Annual Report 2015
FINANCIAL SECTION
161
16 INVESTMENT PROPERTIES
(continued)
Valuation techniques
(continued)
Range of significant unobservable inputs
2015
Fair value
Valuation techniques
Unit price
Estimated
developer’s
profit and risk
margins
HK$m
Investment properties under
development
Commercial
31,573.3
Residual
HK$1,750–HK$53,500
per square feet
5.0%–25.0%
Carparks
1,323.3
Residual
HK$125,000–HK$262,500
per carpark space
0.3%–5.0%
Residential
83.8
Residual
HK$14,400 per square metre
7.0%
Total
32,980.4
Range of significant unobservable inputs
2014
Fair value
Valuation techniques
Prevailing market
rents per month
Unit price Capitalisation
rate
HK$m
Completed investment properties
Hong Kong
Commercial
29,396.6 Income capitalisation
HK$13–HK$435
per square feet
N/A
1.6%–7.5%
Carparks
1,279.0 Income capitalisation HK$2,800–HK$4,750
per carpark space
N/A
4.3%–6.5%
Mainland China
Commercial
15,275.1 Income capitalisation
HK$23–HK$267
per square metre
N/A
4.0%–8.8%
Carparks
4,559.1 Direct comparison
N/A
HK$81,000–
HK$437,000
per carpark space
N/A
Residential
2,680.8 Income capitalisation
HK$14–HK$202
per square metre
N/A 4.0%–15.0%
Total
53,190.6
