早前當局訂下青宿的租金，不應超過鄰近面積相若單位市值租金的六成，首次租期最少兩年、最多五年，青協以「3+2」為租約期，但不可逾五年，並保留調整租金的權利。
Address: 大埔墟寶鄉街2號
No. of storey = 17 (1/f – 3/f non-domestic, 4/f-17/f domestic)
No. of rooms = 61 (4 rooms per storey)
Room size per storey = 237sf, 258sf, 161sf, 205sf (total 861sf)
Common area per storey = about 500sf (2 lifts, 1 scissor-staircase, 1 corridor)
Footprint area = 1,361sf
Site coverage = 30% (est)
Plot ratio = 5 (est)
Total GFA = 22,000sf (est 1,040sf non-domestic + 20,960sf domestic)
Class of site: ?
Expected Building Height = 50m
OZP land use = GIC (require s.16 application approval for column 2 use – hostel, and height relaxation)
*No kitchens
**No windows for toilets
Expected rent = $3,000 – $4,000 per month (i.e. about $15.5 psf per month)
Tenancy terms = min. 2 years, max. 5 years, = 60% of comparables, adjustable rent.
Expected completion year = 2016/17
Expected construction cost = $66,000,000 ($3,000 psf)
Operator = YHA
Discussion questions:
1. Payback period: disregarding land premium and operational costs, it requires 23 years to payback the construction cost. If operational costs are taken into account, it requires 50 years to payback. If land premium is taken into account, it can never payback.
2. Est. Land premium: $128m (market rent = $7,000, annual rental income = $5m, discount rate = 4%)
3. What are the impacts of the youth hostel to the community?
