第6部份：物業估價的原則及實務

Q1

金龍物業估價師偉業正就九龍塘雅麗苑一個實用面積約750平方呎的住宅單位進行估值。他從市場上找到以下三宗近期成交個案作為比較基礎： 成交甲：同屋苑低層單位，實用面積750平方呎，三個月前以$800萬成交，享有良好山景； 成交乙：鄰近屋苑同類型單位，實用面積780平方呎，一個月前以$858萬成交，座向與目標單位相同； 成交丙：同屋苑高層單位，實用面積750平方呎，六個月前以$780萬成交，同樣享有山景。 目標單位為中層，享有山景，現時市場整體呈輕微上升趨勢（過去三個月升幅約3%）。 根據比較法的基本原則，下列哪個陳述最能正確反映偉業在進行調整時應考慮的因素？

Wai Yip, a valuer at Golden Dragon Property, is valuing a residential unit at Elegant Court, Kowloon Tong, with a saleable area of approximately 750 sq ft. He has identified the following three recent comparable transactions: Transaction A: Low-floor unit in the same estate, saleable area 750 sq ft, transacted 3 months ago at $8,000,000, with a good mountain view; Transaction B: Similar unit in an adjacent estate, saleable area 780 sq ft, transacted 1 month ago at $8,580,000, same orientation as the subject unit; Transaction C: High-floor unit in the same estate, saleable area 750 sq ft, transacted 6 months ago at $7,800,000, also with a mountain view. The subject unit is on a middle floor with a mountain view, and the market has shown a slight upward trend (approximately 3% over the past 3 months). According to the fundamental principles of the Comparison Method, which of the following statements most correctly reflects the adjustments Wai Yip should consider?

• A. 成交甲由於面積與目標單位相同，毋須作出任何調整，可直接採用每呎$10,667作為估值基礎。
• B. 成交乙需要就面積差異、市場時間調整及屋苑位置差異作出調整，調整後每呎單價方可用於比較。
• C. 成交丙由於成交日期距今最遠，可靠性最低，估值師應完全摒棄此成交個案，不予考慮。
• D. 三宗成交均來自同一地區，地點因素無需調整，估值師只需就樓層差異及成交時間作出調整即可。
• E. 由於目標單位位處中層而成交甲為低層、成交丙為高層，估值師應先計算兩者平均每呎單價，以此平均值代表中層單位的估值，毋須再作其他調整。

• A. Since Transaction A has the same saleable area as the subject unit, no adjustment is required and the unit rate of $10,667 per sq ft can be directly adopted as the valuation basis.
• B. Transaction B requires adjustments for size difference, time adjustment for market movement, and location difference between estates before the adjusted unit rate can be used for comparison.
• C. Since Transaction C is the most distant in time, it has the lowest reliability and the valuer should completely disregard this transaction.
• D. As all three transactions are located in the same district, no location adjustment is required; the valuer only needs to adjust for floor level and transaction time.
• E. Since the subject unit is on a middle floor while Transaction A is low-floor and Transaction C is high-floor, the valuer should simply average their unit rates to represent the middle-floor value without further adjustment.

顯示答案 / Show Answer

正確答案 / Correct Answer: B

• 根據香港測量師學會估價準則，採用比較法時須就每宗可比較成交個案的所有差異因素（包括面積、樓層、地點、成交時間及景觀等）進行系統性調整，方可得出可靠的估值基礎。
• 比較法的核心原則要求估值師識別並量化每項調整因素，包括：（一）時間調整（反映市場升跌）；（二）地點調整（鄰近或不同屋苑之差異）；（三）物業個別特徵調整（樓層、景觀、面積等），以確保各比較個案調整後具可比較性。
• 政府估價署評估方法亦指出，可比較成交個案之選取應盡量接近估值日期，但距離較遠之成交並非完全不可採用，而是須配合適當之時間調整方可使用。

• According to the Hong Kong Institute of Surveyors Valuation Standards, when applying the Comparison Method, systematic adjustments must be made for all differential factors in each comparable transaction (including size, floor level, location, time of transaction, and view) before a reliable valuation basis can be established.
• The core principle of the Comparison Method requires the valuer to identify and quantify each adjustment factor, including: (i) time adjustments (reflecting market movement); (ii) location adjustments (differences between adjacent or different estates); and (iii) individual property characteristic adjustments (floor level, view, size, etc.) to ensure comparability after adjustment.
• The Rating and Valuation Department's assessment methodology also indicates that comparable transactions should ideally be as close as possible to the valuation date, but transactions from more distant dates are not entirely unusable — they require appropriate time adjustments before application.

