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
- CACV15/2015
The Court held that valuations under s.12 FSRO must use the same market expectations and public information as at the valuation date for both the value with marine rights and the value without marine rights; the legal fiction treating reclamation as having been 'treated as having taken place' does not permit different uncertainty/risk factors or a different timing assumption for the After valuation; 'godown' in Special Condition 3(a) requires a building (open storage/mid‑stream operation is not a godown), the Tribunal erred in failing to account for the three‑month sub‑tenancy delay and admit…