Special Updates on
Dhamma Mutta Project
Special Update July 2009
Since the last update in 2008, the Tung Wan Project has moved another big step forward. We have received a revised offer from the Hong Kong Lands Department on 9 June 2009 reducing the land premium from $33.39M to $25.13M million (other terms and conditions remain unchanged as the previous offer). We are pleased with the government’s positive response and support to our application, with a reduction of about HK$8 million in the land premium.
However, the Tung Wan project team, after consultation with various land consultants and students with good experience in properties, has come up with the conclusion that the land premium is still too high. We think that the government has not fully considered the limitations of the deed’s terms and the cost of building infrastructure facilities, etc. Based on the above reasons, the team has proposed to appeal to the government for a lower land premium.
In order to save time, the project team has also proposed to employ professionals such as architects, structural and geotechnical engineers, to carry out further planning and design work in concurrent with the appeal. These proposals were accepted by all trustees and members present during the special meeting on June 28, 2009. The project team was authorized to proceed with all the works immediately.
Special Update September 2008
After years of anticipation and rounds of negotiations with the HKSAR government, the Dhamma Mutta Project has finally moved forward and taken a significant step.
On June 26, 2008, the Lands Department (hereon refered to as “LandsD”) has officially offered the Tung Wan land to us at a premium of HK$33.339 million subject to the following main terms :
Area of the Lot : 7,540 square meters
Lease Term : 50 years from the date of agreement
Administrative Fee : $ 201,600.00
Rent : An annual rent of an amount equal to 3% of
the rateable value from time to time of the lot
The premium offered is much higher than our expectations and beyond our consultant’s initial estimation. The Tung Wan Project Management Committee (“TWPMC”) has taken immediate action and responded to the government upon receiving of the LD’s offer :
- writing to LandsD for extension to respond to the District Lands Office/Island (“DLO/Is”) offer.
- arranging meeting with the Home Affairs Bureau (“HAB”) for their support to reduce land premium
As a result of the Project Team’s effort :
- The LandsD has kindly agreed to withdraw their letter and promised to make a new offer in September 2008.
- A meeting was held in early July 2008, where our representatives met with officials from HAB and LandsD. We have expressed our stance and reasons for not accepting the government’s offer and requested the government to consider reducing the land premium taking into account that the land is not used for commercial purpose, but as a venue for learning and practicing meditation.
- Subsequent to the meeting, we have followed up by preparing our formal response in writing to the HAB in which we detailed our request and substantiations for reducing the land premium.
Additional Information
May all beings be happy!
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