2 Nov 2021
FAMOUS CONCEPT DEVELOPMENT LTD v. THOUSAND TREASURE INVESTMENT LTD AND OTHERS
- Citation
- [2021] HKLdT 72
- Court
- Lands Tribunal
- Case number
- LDCS30000/2019
Applicant entitled to make the application (owns 32/39 undivided shares, above the 80% threshold under the 2010 Notice); redevelopment of the Lots is justified by reason of the age and state of repair based on uncontroverted expert building and structural reports demonstrating pervasive structural defects and disproportionate repair costs; applicant took reasonable steps to acquire minority shares by making offers informed by reputable valuers which exceeded EUV; RDV assessed by residual method produced a land value leading the Tribunal to set the auction reserve price at HKD 377,000,000; tru…