Q2

明星地產估價師美玲受委託，就位於大埔工業邨龍昌路8號的一幢單一業主擁有的特殊用途工廠大廈進行市值估值。該廠房樓齡已達25年，建築面積約45,000平方呎，現時用作生產特定工業產品，市場上幾乎沒有可資比較的成交個案。美玲決定採用「成本法」進行估值。根據香港測量師學會估價準則及政府估價署的評估原則，下列哪個選項最準確地描述採用成本法估值時的計算步驟及折舊考慮？

Valuer Mei-Ling from Bright Star Properties has been commissioned to assess the market value of a special-purpose industrial building located at No. 8 Lung Cheong Road, Tai Po Industrial Estate. The building is 25 years old with a gross floor area of approximately 45,000 sq ft and is used for manufacturing a specific industrial product. There are virtually no comparable market transactions available. Mei-Ling decides to adopt the Cost Approach. According to the Hong Kong Institute of Surveyors Valuation Standards and the principles applied by the Government Rating and Valuation Department, which of the following options most accurately describes the calculation steps and depreciation considerations when applying the Cost Approach?

• A. 首先估算土地的現時市值，然後計算建築物的重置成本（即以現時建築費用重建同等功能建築物的費用），再就實際樓齡、功能過時及經濟過時三方面扣減折舊，最後將調整後的建築物淨值與土地價值相加，得出物業總價值。
• B. 首先估算土地的現時市值，然後計算建築物的重建成本（即完全複製現有建築物所需的費用），而折舊方面只需按實際樓齡以直線法計算，毋須考慮功能過時或經濟過時，最後將調整後建築物淨值與土地價值相加。
• C. 成本法不適用於工業物業，因為工業物業必須採用收益法（即資本化法）估值，政府估價署對所有工業廠房均規定使用收益法作為主要估價方法。
• D. 採用成本法時，建築物的折舊只需考慮實體損耗，無須考慮功能過時或經濟過時，因為後兩者只適用於住宅物業的估值，而估算土地價值時應採用假設土地淨空後的市值。
• E. 成本法的計算程序是先確定重置成本，然後只扣減因維修保養不足所引起的物理損耗，並毋須估算獨立的土地價值，因為土地成本已包含於重置成本之內。

• A. First estimate the current market value of the land; then calculate the replacement cost of the building (i.e. the cost to construct a modern equivalent building with the same utility); then deduct depreciation for physical deterioration, functional obsolescence, and economic obsolescence; finally add the depreciated building value to the land value to arrive at the total property value.
• B. First estimate the current market value of the land; then calculate the reproduction cost of the building (i.e. exact replica cost); depreciation is only applied on a straight-line basis by reference to actual age, with no need to consider functional or economic obsolescence; finally add the depreciated building value to the land value.
• C. The Cost Approach is not applicable to industrial properties, as industrial buildings must be valued using the Income Approach (capitalisation method); the Rating and Valuation Department mandates the use of the Income Approach as the primary method for all industrial premises.
• D. Under the Cost Approach, depreciation of the building only accounts for physical deterioration; functional and economic obsolescence need not be considered as these only apply to residential property valuations; the land value should be estimated as if the site were cleared and vacant.
• E. The Cost Approach procedure involves determining the replacement cost and then deducting only physical deterioration caused by inadequate maintenance; no separate land value needs to be estimated as land cost is already embedded within the replacement cost.

顯示答案 / Show Answer

正確答案 / Correct Answer: A

• 成本法（Cost Approach）適用於市場上缺乏可比較成交個案的特殊用途物業，如工業廠房、學校、廟宇等，乃香港測量師學會估價準則認可的五大估價方法之一。
• 成本法的標準程序包括：（1）估算土地現時市值（假設淨空狀態）；（2）計算建築物重置成本（Modern Equivalent Asset，即以現時建築費建造功能相同建築物的費用）；（3）扣減三類折舊：實體損耗（Physical Deterioration）、功能過時（Functional Obsolescence）及經濟過時（Economic Obsolescence）；（4）將折舊後建築物淨值加上土地價值，得出物業總值。
• 重置成本（Replacement Cost）與重建成本（Reproduction Cost）有所不同：重置成本指建造功能相當的現代等效建築物的費用，而重建成本則指完全複製現有建築物的費用；在成本法估值中，一般採用重置成本。

• The Cost Approach is applicable to special-purpose properties with few or no comparable market transactions, such as industrial plants, schools, and temples; it is one of the five valuation methods recognised by the Hong Kong Institute of Surveyors Valuation Standards.
• The standard procedure of the Cost Approach involves: (1) estimating the current market value of the land (assumed vacant and available); (2) calculating the replacement cost of the building (Modern Equivalent Asset — the cost to construct a building of equivalent utility using current construction costs); (3) deducting three categories of depreciation: physical deterioration, functional obsolescence, and economic obsolescence; (4) adding the depreciated building value to the land value to arrive at total property value.
• Replacement Cost differs from Reproduction Cost: Replacement Cost refers to the cost of constructing a modern equivalent building with the same utility, whereas Reproduction Cost refers to the cost of creating an exact replica of the existing building; in Cost Approach valuations, Replacement Cost is generally adopted.

