Urban Renewal Authority 2018-19 Annual Report

160 (expressed in Hong Kong Dollars) NOTES TO THE FINANCIAL STATEMENTS 15. Balances with joint development projects (Continued) Project Name/Location Land use Total gross floor area (m 2 ) Actual completion date (calendar year) Expected completion date (calendar year) Grand Central (Kwun Tong) Commercial/Residential 179,248 – 2021 L•LIVING 23 (Tai Kok Tsui) Commercial/Residential 6,594 – 2021 Reclamation Street/ Shantung Street (Yau Ma Tei) Commercial/Residential 12,510 – 2022 Peel Street/Graham Street – Site A (Sheung Wan) Commercial/Stadium and Youth Centre/Residential 9,583 – 2022 Peel Street/ Graham Street – Site C (Sheung Wan) Commercial/Office/Hotel 41,585 – 2023 @ Tung Chau St/Kweilin St (Sham Shui Po) Commercial/Residential 13,410 – 2023 @ Castle Peak Rd/Un Chau St (Sham Shui Po) Commercial/Residential 14,841 – 2023 * Projects with commercial portions jointly held by the developer and the Group for letting and pending for sale @ Newly awarded project during the year The Group is entitled to returns which are predetermined in accordance with the provisions of the joint development agreements. In respect of the commercial portions of certain projects, the Group has reached supplemental agreements with the respective developers to extend the sale of the commercial portions to a few years after the issuance of the occupation permits. The Group shares certain percentage of any net proceeds derived from the operation of the commercial portions before the sale and includes it as surplus for the year and would also share the future sales proceeds at the same ratio. The Group would account for its share of sales proceeds as surplus from the joint development projects when these commercial portions are sold in the future.