11-12 Headland Road

Review of Operations – Business in Hong Kong • Land Bank
Site area
(sq.ft.)
Expected gross
floor area in future
development
(sq. ft.)
Group’s
Interest
(%)
Expected attributable
gross floor area in
future development
(sq. ft.)
1. 19-21 Wong Chuk Hang Road, Hong Kong 14,298 214,303 50.00 107,152
2. 45-47 Pottinger Street /
Ezra’s Lane, Central,Hong Kong
3. 25 La Salle Road,
Kowloon Tong, Kowloon (Note 1)
9,067 94,190 19.095 17,986
13,467 24,241 100.00 24,241
4. 29 Lugard Road, The Peak, Hong Kong 23,653 11,824 100.00 11,824
5. 8 Wang Kwong Road
Kowloon Bay, Kowloon (Note 2)
21,528 174,789 100.00 174,789
6. 24 Lee Chung Street, Chai Wan, Hong Kong 11,590 173,842 100.00 173,842
7. 59-61 Wing Hong Street / 88-92 King Lam Street,
Cheung Sha Wan, Kowloon
24,854 298,248 100.00 298,248
8. 14-30 King Wah Road, North Point, Hong Kong 37,566 224,801 100.00 224,801
9. Yau Tong Bay, Kowloon 878,962 4,394,808 18.4357 810,214
Total: 1,034,985 5,611,046 1,843,097
Note 1: The site was previously held by the Group as a serviced apartment building.
Note 2: Under the Government’s new revitalization policy, the old industrial building (i.e., Big Star Centre) at this site may be converted into a hotel free of payment of any
fee for the land-use conversion; the related terms are pending Government’s fi nalization.
(II) Agricultural land
With agricultural land reserve of 40.6
million square feet in land area at the year
end, the Group continued to have the
largest holding of such land among all
property developers.
In parallel with the expansion of agricultural
land reserve, the Group has taken active
steps to apply for the land-use conversion
of a number of sites, with significant
progress made over the recent years.
Further to the finalization of the land-use
conversion for the site at Sha Tin Town Lot
502, Wu Kai Sha (with the total land cost of
HK$3,509 per square foot, including land
premium of HK$3,253 per square foot, of
gross floor area based on its total
developable gross floor area of
approximately 2.95 million square feet, of
which 56.75% or about 1.67 million square
feet is attributable to the Group) in the
preceding year, the land premium for the
residential site at Lot 5369, DD 116 at Tai
Tong Road, Yuen Long, was also finalized
with the total sum of HK$2,334.8 million
fully settled during the year. Based on the
expected total gross floor area of
approximately 1.175 million square feet in
development (of which 79.03% or
approximately 930,000 square feet is
attributable to the Group), the land
premium per square foot of gross floor area
was approximately HK$1,987 with the
total land cost per square foot of gross floor
area amounted to approximately HK$2,291.
Meanwhile, an adjacent land lot was also in
the final stage of land-use conversion and
upon finalization of the land premium, it
will be merged with the above development
at Tai Tong Road, improving the scalability
and expanding the total gross floor area of
this residential project to approximately 1.3
million square feet, of which 79.03% or
approximately 1.02 million square feet is
attributable to the Group.
Construction is underway for both sites at
Wu Kai Sha, Ma On Shan and Tai Tong
Road, Yuen Long and the Group will
expedite their developments, as well as
their sales/pre-sales programs. The project
of Wu Kai Sha, Ma On Shan will be
completed in phases and its first phase of
development of approximately 0.44 million
Henderson Land Development Company Limited
Annual Report 2010 47