Q3

恒豐地產估價師建國受委託，就位於灣仔駿業街18號「駿業商業中心」一個實用面積約1,200平方呎的商業樓層單位進行市值評估。該單位現時由一零售商戶承租，月租為港幣48,000元，但建國經研究後確認，同區同類單位的市場租值（MRV）為每月港幣54,000元。根據市場資料，類似商業投資物業的一般資本化率（Capitalisation Rate）為5.5厘。同時，估價師估計該物業每年的物業管理費、地租及差餉等應由業主承擔的經常性支出合共約為每月租金收入的15%。在採用收益法（Income Approach / Capitalisation Method）進行估值時，下列哪個選項正確地反映估算該單位市值的計算程序及結果（金額取整至最接近萬元）？

Mr. Kin-kwok, a valuer at Hang Fung Properties, has been commissioned to assess the market value of a commercial floor unit with a saleable area of approximately 1,200 sq ft located at Unit 18, Chun Yip Commercial Centre, Wan Chai. The unit is currently leased to a retail tenant at a monthly rent of HK$48,000. However, after conducting market research, Kin-kwok confirms that the Market Rental Value (MRV) for comparable units in the same district is HK$54,000 per month. Based on market evidence, the prevailing capitalisation rate for similar commercial investment properties is 5.5%. The valuer also estimates that recurrent outgoings payable by the landlord, including management fees, government rent and rates, amount to approximately 15% of the monthly rental income. When adopting the Income Approach (Capitalisation Method), which of the following options correctly reflects the calculation procedure and the resulting market value estimate for the subject unit (rounded to the nearest HK$10,000)?

• A. 以市場租值每月港幣54,000元計算年租值，扣除15%支出後得出淨年租金收入，再除以資本化率5.5厘，估值約為港幣1,000萬元。
• B. 以合約租金每月港幣48,000元計算年租值，扣除15%支出後得出淨年租金收入，再除以資本化率5.5厘，估值約為港幣890萬元。
• C. 以市場租值每月港幣54,000元計算年租值，毋須扣除任何支出，直接除以資本化率5.5厘，估值約為港幣1,178萬元。
• D. 以合約租金每月港幣48,000元計算年租值，毋須扣除任何支出，直接除以資本化率5.5厘，估值約為港幣1,047萬元。
• E. 以市場租值每月港幣54,000元計算年租值，扣除15%支出後得出淨年租金收入，再乘以資本化率5.5厘，估值約為港幣33,660元。

• A. Using the MRV of HK$54,000 per month to derive the annual rental value, deducting 15% for outgoings to arrive at the net annual income, then dividing by the capitalisation rate of 5.5%, giving an estimated value of approximately HK$10,000,000.
• B. Using the contract rent of HK$48,000 per month to derive the annual rental value, deducting 15% for outgoings to arrive at the net annual income, then dividing by the capitalisation rate of 5.5%, giving an estimated value of approximately HK$8,900,000.
• C. Using the MRV of HK$54,000 per month to derive the annual rental value, with no deduction for outgoings, dividing directly by the capitalisation rate of 5.5%, giving an estimated value of approximately HK$11,780,000.
• D. Using the contract rent of HK$48,000 per month to derive the annual rental value, with no deduction for outgoings, dividing directly by the capitalisation rate of 5.5%, giving an estimated value of approximately HK$10,470,000.
• E. Using the MRV of HK$54,000 per month to derive the annual rental value, deducting 15% for outgoings to arrive at the net annual income, then multiplying by the capitalisation rate of 5.5%, giving an estimated value of approximately HK$33,660.

顯示答案 / Show Answer

正確答案 / Correct Answer: A

• 收益法估值的核心原則：市場估值應以市場租值（Market Rental Value）而非合約租金為基礎，以反映物業於估值日期的公開市場價值，符合香港測量師學會《估價準則》第3號（HKIS Valuation Standards VS 3）的要求。
• 淨租金收入的計算：須從總租金收入扣除業主須承擔的所有應付支出（如差餉、地租、管理費等）後，方可得出用於資本化的淨收入（Net Income）。
• 資本化公式：市場估值 = 淨年租金收入 ÷ 資本化率（Capitalisation Rate），資本化率反映市場對該類型物業投資風險及回報的預期，切勿將除法誤作乘法。

• Core principle of the Income Approach: Market valuation should be based on Market Rental Value (MRV) rather than contract rent, in order to reflect the open market value of the property at the valuation date, consistent with the requirements of HKIS Valuation Standards VS 3.
• Calculation of net rental income: All outgoings payable by the landlord (such as rates, government rent, and management fees) must be deducted from gross rental income before the net income figure is capitalised.
• Capitalisation formula: Market Value = Net Annual Income ÷ Capitalisation Rate. The capitalisation rate reflects market expectations of risk and return for that property type; the division must not be confused with multiplication.