00367 庄士机构国际 展示文件：(03) 高力所编制估值报告
14August2025
TheDirectors
Chuang
’
sConsortiumInternationalLimited
25thFlor,AlexandraHouse,
18ChaterRoad,
Central,
HongKong
DearSirs,
Re:ValuationofHouseA,No.37IslandRoad,DepWaterBay,HongKong
TermsofEngagement
InacordancewithyourinstructionsforustoasesthemarketvalueofHouseA,No.37
IslandRoad,DepWaterBay,HongKong(the
‘
Property
’
)inwhichChuang
’
sConsortium
InternationalLimited(the
‘
Company
’
)anditsubsidiarieshaveinterests,weconfirmedthat
wehavecariedoutinspectionofthePropertyandhavemaderelevantenquiriesandobtained
suchfurtherinformationasweconsidernecesaryforprovidingyouwithouropinionofthe
valueoftheProperty,asat31May2025(the
‘
ValuationDate
’
)forpublicdisclosure
purposes.
TheValuationDate
TheValuationDateis31May2025andouropinionofvalueapliesonlytothatdate.
WehaveasumedthathePropertywasinthesameconditionontheValuationDateasitwas
ontheinspectiondate.
TheProperty
ThePropertyisHouseAinNo.37IslandRoad,whichisa3-storeyhousebuiltovera
storeyofcarparksdevelopedin2009.
ValuationStandards
ThevaluationhasbencariedoutinacordancewiththeHongKongInstituteof
Surveyors(HKIS)ValuationStandardspublishedbytheHongKongInstituteofSurveyorsand
theRoyalInstitutionofCharteredSurveyors
’
RICSValuation
—
GlobalStandards,both
incorporatingtheInternationalValuationStandardspublishedbytheInternationalValuation
StandardsCouncil(IVSC).
ColiersInternational(HongKong)Limited(
‘
Coliers
’
)isregulatedbytheRoyal
InstitutionofCharteredSurveyors(RICS)whichmonitorsregulatedfirmsunderitsconduct
andisciplinaryregulations.InacordancewithRICSregulatoryrequirements,Coliers
International(HongKong)Limitedmaintainsacomplaintshandlingprocedure,detailsof
whichareavailableuponrequest.
WehavecompliedwiththerequirementsetoutinChapter5oftheRulesGoverningthe
ListingofSecuritiesisuedbyTheStockExchangeofHongKongLimited.
Environment,SocialandGovernance(ESG)
WhereouradviceisbasedonInternationalValuationStandards(
‘
IVS
’
),wehavehad
regardto(i)thosesignificantenvironmental,socialandgovernance(
‘
ESG
’
)factorswhich
werereadilyaparentousfromourinspectionoftheProperty,ifundertakenand(i)which
weconsidersignificantlyimpactouradvice.ThisisarequirementoftheIVS.Inouradvicewe
havendeavouredtoanalysewhetheranysignificantESGfactorsafecthevalueasesed.
Pleaseacknowledgethatwearepropertyvaluersandthatwedonothaveanyexpertisein
conductingenvironmentalauditsoranyauditsregardingthecomplianceofanyentity
asociatedwiththesubjectpropertyinrelationtotheirsocialresponsibilityorcorporate
governance.Suchanasesmentisbeyondthescopeandpurposeofouradvice.Youshould
sekspecificadviceinrelationtothesematers,giventhatourobservationsareofavery
generalnature.
ValuationBasis
OurvaluationisbasedonMarketValuewhichisdefinedasthestimatedamountfor
whichanasetorliabilityshouldexchangeonthedateofvaluationbetwenawilingbuyer
andawilingselerinanarms-lengthtransactionafterpropermarketingwhereintheparties
hadeachactedknowledgeably,prudentlyandwithoutcompulsion.
ValuationAproaches
WehavevaluedthePropertybytheMarketAproach.
TheMarketAproachestimatesthevalueofapropertybycomparingrecentsalesof
similarinterestsinthebuildingorbuildingslocatedinitsuroundingarea.Byanalysingsuch
saleswhichqualifyas
‘
arms-length
’
transactions,betwenwilingbuyersandselers,
adjustmentsaremadeforsize,location,time,amenitiesandotherelevantfactorswhen
–
–
comparingsuchsalespricestoasesthevalueofthesubjectproperty.Thisaproachis
comonlyusedtovalueapropertywhenreliablesalesevidenceofpropertiesofasimilar
natureareavailable.
SourceofInformation
Alinvestigationshavebenconductedindependentlyandwithoutinfluencefromany
thirdpartiesinanyway.Wehavereliedtoaveryconsiderablextentontheinformation
providedbytheCompanyandhaveaceptedadvicegiventousonsuchmatersasparticulars
ofocupancy,ownershiptitle,letings,statutorynotices,easements,tenure,jointventure
agrementsandalotherelevantmaters.Dimensions,measurementsandareasincludedinthe
ValuationParticularsarebasedoninformationprovidedandareonlyaproximations.
