria Harbor view and the Deep
Water Bay view.

For the Victoria Harbor view to normal city view adjustment, we chose Robinson Place on
the Mid-Level as the reference, while for the the normal city view to Deep Water Bay view
adjustment, we chose Hong Kong Parkview in Tai Tam as the reference. We then use the
floor plans and news articles to determine each unit’s orientation and view. Both of them
are large scale estates with sufficient transaction volumes, which is ideal for the assessment.

According to the actual transactions, the property price differs with the view of the property.
Properties with the view of the Victoria Habour have the highest value and the second
highest value is the properties with the view of Deep Water Bay. Properties with the view of
the South side of the Hong Kong Island are the cheapest among these three different views.
Based on the data extracted from the actual property transactions in Appendix 2 to 3, the
average unit price of the properties with Victoria Harbour view is HK$5,778/sqft and that
with the island view is HK$5,249/sqft. As a result, the percentage difference between unit
prices these two types of property are:

HK$5,778/sqft ÷ HK$5,249/sqft – 1 = 10.08%

Say, 10%

The average unit price of the properties with view of Deep Water Bay is HK$7,183/sqft and
that with the island view is HK$6,827/sqft in the Appendix 4 to 5. The percentage difference
between unit prices these two types of property are:

HK$7,183/sqft ÷ HK$6,827/sqft – 1 = 5.21%

Say, 5%

It can be observed that the difference in value between Victoria Harbor view and Deep
Water Bay is:

10% – 5% = 5%

19
Base on the above analysis on the price difference in properties with different view, the
value of Comparable 1 with the view of the South side of the Hong Kong Island has to be
adjusted 10% upwards while the value of Comparable 2 with the view of Deep Water Bay
needs to be adjusted 5% upwards in the aspect of view.

(c) Form Factor

Form factor refers to the physical building types of the property. There are three of types of
them in this assessment, namely apartments, semi-detached house, and fully-detached
house. Again, to completely isolate the form factor as the only variable, we choose Bel-Air in
Cyberport as the reference, a large-scale development that includes all three building types.

The property type of the Subject Property and the compararbles are different. The Subject
Property is an apartment while the two comparables are houses. Thus, the unit values of the
properties are also different. According to the data extracted from the actual transactions in
Appendix 6 to 7, the average unit price of the semi-detached house is HK$10,409 and that of
Multi-storey Apartment is HK$6,946. From the above data, we can see that the percentage
difference between unit prices these two types of property are:

HK$10,409/sqft ÷ HK$6,946/sqft – 1 = 49.87%

Say, 50%

The average unit price of the semi-detached house is HK$10,796 and that of Multi-storey
Apartment is HK$6,946. From the above data, we can see that the percentage difference
between unit prices these two types of property are:

HK$10,796/sqft ÷ HK$6,946/sqft – 1 = 55.44%

Say, 55%

The value of the semi-detached house is 50% higher than that of the apartment while the
value of the detached house is 55% higher than that of the apartment. Therefore, the value
of Comparable 1 is adjusted 50% downwards while the value of Comparable 2 is adjusted
55% downwards.

(d) Year of Completion

Since the three properties have a large range of building ages, i.e. 30 years, different levels
of structure problems would inevitably occur in these buildings. However, they are well-
maintained so it is assumed that they are not suffering from any severe structural problems.
Only a slight adjustment is taken to reflect their building ages. Comparable 1 is assumed to
be adjusted 1% downwards as it has a 15-year shorter in building age than the Subject
Property while Comparable 2 is assumed to be adjusted 1% upwards to show its 15-year
higher building age than the Subject Property.

20
(e) Date of Transaction
Assuming the date of transaction of the Subject Property is in February 2017. According to
the price indices for Class E properties for private domestic properties from the Rating and
Valuation Department in Appendix 1, the price level has increased for 0.69% for the past
one month. The value of Comparable 1 and 2 should be adjusted 0.69% upwards if the
Subject Property is sold in this moment.

1.5.2 Reconciliation on the Existing Value

(a) Based on All Factors of Adjustments on the Two Comparables
To evaluate the existing value of the Subject Property, the adjusted analyzed
accommodation value of Comparable 1 and 2 should be extracted.

For Comparable 1, the GFA is already fully utilized and so the analyzed accommodation
value is equal to the existing value of the property which is:

HK$1,100,000,000 ÷ 1,750 sqm = HK$628,571

The total adjustment of Comparable 1 is -40.31% and so after the adjustment, the adjusted
analyzed accommodation value of Comparable 1 is:

HK$$628,571/sqm×(1 – 40.31%) = HK$375,194/sqm

Say, HK$375,000/sqm

For Comparable 2, the existing GFA is lower than the potential total GFA of the land.
Therefore, the existing unit value of the property (HK$1,785,714) does not equal to the
analyzed accommodation value. To calculate the analyzed accommodation value, the total
potential GFA should be used. Based on the Town Planning Zoning, the plot ratio of the land
of Comparable 2 is 0.75. However, according to government lease, the property has a
maximum 3 storeys and maximum site coverage of 15%, which mean a plot ratio of:

3 ×15% = 0.45

If there is any contradiction in plot ratio of the documents, the lower value should be taken.
As a result, the plot ratio of the land of Comparable 2 is 0.45. With a site area of 4000 sqm,
the total potential GFA of Comparable 2 is:

4,000 sqm×0.45 = 1800 sqm

The analyzed accommodation value is then equal to:

HK$1,250,000,000 ÷ 1800 sqm = HK$694,444

21
The total adjustment of Comparable 2 is -43.31% and after the adjustment, the adjusted
analyzed accommodation value of Comparable 2 is:

HK$694,444/sqm × (1– 43.31%) = HK$393,680/sqm

Say, HK$394,000/sqm
Since the total adjustment Comparable 1 is a just lower than that of Comparable 2, it means
that it is a little more similar to the Subject Property than Comparable 2. A weighting of 60%
of the adjusted analyzed accommodation value of Comparable 1 and 40% of the adjusted
analyzed accommodation value of Comparable 2 is being used. Based on this weighting, the
unit value of the Subject Property could be calculated and so the unit value is:

HK$375,000/sqm × 60% + HK$394,000×40% = HK$382,600/sqm

The existing value of the Subject Property could come up based on the above unit value.

HK$382,600/sqm×2,500sqm = HK$956,500,000

𝐒𝐚𝐲, 𝐇𝐊$𝟗𝟓𝟕, 𝟎𝟎𝟎, 𝟎𝟎𝟎

(b) Cross-Checking Based on Comparative Market Yield

The yield extracted from Comparable 1 could be utilized. The Subject Property is now under
7 tenants with rent of HK$700,000 per month and one of the units is in vacant possession.
The yield is 1.09% from Comparable 1. Therefore, the existing value of the Subject Property
when all units are leased out equals to:

HK$700,000 ÷ 7×8×12 months ÷ 1.09 % = HK$880,733,945

Say, HK$881,000,000

(c) Conclusion on the Existing Value

The comparative method assessment and the cross-check generates two very similar
valuation results. Nevertheless, the value calculated by the comparative method assessment
should be taken as the existing value of the Subject Property. The small discrepancy can be
explained by the fact that, the leases of the Subject Property are almost coming to an end,
the rental income of the Subject Property has not been reviewed to catch up with the latest
market value. The proposed existing value of the Subject Property in Method 2 is under-
valued. As a result, it is considered to use the value of HK$957,000,000 calculated by
Method 1 as the existing values of the Subject Property as of the Date of Valuation in
February 2017.

22
1.5.3 Valuation on the Redevelopment Value
Subject Property Items Comparable 1 Comparable 2

Analyzed Accommodation Value HK$628,571/sqm HK$694,444/sqm

The Peak Location The Peak Shouson Hill

Adjustment 0% 5%

Victoria Harbor View South side of HK Deep Water Bay

Island

Adjustment 10% 5%

Detached house Form Factor Semi-detached Detached house

(Max. Potential) house

Adjustment 5% 0%

2017 Year of Completion 2000 1970

Adjustment 1% 2%

Feb 2017 Date of Transaction Jan 2017 Jan 2017

Adjustment 0.69% 0.69%

Overall Adjustment 16.69% 12.69%

Adjusted Analyzed HK$733,479/sqm HK$782,569/sqm

Accommodation Value

Weighting 40% 60%

Redevelopment value refers to the value of the property when it fully utilizes its maximum
development potentials. In this case, the Subject Property will achieve its maximum value by
redeveloping into fully-detached houses and fully utilizing the maximum GFA.

To calculate the redevelopment value of the Subject Property, adjustments are also
required. The adjustments are almost the same as that in the calculation of the value of
existing property of the Subject Property. However, the adjustment for form factor will have
a different value, as the existing Subject Property, i.e. the low-rise apartments, will be
redeveloped into fully detached houses. Thus, comparable 1, which is semi-detached house,
will be adjusted upward for 5% while comparable 2 will not be adjusted.

Therefore, the total adjustment of Comparable 1 would be 9.69% and the total adjustment
of Comparable 2 would be 11.69%.

23
(a) Reconciliation on the Redevelopment Value
The analyzed accommodation value of Comparable 1 is shown below:

HK$628,571/sqm×(1 + 16.69%) = HK$733,479/sqm

Say, HK$733,000/sqm

The analyzed accommodation value of Comparable 2 is shown beloew:

HK$694,444/sqm×(1 + 12.69%) = HK$782,569/sqm

Say, HK$782,000/sqm

Since the total adjustment of Comparable 1 is slightly lower than that of Comparable 2, it is
used to calculate the redevelopment value of the Subject Property in a greater weighting.
Therefore, a weighting of 60% of the adjusted analyzed accommodation value of
Comparable 1 and 40% of the adjusted analyzed accommodation value of Comparable 2 is
being used. Based on the weighting above, the unit value of the Subject Property could be
calculated and so the unit value is:

HK$733,000/sqm × 40% + HK$782,000×60% = HK$762,400/sqm

Say, HK$762,000/sqm

The two analyzed accommodation values come into a consistent range of values as there
are the highest potential value which could be used for the development of the Subject
Property. Therefore, the unit value of the Subject Property of HK$762,000/sqm, which is
rather close to the analyzed accommodation values of the two comparables and falls near
that consistent range, should be considered as appropriate.

The redevelopment value of the Subject Property could come up based on the above unit
value.

HK$762,000/sqm×2,500sqm = 𝐇𝐊$𝟏, 𝟗𝟎𝟓, 𝟎𝟎𝟎, 𝟎𝟎𝟎

1.6 Conclusion of Value

Existing Use Value of the Subject Property HK$957,000,000

Redevelopment Value of the Subject Property HK$1,905,000,000

Since it is a valuation report for sale purpose, the value of the property would lie in its
redevelopment us e and value, i.e. after fully utilizing its mazimum development potential,
instead of the existing use value.

24
Part 2: Feasibility Study

25
2.0 Feasibility Study
A feasibility study is conducted to evaluate the development potentials, constraints and
risks of the Spring development. This section would highlight an array of aspects, including
the proposed design scheme, the related development controls imposed, the project
procurement method, master program, cost estimation and the risk evaluation.

2.1 Proposed Design Scheme

With the considerations of the site particulars, a design scheme on the Spring development
is proposed. The layout and details of the project are as follows. In the later parts, the
design considerations will be discussed first. and some technical issues will also be
addressed.

Site Location 8, Barker Road, Mid-levels, Hong Kong

Numbers of Buidling 4 identical buildings

Building Height 16.5 metres

Storey of Building 3-storey with basement and upper roof level

Site Area 5000 square metres

Gross Floor Area 2486 square metres

Roofed-over Area 968 square metres

Site Coverage 19.36%

26
 (Figure 1: Aerial Plan of the Proposed Design)

2.1a Site Layout Plans and Floor Plans

(Figure 2: Gross Floor Area for Ground Floor of Each House)

27
 (Figure 3: Gross Floor Area for First Floor of Each House)

(Figure 4: Gross Floor Area for Second Floor of Each House)

28
(Figure 5: Roofed-over Area for Second Floor of Each House)

29
2.1.1 Design Considerations
(a) Stunning View
Our site is situated at an exclusive position at the Peak. To take this advantage, the design
proposes that over 30% of the external wall are built as curtain walls and three flat roofs are
provided on every level. This allow the residence not only embrace the exquisite view of the
Victoria Harbor, but also the stunning greenery of the backyard garden.

(Figure 6: Curtain wall and flat roof highlighted in blue line and orange line respectively)

(b) Recreational Facilities

To meet the high-income groups’ increasing demands for entertainment within their
accommodation, a series of recreational facilities are included in the proposed building,
such as swimming pool, backyard garden, entertainment room and family room.

Swimming Pool 12.5m x 6m for all houses

Backyard Garden 160m2 for House A

541m2 for House B
532m2 for House C
201m2 for House D

Entertainment Room 12m2 for all houses

Family Room 26m2 for all houses

30
(Figure 7: swimming pool, garden room) (Figure 8: family room &entertainment room)

(c) Multitude of Building Services

An array of building services is installed in order to cater the buyers’ concerns and to create
a pleasant environment for the enjoyment of users. A number of systems will be installed
with their plant room located at the basement level, which will be briefly listed in the
following table.

Building Services Plant Room Installations

Plumbing Water pump room at B/F  Plumbing

 Indirect fresh water
supply
 Indirect flush water
supply

Drainage  Epoxy cast iron pipes

 Rain drain
 Fall drain
 Grease trap

Heating, ventilation and air Air-conditioning plant room  Centralized climate-

conditioning (HVAC) at B/F sensitive HVAC
system

Electrical Installations Electricity meter cabinet at  Two 400A cut-out

B/F

31
Lift Lift machine room at LR/F  Lift with carrying
capacity of 500kg

Telecommunication and Store room at G/F  Audio video system

Internet  Cable TV
 Internet service with
Wifi
 Telephone system

Gas Supply Gas meter cabinet at B/F  Gas pipe network

Fire services  Fire detection and

alarm system
 Automatic actuating
devices
 Portable hand
operated approach
appliance

Security  CCTV system

(Figure 9: plant rooms at basement floor)

(d) Barrier Free Access

In order to provide the barrier free access to the disabled, two ramps, lift are included in the
design. In addition, expect for basement level, the separations between all doors and wall
partitions or other obstructions are all above 330mm, which complies with the design
manual of barrier free access established by the Building Department (2008).

32
 (Figure 10: two ramps provided on the ground floor)

(e) High Degree of Privacy

To separate each building, the site is proposed to be enclosed by fence with 3.5m high. The
separation between each building is around 8m. With the extensive use of curtain wall,
there may be concern over the degree of privacy. To ease this problem, the external wall
facing the curtain wall of the adjacent building is made with concrete with only one window
installed. This can better protect the residence’s privacy.

(Figure 11: concrete external wall facing the curtain wall of the adjacent building)

33
(f) More Natural Lighting
To bring more natural lighting into the house, not only curtain wall system is provided. The
proposed design scheme also suggests that the curtain walls are built on the east side of the
building. In view of this, in the morning, this can provide more natural lighting as the sun
always rises from the east. As a result, less electricity consumption on lighting fixtures can
be saved, contributing to a more sustainable building.

(Figure 12: curtain wall placed on the eastern side bring more natural lighting)

34
2.2 Technical Issues
(a) Demolition of existing building
The proposed site currently possesses a 4-storey house with the provision of carport. In
view of this, demolition of the existing building is required for the Spring development.

(Figure 13: existing building)

As the single house is situated in mid-levels with many other houses located nearby, a top
down manual method is recommended to reduce the nuisance to nearby residents. In
addition, as the site is quite congested and lacks clear space, among different methods, top
down manual method is the most suitable one because of its effective operation in narrow
and localized site.

For top down manual method, the demolition sequence is generally as follows.

1) All cantilevered structures, canopies, verandahs and features attached to the

external walls
2) Roof structure
3) Floor slabs
4) Floor beams
5) Non-load bearing walls
6) Columns and load bearing walls

According to Building Department (2004), it is suggested that the reinforced concrete

elements will be broken down by jack hammers while the reinforcement bars will be cut by
oxy-acetylene torches. The related control on demolition will be discussed in later section.

35
(b) Structural System
Building frame system is adopted in the redevelopment building design. The foundation pile
used would be pakt-in-place pile with 600mm diameter. According to Cheah and Taha, the
length of the cast-in-place of a 5-storey building is around 18m. Taking this study into
account, it is suggested there would be eight 15m-long piles casted for foundation of each
house in the Spring development.

Under this loading design, the load-bearing column would withstand the dead loads and
wind loads. In view of this, the wall built inside the house would be reduced, contributing to
a greater internal floor area.

(Figure 14: building frame system)

36
2.3 Compliance with Development Controls
2.3.1 Lease Control
According to the Government Lease, there are numbers of restrictions imposed to the
designated site. For the proposed redevelopment, these condition are ought to be followed:

a) The site is designated for private residential use only.

b) The gross floor area of any building or buildings erected or to be erected on the lot
designed, constructed and to be used for the purposes of residential use shall not
exceed 2,500 square metres.
c) No part of any building or other structure erected or to be erected on the lot
together with any addition or fitting (if any) to such building or structure may in the
aggregate exceed 6 storeys excluding the storey designated for carport.
d) The roofed over area of any building or buildings erected or to be erected on the lot
designed, constructed and to be used for the purposes of residential use shall not
exceed 20% of the site area, which is 1000 square metres.

2.3.2 Planning Control

According to the Statutory Planning Portal 2, the proposed site is under the regulation of
The Peak Area Area Outline Zoning Plan (No.S/H14/12). The proposed site is zoned for the
use of Residential (Group C) as sub-area R(C)3, in which the site is intended primarily for
low-rise, low-density residential development.

In Column 1 of Residential (Group C), “House” is always perimitted. In view of this, no

planning application is required for the proposed residential redevelopment project.

37
In addition, for any development on the sub-area R(C)3, the maximum plot ratio is 0.5 and
the maximum number of storeys is 6 storeys over 1 storey of carports.

