4 Feb 1997
MILLION-ADD DEVELOPMENT LTD AND ANOTHER v. SECRETARY FOR TRANSPORT
- Citation
- MILLION-ADD DEVELOPMENT LTD AND ANOTHER v. SECRETARY FOR TRANSPORT
- Court
- Lands Tribunal
- Case number
- LDMR3/1994
Tribunal pierced the corporate veil given common control, valued the five lots as an amalgamated Class A site on a hypothetical no-resumption basis including likely grant of bonus plot ratio and without requirement for a service lane; held Section 12(c) exclusion did not bar taking Building Authority discretions into account; adopted residual valuation assumptions (ground shops HKD22,000/psm; flats HKD16,500/psm; developers profit 20%; fees 6%; interest 11.5%; construction cost HKD3,750/psm) and awarded compensation of HKD19,200,000.