TitleInvestigations
WehaveconductedrelevantlandsearchesfromtheLandRegistry.However,wehave
neitherexaminedtheoriginaldocumentstoverifytheownershipnortoascertainthexistence
ofanyamendmentswhichdonotapearonthecopieshandedtousandwehaveasumedno
responsibilityforsuchmaters.
SiteMeasurement
Wehavenotcariedoutdetailedon-sitemeasurementstoverifythecorectnesofthe
florareasinrespectofthePropertybuthaveasumedthatheareashownonthedocuments
andplansprovidedtousarecorect.
SiteInspection
InternalinspectionoftheProperty,befitingthisvaluation,wasundertakenbyMr.Eric
Tsang,Ms.SelenaLamandMr.StanleyWongon13June2025.Investigationwascariedout
asnecesary.
Weconfirmthatourinvestigationshavebenconductedindependentlyandwithout
influencefromanythirdpartyinanymaner.
WehavenotestedanyservicesofthePropertyandarethereforeunabletoreportontheir
presentconditions.
WehavenotundertakenanystructuralsurveyoftheProperty,andarethereforeunableto
comentonthestructuralconditions.
Noinvestigationhasbencariedoutodeterminethesuitabilityofgroundconditionsfor
anyfuturedevelopment.Wehaveasumedthatheseaspectsaresatisfactoryandno
extraordinaryexpensesordelaywilbeincureduringtheconstructionperiod.Non-site
measurementhasbentakentoverifythecorectnesofsiteareainrespectoftheProperty.
Wehaveasumedthathesiteareashownonthedocumentsarecorect.
–
–
ValuationAsumptions
.
Ourvaluationhasbenmadeontheasumptionthatheselerdisposesofthe
Propertyintheopenmarketwithouthebenefitofadeferedtermcontract,
leaseback,jointventure,managementagrementoranysimilararangement,which
couldservetoafecthevalueoftheProperty.
.
OurvaluationhasbenmadeontheasumptionthathePropertywouldbesoldin
theopenmarketintheirexistingstate,withthebenefitofvacantposesion,without
thebenefitofdeferedtermcontracts,leasebacks,jointventures,management
agrementsoranysimilararangementswhichcouldafecthevalueoftheProperty.
.
WehaveasumedthathePropertyisfrefromandclearofanyandalcharges,
liensandencumbrancesofanonerousnaturelikelytoafectvalue.
.
Noalowancehasbenmadeforanycharges,mortgagesoramountsowingonthe
Propertyorforanyexpensesortaxationswhichmaybeincuredinefectingasale.
.
Itisasumedthatanylandpremiumorotherfespayablefortheacquisition,
transfer,sale,letingormortgageofthePropertyhavebenfulypaidandsetled.
.
Wehaveasumedpropertitlehasbenobtained,andthePropertyandtheinterest
valuedthereincanbefrelytransfered,mortgagedandletinthemarket.
.
AsthePropertyisheldunderalongtermgovernmentlease,wehaveasumedthat
theownerhasfreanduninteruptedrightstousethePropertyforthewholeofthe
unexpiredtermofthelease,inacordancewiththetermsofthelease.
.
WearenotawareofanyeasementsorightsofwayafectingthePropertyandhave
asumedthatnonexist.
.
Wehaveasumedthatalinformation,estimatesandopinionsfurnishedtousand
containedinthisreportincludingalinformationprovidedbytheCompany,aretrue
andcorect,fitforvaluationpurposes,andfromreliablesources.Wecanasumeno
responsibilityforacuracy.
.
Wehavenotcariedoutanydetailedsitemeasurementstoverifythecorectnesof
areas,norhavewetestedanyoftheservicesandfacilities.Wehaveasumedthat
theareashownonthedocumentsprovidedtousarecorectandthatheservices
andfacilitiesareingodworkingorder.
.
WehaveasumedthathePropertyisfrefromanycontaminationand
environmentalproblemsorhazards.
.
WehaveasumedthathePropertyistructuralysound,inagodstateofrepair
andmaintainedinaconditionfitforpurpose.
.
WehaveasumedthathePropertyhasbenconstructed,ocupied,andusedinful
compliancewith,andwithoutcontraventionof,alrelevantlaws,ordinancesand
statutoryrequirements.