(Figure 15: Planning Control According to Sub-Area)

38
2.4 Compliance with Building Design Controls
2.4.1 Demolition Works
Building (Demolition Works) Regulations (Cap. 123C)
The regulations are applicable to the demolition of the existing building on the proposed
redevelopment site under Reg. 2. Before the commencement of demolition work, a
registered specialist contractor under sub-register of Demolition Works Category is required
to be appointed under Section 9 of Cap 123 (Buildings Ordinance) to ensure the experience
and qualification of the contractors. Supplemented by Practice Note for Registered
Contractors-6 and PNAP-APP-21 “Demolition Works Measures for Public Safety”, it is clearly
stated that application of commencement of demolition work shall be submitted with
supervision plan to BA for approval. Continuous supervision shall be provided by Authorized
Person and Registered Specialist Contractor with accordance to “Code of Practice for
Demolition of Buildings 2004”. Finally, within 14 days of completion of the work, BA 14A is
required to submit to BA in order to certify the completion of work.

The procedures of work are highlighted under Reg. 4 to Reg. 12 under Cap. 123C and
detailed description of particular works are provided by CoP for Demolition of Buildings
2004. The works shall comply with statutory requirements and performance requirements
provided that registered specialist contractor with good reputation is employed.

2.4.2 New-Building Works

Requirement and restriction subject to building design under building control
Building design shall comply with statutory / non-statutory requirement and regulations
prior to submission of building plans for approval from Building Authority. In this section,
Building (Planning) Regulations (B(P)R), Code of Practice for Fire Safety in Buildings including
provisions for Means of Escape, Fire Resisting Construction, Means of Access. Insights and
guidance from non-statutory practice notes are incorporated in particular session for
supplementary purpose. Only applicable requirements are stated in this section in order to
express in the clearest way. Abstract of the terminology, regulations and provisions
provided in the Appendix 8.

(a) Building (Planning) Regulations (Cap. 123F)

Building Authority monitors and controls new building development under Buildings
Ordinance (Cap. 123). The scope of control includes office buildings, residential blocks and
other associated works such as foundation, demolition, structural and drainage works, etc.
Building (Planning) Regulations (Cap. 123F) are section under Cap. 123 providing for the
planning, design and construction of buildings and associated works. This regulation shall be
applicable to design in this residential redevelopment project.

39
(i) GFA, Permitted Plot Ratio and Site Coverage
The proposed building is to be situated at Class A site in accordance with Reg. 18A and
PNAP-APP-44 and PNAP-APP-124 regarding street for site classification.

No. Element Regulation Application to Site

Reg. 19 Actual coverage of the building is less than 66.6% required
a. Site Coverage by regulation due to restriction under lease. Therefore,
Reg. 20
requirement must be complied
PNAP-APP-2 Curtain wall of proposed building is excluded from
calculation in site coverage
PNAP-APP-19 Minor projections listed below are not subjected to site
coverage-accountable for the proposed building:
(a) Window hoods projecting < 2 m
(b) Window cills and surrounds projecting < 100 mm
(c) External drainage pipes and gutters
(d) Canopy projecting < 2 m over an entrance
Practice Notes
aa. regarding site PNAP-APP-132 No modification of site coverage requirements is needed in
coverage the redevelopment project.
PNAP-APP-152 Site coverage of 20% of the greenery for the site is fulfilled.
Joint Practice Note 1 The following elements are subjected to exemption of site
coverage:
(a) 50% of the area of balconies
Joint Practice Note 2 The following elements are subjected to exemption of site
coverage:
(a) Curtain wall of proposed building
Permitted site coverage is not allowed to be exceeded under Reg. 22 providing for
Explanatory note:
dedication and street widening.
Reg. 19 Actual plot ratio of the building is less than 3.3 required by
regulations due to restriction under planning control.
Reg. 21
Therefore requirement must be complied
PNAP-APP-2 No above ground car park is provided in proposed building.
PNAP-APP-19 Minor projections listed below are not subjected to plot
ratio-accountable for the proposed building:
(a) Window hoods projecting < 2 m
b. Plot Ratio (b) Window cills and surrounds projecting < 100 mm
(c) External drainage pipes and gutters
Canopy projecting < 2 m over an entrance
PNAP-APP-42 Window hoods are not subjected to plot ratio implications.
PNAP-APP-89 No concession of GFA for plot ratio calculation is allowable
for lift shaft area in proposed building.
PNAP-APP-108 No dedication of land/area for public passage for proposed

40
 redevelopment project is prepared. No concession is
allowed.
Permitted plot ratio is not allowed to be exceeded under Reg. 22 providing for
Explanatory note:
dedication and street widening.
Reg. 23 (3)(b) GPA for Parking motor vehicles, occupied solely by
machinery or equipment for any lift, air-conditioning or
c. Gross Floor Area
heating system, meter room, filtration plant room or any
similar service are non-accountable in total.
PNAP-APP-2 Curtain wall and half of the car parking area at G/F of
proposed building is subjected to non-accountable GFA.
Practice Notes PNAP-APP-19 Minor projections are not subjected to be GFA
ca.
regarding GFA accountable.
PNAP-APP-104 Swimming pool is excluded from GFA calculation (referring
to Appendix 8A)
Definition of GFA can be found in terminology. Exempted GFA is deeply discussed
Explanatory note: in another section ‘GFA Exemption’ regarding building elements like voids,
filtration plant rooms for swimming pools

(ii) Building Design

No. Component Regulation Application to Site
Reg. 3 Clear height of balcony projected from upper storey is
larger than the clear height of storey immediate under
a. Balcony balcony
Reg. 3(A) The external side of every balcony is enclosed by railing
with height of 1100 mm
Balcony is provided for bedrooms at 1/F and 2/F. No balcony is adapted to be used
Explanatory note: as a factory, workshop, storeroom, kitchen, lavatory, bathroom, water-closet,
urinal or latrine in accordance with Reg. 13.
Reg. 10 (2) Canopy erected at G/F outside the main entrance has clear
b. Canopy height more than 3.3 m
Reg. 10 (3) Surface water drainage is provided for the canopy.
Canopy erected outside main entrance of the proposed building does not project
Explanatory note: over the street but footpath. Only Reg. 10 (2) is applicable regarding the clear
height.
Reg. 24 (1) Every room used for habitation has a height of more than
d. Height of storey
2.5 m.
Explanatory note: No sloping ceiling is provided in the proposed building.
Reg. 25 (1) (a) Every proposed building has more than 125 m2 (which is
half of the roofed-over aera of the building) for open
e. Open Space space, partly at rear and partly at side, at a level of not less
than 150 mm below the floor of the G/F
Reg. 25 (1) (b) The external wall at the front of every building is located 9

41
 m from the boundary of the site.

Reg. 25 (5) Parapet wall is provided preventing person from falling due
to level difference
Reg. 30 (2) At least one window is provided for each rooms for
habitation and kitchen complying with following
requirements:
(1) Glass of the window is more than 1/10 of the area of
each room
(2) 1/16 of the each provided window can be opened
where top of the opening is higher than 2 m of each
room.
(3) Each window faces external air
Reg. 31 Plenty of separation is provided between each proposed
Lighting and building complying with the requirement of the external
f.
ventilation air faced by the window
Reg. 32 No part of the room in each proposed building is more
than 9 m measured from a prescribed window.
Reg. 36 Every toilet is provided with a window complying with the
following requirements:
(1) Glass of the window is more than 1/10 of the area of
each room
(2) 1/10 of the each provided window can be opened
where top of the opening is higher than 2 m of each
room. Each window faces external air
Practice notes PNAP-APP-98 & Requirements under Reg. 31, Reg. 36 are complied. There
regarding PNAP-APP-130 is no need to consider conditions imposed upon
fa.
lighting and modification of Reg. 36. or performance based approach.
ventilation
Natural light and ventilation for rooms for habitation and kitchen shall be provided
Explanatory note:
under Reg. 29.
Reg. 39 The main staircase fulfills the following requirements:
(1) Clear height > 2 m
(2) Clear width > 900 mm
g. Staircase (3) Each tread > 225 mm
(4) No single flight containing > 16 steps
(5) With properly fixed handrail
(6) Arranged to provided access to a street or open space
Every building which exceeds 1 storey in height shall be provided with a staircase.
Explanatory note: According to MOE, the staircase for the superstructure of the proposed building
might not be required staircase.
Reg. 45 The internal surface of the kitchen provided to a height of
h. Kitchen at least 1.2 m from floor level is finished with rendered in
cement mortar with white painting. Sink and fittings for

42
 the supply of water and properly constructed fireplace are
provided.
Every domestic building, unless exemption from the BA, shall be provided with
Explanatory note:
kitchen accommodation

(iii) Others
Regulation Application to Site
Reg. 4 The proposed building is not subjected to obstruct, endanger the users of adjacent street,
create nuisance
Reg. 5 Access lane extended from street is provided for occupiers and vehicles of this proposed
building
Reg. 41 Provisions for Mean of escape are inapplicable to the proposed building (discussed in
section regarding MOE in this report)
Reg. 41A / Reg. Provisions for Mean of access are inapplicable to the proposed building (discussed in section
41B / regarding MOA in this report)
Reg. 41C
Reg. 41D Emergency vehicular access (EVA) shall be provided to each proposed building even if MOA
is inapplicable to the proposed building from level above ground.

The requirement of EVA shall comply with provision of Emergency Vehicular Access (Section
4) of Part D MOA under COP for Fire Safety in Buildings 2011

In case, the main specific street outside boundary serves as the EVA. The width of the street
is more than 6 m under Clause D23.3. The EVA can serve each part of the major façade,
which length is greater than ¼ of the total perimeter, at horizontal distance 9 m between
both of them. And the height of the major façade is less than 60m. The requirement of the
EVA can be fulfilled.
Reg. 72 The proposed building is not to be planned for use by persons with a disability. In addition,
the provisions are not applicable to the proposed building which is of less than 13 m in
height above ground level which is supposedly used by single family.

Practice Note Application to Site

PNAP-APP-111 Private carport situated at G/F complies with required length (5 m), required width (2.5 m)
and minimum clear headroom (2.4 m). The access driveway to carport has width of 4 m
fulfilling minimum requirement.

(b) Provisions for Means of Escape

Requirements of Means of Escape is provided by Building (Planning) Regulation 41(1) and
Part B ‘Means of Escape’ of Code of Practice for Fire Safety in Buildings 2011. Generally,
‘every building shall be provided with such means of escape in case of emergency as may be

43
required by the intended use of the building’. However, the provisions regarding means of
escape under COP are not applicable to the proposed buildings in our redevelopment
project.

Under Subsection B3 Application of part B ‘Means of Escape’, domestic building with the
following requirements are under exception:

i. Having not more than three main domestic storeys;

ii. The level of the highest floor of which is not more than 13m above the ground level;
and
iii. Used or intended to be used for occupation by a single family.

For the proposed buildings, (b) and (c) can be fulfilled as the height calculated is 12.9 m and
the use is intended for occupation by a single family. However, for requirement (b), from
the perspective of Buildings Department, a storey solely accommodating plant / machinery
rooms in a single house ‘may’ be subjected to ‘main domestic storey’. After consulting Mr.
Davy Yuen, post Chief Building Surveyor of Buildings Department and post-Chairman of
Buildings Department Local Building Surveyors’ Association, the following advice is provided:

i. Basement solely serving for plant room is not "main domestic storey" under FS Code
B3.1
ii. The 3 storeys house (G/F to 2/F) itself is exempted from MoE requirement. Yet the
basement shall have its own 2 MoE requirements under B17.1, and cannot be
connected with upper floor under B17.

Conclusion can be drawn that the provisions for Means of Escape are not applicable to the
proposed buildings except the followings regarding basement.

Applicable provisions for Basement under Means of Escape

No. Component Regulation Application to Site
B17.1 The basement of proposed building is exempted from this
provision that only one exit is needed under the following
requirement:
(a) The basement is < 3 m below of the ground which the
a. Basement exit serving such basement gives access
(b) The GFA of the basement is < 150 m2
(c) The basement is solely for plant room(s)
B17.3 No required staircase is continued direct to the proposed
basement from the upstairs.

(c) Provisions for Fire Resisting Construction

(i) Use Classification of the building
“Residential: 1a. House Type Dwellings” means residential premises contain sleeping
accommodations as well as other living functions, and occupants are generally familiar with

44
the building layout. The response time of occupants will be increased whilst asleep. It is
recognized that the degree of protection should increase as the density of occupants
increases. Thus, residential premises are further classified into 3 sub-classes with respect to
their characteristics. House type dwellings basically contain one staircase serving a single
family with low occupant capacity.

(ii) Fire Resisting Construction

No. Component Regulation Application to Site
C3.1 Residential: not limited compartment area,
FRR=60mins
a. Fire Compartment
C3.2 Protection of all openings, joints and penetrations
located in a fire barrier, FRR=60mins
Explanatory note: A fire compartment should be enclosed by fire barriers.
C4.1 Every element of construction within fire
compartment, FRR=60mins
Element of
b. C4.3 Steelwork construction may be unprotected, provided
Construction
that there is not less than 6m width separation from
adjacent buildings.
No FRR is required for elements of construction of single-storey covered
Explanatory Note: walkways on podium or ground floor if they comply with Subsection C9:
Required Staircases, are constructed of non-combustible materials.
C8.1 if total width of openings is more than 25% of length
of fire compartment walls, FRR of door and fire
shutter: insulation>60mins, if have sprinkler,
insulation=30mins
Openings
c. (Fire Barriers and C8.2 openings through a fire barrier should be protected
Vertical Shafts) with fire dampers, maintain FRR
C8.3 openings within vertical shaft containing building
services formed by fire barriers should be fire sealed,
having FRR of doors provided to shaft ≥ 60mins
Vertical shafts are normally unoccupied spaces and contain electrical, plumbing
Explanatory Note:
or mechanical services.

45
 C8.4 building services are not required to be enclosed by
fire barriers if they are installed within same fire
compartment
d. Building Services
C8.6 The gaps between the water-borne metallic pipes and
fire barrier should be filled by fire rated material
having an FRR ≥ 60mins
Fire dampers that are directly associated with the ducting and trunking under
the Building (Ventilating Systems) Regulations are within the ambit of the
Explanatory Note: Director of Fire Services. They include blade type fire dampers manufactured
and installed in accordance with the standards and requirements stipulated by
the Director of Fire Services.
C9.1(a) all liftwells except for openings, should be separated
by barriers having FRR≥ 120/120/120
C9.1(b) penetrations in a liftwell, floor indicator panels and lift
call button, should be sealed to maintain FRR
C9.1(c) a door provided at a lift landing give access to lift car,
having an FRR ≥ -/120/-
e. Lifts
C9.1(d) a lift connects basement with storeys above ground
storey, lift doors at basement should be protected by
a smoke seal lobby
C9.2 if lift machine is completely separated by fire barriers,
fire resisting construction is not required for lift car, if
any, bullet lift, panorama lift serve as single fire
compartment
The FRR required for the lift car landing doors is for the purpose of resisting a
Explanatory Note:
fire from the occupied side of the floor but not from the lift car side.
C9.3(a) protected exits, lobbies should be separated by fire
barriers, FRR≥60mins
C9.3(b) doorway access to protected exits should be provided
with a fire rated door, FRR: integrity and insulation,
f. Required Staircases ≥60mins
C9.3(d) no services in required staircases and protected
lobbies, other than emergency services
C9.4 elements of construction of staircase having required
FRR, must be non-combustible
The FRR required for required staircases should be considered with protected
Explanatory Note:
exits and lobbies.
C10.1(a) for sprinkler protected building, a barrier of 450mm
downstand with FRR ≥ -/30/- should be provided
Openings between around the opening at the underside of the floor/false
g. ceiling.
floors
C10.1(b) smoke curtain activated by smoke detection system
may be accepted

46
 C10.2 curtain wall: non-combustible materials, FRR≥60mins,
maximum leakage≤ 25m3/h/m2 (BS EN 12101-1)

The 450mm down stand at the edge of a void is for ensuring the formation of a
hot smoke layer to activate sprinkler protection. The smoke curtain above
Explanatory Note:
should be deployed upon receipt of a fire alarm /smoke detection alarm signal
or in the event of main power failure.
C12.1 roof and member forming roof structure should be
h. Roof made of non-combustible materials
C12.2 roof with staircase, FRR≥ 60mins
Where a protected exit leads to a temporary place of safety, which is an open
area located at an upper floor instead of leading directly to a street or to an
Explanatory Note:
ultimate place of safety, such as podium level, the exit route at the temporary
place of safety should comply with Part e & f.
C13.1 special hazard should be separated by fire barriers
having an FRR ≥ -/120/120, if special hazard
connected to protected exit, FRR ≥ -/240/240
Special hazard
i. (kitchen and open C13.3 kitchen adjacent to single exit door should be
kitchen) separated by walls and doors FRR ≥ -/30/30
C13.4(c) 600mm wide shielding wall having an FRR ≥ -/30/30
adjacent to the flat exit door
The specification and location of the smoke detectors should be considered
Explanatory Note:
carefully when they are installed to minimize false alarms.
C14.1(a) fire barriers forming fire compartment between
ground storey and basement having FRR ≥ -
/240/240
j. Basement C14.1(b) elements of construction of basement having FRR ≥
240/240/240
C14.1(c) fire barriers forming fire compartment walls within
basement having FRR ≥ -/120/120
where a basement has the same Use Classification as the ground storey and any
Explanatory Note: upper storeys, the basement may be united with the ground and upper storeys,
having a FRR ≥ 60mins.
C14.2(a) smoke outlets should be provided, no more than 30m
apart along the street frontages
C14.2(b) sited at high level, evenly distributed to create a
through draft
Smoke outlets in C14.2(c) provided to every fire compartment
k.
basement
C14.2(d) area in aggregate ≥ 0.5% of floor area, in areas used
for bulk storage or warehouse, ≥ 2.5% of floor area
C14.2(e) ≥ 1m in its lease dimension
C14.2(f) situated far away from discharge point of staircase,

47
 indicated on external face of building
C14.2(g) covered by stall-boards or pavement light that can be
easily broken by firefighters
C14.2(h) maintained unobstructed or covered only with a grill
or louvres constructed of metal
Where a smoke outlet shaft serving a basement extends into or through
Explanatory Note: another storey, it should have an FRR or be protected with an enclosure having
an FRR ≥ 60mins, whichever is the higher.
C16.4 all fire rated doors should be closely fitted around
their edges to impede the passage of smoke or flame,
l. Fire rated doors
bottom gap between doors and floors should not
exceed 10mm

(d) Provisions for Means of Access

Requirements of Means of Escape is provided by Building (Planning) Regulation 41A ‘Access
staircases for firemen’, Regulation 41B ‘Fireman’s lifts’, Regulation 41C ‘Fighting and rescue
stairway’, Regulation 41D ‘Emergency vehicular access’ and Part D ‘Means of Escape’ of
Code of Practice for Fire Safety in Buildings 2011.

