01222 WANG ON GROUP 展示文件：(d) 该物业之估值报告
Knight Frank Pety Limited
4/F, Shui On Centre
6-8 Harbour Road
Wanchai, Hong Kong
KF ref: MV/CYF/MIM/BRN/kyu/24205(197)
Wang On Group Limited
32/F, Skyline Tower,
39 Wang Kwong Road,
Kowlon Bay, Kowlon,
Hong Kong
25 July 2025
Dear Sirs,
Valuation of Suny House, No. 19 Luk Hop Stret, Kowlon, Hong Kong (the “Property Interests”).
Instructions
In acordance with the instructions for us to value the Property Interests held by Wang On Group Limited
(hereinafter refered to as the ‘Company’, together with its subsidiaries, hereinafter together refered to as the
‘Group’), we confirm that we have caried out inspection, made relevant enquiries and caried out searches and
obtained such further information as we consider necesary for the purpose of providing you with our opinion of
the market value of the Property Interests in existing state as at 31 May 2025 (the ‘Valuation Date’) for the
purpose of incorporation in this circular. Our valuation is undertaken by qualified valuer with relevant experiences
as an independent valuer. Our valuation is prepared in unbiased and profesional maner.
We confirm that we do not have any material conection or involvement giving rise to a conflict of interest and
are providing an objective and unbiased valuation.
Basis of Valuation
In ariving at our opinion of the market value, we folowed ‘The HKIS Valuation Standards’ isued by The Hong
Kong Institute of Surveyors (‘HKIS’) and ‘The RICS Valuation– Global Standards’ (the ‘Red Bok’) isued by
the Royal Institution of Chartered Surveyors (‘RICS’), which incorporate the ‘International Valuation Standards’
(‘IVS’). Under the said standards, Market Value is defined as:–
“the estimated amount for which an aset or liability should exchange on the valuation date betwen a wiling
buyer and a wiling seler in an arm’s length transaction, after proper marketing and where the parties had each
acted knowledgeably, prudently and without compulsion.”
“the estimated exchange price of an aset without regard to the seler’s costs of sale or the buyer’s costs of
purchase and without adjustment for any taxes payable by either party as a direct result of the transaction.”
Market value is the most probable price reasonably obtainable in the market on the valuation date in keping with
the market value definition. It is the best price reasonably obtainable by the seler and the most advantageous
price reasonably obtainable by the buyer. This estimate specificaly excludes an estimated price inflated or
deflated by special terms or circumstances such as atypical financing, sale and leaseback arangements, special
considerations or concesions granted by anyone asociated with the sale, or any element of value available
only to a specific owner or purchaser.
Our valuation complies with the requirements set out in ‘The HKIS Valuation Standards’ isued by HKIS, the
‘Red Bok’ isued by RICS and the Chapter 5 of the Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited isued by The Stock Exchange of Hong Kong Limited.
Valuation Methodology
Our valuation has ben undertaken using apropriate valuation methodology and our profesional judgement.
In our valuation, we have adopted Market Aproach by making reference to the recent market sales evidence
which are available in the open market. Apropriate adjustments have ben made in our valuation to reflect
the diferences in the characteristics betwen the Property Interests and the comparable properties such as
location, time, size, building age, layout, ancilary facilities and quality in ariving at our opinion on the market
value.
Valuation Asumptions and Conditions
Our valuation is subject to the folowing asumptions and conditions.
Title Documents and Encumbrances
In our valuation, we have asumed god and marketable titles and that al documentation is satisfactorily
drawn. We have also asumed that the Property Interests are not subject to any unusual or onerous covenants,
restrictions, encumbrances or outgoing.
Disposal Costs and Liabilities
No alowance has ben made in our report for any charges, mortgages or amounts owing on the Property
Interests nor for any expenses or taxation which may be incured in efecting a sale.
Sources of Information
We have relied to a very considerable extent on information given by the Company. We have acepted advice
given to us on such maters as land tenure, ocupancy status, flor areas and al other relevant maters. We
have not verified the corectnes of any information, whether in writing or verbaly by yourselves, your
representatives or by your legal or profesional advisers or by any (or any aparent) ocupier of the Property
Interests or contained on the register of title. We asume that this information is complete and corect.
Inspection
We have inspected the Property Interests on 23 April 2025 by Mr. Cyrus Fong FRICS FHKIS RPS(GP) RICS
Registered Valuer. Nevertheles, we have asumed in our valuations that the Property Interests were in
satisfactory exterior and interior decorative order without any unauthorized extension or structural alterations
or ilegal uses as at the Valuation Date, unles otherwise stated.
Identity of the Property Interests to be Valued
We have exercised reasonable care and skil to ensure that the Property Interests, identified by the property
adreses in your instructions, are the properties inspected by us and contained within our valuation report.