–
–
VALUATIONPARTICULARS
PropertyinterestsforinvestmentpropertywhichtheCompanyisconsideringdisposingof:
PropertyDescriptionandtenure
Particularsof
ocupancy
MarketValueasat
31May2025
HouseA,
No.37IslandRoad,
DepWaterBay,
HongKong
LotNumber:
RuralBuildingLotNo.599
ShareoftheLot:
579/2,110
HouseAinNo.37IslandRoad
(theProperty)isa3-storey
housebuiltoverastoreyofcar
parks.Acordingtothe
informationfromtheCompany,
thePropertyhasatotalareaof
about11,620sq.ft.(comprising
housearea,coveredcarparking
area,gardenareandaprivate
swimingpol).
PursuantotheOcupation
PermitNo.HK12/2009(OP),the
Propertywasbuiltin2009.
RuralBuildingLotNo.599is
heldunderGovernmentLease
foratermof75years
renewablefor75years,
comencingfrom28March
1949.Acordingtothe
informationprovidedbythe
RatingandValuation
Department,thePropertyhasa
saleableareaof5,277sq.ft.
ThePropertywas
vacantasathe
dateofinspection
on13June2025.
HK$662,000,000
(HongKongDolars
SixHundredand
SixtyTwo
MilionOnly)
Notes:
(1)TheregisteredownerofthePropertyisIsland37InvestmentLimitedbyanAsignmentdated29April
2005,registeredvideMemorialNo.05051902470662(formerlyknownasChuang’sFinance&
InvestmentsLimited).
(2)ThePropertywasinspectedbyMr.EricTsang,Ms.SelenaLamandMr.StanleyWongon13June
2025.
(3)ThePropertyliesonRuralBuildingLotNo.599heldunderGovernmentLeaseforatermof75years
renewablefor75years,comencingfrom28March1949.ThetotalGovernmentRentisHK$148per
anumfortheProperty.
–
–
(4)ThePropertyhas/isubjectothefolowingregistrations/encumbrances:
(a)OcupationPermit(PermitNo.HK12/2009(OP)dated20April2009andregisteredvide
MemorialNo.09052102590163.
(b)DebentureIncorporatingaFirstLegalChargeandaFirstFloatingChargedated26June2009in
favourofHangSengBankLimitedandregisteredvideMemorialNo.09070602750187.
(c)ModificationLeter(Remarks:fromtheGovernmentoftheHongKongSpecialAdministrative
RegionbytheDistrictLandsOficer/HongKongWest&South)inrespectofthegovernment
leasedated6October2009andregisteredvideMemorialNo.09100702520043.
(d)ConfirmationDed(inrespectoftheDebenturedated26thJune2009MemorialNo.
09070602750187)dated28October2009andregisteredvideMemorialNo.09110202470012.
(e)DedofMutualCovenantandManagementAgrementwithPlansinfavourofUniworldProperty
ManagementLimitedasManagementCompanydated6August2010andregisteredvide
MemorialNo.10081802840489.
(f)ConfirmationDed(inrespectoftheDebenturedated26thJune2009MemorialNo.
09070602750187)dated12November2015andregisteredvideMemorialNo.15111802080090.
(g)GovernmentNoticeNo.10071pursuantoSection22(2)ofTheGovernmentRentandPremium
(Apointment)Ordinance(CAP.125)relatingtothegovernmentrentdated31December2015
andregisteredvideMemorialNo.16010602170223.
(h)ConfirmationDed(inrespectoftheDebenturedated26thJune2009MemorialNo.
09070602750187)dated13July2018andregisteredvideMemorialNo.18071902530353.
(i)ConfirmationDed(inrespectoftheDebenturedated26thJune2009MemorialNo.
09070602750187)dated23December2021andregisteredvideMemorialNo.22011102540233.
(5)Theabovelandsearchwasconductedasof20June2025.
(6)ThePropertylieswithinanareazoned‘Residential(GroupC)3’underAprovedShousonHil&
RepulseBayOutlineZoningPlanNo.S/H17/13,gazetedon15November2013.
(7)ThePropertyisituatedonanupwardslopingsectionofIslandRoad.Thesuroundingareais
characterizedbyupscalehomescomplimentedwithaviewoverDepWaterBay.Amenitiesincluding
DepWaterBayBeach,TheHongKongGolfClub,RepulseBayBeach,andThePulseshopingmal
arealwithin6minutedrivingdistancefromtheProperty.Publictransportsuchasbuses,publiclight
busesandtaxisarereadilyavailablealongIslandRoad.
–
–
(8)Wehaveconsideredthefolowingresidentialpropertiestransactionsasavailableintherelevantmarket
inourvaluationoftheProperty.ThesecomparablesarealsituatedonIslandRoad.Theunitrateof
thesecomparablesonefectivesaleableareabasisrangedfromaproximatelyHK$90,552to
HK$95,880persq.ft.Afterdueadjustmentsontime,view,size,ageandbuildingquality,etc.,we
haveadoptedunitrateofaproximatelyHK$109,820persq.ft.,onanefectivesaleableareabasisof
thePropertyofabout6,028sq.ft.,toariveathemarketvalueofHK$662,000,000fortheProperty.