Table D1 of subsection D3 under Section 2 provides that no access staircases, firemen’s lift
and firefighting and rescue stairways are required for each proposed building in the
redevelopment project because proposed basement is not exceeding 1 storey and the
proposed domestic building serving single family is not exceeding 3 main storeys.

For the proposed redevelopment project, only Emergency Vehicular Access (EVA) is required.
Under Regulation 41D ‘Emergency vehicular access’ of B(P)R, ‘every building shall be
provided with an emergency vehicular access to allow safe and unobstructed access of a
vehicle of the Fire Services Department to the building and to provide for the safe operation
of such a vehicle in the event of fire’. Simplified version of requirements is included in
applicable provisions under Building (Planning) Regulations discussed in the previous section.

Applicable provisions for Emergency Vehicular Access

No. Component Regulation Application to Site
D23.2 The proposed EVA is in the form of carriageway complying
a. EVA the following requirements:
a) No overhead structure is over any part of the EVA.

48
 b) The gradient of the EVA is less than 1:10
c) The EVA with length more than 12m can support gross
weight of 30,000 kg
B23.3 The width of the street is > 6 m. The EVA can serve the part
of the major façade, which length is greater than ¼ of the
total perimeter, at horizontal distance 9 m between both
of them. And the height of the major façade is less than
60m.
D23.4 Emergency crash gates are not required for the site
because the EVA is normally used as access for other
vehicles.
D24.1 & D24.2 Signage of EVA can be well provided where EVA is in form
of a carriageway:
a) A sign showing the layout of the EVA will be erected at
the entrance of the EVA.
b) EVA indication signs will be erected at an interval of
not more than 100 m along the EVA
c) ‘No Parking’ signs will be erected at an interval of not
more than 50 m along the EVA
Subsection D23 which provides from EVA to redevelopment sites shall be
Explanatory Note:
complied.

(e) Provision of Barrier Free Access

The proposed redevelopment is exempted from application of Building (Planning)
Regulations (123F) Regulation 72 which provides for building planned for use by persons
with a disability under condition that each of the proposed buildings with less than 13 m in
height above ground level which is intended to be occupied by a single family. Similarly,
under Section 84(3) “Building Approval” of Disability Discrimination Ordinance (Chapter 487),
the proposed building plans shall be approved by the Public Authority without challenging
the provisions of barrier free access due to the above condition. In addition, Sub-section 2.2
“Exemptions” of Chapter 2 under Design Manual – Barrier Free Access 2008 exempts the
proposed redevelopment from provisions of barrier free access as well due to the above
condition.

For current proposed building design, internal lift is provided that every part of the building
can be accessed by a disability, in case with wheelchair. Size of doors and design of corridors
are favorable to mobilization of the disability as well. Basically, the building design at this
stage can be subjected to any addition, with high feasibility, of barrier free access requested
by the clients.

Submission of applications
During the redevelopment program, specified applications are required to be submitted to
specific government departments in order for approvals and consents in commencement of

49
works / acquisition of certifications / qualifications. This procedure is deemed as strict
control monitoring the quality of works / qualification of professional in stages. Therefore,
the required applications are highlighted in the table below and good preparation must be
ensured.

Government Applications to be submitted

Department
Form BA 4 Notice of Appointment of Authorized Person and/or Registered
Structural Engineer and/or Registered Geotechnical Engineer

Form BA 5 Application for Approval of Plans of Building Works and/or Street

Works and Certificate of Preparation of Plans
Form BA 8 Application for Consent to the Commencement and Carrying out of
Building Works or Street Works
Buildings
Department Form BA 10 Notice of Appointment of Registered Contractor, Notice of
Commencement of Building Works or Street Works and Undertaking
by Registered Contractor
Form BA 13 Certificate on Completion of Building Works Resulting in a New
Building and Application for Permit to Occupy Such Building
Form BA 14A Certificate on Completion of Demolition Works
Form BA 20 Notice of Technically Competent Person or Persons Appointed to
Supervise Demolition Works
Form FSI251 Certificate of Fire Service Installation and Equipment Purchase Form
Form FSI/314 Fire Service Installation Schematic Drawings / As-fitted Layout
Fire Services Drawings
Department
Form FSI/314A Fire Service Installation Plans
Form Vent/425 Report of Completion on Ventilating System (Vent/425)
Lift and Escalators
LEO001 Application For Type Approval
LEO02 Notification For Subcontracting Works Involving Installation /
Maintenance / Major Alteration / Demolition Of Lift(s) Or Escalator(s)
Electrical and
Mechanical LEO03 Notification Of Commencement Of Works Involving Installation /
Services Maintenance / Major Alteration / Demolition Of Lift(s) Or Escalator(s)
Department LEO05 Application For A Use Permit For Putting A Lift Or An Escalator Into
Use And Operation

Electricity
Form WR1 Work Completion Certificate
Environmental Form EPD-211 Form 1 - Application for a Billing Account (Construction Work Contract
Protection with Value of $1 million or Above)

50
Department Form NA Notification Pursuant to Section 3(1) of The Air Pollution Control
(Construction Dust) Regulations
Form EPD74A(S) Form 1 - Application for A Construction Noise Permit for the Use of
Powered Mechanical Equipment for the Purpose of Carrying Out
Construction Work other than Percussive Piling And / Or the Carrying
Out of Prescribed Construction Work
Water Supplies Form WWO 46 Application for Constructing, Installing, Altering or Removing an Inside
Department Service or Fire Service

(f) GFA Concession

To protect and improve the built and natural environment, our properties are going to be
constructed as green and innovative buildings. In this section, GFA concession will be gained
from the the government. Based on the Joint Practice Note No.1 and No.2 provided by
Buildings Department, Lands Department and Planning Department, with B(P)R Regulation
23 and PNAP-APP-152, detailed calculations are shown as follows.

(i) Breakdown of GFA Concessions Obtained of All Features:

Latest information on breakdown of GFA concessions as shown on the general building
plans is tabulated below.

Disregarded GFA under Building (Planning) Regulations 23(3)(b) Area (m2)

1. Carpark and loading/unloading area excluding public transport terminus 46.0 (a)
2. Plant rooms and similar services
2.1 Mandatory feature or essential plant room, area of which is limited by Nil
respective Practice Notes for Authorized Persons, Registered Structural
Engineers and Registered Geotechnical Engineers (PNAP) or regulation such as
lift machine room, telecommunications and broadcasting (TBE) room, refuse
storage and material recovery chamber, etc.
2.2 Mandatory feature or essential plant room, area of which is NOT limited by any 60.0 (b)
PNAP or regulation such as room occupied solely by fire services installations
(FSI) and equipment, meter room, transformer room, potable and flushing
water tank, etc.
2.3 Non-mandatory or non-essential plant room such as air-conditioning plant 24.0 (c)
room, air handling unit (AHU) room, etc.
Green Features under Joint Practice Notes 1 and 2
3. Balcony 8.0 (d)
4. Wider common corridor and lift lobby Nil
5. Communal sky garden Nil
6. Acoustic fin Nil

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7. Wing wall, wind catcher and funnel Nil
8. Non-structural prefabricated external wall Nil
9. Utility platform Nil
10. Noise barrier Nil
Amenity Features
11. Counter, office, store, guard room and lavatory for watchman and management Nil
staff, Owners’ Corporation Office
12. Residential Recreational facilities including void, plant room, swimming pool 505.6 (e)
filtration plant room, covered walkway etc. serving solely the recreational
facilities
13. Covered landscaped and play area Nil
14. Horizontal screens/covered walkways, trellis Nil
15. Larger lift shaft Nil
16. Chimney shaft Nil
17. Other non-mandatory or non-essential plant room, such as boiler room, satellite Nil
master antenna television (SMATV) room
18. Pipe duct, air duct for mandatory feature or essential plant room 36.0 (f)
19. Pipe duct, air duct for non-mandatory or non-essential plant room Nil
20. Plant room, pipe duct, air duct for environmentally friendly system and feature Nil
21. Void in duplex domestic flat and house 84.0 (g)
22. Projections such as air-conditioning box and platform with a projection of more Nil
than 750 mm from the external wall
Other Exempted Items
23. Refuge floor including refuge floor cum sky garden Nil
24. Other projections Nil
25. Public transport terminus Nil
26. Party structure and common staircase Nil
27. Horizontal area of staircase, lift shaft and vertical duct solely serving floor Nil
accepted as not being accountable for GFA
28. Public passage Nil
29. Covered set back area Nil
30. Bonus GFA Nil

Note:

52
a) According to the Building (Planning) Regulations 23(3)(b), carpark area can be
disregarded as GFA. Hence, each of the above ground carpark with 11.5 m2 in our
project will be exempted in the total GFA calculation. An overall disregarded GFA of 46
m2 can be gained.
b) The disregarded mandatory feature or essential plant room, which are not limited by
Practice Notes for Authorized Persons, Registered Structural Engineers and Registered
Geotechnical Engineers (PNAP), include water pump room (6 m2), water meter cabinet
(1 m2), electricity metre cabinet (1 m2), gas meter cabinet (1 m2) and filtration plant
room (6 m2) in each building. Hence, 60 m2 would be disregarded in total for 4 buildings.
c) Non-mandatory or non-essential plant room like air-conditioning plant room are
included to grant GFA concession with an area of 6 m2 per building, which means 24 m2
in total.
d) According to the Joint Practice Notes 1, not more than 50% of the area of the balcony is
to be exempted from GFA and SC calculations. Our proposed GFA of each balcony on 2/F
is 4 m2. There are totally four buildings, so an overall area of 8 m2 would be exempted in
this case.
e) Residential recreational facilities include a swimming pool with 75 m2, as well as its
serving amenities with 51.4 m2 would be exempted for GFA calculation. Therefore, a
total area of 505.6 m2 for residential recreational facilities will not be counted as GFA.
f) For mandatory feature or essential plant room, three pipe duct with a horizontal area of
1 m2 are provided from G/F to 2/F. Therefore, a total exemption of GFA could be gained
with 9 m2 for each building. In another word, 36 m2 of GFA could be exempted for four
buildings in the whole project.
g) According to the Building (Planning) Regulation 23(3)(a) and (b), voids in in duplex
domestic flats or houses can be exempted from GFA calculation. While the voids area in
each building is 21 m2, total granted exemption would be 84 m2.

(ii) Pre-requisite of GFA Concession

According to the PNAP of “Building Design to Foster a Quality and Sustainable Built
Environment” issued by Buildings Department, in order to gain GFA concession as
mentioned above, the BEAM Plus certification conferred or issued by the HKGBC should be
applied and provided with result of the Final Assessment, within 18 months of the date of
issuance of the OP by the BA. Therefore, our project will also apply for the BEAM Plus
certification based on the BIM models we have designed. It is expected all requested GFA
concession would be granted with our green and environmental-friendly building design.

(iii) Sustainable Building Design

In order to enhance air ventilation, improve environmental quality, and together with more
greenery, our project is also designed according to the Sustainable Building Design
Guidelines APP-152 issued by Buildings Department. There are three major concerns in our
design, including building separation, building setback and site coverage of greenery.

53
(a) Building Separation
All building sites fulfill one of the followings definitions should comply with the building
separation requirements as shown as below.

1. sites that are 20,000m2 or above; or

2. sites that are less than 20,000m2 and proposed with building or group of buildings
having a continuous projected façade length (Lp) of 60m or above.

However, our designated site area is 5,000 m2, which is less than 20,000 m2. And also the
four proposed buildings have a building height of 12.9 m, which is shorter than 15 m.
Therefore, such low rise residential buildings with a height less than or equal to 15 m could
be exempted from the requirements in building separation.

(b) Building Setback

Buildings may be exempted from whole or parts of the building setback requirement with
reference to a street where its height is less than 2 times the mean width of the street.
Although our buildings can gain this exemption, in order to improve air ventilation at
pedestrian level and mitigate street canyon effect, we have also checked and make sure that
our design has complied with the minimum building setback requirements as illustrated in
following figure. There are at least 7.5m (W) x 15m (H) cross-sectional areas between the
building structures.

54
(c) Site Coverage of Greenery
According to the design guidelines from Buildings Department, so as to enhance the
environmental quality of the urban space, any site with area of 1,000 m2 or more should be
provided with greenery areas in accordance with the following figure.

For our project, the site area is 5,000 m2, which should have a minimum site coverage of
greenery of 10% in primary zone and 20% in total. That means 500 m 2 would be used for
greenery area in primary zone, together with 1,000 m2 of overall area for greening. Primary
zone can be an area in the form of projecting planters which are shadowed vertically by
other projecting features, or an area shadowed vertically by buildings with the 45o projected
line taken from the edge of the building, which can be accessible to the public from the
adjoining open areas.

In our site, excluding the ground floor area used for main buildings (856 m2), swimming pool
(505.6 m2), carport (92 m2), walkway (632 m2) and road (266 m2), all the remaining area will
be planted with greenery. In another word, the overall greenery area would be 2648.4 m 2,
which is greater than the requirement of 1,000 m2. This can satisfy the aim of providing an
environmental-friendly environment in our project site.

55
2.5 Project Procurement
2.5.1 Selection of Procurement Method
Number of procurement method in construction is developed to tackle the problems in
traditional problems (Alhazmi and McCaffer, 2000). However, the traditional method has its
reason to be stay famous after other procurement method arise. Traditional design-bid-
build (DBB) method has become the common industry practices because some of the
advantage of DBB cannot be replaced.

In our case, it is a small scale property development project that requires high quality of
construction. The construction period is not expect too long comparing to other larger
development project, so faster project delivery is a less concern comparing to Design &
build. In DBB, the time certainty is higher so the valuation report could have a more
accurate estimation according to the property sale. For cost certainty, the DBB provides
detail explanation and design of the project scope. For quality, DBB provides better project
explanation to the contractor of the scope and specifications to avoid misunderstanding of
the developer’s need. So that we choose Traditional design-bid-build (DBB) procurement
method to give a stable project delivery.

2.5.2 Flow of Design-bid-build

(a) Role of Architects, QS consultant and their relationship with clients
The contractual relationship shown on Figure 16 below provide an understanding of
relationships and responsibilities to different parties. The client would first hire consultant
QS to prepare initial cost estimate and preparing tender documents. And hiring architects
for monitoring the whole project including design, submission, and issue architect’s order.
The architect has the right and responsibility to represent the employer as an agent to give
right decision for his clients. The architects should design the building in details with
decomposition of different elements of the building. As the architect has the right to act as
the client, the architect could have the right to appoint nominated sub-contractor or
nominated supplier to ensure higher quality satisfaction to the requirement and
performance by the client.

(b) Obligation of QS, architect in the tender selection process

There is an obligation for the successful bidder to follow the contract in the main work. The
quantity surveyors are responsible for evaluating the design and conducting the estimation
on the quantity of the project. The personal contract is signed by the client and the
consultant, and the client has the power to vary the design if he/she intends to. The tender
documents for contractors are generated by the consultant. Through selective tendering or
opened tendering, the contractors can obtain the tender documents from the consultant.

56
After the submission of the tender documents from contractors to the consultant, the
consultant would proceed tender evaluation and determine the winner among the invited
contractors with the basis on evaluation results. Normally the reasonably lowest bid will be
the winner and award the contract. Still, the client can fluctuate the winner with other
reasons.

(c) Role of the selected contractor in DBB

The contractor who win the contract ought to comply with the main contract and construct
the building project based on the finished design by the architect. In the duration of the
construction, supervision should be provided on site by the main contractor to assure the
quality of workmanship and delivered materials. The architect, who represents the client
and is one of the contract administrator, is obligated to give instruction to the main
contractor if there is variation on the design.

It is noted that this project adopts BIM as a platform for the communication between the
architect and the main contractor. The variation on BIM may be so minor that it is not
noticeable. Therefore, there is an obligation that the architect issues architect’s instruction
to the main contractor by email or letter, rather than verbally for the record.

The quantity surveyors are responsible for the payment preparation, valuation of variations
and the final account. They ought to follow the instruction and rules from the Standard
Form of Building Contract. The sub-contractors, who may be nominated by the client or
nominated by the main contractor after receiving written consent from the client, ought to
finish their subcontracted parts complying with the sub-contract and under the main
contractor’s supervision.

Therefore, design-bid-build is a continuous procurement method with clear contractual

relationships among the client, the consultant and the contractors.

(Figure 16: Contractual relationship of contracting parties)

57
2.6 Contract Administration
In traditional procurement, 3 main kinds of contractual arrangement the industry usually
adopts are lump sum contract, measurement contract and cost reimbursement contract.
The contractual arrangement our project intends to choose is lump sum contract. Signing a
contract between the client and the main contractor can disperse the potential risk ascribed
by the procurement method, design-bid-build, and clarify the obligations of both parties.

2.6.1 Lump sum contract

When parties enter into lump sum contract means that both parties agree the contract sum,
which only will be changed by variations proposed by the architect with the basis of the
rules stated in the contract. The variations on the design would be based on the BIM model
and the written architect’s instruction. Both parties shall have consent with the adjustment
for the price if there is inflation in the contract period.

The main contractor has no duty on the design, which is imposed to the architect and the
client who take full control on the design. The scope of work would be defined clearly in
tender documents by the consultant before the invitation is sent to tenderers.

2.6.2 Lump sum contract - drawing and specification

The lump sum contract with drawing and specification requires comprehensive design and
specifications completed by the architect in order that the main contractor can prepare the
tender bid and proceed the contracted work complying with drawing and specification. The
design has to be comprehensive because the scope of work is described in the drawing and
specifications but not separate items with descriptions.

