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
- CACV120/2015
Court of Appeal held that the CFA formula (difference between open market value with and without marine rights at authorization date) must be applied using the same set of market expectations and the same assessment of uncertainty for both valuations; the Tribunal erred in treating the legal fiction that reclamation was completed as altering evidential risk/deferral; Tribunal wrongly treated open mid‑stream container storage as a 'godown' (which requires a warehouse/building); adjustments must be made to the Before valuation for sub‑tenancy and demolition errors and remaining valuation questi…