15 Oct 2014
PENNY’S BAY INVESTMENT CO LTD v. DIRECTOR OF LANDS
- Citation
- PENNY’S BAY INVESTMENT CO LTD v. DIRECTOR OF LANDS
- Court
- Lands Tribunal
- Case number
- LDMR23/1999
Apply CFA principle: Before value assumes continued exercisable marine rights at valuation date; After value assumes marine rights extinguished but not artificial assumptions such as completed reclamation or voluntary surrender. Mid‑stream/open container storage qualifies as 'godown' under the lease and is a viable use. Use appropriate comparables (KCTL sales preferred), apply justified adjustments and timing discount for uncertainty; calculated Before value HK$696,492,500, After value HK$685,540,000, compensation payable HK$10,952,500 payable by Director of Lands to applicant.