The measurement is carried out by the contractor, so that the risk of wrong measurement is
shifted to the contractor. However, when variation arise, the contract sum is more difficult
to adjust. It is because the contractor submits a contract sum that do not price on each item.
Pricing according to the BQ items would be a better approach because the prices of
different elements are well defined

2.6.3 Lump sum contract – bills of quantities

There are two kind of BQ: bills with firm quantities and bills with approximate quantities.
Approximate quantities allow the quantities to be adjusted at the end of the project subject
to re-measurement. This can allow the earlier commencement of the project because the
project can commence before the quantities are decided. However, considering the small
size of property development project, the design period is sufficient and the BIM design is
expected to finish early, the advantage of using firm BQ is more significant. When sufficient
information is provided for the designer, firm quantities could be estimated. When the
quantities are not adjusted, the cost certainty is higher which the contract sum will have less
fluctuations. So, BQ with firm quantities is suggested in this property development project.

58
2.7 Master Programme

The construction process starts with the building design by the architect. Then, to comply
with the government’s statutory requirement, there are documentations to submit to the
government. Before the documents are approved, the tendering process could also be
prepared and BQ could be generated. After reviewing the tenders, the selected tender
would commence the site preparation work before contract details settles by signing letter
of intent. Then the site supplementary works which is not part of the project scope, it is
essential for delivering the project which supports the construction of swimming pool and
main building. Then contingencies including unexpected event or variation is reserved for a
more realistic time schedule. After the project completion, there are also documentation to
be filled to comply with the requirement of governments departments in order to sell. The
whole property development project is scheduled within 544 days. The project duration is
from 1 Jan 2017 to Mid-June 2018.

Stage I: Building design and preparation

The design task will be handled by the architect’s design team. The appointed architect will
have conference with the client to decide design requirements. A comprehensive design
fulfilling current statutory requirements is the bedrock of the project. Therefore, at
beginning stage, building surveyors may be employed to cooperate with the architect or the
building designer since building surveyors are experts on building ordinances and can
provide the suggestion to the architect to fix any bugs on the draft design. The whole
building design process is expected to complete in 60 days.

After checking the legitimation of the design, draftsmen may start to building up a BIM
model according to the instruction from the architect. BIM model is adopted in this project
because it is helpful with the measurement on the cost and the cooperation between

59
different construction parties, for instance, the architect, quantity surveyors, engineers and
supervisors on site. Instant changes on design can be reviewed through the model.

At the last stage in building design, drawing, specifications, the model as well will be
handled to the engineers to proceed structural calculation and engineers may vary the
design with the architect in order to secure the structural safety, and then finalize the
design. It is supposed that the whole stage can be finished within half of month.

Stage II: Documentation submission to government

In order to have proper building management by the BD, there are few forms to submit to
the BD. The first form to submit is the form BA4 - Notice of Appointment of Registered
construction professional. Authorized person, geotechnical engineer and structural engineer
are appointed to supervise the building work. This stage can be done be submitted online.
The next form is most time consuming which is Form BA5 - Application for Approval of Plans
of Building Works. The design is subject to approval by the BD. BD is deemed to give
approval within 60 days. Considering this is a small scale residential project, 50 days should
be sufficient to wait for approval and during this stage the QS could prepare tender
documents.

Stage III: Tendering

After the design stage, tendering process which requires QS to prepare tender documents
and bills of quantities (BQ) have to perform to select the right contractor to construct the
subject construction project. The measurement rules are based on the Hong Kong Standard

60
Method of Measurement 4th Edition (HKSMM4), it provides a standard measurement of
items that could prevent dispute and rules for QS to follow to measure. In different situation,
QS may change the measurement method and states it in preamble to let contractor to
know the quantity includes in this measurement. BQ provides a communication between QS,
designers and contractor. QS prepares BQ and interpret the design into lists of job to
describe works to be done and the scope of working. Preparing BQ to tender provides a
comprehensive price information which the construction work may subject to variation and
a good method to compare tender in a similar basis.

Invite to tender could be sent to contractor before the BQ is done. The contractor can have
expectation of which type of project and other basic information such as geographical
information and size. When the BQ is done, the contractor can fill in the price more
efficiently. They can obtain the quotation from the subcontractor before the exact BQ is
sent to them. After receiving the tender from contractors, the consultant QS start to review
bids on cost aspect and the architect would help to consider other quality aspect such as
reputation.

Stage IV: Site preparation

Before any setting up on the construction site, obstacles originally on the site have to be
cleared, including trees and a block of flats erected on the site. Due to the inconvenient
transportation in the peak and limited volume of the truck lorries, the construction waste
from the clearance will need more time to transport out.

Therefore, the project reserves one week for site clearance. It is suggested that the chosen
contractor can sign a letter of intent and therefore have an earlier start of work before the

61
details in contract will have been negotiated. After the clearance, the site will handover to
the main contractor who win the bid of the tender.

Stage V: Supplementary site works

The works include water and electricity connection, site office construction, lighting, walking
path and fencing. All these works can be proceeded or constructed at the mean time since
the location has been handovered to the selected contractor. Some of these item is paid in
the first bill by developer in preliminaries in the contract. Although these supplementary site
works do not form part of the work, they are still essential to support the project to success.
As this part is not time-consuming, only one to two weeks will be reserved.

Stage VI: Constructing swimming pool

The swimming pool is constructed after preparation of site works and one month earlier
than the main building construction. The swimming pool commence first because the
swimming pool and the building is next to each other and they use the open-cut excavation
method to build the underground facilities. The open-cut area may overlap so the main
building construction starts after the backfilling of soil in swimming pool.

The four swimming pool would be simultaneously constructed except the fact that some
technical limitation on formwork, plant and specified labor will affect the simultaneous
working schedule. The swimming pool facilities such as pipes and drainage, machinerys,
tiling is expected to build more than half of the swimming pool work. Also, the second half
of the construction of swimming pool requires a less intense schedule because it will not
affect the schedule of the main building and the whole property development.

62
Stage VII: Constructing the main building

After a month after constructing the swimming pool as the reason stated in the previous
section, the construction of 4 main building would construct simultaneously. Although some
resources such as plant, formwork may be limited, the main building is constructed
simultaneously as far as possible in order to deliver the project faster. As the property
market fluctuates, the construction process would be expected to be quick. Selling the
property closer to the valuation and commence day could have an better expected return of
profit. The main building part is expected to built within 300 days.

Excavation is first done to the basement level. Foundation method used in this building is
hammer piling 600mm pile. After pile is constructed, the construction of basement is started
and the main structure of G/F, 1/F, 2/F & R/F are constructed in similar method. The related
concrete work including slab, wall, column is built by reinforcement and ready-mix concrete
concreting. Stair case requires more complicated formwork so that we suggest to install
precast stair case. The final stage of the building is the building equipments and fitting. It is
expected to intall in 85 day because the finishing, machine room has to satisfy the potential
buyer’s requirement. The quality of workmanship of the finishes, electrical, plumbing
competence could affect the decision of the potential buyers.

63
Stage VIII: Contingencies

It is unavoidable in construction project that there are variation in the middle of the project
and unexpected delay by different parties or weather etc. One month contingencies is
added into the project schedule to achieve a more realistic project schedule.

Stage IX: Documentations after completion

After finishing the building works, documentations are required to apply and approved by
government departments such as Lands Department and Buildings Department. Authorized
person should be responsible for checking the quality and the workmanship completeness
on client’s and BD’s satisfaction. Occupation permit is certified by the BD after inspection
and fulfilling the safety requirement set up by law. Certificate of compliance is approved by
the Lands Department which checking the compliance to the lease condition and change the
equitable interest on land into legal estate.

64
2.8 Cost Estimation
2.8.1 Basis of Estimate
This Cost Estimate has been prepared based on the BIM model prepared by the design team
and development information received. Please refer to the attached BIM model for details.

The rates used in this Cost Estimate are based on the following sources:

1. Langdon & Seah Hong Kong Limited (2017). China and Hong Kong Construction Cost
Handbook 2017.
2. Rider Levett Bucknall (2017). RLB Construction Cost Update HK Q1 2017.
3. Architectural Services Department (2016). Schedule of Rates for Term Contracts for
Building Works 2016 Edition.

The cost estimate for the followings is excluded from this Cost Estimate Report:

1. Statutory submission and application fees to the government

2. Value of land and conversion premium
3. Professional consultants’ fees
4. Finance and legal expenses
5. Furniture and plants
6. All works outsides the site boundary
7. Detailed break-up of excavation, foundation and external works
8. Detailed break-up of building services installation
9. Detailed break-up of sanitary fittings

2.8.2 Specifications and Assumptions

Demolition
It refers to the demolition of all existing building and architectural elements.

Site Investigation
Site investigation allowance is based on the development information.

Site Formation
Site leveling by bulldozer is included. Removal and disposal of waste also is included. The
budget allowance is based on information provided by appointed consultant and engineers.

Excavation and Lateral Support

It refers to the excavation to required level for the basement. All strutting and dewatering
are included.

Foundation
Deep foundation (Pakt-in-place piles foundation) is used.

65
Superstructure
All structural wall, floor slab, flat roof and staircases are constructed by In-situ reinforced
concrete, Grade 45D. All formwork used is Sawn timber formwork.

Steel Ratio
The assumption of steel ratio for concrete is 160 kg/m3 of concrete.

Partition Walls
All internal partition walls are 100mm blockwork wall.

Finishes
All finishes refer to the breakdown in the later section of the report.

Building Services Installation

MVAC, Plumbing and Drainage, Fire Service, Electrical and Lift Installation are included.

Fittings and Fixtures

All fittings and fixtures including doors and windows refer to the breakdown in the later
section of this report. The allowance for ironmongeries of doors and windows is assumed to
be 15%.

Garden
All roadworks, landscape, walls, facilities and fittings and fixtures are included.

Preliminaries
A Provisional Sum of 15% on the cost of construction works is included for preliminaries.

Contingencies
A Contingencies Sum of 10% on the cost of construction works is included for preliminaries.

2.8.3 Time Adjustment for Cost Data

The construction cost data in computing this Cost Estimate Report are based on the sources
which are published at early 2017 or late 2016. For our project development, the
construction will probably be carried out from late 2017 to 2018. The cost data used may
not shows the construction cost in the construction period. To ensure the accuracy of the
estimate, an adjustment to the cost estimate should be added. The construction cost trend
prediction from Langdon & Seah Hong Kong Limited below is applied:

66
A 4% reduction is predicted in the construction cost trend for building Works in 2017.
Therefore, it will be applied on the final cost estimate.

2.8.4 Total Cost Estimate

After referring to the appropriate cost data available in the market, together with
adjustment for construction cost fluctuation, the total estimated cost of the proposed
project is HKD$ 115,215,487.60 (HONG KONG DOLLARS ONE HUNDRED FIFTEEN MILLION
TWO HUNDRED FIFTEEN THOUSAND FOUR HUNDRED EIGHTY-SEVEN AND SIXTY CENTS).

Given that the total construction floor area (CFA) is 2968.00 m 2, the cost estimate per CFA is
HKD$ 38,819.20 (HONG KONG DOLLARS THIRTY-EIGHT THOUSAND EIGHT HUNDRED
NINTEEN AND TWENTY CENTS).

The details of cost estimate please refer to the following elemental breakdowns.

2.8.5 Cost Estimate of Elemental Breakdowns

With the Total CFA = 2968m², the summary and detailed breakdown of costs are shown in
the following pages:

67
Summary of Cost Estimate

68
Cost Estimate of Elemental Breakdowns:

69
Cost Estimate of Elemental Breakdowns (Cont’d):

70
Cost Estimate of Elemental Breakdowns (Cont’d):

71
Cost Estimate of Elemental Breakdowns (Cont’d):

72
Cost Estimate of Elemental Breakdowns (Cont’d):

73
2.9 Project Risks Identification and Mitigation
During the construction process, risk is inevitable. It is necessary to minimize the
foreseeable risk to decrease the chance of delay and incurring extra cost in the
redevelopment project. Numerous issues in order of technical, environmental and issues
regarding construction contingency investigated followed by constructive solutions are
introduced in this section.

2.9.1 Technical Issues

(a) Challenges in accessibility and its Solution
Situated in the Peak, the construction site is hard to access. Large machineries and materials
can be found it difficult to be transferred to the construction site. However, there will be
excavation works, piling works and building works. Hence, a management plan should be
appointed. First of all, machineries will be broken down into small pieces which will be
transferred to the site part by part. Secondly, higher portion of precast materials should be
used such that the transportation frequency can be greatly reduced. For example, the
precast staircase components can be prefabricated so that less in-situ components are
transferred. As a consequence, accessibility challenges can be minimized.

(b) Loading Problem and its Solution

Owing to the various ground conditions in the site, there is probably a loading problem on
the soil, leading to a difficulty in basement construction. Furthermore, a loading problem is
imposed on the wall system as the wind exposure is higher in the hill. To solve the loading
problem in basement, a soil investigation should be conducted to ensure that basement is
suitable to be built in that region. Then, the excavation is supported by the sheet piles. On
the other hand, the house will adopt a load bearing wall system which sits on the strip
footing foundations to distribute the loading. Under this loading design, the walls will act as
the major element to withstand the loading, including dead loads and wind loads, and
maintain the stability of the whole building. A proper structural design will help the loading
problem on wall.

(c) Complication in Constructing Building Services and its Solution

Located on the Peak, the new-built houses should be installed building services, shown in
the following Table 17. Nonetheless, there is a potential complication in building services.
For example, plumbing and drainage should be reconnected as there is an uncertainty in
their condition. Besides, an unstable fresh and flesh water supply is found as fresh and flesh
water should be supplied from pumping stations. Therefore, a comprehensive construction
plan should be devised so that building services problem can be reduced.

74
 Building Services System Installation

Re-plumbing

Plumbing Indirect fresh water supply

Indirect flush water supply

Two pipe system with epoxy coated cast iron

Drainage
Grease trap

Electrical installations 400A cut-out

Internet Service with WIFI

Audio Video system

Telecommunication
Cable TV

Telephone system

Gas Supply Gas pipe network

Fire detection and alarm system

Fire hydrant/ hose reel

Sprinkler system

Fire Services Audio/ visual advisory system

Automatic actuating devices

FS water tank & sprinkler tank

Portable hand-operated approach appliance

Security CCTV system

Table 17 Building services systems and installations

2.9.2 Environmental Issues

(a) Air Pollution Problem and its Solution
As dust, smoke, vapour are generated through demolition work, they will deteriorate the
environment and cause nuisance to the neighbours. As a result, contractors have to comply
with Air Pollution Control Ordinance (Cap 311) together with other subsidiary regulations. In
construction site, contractors can spray water on the soil surface or pave it with concrete to
reduce dust continuously, use a bolt-and-nut connection to replace an electric-arc welding if
possible, cover the temporary soil and cement with a plastic cover and use hoarding to

75
confine the spread of dust. Outside the construction site, the wheels of trucks should be
washed when they are leaving the site and the construction plants should be properly
maintained so that they produce less polluting exhaust. These are the effective means to
minimize the air pollution problem.

(b) Noise Pollution Problem and its Solution

In this construction project, a demolition work and a basement level is excavated, and
therefore, noise is unavoidably emitted. Noise is also made through operation of plants.
Consequently, contractors have to take some measures to alleviate the noise problem.
Under the Noise Control Ordinance (Cap. 400), there are two controls to control the noise
emission, like the Product Noise Control and Construction Noise Control. The first measure
is a restriction to air compressors and hand-held percussive breakers, where a green label
license is required, while another measure is the control system on percussive piling works
and general construction works, where a Construction Noise Permit may be required
depending on different working periods. In addition, an addition of acoustic machinery
enclosures or acoustic barriers is one of the typical ways to reduce the noise pollution
problem.

(c) Water pollution problem and its Solution

There would be several sources of contaminated water in this construction project such as
muddy water from excavation work, ground water work control, site watering and toilet
effluent, to name but a few. Thus, contractor should abide by the Water Pollution Control
Ordinance (Cap. 358) and (2) the "Construction Site Drainage" issued by the Director of
Environmental Protection for handling and discharging of site discharges. Different types of
water have their own approaches. For example, waste water is discharged to public
sewerage after applying a Discharge Licence, storm water is filtered by sand, silt and
sediment traps before discharge into public stormwater drain, waste water is recycled and
re-used. Additionally, wastewater from the truck washing system can also be recycled while
filtration and sedimentation should be conducted before discharging the wastewater into
public sewage.

(d) Construction & Demolition Waste Problem and its Solution

There are many construction wastes generated, including soil, brick, concrete, timber and
bamboo. Nevertheless, the construction waste cannot be moved to the landfill immediately
due to the accessibility problem. In addition, there is a Solid Waste Disposal Charge Scheme.
The charge for the dumping of waste which will inevitably increase the production cost of
contractors and thus reduce the profit we gain. Hence, some measures should be adopted.
Firstly, contractor should devise a waste management plan and contractors will receive
financial bonus if they carry out the plan and successfully reduce waste. Secondly,
contractors should conduct site sorting as less waste has to be moved and a lower disposal
charge is imposed on inert waste. Finally, contractors use replacement methods to minimise
the construction waste, like using dry wall to replace traditional concrete block wall, metal

76
formwork to replace timber formwork or using couplers to replace reinforcement bar
lapping at connection.

2.9.3 Construction Contingency

To deal with any eventualities in the work, 15% of the construction contingency is reserved
such that contractors financially prepare themselves to tackle any unpredictable changes in
the scope of work.

(a) Adverse Weather Problem

Proceeding more than one year, this construction project undergoes the rainy season and it
possibly encounter the adverse weather, causing a construction delay. Contractors may
claim for extension for time or direct loss and expense. Hence, construction contingency
stated in the contract can address the problem and prevent this unforeseeable condition to
disturb this construction project.

(b) Asbestos Problem

Carrying out the demolition work, the existing building perhaps consists of asbestos
materials. Therefore, precautionary safety measures should be adopted, for example,
employing a registered specialist, providing workers with protective gears, carrying the work
in a negative pressure system and so on. Otherwise, contractors will contravene the Control
of Asbestos and be sent to the jail. To avoid any infringement, construction contingency is
used to cope with asbestos problem.

77
2.10 Reflections on Utilizing BIM in Modern Construction
Building Information Modelling (BIM) is an intellectual model-based method that delivers
insight for producing and handling building developments. It allows us involved to cooperate
in a more efficient way by utilization a 3D model of the proposed development buildings.
We find that we can understand the requirements and goals of each parties by giving the
clear and concise visualization of the design via BIM. Therefore, more complicated and
details of the buildings have been further discussed and improved.