Thedetailsofcomparablesareasfolows:
Comparable1Comparable2Comparable3
DevelopmentName33IslandRoad33IslandRoad33IslandRoad
Adres33IslandRoad33IslandRoad33IslandRoad
HouseNo.825
DistrictDepWaterBayDepWaterBayDepWaterBay
YearBuilt200420042004
ViewSeaviewSeaviewSeaview
SaleableArea(sq.ft.)4,7204,5974,597
EfectiveSaleableArea(ESA)(sq.ft.)5,2735,1705,267
TransactionDateMarch2025April2024September2021
Consideration(HK$)480,000,000468,000,000505,000,000
UnitRate(HK$/sq.ft.)91,03090,52295,880
(9)ComparableshavebenselectedbasedontheirhomogeneitywiththeProperty.
ThelistofComparablesisexhaustive.Onlytransactionslocatedon33IslandRoadweresuitabledueto
similarstatusasluxuryresidentialhousing,havingsimilarlocation,view,size,age&quality,etc.and
onlythethremostrecentransactionson33IslandRoadhadatransactiondateclosenoughtothe
ValuationDatetobeused.
Adjustmentshavebenmadewithrespecto:Time,Location,View,Size,Age&Buildingquality,
NuisancefromIslandRoad,ExclusiveUseofSwimingPol,Size&LayoutofCarParkingArea,and
NatureofTransaction.
Itwasascertainedthatheuseofthese3Comparableswasuficientodeterminethemarketvalueof
theProperty.
TheadjustmentstoComparablesare:
(a)Time:TimeadjustmentshavebenapliedtoComparables1–3withreferencetoPriceIndices
forPrivateDomestic(ClasE)ashowninHongKongPropertyReviewMonthlySuplement
(July2025)publishedbyRatingandValuationDepartment.
(b)Location:Comparables1–3arelocatedinthesameareastheProperty.Hence,noadjustments
onLocationhavebenapliedtoComparables1–3.
(c)View:ThePropertyisituatedhigherupontheIslandRoadslopeandcanenjoysuperiorseaview
comparedtoComparables1–3.Hence,upwardadjustmentsonViewhavebenapliedto
Comparables1–3.
(d)Size:Basedonourunderstandingofthecurentluxuryresidentialmarket,alargerareatracts
quantumdiscounts.ThesizesofComparables1–3aresmalerthanthatoftheProperty.Hence,
downwardadjustmentsonSizehavebenapliedtoComparables1–3.
(e)Age&BuildingQuality:ThePropertywascompletedandobtaineditsOcupationPermitin
2009,whileComparables1–3werecompletedandobtainedtheirOcupationPermitin2004.
Moreover,asperourinspectionfindingsandbasedontheinformationprovided,thePropertywas
–
–
recentlyrenovatedin2021,asuchitsinteriorconditionisconsideredtobesuperiortothatof
theComparables.Hence,upwardadjustmentsonAge&BuildingQualityhavebenapliedto
Comparables1–3.
(f)NuisancefromIslandRoad:Comparables2and3areclosetothemainsectionofIslandRoad
andaremoreafectedbythenoisegeneratedbyoncomingtrafic,whereasthePropertyislocated
higheruponaslopeandenjoyshigherprivacy.Hence,upwardadjustmentsonNuisancefrom
IslandRoadhavebenapliedtoComparables2and3toreflectsuchdiference.
(g)ExclusiveUseofSwimingPol:thePropertyenjoysexclusiveuseofitsownswimingpol,
whilethe33IslandRoadevelopmenthasasinglecomonswimingpolsharedbyal
residents.Hence,upwardadjustmentsonExclusiveUseofSwimingPolhavebenapliedto
Comparables1–3.
(h)Size&LayoutofCarParkingArea:ThesizeofthecarparkingareaofthePropertyislargerthan
thoseofComparables1–3.Moreover,thecarparklayoutofthePropertyisconsideredbeterand
itsareacanacomodatemorecars.Hence,upwardadjustmentsonSize&LayoutofCar
ParkingAreahavebenapliedtoComparables1–3.
(i)NatureofTransaction:Wehavexaminedthepreliminarysale&purchaseagrementof
Comparable1.Thevendorasmortgagexerciseditspowerofsaleandthepriorownerwas
orderedwoundupbytheCourtofFirstInstanceoftheHighCourt,thisisconsideredforeclosure
transactionatadiscountomarketprice.Hence,upwardsadjustmentonNatureofTransaction
hasbenapliedtoComparable1toreflectsuchdiference.
Afteraplyingtheaforementionedadjustments,thenetadjustmentsmadewereupwardsforal3
Comparables.
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