If there is ambiguity as to the property adreses, or the extent of the Property Interests to be valued, this
should be drawn to our atention in your instruction or imediately upon receipt of our report.
Property Insurance
We have valued the Property Interests on the asumption that, in al respects, it is insurable against al usual
risks including terorism, floding and rising water table at normal, comercialy aceptable premiums.
Areas and Age
In our valuations, we have relied upon areas provided to us. We have also asumed that the measurements
and dimensions shown on the documents handed to us are corect and in aproximations only. We have
scaled of the flor areas from the aproved building plans in acordance with the Code of Measuring
Practice by the Hong Kong Institute of Surveyors
Structural and Services Condition
We have caried out visual inspection only without any structural investigation or building survey. During
our limited inspection, we did not inspect any inacesible areas. We are unable to confirm whether the
Property Interests are fre from urgent or significant defects or items of disrepair or any deleterious
materials have ben used in the construction of the Property Interests. Our valuation has therefore ben
undertaken on the asumption that the Property Interests were in satisfactory repair and condition and
contain no deleterious materials and they are sound order and fre from structural faults, rot, infestation or
other defects, and that the services are in satisfactory condition.
Ground Condition
We have asumed there to be no unidentified adverse ground or soil conditions and that the load bearing qualities
of the site of the Property Interests are suficient to suport the building constructed or to be constructed thereon;
and that the services are suitable for any existing or future development. Our valuation is therefore prepared on
the basis that no extraordinary expenses or delays wil be incured in this respect.
Environmental Isues
We are not environmental specialists and therefore we have not caried out any scientific investigations of sites
or buildings to establish the existence or otherwise of any environmental contamination, nor have we undertaken
searches of public archives to sek evidence of past activities that might identify potential for contamination. In
the absence of apropriate investigations and where there is no aparent reason to suspect potential for
contamination, our valuation is prepared on the asumption that the Property Interests are unafected. Where
contamination is suspected or confirmed, but adequate investigation has not ben caried out and made available
to us, then the valuation wil be qualified.
Compliance with Relevant Ordinances and Regulations
We have asumed the Property Interests were constructed, ocupied and used in ful compliance with, and
without contravention of any ordinance, statutory requirement and notices except only where otherwise stated.
We have further asumed that, for any use of the Property Interests upon which this report is based, any and
al required licenses, permits, certificates, consents, aprovals and authorisation have ben obtained,
expected only where otherwise stated.
Valuation asumption
We have asumed that the owners of the Property Interests have fre and uninterupted rights to use and
asign the Property Interests during the whole of the unexpired land-lease term granted subject to the payment
of usual Government Rent.
Remarks
Unles otherwise stated, al money amounts stated in our valuations are in Hong Kong Dolars (HK$).
Area Conversion
The area conversion factors in this report are taken as folows:
1 sq m = 10.764 sq ft
We enclose herewith our valuation certificate.
Limitations on Liability
In acordance with our standard practice, we must state that this report and valuation is for the use of the party
to whom it is adresed and no responsibility is acepted to any third party for the whole or any part of its
contents. We do not acept liability to any third party or for any direct or indirect consequential loses or los
of profits as a result of this report.
In our valuations, Knight Frank has prepared the valuation based on the information and data available to us
as at the Valuation Date. While the curent market is influenced by various policies and regulations, increased
global conflicts could ad further fluctuations in real estate market. It must be recognised that enactment of
emergency measures, changes in mortgage requirements or international tensions could be imediate and
have sweping impact on the real estate market apart from typical market variations. It should therefore be
noted that any market violation, policy, geopolitical and social changes or other unexpected incidents after the
Valuation Date may afect the value of the Property Interests.
Yours faithfuly,
For and on behalf of
Knight Frank Pety Limited
Michele Man
MRICS MHKIS RICS Registered Valuer
Cyrus Fong
FRICS FHKIS RPS(GP) RICS Registered Valuer
Senior Director, Valuation & Advisory Executive Director
Head of Valuation & Advisory, Greater China
Note: Ms. Michele Man is a Chartered Surveyor who has over 16 years of experience in market research, property
valuation and consultancy services in the PRC, Hong Kong, Macau and Asia Pacific region.
Mr. Cyrus Fong is a Chartered Surveyor who has over 19 years of experience in market research, property valuation
and consultancy services in the PRC, Hong Kong, Macau and Asia Pacific region.
VALUATION CERTIFICATE
Property Interests Held for Investment to be Disposed of by the Group
Property Description
Particulars of
Ocupancy
Market Value in the
Existing State as at
the Valuation Date
Suny House,
No. 19 Luk Hop
Stret,
Kowlon, Hong
Kong
The Property comprises a 32-
storey student acomodation
with 720 roms or 1,424 beds
located at San Po Kong.
As per the information on the
aproved building plans, the
Property has a total gros flor
area of aproximately
285,563.98 sq ft.