The use of BIM has also reduced the possible errors in different stages. The integration of
multiple building components and assets can sometimes throw up errors due to potential
interferences and sizing discrepancies. If all design professionals and component suppliers
are using the BIM model, identification of potential errors prior to product manufacture and
project construction can take place.

In addition, the entire building life could be managed by using BIM from construction and
maintenance and operations. Within the 3D model, construction diagrams and product
parts lists are involved and therefore if it is necessary to replace some old parts of the
building, BIM could show the produce the part number and show how it is to be fitted.

In conclusion, BIM has helped us tremendously in preparing the project throughout every
stage, and it offers us a detailed look on how the future of construction industry will be like.

78
3.0 Reference
Alhazmi, T., & McCaffer, R. (2000). Project procurement system selection model. Journal of
Construction Engineering and management, 126(3), 176-184.

Building Department. (2004). Code of Practice for Demolition of Buildings. Retrieved April 21,
2017 from http://www.bd.gov.hk

Building Department. (2008). Division 10 Doors, Chapter 4, Design Manual - Barrier Free
Access 2008. Retrieved April 21, 2017 from http://www.bd.gov.hk

Buildings Department. (2015). Code of Practice for Fire Safety in Buildings 2011. Retrieved
April 20, 2017 from http://www.bd.gov.hk/english/documents/code/e_fs2011.htm

Buildings Department. (2004). Code of Practice for Demolition of Buildings 2004. Retrieved
April 21, 2017 from
http://www.bd.gov.hk/english/documents/code/Demolition_e2004.pdf

Buildings Department. (2017). Practice Notes for Authorized Persons, Registered Structural
Engineers and Registered Geotechnical Engineers. Retrieved April 21, 2017 from
http://www.bd.gov.hk/english/documents/index_pnap.html

Buildings Department (2004). Code of Practice for the Provision of Means of Access for
Firefighting and Rescue Purposes 2004. Retrieved April 20, 2017 from
http://www.bd.gov.hk/english/documents/code/MOA2004e.pdf

Buildings Department. (2017). Practice Notes for Registered Contractors. Retrieved April 21,
2017 from http://www.bd.gov.hk/english/documents/index_pnrc.html

Centadata (2017). Historical Transaction. Retrieved April 22, 2017 from

http://www1.centadata.com/ephome.aspx

Cheah, S.W. and Taha, M.R. (2006). Methdology for Design of Piled Raft for Five-Storeys
Buildings. Geo-Shanghai International Conference, Shanghai, China, 171-176.

Department of Justice. (2017). Buildings Ordinance. Retrieved April 21, 2017 from
http://www.blis.gov.hk/blis_pdf.nsf/CurAllEngDoc/439979DE5B92D2C9482575EE003E
BFB6/$FILE/CAP_123_e_b5.pdf

Department of Justice. (2017). Building (Administration) Regulations. Retrieved April 21,

2017 from
http://www.blis.gov.hk/blis_pdf.nsf/CurAllEngDoc/4EEE063977E08C98482575EE003E
D58A/$FILE/CAP_123A_e_b5.pdf

Department of Justice. (2017). Building (Construction) Regulations. Retrieved April 21, 2017
from

79
 http://www.blis.gov.hk/blis_pdf.nsf/CurAllEngDoc/4DB8C4250F4FD17D482575EE003E
E38A/$FILE/CAP_123B_e_b5.pdf

Department of Justice. (2017). BUILDING (DEMOLITION WORKS) REGULATIONS. Retrieved

April 21, 2017 from
http://www.blis.gov.hk/blis_pdf.nsf/CurAllEngDoc/26012420F0516DAF482575EE003E
EE76/$FILE/CAP_123C_e_b5.pdf

Department of Justice. (2017). Building (Planning) Regulations. Retrieved April 21, 2017
from
http://www.blis.gov.hk/blis_pdf.nsf/CurAllEngDoc/25C2868DA2669A12482575EE003F
079B/$FILE/CAP_123F_e_b5.pdf

Economic Property Research Centre (2017). Historical Transaction. Retrieved April 22, 2017
from, Web site: http://eprc.com.hk/

Rating and Valuation Department (2017). Private Domestic - Price Indices for Selected
Popular Developments (from 1992). Retrieved April 22, 2017 from HKSAR, Web site:
http://www.rvd.gov.hk/en/property_market_statistics/

80
Appendix
Appendix 1: RVD Private Domestic Monthly Price Index: Class E (2007-2017)
Year Month Index Year Month Index Year Month Index Year Month Index Year Month Index
2007 1 145.3 2009 1 153.2 2011 1 228.1 2013 1 266.9 2015 1 276.3
2007 2 144.6 2009 2 157.7 2011 2 230.2 2013 2 270.4 2015 2 279.3
2007 3 149.6 2009 3 159.1 2011 3 234.9 2013 3 267.6 2015 3 280.5
2007 4 152.5 2009 4 160.7 2011 4 242.4 2013 4 269.2 2015 4 283.4
2007 5 153.7 2009 5 170.4 2011 5 245.3 2013 5 269.0 2015 5 284.8
2007 6 156.1 2009 6 175.4 2011 6 257.0 2013 6 267.4 2015 6 288.0
2007 7 157.2 2009 7 180.8 2011 7 249.4 2013 7 269.4 2015 7 288.3
2007 8 164.9 2009 8 189.3 2011 8 241.0 2013 8 269.0 2015 8 290.1
2007 9 169.2 2009 9 197.6 2011 9 245.7 2013 9 266.7 2015 9 292.5
2007 10 177.2 2009 10 194.3 2011 10 243.1 2013 10 265.3 2015 10 286.9
2007 11 178.7 2009 11 193.0 2011 11 239.2 2013 11 263.4 2015 11 279.9
2007 12 188.5 2009 12 194.2 2011 12 243.8 2013 12 264.3 2015 12 271.1
2008 1 190.0 2010 1 199.9 2012 1 244.7 2014 1 260.4 2016 1 265.5
2008 2 192.5 2010 2 205.3 2012 2 244.6 2014 2 259.7 2016 2 264.1
2008 3 193.7 2010 3 208.3 2012 3 251.5 2014 3 259.3 2016 3 264.0
2008 4 194.2 2010 4 209.5 2012 4 256.6 2014 4 261.1 2016 4 266.3
2008 5 195.2 2010 5 204.1 2012 5 261.3 2014 5 261.5 2016 5 269.1
2008 6 197.3 2010 6 208.7 2012 6 262.4 2014 6 263.9 2016 6 269.9
2008 7 196.4 2010 7 218.8 2012 7 264.9 2014 7 265.2 2016 7 271.0
2008 8 195.1 2010 8 220.5 2012 8 265.7 2014 8 265.2 2016 8 275.2
2008 9 180.3 2010 9 224.2 2012 9 269.3 2014 9 268.2 2016 9 283.2
2008 10 166.6 2010 10 225.8 2012 10 270.5 2014 10 269.1 2016 10 288.7
2008 11 150.7 2010 11 229.5 2012 11 271.0 2014 11 270.2 2016 11 290.9
2008 12 151.5 2010 12 225.7 2012 12 268.4 2014 12 272.9 2016 12 293.2
2017 1 296.3
2017 2 298.0

81
Appendix 2: Transaction of Robinson Place Units with Victoria Harbour View (2007-2017)
View Apartment Unit (Unit Rate in HK$/sqf) Date Floor Unit Area (psf) Price ($M) Unit Rate Unit Rate RVD Index Adjusted Unit Rate*
Victoria Harbour View 雍景臺 (第01座) / ROBINSON PLACE BLK 01 12/15/2016 10 C 1,350 20.8 15,407 18,326 293.2 5,255
BLK 01 Unit C & D 雍景臺 (第01座) / ROBINSON PLACE BLK 01 10/24/2016 9D 1,353 20.5 15,152 17,982 288.7 5,248
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/20/2016 17 C 1,350 19.7 14,578 17,339 271.0 5,379
雍景臺 (第01座) / ROBINSON PLACE BLK 01 5/20/2016 42 C 1,351 22.8 16,876 20,088 269.1 6,271
雍景臺 (第01座) / ROBINSON PLACE BLK 01 4/12/2016 15 D 1,353 18.0 13,304 15,789 266.3 4,996
雍景臺 (第01座) / ROBINSON PLACE BLK 01 6/10/2014 6C 1,350 16.8 12,444 14,802 263.9 4,715
雍景臺 (第01座) / ROBINSON PLACE BLK 01 1/27/2014 24 C 1,350 20.8 15,407 18,326 260.4 5,917
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/25/2013 32 C 1,351 23.8 17,617 20,969 269.4 6,539
雍景臺 (第01座) / ROBINSON PLACE BLK 01 2/5/2013 9D 1,353 18.4 13,599 16,140 270.4 5,029
雍景臺 (第01座) / ROBINSON PLACE BLK 01 12/28/2012 30 D 1,353 24.8 18,330 21,754 268.4 6,829
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/17/2012 45 C 1,351 26.0 19,245 22,907 264.9 7,265
雍景臺 (第01座) / ROBINSON PLACE BLK 01 5/23/2012 39 D 1,353 18.0 13,304 15,789 261.3 5,091
雍景臺 (第01座) / ROBINSON PLACE BLK 01 4/14/2012 26 C 1,351 21.0 15,544 18,502 256.6 6,058
雍景臺 (第01座) / ROBINSON PLACE BLK 01 3/29/2012 10 C 1,350 18.5 13,704 16,300 251.5 5,449
雍景臺 (第01座) / ROBINSON PLACE BLK 01 3/16/2012 22 C 1,350 20.6 15,244 18,132 251.5 6,061
雍景臺 (第01座) / ROBINSON PLACE BLK 01 3/1/2012 32 D 1,353 20.0 14,782 17,544 251.5 5,878
雍景臺 (第01座) / ROBINSON PLACE BLK 01 1/16/2012 16 C 1,350 19.0 14,074 16,740 244.7 5,752
雍景臺 (第01座) / ROBINSON PLACE BLK 01 12/21/2011 29 D 1,353 18.7 13,806 16,386 243.8 5,663
雍景臺 (第01座) / ROBINSON PLACE BLK 01 5/3/2011 39 C 1,351 22.8 16,876 20,088 245.3 6,880
雍景臺 (第01座) / ROBINSON PLACE BLK 01 3/4/2011 18 D 1,353 19.5 14,412 17,105 234.9 6,135
雍景臺 (第01座) / ROBINSON PLACE BLK 01 12/1/2010 17 D 1,353 17.8 13,156 15,614 225.7 5,829
雍景臺 (第01座) / ROBINSON PLACE BLK 01 11/24/2010 14 D 1,353 17.4 12,860 15,263 229.5 5,603
雍景臺 (第01座) / ROBINSON PLACE BLK 01 11/19/2010 29 C 1,351 17.0 12,583 14,978 229.5 5,483
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/16/2010 14 C 1,350 16.4 12,133 14,432 218.8 5,545
雍景臺 (第01座) / ROBINSON PLACE BLK 01 2/22/2010 10 C 1,350 14.6 10,800 12,846 205.3 5,261
雍景臺 (第01座) / ROBINSON PLACE BLK 01 1/27/2010 28 D 1,353 17.0 12,565 14,912 199.9 6,286
雍景臺 (第01座) / ROBINSON PLACE BLK 01 10/21/2009 12 C 1,350 14.9 11,022 13,110 194.3 5,673
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/13/2009 26 D 1,353 15.8 11,678 13,860 180.8 6,459
雍景臺 (第01座) / ROBINSON PLACE BLK 01 6/26/2009 18 D 1,353 14.7 10,850 12,877 175.4 6,186

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Appendix 2(Con’t): Transaction of Robinson Place Units with Victoria Harbour View (2007-2017)
View Apartment Unit (Unit Rate in HK$/sqf) Date Floor Unit Area (psf) Price ($M) Unit Rate Unit Rate RVD Index Adjusted Unit Rate*
Victoria Harbour View 雍景臺 (第01座) / ROBINSON PLACE BLK 01 6/15/2009 29 D 1,353 14.0 10,347 12,281 175.4 5,899
BLK 01 Unit C & D 雍景臺 (第01座) / ROBINSON PLACE BLK 01 4/15/2009 6 C 1,350 10.1 7,481 8,899 160.7 4,655
雍景臺 (第01座) / ROBINSON PLACE BLK 01 1/23/2009 11 C 1,350 11.2 8,296 9,868 153.2 5,415
雍景臺 (第01座) / ROBINSON PLACE BLK 01 3/20/2008 21 C 1,350 16.5 12,222 14,537 193.7 6,310
雍景臺 (第01座) / ROBINSON PLACE BLK 01 2/13/2008 31 D 1,353 18.0 13,304 15,789 192.5 6,911
雍景臺 (第01座) / ROBINSON PLACE BLK 01 9/21/2007 23 C 1,350 14.3 10,593 12,599 169.2 6,261
雍景臺 (第01座) / ROBINSON PLACE BLK 01 9/8/2007 31 C 1,351 14.6 10,807 12,863 169.2 6,387
雍景臺 (第01座) / ROBINSON PLACE BLK 01 6/11/2007 10 C 1,350 10.9 8,074 9,604 156.1 5,172
雍景臺 (第01座) / ROBINSON PLACE BLK 01 6/6/2007 33 C 1,351 13.7 10,126 12,053 156.1 6,487
雍景臺 (第01座) / ROBINSON PLACE BLK 01 5/29/2007 14 D 1,353 11.0 8,130 9,649 153.7 5,290
雍景臺 (第01座) / ROBINSON PLACE BLK 01 5/9/2007 11 C 1,350 10.7 7,926 9,427 153.7 5,157
雍景臺 (第01座) / ROBINSON PLACE BLK 01 4/30/2007 6 C 1,350 10.6 7,852 9,339 152.5 5,149
雍景臺 (第01座) / ROBINSON PLACE BLK 01 2/12/2007 15 D 1,353 10.4 7,687 9,123 144.6 5,316
雍景臺 (第01座) / ROBINSON PLACE BLK 01 1/17/2007 14 C 1,350 10.4 7,704 9,163 145.3 5,302
*Time Adjustments are based on RVD Index with a base of 100 Average Time Adjusted Unit Rate: 5,778

83
Appendix 3: Transaction of Robinson Place Units with Normal Island View (2007-2017)
View Apartment Unit (Unit Rate in HK$/sqf) Date Floor Unit Area (psf) Price ($M) Unit Rate Unit Rate RVD Index Adjusted Unit Rate*
Normal Island View 雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/7/2016 42 B 1,298 19.8 15,254 18,470 271.0 5,629
BLK 01 A-B & E-G 雍景臺 (第01座) / ROBINSON PLACE BLK 01 3/24/2016 29 B 1,298 20.0 15,408 18,657 264.0 5,836
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/31/2015 13 B 1,299 19.7 15,166 18,360 288.3 5,260
雍景臺 (第01座) / ROBINSON PLACE BLK 01 5/29/2015 35 B 1,298 22.5 17,334 20,989 284.8 6,086
雍景臺 (第01座) / ROBINSON PLACE BLK 01 1/20/2015 39 B 1,298 21.8 16,795 20,336 276.3 6,079
雍景臺 (第01座) / ROBINSON PLACE BLK 01 8/5/2014 12 B 1,299 18.5 14,242 17,241 265.2 5,370
雍景臺 (第01座) / ROBINSON PLACE BLK 01 12/9/2013 22 A 1,095 15.2 13,881 16,722 264.3 5,252
雍景臺 (第01座) / ROBINSON PLACE BLK 01 8/16/2013 36 A 1,096 17.0 15,511 18,681 269.0 5,766
雍景臺 (第01座) / ROBINSON PLACE BLK 01 11/26/2012 18 A 1,095 15.5 14,155 17,052 271.0 5,223
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/5/2012 31 A 1,096 14.9 13,577 16,352 264.9 5,125
雍景臺 (第01座) / ROBINSON PLACE BLK 01 2/28/2012 11 A 1,095 13.0 11,872 14,301 244.6 4,854
雍景臺 (第01座) / ROBINSON PLACE BLK 01 2/10/2012 15 A 1,095 12.0 10,959 13,201 244.6 4,480
雍景臺 (第01座) / ROBINSON PLACE BLK 01 11/14/2011 25 B 1,299 18.4 14,149 17,130 239.2 5,915
雍景臺 (第01座) / ROBINSON PLACE BLK 01 6/15/2011 40 A 1,096 16.4 14,964 18,022 257.0 5,823
雍景臺 (第01座) / ROBINSON PLACE BLK 01 9/27/2010 30 B 1,298 17.8 13,713 16,604 224.2 6,116
雍景臺 (第01座) / ROBINSON PLACE BLK 01 6/25/2010 4A 1,094 10.5 9,552 11,509 208.7 4,577
雍景臺 (第01座) / ROBINSON PLACE BLK 01 4/29/2010 22 A 1,095 11.5 10,502 12,651 209.5 5,013
雍景臺 (第01座) / ROBINSON PLACE BLK 01 3/18/2010 8A 1,094 12.0 10,969 13,216 208.3 5,266
雍景臺 (第01座) / ROBINSON PLACE BLK 01 1/27/2010 45 A 1,096 12.9 11,752 14,154 199.9 5,879
雍景臺 (第01座) / ROBINSON PLACE BLK 01 12/28/2009 8B 1,300 12.4 9,562 11,574 194.2 4,924
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/16/2009 7A 1,094 10.0 9,141 11,013 180.8 5,056
雍景臺 (第01座) / ROBINSON PLACE BLK 01 2/20/2009 25 B 1,299 10.0 7,698 9,320 157.7 4,881
雍景臺 (第01座) / ROBINSON PLACE BLK 01 12/1/2008 21 B 1,299 9.4 7,221 8,742 151.5 4,766
雍景臺 (第01座) / ROBINSON PLACE BLK 01 11/16/2007 13 A 1,095 10.2 9,297 11,199 178.7 5,203
雍景臺 (第01座) / ROBINSON PLACE BLK 01 8/30/2007 20 B 1,299 11.2 8,622 10,438 164.9 5,229
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/24/2007 20 A 1,095 9.1 8,311 10,011 157.2 5,287
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/23/2007 8B 1,300 9.8 7,538 9,125 157.2 4,795
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/16/2007 42 A 1,096 9.6 8,759 10,549 157.2 5,572
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/16/2007 32 B 1,298 11.1 8,552 10,354 157.2 5,440
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/12/2007 33 A 1,096 8.6 7,801 9,396 157.2 4,962
雍景臺 (第01座) / ROBINSON PLACE BLK 01 5/25/2007 28 B 1,298 10.8 8,320 10,075 153.7 5,413

