Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Highest and best use

Legal area

Court

21 Aug 2015

ELTRON DEVELOPMENT LTD v. DIRECTOR OF LANDS

Citation

ELTRON DEVELOPMENT LTD v. DIRECTOR OF LANDS
Court

Lands Tribunal
Case number

LDLR4/2013

The Tribunal accepted market value as at 2 June 2012 on a vacant possession basis, rejected numerous comparables as unreliable due to excessive or inappropriate adjustments, accepted five comparables with reasoned adjustments, calculated an average adjusted unit rate of $1,259,399/sq m and determined the market value of the Property (27.8 sq m) at $35,000,000; consequential claims for interest, professional fees and costs were adjourned.
19 Jun 2001

Nam Chun Investment Co. Ltd. v. The Director of Lands

Citation

Nam Chun Investment Co. Ltd. v. The Director of Lands
Court

Lands Tribunal
Case number

LDLR3/2000

The Tribunal held that section 12(c) restricts compensation for expectancies attaching to the resumed land only and does not automatically exclude use of comparables involving development potential where those comparables concern different land; the Lots' highest and best use at the valuation date was medium-density residential, the Applicant's residential-zoned comparables were admissible and reliable, a vacant possession OMV of $12,000/m2 was reasonable, but a 12% capitalisation/discount rate was preferred, producing total compensation of $57,495,000 payable to the Applicant.