As per the Ocupancy Permit
No. KN35/2012(OP), it was
completed in about 2012.
The subject lot is held under
Conditions of Exchange No.
20041 for a term of 50 years
comencing from 30 April 2007.
As per our on-site
inspection and
information provided by
the Group, the Property
is curently operated as
a student
acomodation under
the brand name Suny
House. Portion of
Ground Flor, 3rd Flor
and the integrated
celular system of the
Property are curently
leased subject to thre
tenancies at a total rent
of HK$98,948 per
month with the latest
expiry in March 2027.
HK$3,270,000,000
(Hong Kong Dolars
Thre Bilion Two
Hundred and Seventy
Milion)
Notes :
(1) The Property Interests were inspected by 23 April 2025 on Mr. Cyrus Fong FRICS FHKIS RPS(GP) RICS
Registered Valuer.
(2) Pursuant to records obtained from the Land Registry dated 2 July 2025 and information provided by the
Company the registered owner of the Property Interests as at the Valuation Date is Head Step Limited,
an indirect non-wholy owned subsidiary of the Company.
- , the folowing encumbrances were registered against the Property
Interests:-
(i) Certificate of Compliance (from District Lands Ofice/Kowlon East Lands Department) dated 30
June 2023, registered vide Memorial No. 23070702180275;
(i) Ocupation Permit No. KN35/2012(OP) dated 27 November 2012, registered vide Memorial No.
23071102060042; and
(i) Mortgage in favour of United Overseas Bank Limited dated 29 August 2023, registered vide
Memorial No. 23090602110071.
- :-
Property Lease Term Monthly Rent Rent Fre Period
Portion 1 on G/F 19 February 2024 to
18 February 2025
HK$33,000 19 February 2024 to
18 April 2024
19 February 2025 to
18 February 2026
HK$36,000 19 February 2025 to
18 March 2025
19 February 2026 to
18 February 2027
HK$39,000
Portion 1 on 3/F 15 March 2024 to 14
March 2025
HK$36,000 15 March 2024 to 31
May 2024
15 March 2025 to 14
March 2026
HK$38,000
15 March 2026 to 14
March 2027
HK$40,000
Integrated celular
system
1 November 2023 to
31 October 2025
HK$24,948 1 November 2023 to
29 February 2024
- , which are held under a
Conditions of Exchange No. 20041. The salient conditions are sumarised below:-
Lot Number : New Kowlon Inland Lot No. 6473
Lease Term : 50 years comencing from 30 April 2007
Site Area : Aproximately 23,800 sq ft
Government Rent : 3% of the rateable value
Major Special Conditions : The lot or any part thereof or any building or part of any building
erected or to be erected thereon shal not be used for any purpose
other than for non-residential purposes excluding:
- ;
• Any trade that is now or may hereafter be declared to be
an ofensive trade under the Public Health and Municipal
Services Ordinance, any regulation made thereunder and
any amending legislation; and
• The use and storage of any dangerous gods as defined
in the Dangerous Gods Ordinance, any regulations
made thereunder and any amending legislation, except
the use or storage of such smal quantities of dangerous
gods as exempted from the licensing requirements
under the Dangerous Gods Ordinance, any regulations
made thereunder and any amending legislation.
The total GFA of any building or buildings erected or to be erected
on the lot shal not be les than 15,920 sq m and shal not exced
26,533 sq m. For the avoidance of doubt, it is hereby agred and
declared that there is no guarante that the building or buildings
erected or to be erected on the lot or any part thereof can atain
the maximum gros flor area of 26,533 sq m refered to in this
sub-clause.
If the lot is developed, redeveloped or used at any time solely for
the purpose of a hotel or hotels, the Grante shal not, throughout
the term hereby agred to be granted, asign, mortgage, charge,
part with the posesion of or otherwise dispose of the lot or any
part thereof or any building or any interest therein or part of any
building thereon or enter into any agrement so to do except as a
whole provided however that any asignment, mortgage, charge,
parting with the posesion of or other disposal of the lot as a
whole prior to compliance with these Conditions by the Grante
shal be subject to Special Condition No. (12) hereof.
- ‘Other Specified Uses (Busines)’ under Aproved Tsz
Wan Shan, Diamond Hil and San Po Kong Outline Zoning Plan No. S/K11/31 aproved on 25 April
2023.
- :-
Location : The Property is located at No. 19 Luk Hop Stret, Kowlon, Hong
Kong.
Transportation : Hong Kong International Airport, Hong Kong West Kowlon High
Sped Railway and Diamond Hil MTR Station are located
aproximately 35.2 kilometres, 7.3 kilometres and 0.6 kilometres
away from the Property respectively.
Nature of Surounding
Area
: The area is predominately an industrial and a residential area with
some comercial developments.