84
Appendix 3 (Con’t): Transaction of Robinson Place Units with Normal Island View (2007-2017)
View Apartment Unit (Unit Rate in HK$/sqf) Date Floor Unit Area (psf) Price ($M) Unit Rate Unit Rate RVD Index Adjusted Unit Rate*
Normal Island View 雍景臺 (第01座) / ROBINSON PLACE BLK 01 5/25/2007 31 A 1,096 8.7 7,938 9,560 153.7 5,165
BLK 01 A-B & E-G 雍景臺 (第01座) / ROBINSON PLACE BLK 01 3/5/2007 19 A 1,095 8.3 7,534 9,076 149.6 5,036
雍景臺 (第01座) / ROBINSON PLACE BLK 01 2/14/2007 16 B 1,299 9.5 7,298 8,835 144.6 5,047
雍景臺 (第01座) / ROBINSON PLACE BLK 01 2/8/2007 13 A 1,095 7.9 7,233 8,713 144.6 5,002
雍景臺 (第01座) / ROBINSON PLACE BLK 01 12/23/2016 10 E 1,353 20.7 15,299 18,158 293.2 5,218
雍景臺 (第01座) / ROBINSON PLACE BLK 01 12/21/2016 43 E 1,353 23.0 16,999 20,175 293.2 5,798
雍景臺 (第01座) / ROBINSON PLACE BLK 01 10/19/2016 30 F 1,351 21.0 15,544 18,502 288.7 5,384
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/8/2016 32 G 1,307 19.8 15,149 18,333 271.0 5,590
雍景臺 (第01座) / ROBINSON PLACE BLK 01 8/20/2015 18 G 1,308 20.5 15,673 18,964 290.1 5,403
雍景臺 (第01座) / ROBINSON PLACE BLK 01 5/19/2015 14 F 1,350 20.0 14,815 17,621 284.8 5,202
雍景臺 (第01座) / ROBINSON PLACE BLK 01 4/24/2015 18 E 1,353 20.0 14,745 17,500 283.4 5,203
雍景臺 (第01座) / ROBINSON PLACE BLK 01 3/26/2015 22 E 1,353 20.0 14,745 17,500 280.5 5,257
雍景臺 (第01座) / ROBINSON PLACE BLK 01 3/4/2015 12 F 1,350 19.0 14,050 16,712 280.5 5,009
雍景臺 (第01座) / ROBINSON PLACE BLK 01 1/28/2015 16 E 1,353 18.8 13,880 16,474 276.3 5,024
雍景臺 (第01座) / ROBINSON PLACE BLK 01 1/22/2015 5F 1,350 17.9 13,222 15,727 276.3 4,785
雍景臺 (第01座) / ROBINSON PLACE BLK 01 1/14/2015 11 F 1,350 18.4 13,615 16,194 276.3 4,928
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/4/2014 20 F 1,350 18.8 13,889 16,520 265.2 5,237
雍景臺 (第01座) / ROBINSON PLACE BLK 01 6/13/2014 18 F 1,350 18.5 13,667 16,256 263.9 5,179
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/29/2013 31 F 1,351 19.4 14,360 17,093 269.4 5,330
雍景臺 (第01座) / ROBINSON PLACE BLK 01 6/14/2013 42 F 1,351 19.5 14,434 17,181 267.4 5,398
雍景臺 (第01座) / ROBINSON PLACE BLK 01 4/5/2013 21 E 1,353 19.7 14,545 17,263 269.2 5,403
雍景臺 (第01座) / ROBINSON PLACE BLK 01 2/28/2013 27 F 1,351 19.8 14,656 17,445 270.4 5,420
雍景臺 (第01座) / ROBINSON PLACE BLK 01 11/26/2012 28 E 1,353 19.2 14,191 16,842 271.0 5,237
雍景臺 (第01座) / ROBINSON PLACE BLK 01 11/22/2012 26 E 1,353 18.8 13,895 16,491 271.0 5,127
雍景臺 (第01座) / ROBINSON PLACE BLK 01 9/27/2012 40 G 1,307 21.2 16,211 19,619 269.3 6,020
雍景臺 (第01座) / ROBINSON PLACE BLK 01 6/1/2012 33 E 1,353 18.8 13,895 16,491 262.4 5,295
雍景臺 (第01座) / ROBINSON PLACE BLK 01 3/28/2012 29 G 1,307 18.5 14,155 17,130 251.5 5,628
雍景臺 (第01座) / ROBINSON PLACE BLK 01 5/16/2011 8F 1,350 14.7 10,874 12,934 245.3 4,433
雍景臺 (第01座) / ROBINSON PLACE BLK 01 12/28/2010 38 E 1,353 18.0 13,304 15,789 225.7 5,895
雍景臺 (第01座) / ROBINSON PLACE BLK 01 8/23/2010 27 E 1,353 16.3 12,047 14,298 220.5 5,463
雍景臺 (第01座) / ROBINSON PLACE BLK 01 5/26/2010 36 G 1,307 16.0 12,242 14,815 204.1 5,998

85
Appendix 3 (Con’t): Transaction of Robinson Place Units with Normal Island View (2007-2017)
View Apartment Unit (Unit Rate in HK$/sqf) Date Floor Unit Area (psf) Price ($M) Unit Rate Unit Rate RVD Index Adjusted Unit Rate*
Normal Island View 雍景臺 (第01座) / ROBINSON PLACE BLK 01 4/26/2010 38 F 1,351 14.9 11,029 13,128 209.5 5,264
BLK 01 A-B & E-G 雍景臺 (第01座) / ROBINSON PLACE BLK 01 4/21/2010 38 G 1,307 15.8 12,073 14,611 209.5 5,763
雍景臺 (第01座) / ROBINSON PLACE BLK 01 3/3/2010 17 E 1,353 14.3 10,585 12,563 208.3 5,082
雍景臺 (第01座) / ROBINSON PLACE BLK 01 1/27/2010 43 E 1,353 16.7 12,343 14,649 199.9 6,175
雍景臺 (第01座) / ROBINSON PLACE BLK 01 12/28/2009 22 G 1,308 12.9 9,862 11,933 194.2 5,078
雍景臺 (第01座) / ROBINSON PLACE BLK 01 11/6/2009 12 E 1,353 12.5 9,239 10,965 193.0 4,787
雍景臺 (第01座) / ROBINSON PLACE BLK 01 9/8/2009 43 E 1,353 14.7 10,865 12,895 197.6 5,498
雍景臺 (第01座) / ROBINSON PLACE BLK 01 8/14/2009 24 G 1,308 13.5 10,321 12,488 189.3 5,452
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/28/2009 28 F 1,351 12.7 9,400 11,189 180.8 5,199
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/27/2009 41 F 1,351 13.5 9,993 11,894 180.8 5,527
雍景臺 (第01座) / ROBINSON PLACE BLK 01 6/15/2009 35 G 1,307 12.9 9,832 11,898 175.4 5,605
雍景臺 (第01座) / ROBINSON PLACE BLK 01 6/1/2009 21 E 1,353 12.0 8,869 10,526 175.4 5,056
雍景臺 (第01座) / ROBINSON PLACE BLK 01 5/27/2009 14 F 1,350 9.8 7,259 8,634 170.4 4,260
雍景臺 (第01座) / ROBINSON PLACE BLK 01 5/15/2009 19 E 1,353 10.4 7,687 9,123 170.4 4,511
雍景臺 (第01座) / ROBINSON PLACE BLK 01 5/14/2009 7 E 1,353 9.8 7,206 8,553 170.4 4,229
雍景臺 (第01座) / ROBINSON PLACE BLK 01 4/24/2009 35 F 1,351 11.3 8,364 9,956 160.7 5,205
雍景臺 (第01座) / ROBINSON PLACE BLK 01 4/17/2009 43 G 1,307 11.8 9,028 10,926 160.7 5,618
雍景臺 (第01座) / ROBINSON PLACE BLK 01 4/3/2009 43 E 1,353 12.0 8,869 10,526 160.7 5,519
雍景臺 (第01座) / ROBINSON PLACE BLK 01 4/3/2009 34 G 1,307 10.9 8,340 10,093 160.7 5,190
雍景臺 (第01座) / ROBINSON PLACE BLK 01 1/23/2009 16 G 1,308 9.4 7,187 8,696 153.2 4,691
雍景臺 (第01座) / ROBINSON PLACE BLK 01 1/14/2009 12 E 1,353 9.1 6,726 7,982 153.2 4,390
雍景臺 (第01座) / ROBINSON PLACE BLK 01 3/12/2008 5 G 1,308 14.0 10,688 12,932 193.7 5,518
雍景臺 (第01座) / ROBINSON PLACE BLK 01 1/16/2008 29 E 1,353 14.0 10,333 12,263 190.0 5,438
雍景臺 (第01座) / ROBINSON PLACE BLK 01 1/3/2008 23 E 1,353 12.5 9,239 10,965 190.0 4,863
雍景臺 (第01座) / ROBINSON PLACE BLK 01 11/26/2007 22 F 1,350 11.8 8,726 10,379 178.7 4,883
雍景臺 (第01座) / ROBINSON PLACE BLK 01 11/20/2007 9 G 1,308 12.1 9,251 11,193 178.7 5,177
雍景臺 (第01座) / ROBINSON PLACE BLK 01 11/19/2007 12 F 1,350 11.5 8,519 10,132 178.7 4,767
雍景臺 (第01座) / ROBINSON PLACE BLK 01 10/25/2007 31 F 1,351 10.5 7,757 9,233 177.2 4,378
雍景臺 (第01座) / ROBINSON PLACE BLK 01 8/8/2007 34 F 1,351 10.5 7,757 9,233 164.9 4,704
雍景臺 (第01座) / ROBINSON PLACE BLK 01 7/25/2007 38 F 1,351 12.3 9,090 10,819 157.2 5,782
雍景臺 (第01座) / ROBINSON PLACE BLK 01 5/10/2007 30 E 1,353 10.3 7,613 9,035 153.7 4,953
雍景臺 (第01座) / ROBINSON PLACE BLK 01 5/10/2007 35 G 1,307 10.3 7,902 9,563 153.7 5,141
雍景臺 (第01座) / ROBINSON PLACE BLK 01 3/12/2007 24 G 1,308 9.9 7,569 9,158 149.6 5,059
雍景臺 (第01座) / ROBINSON PLACE BLK 01 2/9/2007 41 G 1,307 11.2 8,569 10,370 144.6 5,926
*Time Adjustments are based on RVD Index with a base of 100 Average Time Adjusted Unit Rate: 5,249

86
Appendix 4: Transaction of Hong Kong Parkview Units with Deep Water Bay View (2007-2017)
View Apartment Unit (Unit Rate in HK$/sqf) Date Floor Unit Area (psf) Price ($M) Unit Rate RVD Index Adjusted Unit Rate*
Deep Water Bay 陽明山莊 (第11座) (涵碧苑) / HONG KONG PARKVIEW TWR11 PARKVIEW TERR 11/16/2016 15 65 2,620 56.3 21,489 290.9 6,916
TWR 9-16 陽明山莊 (第13座) (摘星樓) / HONG KONG PARKVIEW TWR13 PARKVIEW HTS 10/31/2016 20 73 2,700 55.0 20,370 288.7 6,679
15/F or Above 陽明山莊 (第12座) (涵碧苑) / HONG KONG PARKVIEW TWR12 PARKVIEW TERR 9/28/2016 21 71 2,700 55.0 20,370 283.2 6,703
陽明山莊 (第10座) (環翠軒) / HONG KONG PARKVIEW TWR10 PARKVIEW CRESCE 1/28/2016 20 61 2,771 51.5 18,585 265.5 6,185
陽明山莊 (第13座) (摘星樓) / HONG KONG PARKVIEW TWR13 PARKVIEW HTS 11/9/2015 18 73 2,700 51.5 19,074 279.9 6,209
陽明山莊 (第12座) (涵碧苑) / HONG KONG PARKVIEW TWR12 PARKVIEW TERR 7/30/2015 20 69 2,700 50.0 18,519 288.3 5,985
陽明山莊 (第13座) (摘星樓) / HONG KONG PARKVIEW TWR13 PARKVIEW HTS 5/11/2015 21 75 2,700 44.3 16,420 284.8 5,378
陽明山莊 (第11座) (涵碧苑) / HONG KONG PARKVIEW TWR11 PARKVIEW TERR 2/3/2015 17 67 2,490 48.0 19,277 279.3 6,447
陽明山莊 (第13座) (摘星樓) / HONG KONG PARKVIEW TWR13 PARKVIEW HTS 12/2/2013 16 75 2,700 48.0 17,778 264.3 6,455
陽明山莊 (第13座) (摘星樓) / HONG KONG PARKVIEW TWR13 PARKVIEW HTS 2/26/2013 15 75 2,700 50.0 18,519 270.4 6,558
陽明山莊 (第09座) (環翠軒) / HONG KONG PARKVIEW TWR09 PARKVIEW CRESCE 8/29/2012 18 57 2,620 46.1 17,588 265.7 6,627
陽明山莊 (第12座) (涵碧苑) / HONG KONG PARKVIEW TWR12 PARKVIEW TERR 7/27/2012 18 69 2,700 47.3 17,519 264.9 6,621
陽明山莊 (第09座) (環翠軒) / HONG KONG PARKVIEW TWR09 PARKVIEW CRESCE 6/4/2012 20 57 2,620 46.2 17,634 262.4 6,707
陽明山莊 (第10座) (環翠軒) / HONG KONG PARKVIEW TWR10 PARKVIEW CRESCE 3/28/2012 18 63 2,771 41.0 14,796 251.5 5,945
陽明山莊 (第10座) (環翠軒) / HONG KONG PARKVIEW TWR10 PARKVIEW CRESCE 3/6/2012 17 63 2,771 46.0 16,601 251.5 6,670
陽明山莊 (第13座) (摘星樓) / HONG KONG PARKVIEW TWR13 PARKVIEW HTS 6/8/2011 16 73 2,700 46.0 17,037 257.0 6,652
陽明山莊 (第09座) (環翠軒) / HONG KONG PARKVIEW TWR09 PARKVIEW CRESCE 1/19/2011 17 57 2,620 88.0 16,794 228.1 7,131
陽明山莊 (第10座) (環翠軒) / HONG KONG PARKVIEW TWR10 PARKVIEW CRESCE 10/29/2010 15 61 2,771 43.0 15,518 225.8 6,773
陽明山莊 (第11座) (涵碧苑) / HONG KONG PARKVIEW TWR11 PARKVIEW TERR 10/8/2010 16 65 2,620 40.4 15,401 225.8 6,722
陽明山莊 (第13座) (摘星樓) / HONG KONG PARKVIEW TWR13 PARKVIEW HTS 5/26/2010 22 75 2,700 45.0 16,667 204.1 7,836
陽明山莊 (第13座) (摘星樓) / HONG KONG PARKVIEW TWR13 PARKVIEW HTS 5/26/2010 23 75 2,700 45.0 16,667 204.1 7,836
陽明山莊 (第10座) (環翠軒) / HONG KONG PARKVIEW TWR10 PARKVIEW CRESCE 3/12/2010 21 61 2,771 38.3 13,822 208.3 6,655
陽明山莊 (第11座) (涵碧苑) / HONG KONG PARKVIEW TWR11 PARKVIEW TERR 11/5/2009 18 67 2,490 36.2 14,538 193.0 7,475
陽明山莊 (第10座) (環翠軒) / HONG KONG PARKVIEW TWR10 PARKVIEW CRESCE 9/11/2009 22 63 2,771 35.0 12,631 197.6 6,592
陽明山莊 (第09座) (環翠軒) / HONG KONG PARKVIEW TWR09 PARKVIEW CRESCE 8/11/2009 20 57 2,620 46.2 13,740 189.3 7,309
陽明山莊 (第11座) (涵碧苑) / HONG KONG PARKVIEW TWR11 PARKVIEW TERR 7/8/2009 23 65 2,620 40.0 15,267 180.8 8,477
陽明山莊 (第10座) (環翠軒) / HONG KONG PARKVIEW TWR10 PARKVIEW CRESCE 6/5/2009 17 63 2,771 46.0 11,115 175.4 6,417
陽明山莊 (第11座) (涵碧苑) / HONG KONG PARKVIEW TWR11 PARKVIEW TERR 11/3/2008 15 67 2,490 30.0 12,048 150.7 8,048
陽明山莊 (第12座) (涵碧苑) / HONG KONG PARKVIEW TWR12 PARKVIEW TERR 9/12/2008 15 69 2,700 31.7 11,722 180.3 6,702
陽明山莊 (第11座) (涵碧苑) / HONG KONG PARKVIEW TWR11 PARKVIEW TERR 12/6/2007 18 67 2,490 36.2 12,080 188.5 6,768

