TNAG-2661-FCO40-3857-Future-of-Hong-Kong-British-Consulate-General-1992 — Page 33

a. Site area

b.

Plot ratio

C.

Floor area

d.

Land premium

e.

Development expenditure

CENTRAL GOVERNMENT OFFICES (WEST WING)

BRIEF SUMMARY OF A POSSIBLE J/V DEVELOPMENT

f. Development period

3 years

42,000 sq.ft.

15 (non-domestic)

Total gross floor area of 630,000 sq.ft. OR Total lettable floor area of 491,400 sq.ft.,

assuming 78% efficiency.

1268

HK$1,449 million (i.e. HK$34,500 p.s.f. of site or

HK$2,300 p.s.f. of gross floor area permissible)

not mi mani

HK$1,070 million (including construction cost

estimated at HK$1,300 p.s.f. of gross floor area, professional fees at 10% on such cost and financing cost at 10% p.a.)

(2)

(2)

(excluding time required for land. acquisition and design and planning of the development)

HMG will bear HK$181 million (12.5%) of the land premium upon obtaining the land grant from HK Govt.

The "Developer" will bear HK$1,268 million (87.5%) of the land premium and

HK$1,070 million (100%) of the development expenditure and will undertake to complete the development.

HMG will be entitled to 150,000 sq.ft. of lettable floor area.

The "Developer" will be entitled to 341,400 sq.ft. of lettable floor area. Based on a rental value of HK$62 p.s.f., the "Developer" would obtain an internal rate of return in the order of 13%.

415

g.

Apportionment of

(1)

costs

h.

Apportionment of finished product

(1)

N.B.

All figures are approximate and indicative only; land premium, costs and rent are based on current day levels.