Page 156 - URA Annual Report 2020-21

NOTES TO THE FINANCIAL STATEMENTS
(expressed in Hong Kong Dollars)
14. Balances with joint development projects (Continued)
Project Name/Location
Peel Street/Graham Street – Site A
(Sheung Wan)
Tung Chau St / Kweilin St (Sham Shui Po)
Hang On Street (Kwun Tong)
Peel Street/Graham Street – Site C
(Sheung Wan)
Castle Peak Rd/Un Chau St (Sham Shui Po)
@Tonkin St/ Fuk Wing St (Sham Shui Po)
Land use
Commercial/Stadium and Youth Centre/Residential
Commercial/Residential
Commercial/Residential Commercial/Office/Hotel
Commercial/Residential Commercial/Residential
Total gross floor area
(m2) 9,630
13,409 6,661 41,202
14,841 9,675
Actual completion date
(calendar year) -
- - -
- -
Expected completion date
(calendar year) 2022
2023
2023
2024
2024 2025
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URA ANNUAL REPORT 2020-21
* 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.