87
Appendix 4 (Con’t): Transaction of Hong Kong Parkview Units with Deep Water Bay View (2007-2017)
View Apartment Unit (Unit Rate in HK$/sqf) Date Floor Unit Area (psf) Price ($M) Unit Rate RVD Index Adjusted Unit Rate*
Deep Water Bay 陽明山莊 (第09座) (環翠軒) / HONG KONG PARKVIEW TWR09 PARKVIEW CRESCE 12/5/2007 18 57 2,620 46.1 14,122 188.5 7,911
TWR 9-16 陽明山莊 (第10座) (環翠軒) / HONG KONG PARKVIEW TWR10 PARKVIEW CRESCE 10/31/2007 19 63 2,771 29.7 10,711 177.2 6,665
15/F or Above 陽明山莊 (第13座) (摘星樓) / HONG KONG PARKVIEW TWR13 PARKVIEW HTS 10/12/2007 23 75 2,700 45.0 12,752 177.2 7,935
陽明山莊 (第10座) (環翠軒) / HONG KONG PARKVIEW TWR10 PARKVIEW CRESCE 4/18/2007 15 61 2,771 43.0 9,383 152.5 6,707
陽明山莊 (第13座) (摘星樓) / HONG KONG PARKVIEW TWR13 PARKVIEW HTS 3/13/2007 19 73 2,700 28.5 10,556 149.6 7,842
陽明山莊 (第11座) (涵碧苑) / HONG KONG PARKVIEW TWR11 PARKVIEW TERR 2/15/2007 20 65 2,620 26.2 10,000 144.6 7,241
陽明山莊 (第09座) (環翠軒) / HONG KONG PARKVIEW TWR09 PARKVIEW CRESCE 1/8/2007 19 59 2,490 25.9 10,402 145.3 7,751
陽明山莊 (第13座) (摘星樓) / HONG KONG PARKVIEW TWR13 PARKVIEW HTS 1/4/2007 18 73 2,700 51.5 10,322 145.3 7,692
陽明山莊 (第15座) (摘星樓) / HONG KONG PARKVIEW TWR15 PARKVIEW HTS 3/24/2016 18 83 2,550 60.0 23,529 264.0 7,882
陽明山莊 (第14座) (摘星樓) / HONG KONG PARKVIEW TWR14 PARKVIEW HTS 3/30/2012 21 79 2,045 77.8 19,923 251.5 8,004
陽明山莊 (第14座) (摘星樓) / HONG KONG PARKVIEW TWR14 PARKVIEW HTS 7/22/2010 21 81 1,785 31.8 17,815 218.8 8,282
陽明山莊 (第15座) (摘星樓) / HONG KONG PARKVIEW TWR15 PARKVIEW HTS 7/19/2010 19 85 2,682 51.0 19,016 218.8 8,841
陽明山莊 (第14座) (摘星樓) / HONG KONG PARKVIEW TWR14 PARKVIEW HTS 8/18/2009 15 81 1,785 26.2 14,678 189.3 7,807
陽明山莊 (第14座) (摘星樓) / HONG KONG PARKVIEW TWR14 PARKVIEW HTS 10/6/2008 20 77 1,860 19.5 10,484 166.6 6,424
陽明山莊 (第15座) (摘星樓) / HONG KONG PARKVIEW TWR15 PARKVIEW HTS 11/6/2007 15 83 2,550 36.5 14,314 178.7 8,410
陽明山莊 (第14座) (摘星樓) / HONG KONG PARKVIEW TWR14 PARKVIEW HTS 10/23/2007 21 81 1,785 31.8 13,165 177.2 8,192
陽明山莊 (第14座) (摘星樓) / HONG KONG PARKVIEW TWR14 PARKVIEW HTS 10/15/2007 19 81 1,785 23.9 13,378 177.2 8,325
陽明山莊 (第14座) (摘星樓) / HONG KONG PARKVIEW TWR14 PARKVIEW HTS 10/10/2007 21 81 1,785 31.8 13,165 177.2 8,192
陽明山莊 (第14座) (摘星樓) / HONG KONG PARKVIEW TWR14 PARKVIEW HTS 8/7/2007 22 81 1,785 22.8 12,773 164.9 8,365
陽明山莊 (第14座) (摘星樓) / HONG KONG PARKVIEW TWR14 PARKVIEW HTS 10/14/2016 23 33 1,903 38.8 20,389 288.7 6,685
*Time Adjustments are based on RVD Index with a base of 100 Average Time Adjusted Unit Rate: 7,183

88
Appendix 5: Transaction of Hong Kong Parkview Units with Normal Island View (2007-2017)
View Apartment Unit (Unit Rate in HK$/sqf) Date Floor Unit Area (psf) Price ($M) Unit Rate RVD Index Adjusted Unit Rate*
Normal Island View 陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 8/19/2015 16 23 1,290 22.3 17,287 290.1 5,532
TWR 1-8 & 17-18 陽明山莊 (第05座) (山景園) / HONG KONG PARKVIEW TWR05 PARKVIEW COURT 6/18/2015 23 37 1,263 26.9 21,283 288.0 6,897
15/F or Above 陽明山莊 (第05座) (山景園) / HONG KONG PARKVIEW TWR05 PARKVIEW COURT 6/16/2015 23 39 1,312 27.0 20,579 288.0 6,669
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 11/18/2014 18 21 1,290 21.8 16,899 270.2 5,858
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 11/17/2014 17 21 1,290 21.0 16,279 270.2 5,643
陽明山莊 (第04座) (山景園) / HONG KONG PARKVIEW TWR04 PARKVIEW COURT 10/16/2014 21 33 1,903 32.6 17,131 269.1 5,893
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 10/3/2014 22 23 1,290 20.5 15,891 269.1 5,466
陽明山莊 (第05座) (山景園) / HONG KONG PARKVIEW TWR05 PARKVIEW COURT 9/8/2014 16 35 1,299 22.0 16,936 268.2 5,820
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 5/15/2014 16 27 1,275 19.5 15,294 261.5 5,496
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 12/30/2013 16 25 1,235 18.7 15,126 264.3 5,492
陽明山莊 (第04座) (山景園) / HONG KONG PARKVIEW TWR04 PARKVIEW COURT 9/2/2013 22 33 1,903 34.0 17,867 266.7 6,533
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 1/22/2013 21 27 1,275 19.8 15,529 266.9 5,600
陽明山莊 (第04座) (山景園) / HONG KONG PARKVIEW TWR04 PARKVIEW COURT 7/3/2012 23 29 1,857 36.0 19,386 264.9 7,327
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 9/6/2011 19 25 1,235 19.0 15,385 245.7 6,229
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 6/8/2011 20 23 1,290 19.0 14,729 257.0 5,751
陽明山莊 (第04座) (山景園) / HONG KONG PARKVIEW TWR04 PARKVIEW COURT 4/21/2011 21 29 1,857 26.7 14,367 242.4 5,803
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 1/24/2011 15 23 1,290 18.1 14,016 228.1 5,952
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 1/19/2011 23 27 1,275 18.0 14,118 228.1 5,995
陽明山莊 (第05座) (山景園) / HONG KONG PARKVIEW TWR05 PARKVIEW COURT 11/19/2010 17 37 1,263 17.0 13,460 229.5 5,779
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 11/11/2010 17 21 1,290 21.0 13,085 229.5 5,618
陽明山莊 (第04座) (山景園) / HONG KONG PARKVIEW TWR04 PARKVIEW COURT 8/2/2010 19 33 1,903 27.0 14,188 220.5 6,476
陽明山莊 (第04座) (山景園) / HONG KONG PARKVIEW TWR04 PARKVIEW COURT 2/24/2010 19 29 1,857 25.3 13,624 205.3 6,626
陽明山莊 (第04座) (山景園) / HONG KONG PARKVIEW TWR04 PARKVIEW COURT 1/19/2010 16 29 1,857 24.5 13,193 199.9 6,518
陽明山莊 (第04座) (山景園) / HONG KONG PARKVIEW TWR04 PARKVIEW COURT 10/14/2009 23 31 2,105 28.0 13,302 194.3 6,808
陽明山莊 (第05座) (山景園) / HONG KONG PARKVIEW TWR05 PARKVIEW COURT 9/11/2009 22 41 1,309 14.5 11,062 197.6 5,773
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 7/8/2009 23 25 1,235 14.5 11,725 180.8 6,510
陽明山莊 (第04座) (山景園) / HONG KONG PARKVIEW TWR04 PARKVIEW COURT 6/23/2009 19 29 1,857 25.3 11,416 175.4 6,591
陽明山莊 (第05座) (山景園) / HONG KONG PARKVIEW TWR05 PARKVIEW COURT 6/18/2009 21 41 1,309 13.8 10,504 175.4 6,065
陽明山莊 (第05座) (山景園) / HONG KONG PARKVIEW TWR05 PARKVIEW COURT 4/28/2009 23 39 1,312 27.0 10,061 160.7 6,483
陽明山莊 (第04座) (山景園) / HONG KONG PARKVIEW TWR04 PARKVIEW COURT 6/5/2008 17 31 2,105 29.4 13,957 197.3 7,428
陽明山莊 (第05座) (山景園) / HONG KONG PARKVIEW TWR05 PARKVIEW COURT 5/20/2008 22 41 1,309 14.5 11,841 195.2 6,229
陽明山莊 (第05座) (山景園) / HONG KONG PARKVIEW TWR05 PARKVIEW COURT 5/20/2008 23 37 1,263 26.9 13,064 195.2 6,872
陽明山莊 (第04座) (山景園) / HONG KONG PARKVIEW TWR04 PARKVIEW COURT 4/9/2008 19 31 2,105 25.7 11,639 194.2 6,021
陽明山莊 (第04座) (山景園) / HONG KONG PARKVIEW TWR04 PARKVIEW COURT 4/8/2008 18 31 2,105 24.1 10,926 194.2 5,652

89
Appendix 5 (Con’t): Transaction of Hong Kong Parkview Units with Normal Island View (2007-2017)
View Apartment Unit (Unit Rate in HK$/sqf) Date Floor Unit Area (psf) Price ($M) Unit Rate RVD Index Adjusted Unit Rate*
Normal Island View 陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 3/20/2008 20 21 1,290 16.0 12,372 193.7 6,440
TWR 1-8 & 17-18 陽明山莊 (第04座) (山景園) / HONG KONG PARKVIEW TWR04 PARKVIEW COURT 3/19/2008 18 31 2,105 24.1 10,926 193.7 5,688
15/F or Above 陽明山莊 (第05座) (山景園) / HONG KONG PARKVIEW TWR05 PARKVIEW COURT 3/7/2008 20 35 1,299 15.0 11,547 193.7 6,011
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 1/8/2008 15 23 1,290 18.1 11,318 190.0 6,036
陽明山莊 (第04座) (山景園) / HONG KONG PARKVIEW TWR04 PARKVIEW COURT 12/24/2007 16 29 1,857 24.5 11,470 188.5 6,426
陽明山莊 (第05座) (山景園) / HONG KONG PARKVIEW TWR05 PARKVIEW COURT 12/12/2007 16 37 1,263 14.4 11,386 188.5 6,379
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 11/15/2007 19 25 1,235 19.0 10,931 178.7 6,422
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 11/9/2007 21 23 1,290 13.8 10,698 178.7 6,286
陽明山莊 (第04座) (山景園) / HONG KONG PARKVIEW TWR04 PARKVIEW COURT 10/26/2007 20 31 2,105 19.2 9,121 177.2 5,676
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 9/3/2007 23 25 1,235 14.5 10,429 169.2 6,707
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 8/31/2007 23 27 1,275 18.0 10,494 164.9 6,872
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 8/8/2007 20 21 1,290 16.0 9,225 164.9 6,041
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 6/29/2007 22 25 1,235 12.5 10,121 156.1 6,942
陽明山莊 (第05座) (山景園) / HONG KONG PARKVIEW TWR05 PARKVIEW COURT 5/31/2007 16 41 1,309 12.0 9,167 153.7 6,478
陽明山莊 (第04座) (山景園) / HONG KONG PARKVIEW TWR04 PARKVIEW COURT 5/4/2007 22 33 1,903 34.0 8,960 153.7 6,332
陽明山莊 (第05座) (山景園) / HONG KONG PARKVIEW TWR05 PARKVIEW COURT 5/3/2007 23 41 1,309 12.0 9,196 153.7 6,499
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 4/26/2007 23 23 1,290 13.3 10,310 152.5 7,370
陽明山莊 (第04座) (山景園) / HONG KONG PARKVIEW TWR04 PARKVIEW COURT 4/10/2007 20 33 1,903 31.0 8,870 152.5 6,340
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 3/26/2007 16 25 1,235 18.7 8,543 149.6 6,347
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 3/1/2007 21 21 1,290 11.5 8,899 149.6 6,611
陽明山莊 (第03座) (山景園) / HONG KONG PARKVIEW TWR03 PARKVIEW COURT 1/10/2007 17 25 1,235 9.2 7,449 145.3 5,551
陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 6/7/2016 19 51 1,924 35.3 18,337 269.9 6,147
陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 3/24/2016 18 83 2,550 60.0 23,529 264.0 7,882
陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 1/7/2014 16 49 2,092 32.5 15,535 260.4 5,697
陽明山莊 (第06座) (凌雲閣) / HONG KONG PARKVIEW TWR06 PARKVIEW RISE 10/22/2012 18 43 2,722 54.3 19,949 270.5 7,262
陽明山莊 (第08座) (凌雲閣) / HONG KONG PARKVIEW TWR08 PARKVIEW RISE 10/22/2012 15 53 2,366 39.5 16,695 270.5 6,078
陽明山莊 (第08座) (凌雲閣) / HONG KONG PARKVIEW TWR08 PARKVIEW RISE 7/7/2011 18 53 2,366 35.0 14,793 249.4 5,882
陽明山莊 (第08座) (凌雲閣) / HONG KONG PARKVIEW TWR08 PARKVIEW RISE 6/3/2011 20 55 2,366 38.0 16,061 257.0 6,271
陽明山莊 (第08座) (凌雲閣) / HONG KONG PARKVIEW TWR08 PARKVIEW RISE 7/27/2010 16 55 2,366 30.8 13,018 218.8 6,052
陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 7/19/2010 19 85 2,682 51.0 19,016 218.8 8,841
陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 6/2/2010 21 51 1,924 26.3 13,669 208.7 6,463
陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 1/15/2010 21 85 2,682 52.1 19,426 199.9 9,598
陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 11/16/2009 15 51 1,924 24.8 12,890 193.0 6,627
陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 11/2/2009 15 49 2,092 27.8 13,289 193.0 6,832

90
Appendix 5 (Con’t): Transaction of Hong Kong Parkview Units with Normal Island View (2007-2017)
View Apartment Unit (Unit Rate in HK$/sqf) Date Floor Unit Area (psf) Price ($M) Unit Rate RVD Index Adjusted Unit Rate*
Normal Island View 陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 10/16/2009 15 49 2,092 27.8 13,289 194.3 6,801
TWR 1-8 & 17-18 陽明山莊 (第08座) (凌雲閣) / HONG KONG PARKVIEW TWR08 PARKVIEW RISE 8/11/2009 23 55 2,366 33.7 14,235 189.3 7,572
15/F or Above 陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 7/9/2009 21 85 2,682 52.1 17,897 180.8 9,937
陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 5/27/2009 16 85 2,682 44.7 16,659 170.4 10,177
陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 6/16/2008 19 51 1,924 35.3 12,152 197.3 6,467
陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 2/26/2008 19 49 2,092 27.1 12,954 192.5 6,719
陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 12/7/2007 23 51 1,924 23.0 11,954 188.5 6,697
陽明山莊 (第08座) (凌雲閣) / HONG KONG PARKVIEW TWR08 PARKVIEW RISE 11/15/2007 15 85 2,682 45.5 16,965 178.7 9,968
陽明山莊 (第08座) (凌雲閣) / HONG KONG PARKVIEW TWR08 PARKVIEW RISE 11/6/2007 15 83 2,550 36.5 14,314 178.7 8,410
陽明山莊 (第08座) (凌雲閣) / HONG KONG PARKVIEW TWR08 PARKVIEW RISE 10/30/2007 21 83 2,550 39.9 15,639 177.2 9,732
陽明山莊 (第08座) (凌雲閣) / HONG KONG PARKVIEW TWR08 PARKVIEW RISE 10/25/2007 22 55 2,366 23.7 10,013 177.2 6,231
陽明山莊 (第08座) (凌雲閣) / HONG KONG PARKVIEW TWR08 PARKVIEW RISE 10/22/2007 16 85 2,682 44.7 15,287 177.2 9,513
陽明山莊 (第08座) (凌雲閣) / HONG KONG PARKVIEW TWR08 PARKVIEW RISE 10/5/2007 20 55 2,366 38.0 9,721 177.2 6,049
陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 8/17/2007 16 51 1,924 19.2 9,979 164.9 6,535
陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 6/8/2007 18 49 2,092 18.7 8,939 156.1 6,131
陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 4/30/2007 22 51 1,924 17.2 8,940 152.5 6,390
陽明山莊 (第07座) (凌雲閣) / HONG KONG PARKVIEW TWR07 PARKVIEW RISE 4/27/2007 21 49 2,092 18.5 8,843 152.5 6,321
陽明山莊 (第06座) (凌雲閣) / HONG KONG PARKVIEW TWR06 PARKVIEW RISE 3/23/2007 18 45 2,583 26.7 10,337 149.6 7,680
陽明山莊 (第15座) (摘星樓) / HONG KONG PARKVIEW TWR15 PARKVIEW HTS 1/16/2007 21 83 2,550 39.9 12,863 145.3 9,585
陽明山莊 (第18座) (眺景台) / HONG KONG PARKVIEW TWR18 PARKVIEW CORNER 10/15/2015 19 97 2,620 55.7 21,240 286.9 6,914
陽明山莊 (第18座) (眺景台) / HONG KONG PARKVIEW TWR18 PARKVIEW CORNER 9/23/2015 23 95 2,490 69.8 28,032 292.5 8,877
陽明山莊 (第17座) (眺景台) / HONG KONG PARKVIEW TWR17 PARKVIEW CORNER 7/23/2015 17 93 3,225 91.9 28,499 288.3 9,211
陽明山莊 (第17座) (眺景台) / HONG KONG PARKVIEW TWR17 PARKVIEW CORNER 7/23/2015 17 91 2,645 76.6 28,953 288.3 9,358
陽明山莊 (第18座) (眺景台) / HONG KONG PARKVIEW TWR18 PARKVIEW CORNER 4/4/2014 23 97 2,620 75.0 28,626 261.1 10,486
陽明山莊 (第18座) (眺景台) / HONG KONG PARKVIEW TWR18 PARKVIEW CORNER 12/1/2010 17 97 2,620 46.6 17,786 225.7 7,736
陽明山莊 (第18座) (眺景台) / HONG KONG PARKVIEW TWR18 PARKVIEW CORNER 8/31/2010 22 97 2,620 43.0 16,412 220.5 7,491
陽明山莊 (第18座) (眺景台) / HONG KONG PARKVIEW TWR18 PARKVIEW CORNER 6/9/2009 17 95 2,490 29.7 11,928 175.4 6,887
陽明山莊 (第18座) (眺景台) / HONG KONG PARKVIEW TWR18 PARKVIEW CORNER 4/22/2009 21 95 2,490 25.7 10,321 160.7 6,650
陽明山莊 (第18座) (眺景台) / HONG KONG PARKVIEW TWR18 PARKVIEW CORNER 1/16/2009 22 95 2,490 24.8 9,960 153.2 6,822
陽明山莊 (第18座) (眺景台) / HONG KONG PARKVIEW TWR18 PARKVIEW CORNER 2/1/2008 17 97 2,620 46.6 14,504 192.5 7,523
陽明山莊 (第18座) (眺景台) / HONG KONG PARKVIEW TWR18 PARKVIEW CORNER 11/28/2007 16 97 2,620 36.0 13,740 178.7 8,073
陽明山莊 (第18座) (眺景台) / HONG KONG PARKVIEW TWR18 PARKVIEW CORNER 10/17/2007 19 97 2,620 55.7 11,336 177.2 7,054
*Time Adjustments are based on RVD Index with a base of 100 Average Time Adjusted Unit Rate: 6,827

