Page 155 - Urban Renewal Authority 2023-24 Annual Report

14. Balances with joint development projects (Continued)

The Group has the following active joint development projects as at 31 March 2024: (Continued)

Actual Expected
Total gross completion completion
Project Name/Location Land use floor area date date

(m ) (calendar year) (calendar year)
2
Hung Fook Street/ Commercial/Residential 48,942 – 2027
Kai Ming Street/
Wing Kwong Street
(Kowloon City)

Sung Hing Lane/ Commercial/Residential 8,804 – 2027
Kwai Heung Street
(Central & Western)

Wing Kwong Street/ Commercial/Residential 25,713 – 2027
Sung On Street
(Kowloon City)

Queen’s Road West/ Commercial/Residential 11,828 – 2028
In Ku Lane
(Central & Western)

@ Shing Tak Street/ Commercial/Residential 38,547 – 2029
Ma Tau Chung Road
(Kowloon City)

* Projects with commercial portions jointly held by the developer and the Group for letting and
pending for sale

@ Newly awarded projects 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.

URA ANNUAL REPORT 2023-24 153