16 May 2016
PENNY\'S BAY INVESTMENT CO LTD v. DIRECTOR OF LANDS
- Citation
- PENNY\'S BAY INVESTMENT CO LTD v. DIRECTOR OF LANDS
- Court
- Court of Appeal
- Case number
- CACV115/2015
Court held the CFA principle stands but clarified that (1) the legal fiction of deemed reclamation does not change the market expectations to be applied — the same public knowledge and uncertainty must inform both valuations; (2) the Tribunal erred by applying a different uncertainty/risk factor and deferment for the After Value and must adjust the Before Value for the Cheoy Lee sub-tenancy and agreed demolition errors; (3) mid-stream open storage is not a 'godown' under the grant and questions as to 'general industrial' use and final quantum/remittal are to be referred back for determination…