Page 166 - URA Annual Report 2021-22

NOTES TO THE FINANCIAL STATEMENTS
(expressed in Hong Kong Dollars)
15. Balances with joint development projects (Continued)
Project Name/Location
The Harmonie (Sham Shui Po)
One Central Place (Sheung Wan)
Peel Street / Graham Street – Site C
(Sheung Wan)
Tonkin Street / Fuk Wing Street (Sham Shui Po)
@Oak Street / Ivy Street (Yau Tsim Mong)
@Bailey Street / Wing Kwong Street (Kowloon City)
@Hung Fook Street / Ngan Hon Street (Kowloon City)
@Hung Fook Street / Kai Ming Street / Wing Kwong Street (Kowloon City)
Land use
Commercial/Residential
Commercial/Stadium and Youth Centre/ Residential
Commercial/Office/Hotel
Commercial/Residential
Commercial/Residential Commercial/Residential
Commercial/Residential
Commercial/Residential
Total gross floor area
(m2) 14,841
9,630 41,460
9,675
5,985 66,654
41,229
48,942
Actual completion date
(calendar year) -
- -
-
- -
-
-
Expected completion date
(calendar year) 2023
2024 2024
2025
2026 2027
2027
2027
*
@
Projects with commercial portions jointly held by the developer and the Group for sale
Newly awarded project during the year
for letting and pending
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
160 the future.