91
Appendix 6a: Transaction of Bel-Air Houses (Semi-detached) (2007-2017)
Form Factor Apartment Unit (Unit Rate in HK$/sqf) Date Unit Area (psf) Price ($M) Unit Rate RVD Index Adjusted Unit Rate*
Semi-detached House 貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 9/11/2012 15 5534 155.0 28,000 269.3 10,397
Ph 05 House 1-3 & 5-32 貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 7/6/2012 19 5495 148.4 27,000 264.9 10,193
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 7/6/2012 17 5698 150.0 26,325 264.9 9,938
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 11/8/2011 18 5548 166.4 30,000 239.2 12,542
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 3/18/2011 20 6311 170.4 27,000 234.9 11,494
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 3/18/2011 21 6329 170.9 27,000 234.9 11,494
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 2/22/2011 22 6305 145.0 22,998 230.2 9,990
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 2/21/2011 23 6318 144.0 22,792 230.2 9,901
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 2/19/2011 25 6298 150.0 23,817 230.2 10,346
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 1/14/2011 32 6320 141.4 22,373 228.1 9,809
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 1/14/2011 31 6293 144.0 22,883 228.1 10,032
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 11/12/2010 11 5516 133.9 24,271 229.5 10,576
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 10/27/2010 16 5834 131.7 22,571 225.8 9,996
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 10/21/2010 30 6309 141.2 22,378 225.8 9,910
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 10/5/2010 9 5573 122.6 22,000 225.8 9,743
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 7/13/2010 28 6315 135.0 21,378 218.8 9,770
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 3/11/2010 27 6306 143.0 22,677 208.3 10,887
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 2/9/2010 29 6296 130.0 20,648 205.3 10,057
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 12/9/2009 1 6678 133.0 19,916 194.2 10,255
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 12/9/2009 2 5468 108.0 19,751 194.2 10,171
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 10/22/2009 26 6314 126.3 20,000 194.3 10,293
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 5/18/2009 29 6296 121.0 19,219 170.4 11,278
*Time Adjustments are based on RVD Index with a base of 100 Average Time Adjusted Unit Rate: 10,409

92
Appendix 6b: Transaction of Bel-Air Houses (Detached) (2007-2017)
Form Factor Apartment Unit (Unit Rate in HK$/sqf) Date Unit Area (psf) Price ($M) Unit Rate RVD Index Adjusted Unit Rate*
Detached House 貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 7/3/2012 5 9254 250.0 27,015 264.6 10,210
Ph 03 & 05 House 5-8 貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 3/11/2011 6 9254 230.0 24,854 244.2 10,178
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 2/25/2011 8 9254 240.6 26,000 235.8 11,026
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 10/29/2009 5 9254 210.0 22,693 195.4 11,614
貝沙灣 (第05期) / RESIDENCE BEL-AIR PH 05 VILLA BEL-AIR 8/5/2009 7 9254 212.9 23,004 188 12,236
貝沙灣 (第03期) / RESIDENCE BEL-AIR PH 03 BEL-AIR RISE 6/21/2016 1 4654 144.0 30,941 269.9 11,464
貝沙灣 (第03期) / RESIDENCE BEL-AIR PH 03 BEL-AIR RISE 3/7/2012 17 5232 150.0 28,670 251.5 11,399
貝沙灣 (第03期) / RESIDENCE BEL-AIR PH 03 BEL-AIR RISE 8/31/2011 6 5631 150.0 26,638 241 11,053
貝沙灣 (第03期) / RESIDENCE BEL-AIR PH 03 BEL-AIR RISE 11/16/2009 5 4654 88.0 18,908 193 9,797
貝沙灣 (第03期) / RESIDENCE BEL-AIR PH 03 BEL-AIR RISE 10/29/2007 16 5834 110.0 18,855 177.2 10,641
貝沙灣 (第03期) / RESIDENCE BEL-AIR PH 03 BEL-AIR RISE 4/25/2007 17 5232 85.4 16,323 152.5 10,703
貝沙灣 (第03期) / RESIDENCE BEL-AIR PH 03 BEL-AIR RISE 4/19/2007 1 4654 60.0 12,900 152.5 8,459
貝沙灣 (第03期) / RESIDENCE BEL-AIR PH 03 BEL-AIR RISE 4/18/2007 7 5165 81.0 15,682 152.5 10,284
*Time Adjustments are based on RVD Index with a base of 100 Average Time Adjusted Unit Rate: 10,796

93
Appendix 7: Transaction of Bel-Air Multi-storey Apartment Units (2007-2017)
Form Factor Apartment Unit (Unit Rate in HK$/sqf) Date Floor Unit Area (psf) Price ($M) Unit Rate RVD Index Adjusted Unit Rate*
Multi-storey Apartment 貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 2/17/2017 38 B 2,180 45.3 20,780 298.0 6,973
Ph 02 & 06 貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 2/3/2017 31 B 2,180 41.5 19,037 298.0 6,388
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 2/10/2017 12 B 2,180 38.0 17,431 298.0 5,849
貝沙灣 (第02期) 南岸 (第01座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 01 6/6/2016 42 A 2,361 56.0 23,719 269.9 8,788
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 5/23/2016 53 B 2,180 50.0 22,936 269.1 8,523
貝沙灣 (第02期) 南岸 (第01座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 01 9/10/2015 46 A 2,361 54.0 22,872 292.5 7,819
貝沙灣 (第02期) 南岸 (第01座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 01 6/9/2015 39 A 2,361 51.0 21,601 288.0 7,500
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 6/4/2015 17 B 2,180 43.5 19,954 288.0 6,928
貝沙灣 (第02期) 南岸 (第01座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 01 2/3/2015 25 A 2,365 46.0 19,450 279.3 6,964
貝沙灣 (第02期) 南岸 (第01座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 01 1/7/2015 49 A 2,361 47.0 19,907 276.3 7,205
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 12/10/2014 9 B 2,180 35.8 16,422 272.9 6,018
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 6/20/2014 7 B 2,180 34.3 15,734 263.9 5,962
貝沙灣 (第02期) 南岸 (第05座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 05 2/11/2014 53,55 A 3,365 74.0 21,991 259.7 8,468
貝沙灣 (第02期) 南岸 (第01座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 01 5/30/2013 45 A 2,361 47.0 19,907 269.0 7,400
貝沙灣 (第02期) 南岸 (第01座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 01 11/2/2012 20 A 2,365 43.0 18,182 271.0 6,709
貝沙灣 (第02期) 南岸 (第05座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 05 10/3/2012 53,55 A 3,365 75.0 22,288 270.5 8,240
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 9/17/2012 11 B 2,180 35.3 16,183 269.3 6,009
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 8/29/2012 20 B 2,180 38.7 17,743 265.7 6,678
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 5/4/2012 37 B 2,180 35.0 16,055 261.3 6,144
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 3/19/2012 47 B 2,180 39.5 18,119 251.5 7,204
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 6/21/2011 38 B 2,180 38.0 17,431 257.0 6,782
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 5/11/2011 10 B 2,180 33.4 15,321 245.3 6,246
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 2/18/2011 17 B 2,180 35.0 16,055 230.2 6,974
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 2/16/2011 19 B 2,180 35.6 16,330 230.2 7,094
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 2/7/2011 40 B 2,180 35.9 16,459 230.2 7,150
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 11/19/2010 9 B 2,180 31.5 14,450 229.5 6,296
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 11/3/2010 26 B 2,180 34.0 15,573 229.5 6,786
貝沙灣 (第02期) 南岸 (第01座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 01 9/17/2010 39 A 2,361 38.2 16,163 224.2 7,209
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 9/10/2010 30 B 2,180 34.1 15,642 224.2 6,977
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 8/11/2010 49 B 2,180 35.2 16,138 220.5 7,319
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 4/14/2010 31 B 2,180 31.0 14,220 209.5 6,788
貝沙灣 (第02期) 南岸 (第01座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 01 3/12/2010 42 A 2,361 36.0 15,248 208.3 7,320

94
Appendix 7 (Con’t): Transaction of Bel-Air Multi-storey Apartment Units (2007-2017)
Form Factor Apartment Unit (Unit Rate in HK$/sqf) Date Floor Unit Area (psf) Price ($M) Unit Rate RVD Index Adjusted Unit Rate*
Multi-storey Apartment 貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 2/23/2010 33 B 2,180 30.0 13,761 205.3 6,703
Ph 02 & 06 貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 1/22/2010 33 B 2,180 30.0 13,761 199.9 6,884
貝沙灣 (第02期) 南岸 (第01座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 01 8/25/2009 22 A 2,365 30.0 12,664 189.3 6,690
貝沙灣 (第02期) 南岸 (第01座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 01 6/17/2009 30 A 2,365 27.5 11,628 175.4 6,629
貝沙灣 (第02期) 南岸 (第01座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 01 5/18/2009 46 A 2,361 26.9 11,393 170.4 6,686
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 11/5/2007 35 B 2,180 25.8 11,835 178.7 6,623
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 11/2/2007 28 B 2,180 25.4 11,651 178.7 6,520
貝沙灣 (第02期) 南岸 (第01座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 01 10/30/2007 16 A 2,365 31.0 13,108 177.2 7,397
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 10/5/2007 19 B 2,180 23.2 10,619 177.2 5,993
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 6/29/2007 45 B 2,180 21.5 9,872 156.1 6,324
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 4/17/2007 32 B 2,180 20.7 9,486 152.5 6,220
貝沙灣 (第02期) 南岸 (第08座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 08 3/7/2007 11 B 2,180 18.7 8,569 149.6 5,728
貝沙灣 (第02期) 南岸 (第01座) / RESIDENCE BEL-AIR PH 02 SOUTH TWR 01 3/1/2007 13 A 2,365 23.6 9,979 149.6 6,670
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 11/16/2016 29 A 2,434 50.9 20,904 290.9 7,186
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 9/5/2016 30 A 2,434 51.0 20,953 283.2 7,399
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 6/12/2015 39 A 2,398 49.0 20,434 288.0 7,095
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 5/22/2014 18 B 2,378 44.6 18,755 261.5 7,172
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 6/11/2013 33 A 2,434 43.5 17,872 267.4 6,684
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 8/12/2011 15 B 2,378 42.5 17,872 241.0 7,416
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 4/7/2011 21 A 2,398 43.9 18,299 242.4 7,549
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/24/2011 25 B 2,378 44.5 18,705 234.9 7,963
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 11/29/2010 40 B 2,378 40.6 17,073 229.5 7,439
貝沙灣 (第06期) (第06座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 06 11/15/2010 28 A 2,016 29.2 14,500 229.5 6,318
貝沙灣 (第06期) (第06座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 06 11/15/2010 30 A 2,016 28.8 14,300 229.5 6,231
貝沙灣 (第06期) (第06座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 06 11/12/2010 31 A 2,016 30.0 14,881 229.5 6,484
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 10/19/2010 33 A 2,434 40.2 16,516 225.8 7,314
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 10/8/2010 46 A 2,395 42.3 17,662 225.8 7,822
貝沙灣 (第06期) (第07座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 07 8/7/2010 30 A 2,016 28.2 13,988 220.5 6,344
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 8/2/2010 18 B 2,378 38.0 15,980 220.5 7,247
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 5/19/2010 41 B 2,378 37.4 15,719 204.1 7,702
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 5/7/2010 46 B 2,356 38.0 16,129 204.1 7,902
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 4/13/2010 23 B 2,378 34.8 14,634 209.5 6,985

95
Appendix 7 (Con’t): Transaction of Bel-Air Multi-storey Apartment Units (2007-2017)
Form Factor Apartment Unit (Unit Rate in HK$/sqf) Date Floor Unit Area (psf) Price ($M) Unit Rate RVD Index Adjusted Unit Rate*
Multi-storey Apartment 貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/30/2010 38 B 2,378 36.8 15,475 208.3 7,429
Ph 02 & 06 貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 7/27/2009 18 B 2,378 30.0 12,616 180.8 6,978
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 4/3/2009 38 B 2,378 27.6 11,600 160.7 7,218
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/31/2009 26 A 2,398 23.0 9,591 159.1 6,028
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/31/2009 26 A 2,398 23.0 9,591 159.1 6,028
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/31/2009 47 B 2,356 26.7 11,350 159.1 7,134
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/31/2009 47 A 2,395 27.2 11,350 159.1 7,134
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/30/2009 42 B 2,378 27.0 11,350 159.1 7,134
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/12/2009 49 B 2,356 26.7 11,340 159.1 7,128
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/12/2009 49 A 2,395 27.2 11,340 159.1 7,128
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/7/2009 39 A 2,398 25.9 10,810 159.1 6,794
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 2/9/2009 29 A 2,434 26.8 11,011 157.7 6,982
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 2/6/2009 27 B 2,378 25.5 10,723 157.7 6,800
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 1/23/2009 35 B 2,378 25.4 10,700 153.2 6,984
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 12/22/2008 16 B 2,378 24.2 10,168 151.5 6,712
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 4/30/2007 27 B 2,378 25.7 10,800 152.5 7,082
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/30/2007 10 A 2,398 24.9 10,400 149.6 6,952
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/30/2007 20 B 2,378 26.3 11,050 149.6 7,386
貝沙灣 (第06期) (第07座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 07 3/29/2007 28 A 2,016 22.2 11,000 149.6 7,353
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/29/2007 18 B 2,378 24.6 10,336 149.6 6,909
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/29/2007 21 B 2,378 26.3 11,050 149.6 7,386
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/29/2007 16 B 2,378 24.6 10,336 149.6 6,909
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/29/2007 22 B 2,378 24.6 10,336 149.6 6,909
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/28/2007 9 B 2,378 25.2 10,588 149.6 7,078
貝沙灣 (第06期) (第07座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 07 3/27/2007 29 A 2,016 22.2 11,000 149.6 7,353
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/27/2007 13 B 2,378 25.0 10,530 149.6 7,039
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/27/2007 17 A 2,398 26.4 11,000 149.6 7,353
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/26/2007 23 B 2,378 25.2 10,600 149.6 7,086
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/26/2007 12 A 2,398 25.7 10,710 149.6 7,159
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/26/2007 11 B 2,378 24.9 10,450 149.6 6,985
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/26/2007 9 A 2,398 24.7 10,300 149.6 6,885
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/26/2007 8 A 2,265 23.1 10,180 149.6 6,805
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/26/2007 8 B 2,245 22.9 10,180 149.6 6,805
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/24/2007 15 A 2,398 26.4 11,000 149.6 7,353
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/24/2007 11 A 2,398 25.2 10,500 149.6 7,019
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/24/2007 12 B 2,378 25.0 10,500 149.6 7,019
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/23/2007 16 A 2,398 25.8 10,768 149.6 7,198
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/23/2007 10 B 2,378 24.7 10,400 149.6 6,952
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/22/2007 17 B 2,378 24.6 10,336 149.6 6,909
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/22/2007 15 B 2,378 24.6 10,336 149.6 6,909
貝沙灣 (第06期) (第8A座) / RESIDENCE BEL-AIR PH 06 BEL-AIR 8 TWR 8A 3/22/2007 13 A 2,398 25.3 10,558 149.6 7,057
*Time Adjustments are based on RVD Index with a base of 100 Average Time Adjusted Unit Rate: 6,946

96
Appendix 8: Abstract of Regulations
Extract of applicable regulations under Building (Planning) Regulations (Cap. 123F)

97
98
99
100
101
102
103
104
Abstract from Practice Notes regarding Building (Planning) Regulations (Cap. 123F)
A. Streets

PNAP-APP-124 Streets for Site Classification

B. Site Coverage, Plot Ratio and GFA

PNAP-APP-2 Site Coverage Exclusion from Curtain Wall

105
PNAP-APP-2 GFA Exclusion from Car parking space

106
PNAP-APP-19 Non-accountable GFA, Site Coverage and Plot Ratio for minor projecting features

107
 PNAP-APP-42 Non-accountable Plot Ratio for window hoods

PNAP-APP-89 No GFA concession if lift shaft in proposed redevelopment project

108
 PNAP-APP-104 Swimming Pool accepted for exclusion from GFA Calculations

PNAP-APP-132 In case modification of site coverage and open space provisions are needed

109
PNAP-APP-152 Provision of greenery area

110
JPN01 Exemption of balconies from GFA and SC calculations

111
JPN02 Exemption of curtain wall from GFA and SC calculations

112
C. Lighting and Ventilation Requirements

PNAP-APP-98 In case if modification of lighting and ventilation requirements are needed

PNAP-APP-130 Performance-based Approach fulfilling lighting and ventilation requirements

113
D. Car Parks

114
PNAP-APP-111 Design of car parking space and driveway

115
Definition from Code of Practice for Fire Safety in Buildings 2011

116
117
118
119
Abstract from Part B ‘Means of Escape’ of Code of Practice for Fire Safety in Buildings 2011

120
Abstract from Part D ‘Means of Access’ of Code of Practice for Fire Safety in Buildings 2011

121
122
123
124
Extract of applicable provisions for Barrier Free Access

Regulation 72 under Cap. 123F Building (Planning) Regulations

Section 84 under Cap. 487 under Cap. 487 Disability Discrimination Ordinance

Sub Section 2.2 under Chapter 2 of Design Manual - Barrier Free Access 2008

125