15 Jul 2005
FAN CHUN KEUNG v. THE SECRETARY FOR THE ENVIRONMENT, TRANSPORT AND WORKS
- Citation
- FAN CHUN KEUNG v. THE SECRETARY FOR THE ENVIRONMENT, TRANSPORT AND WORKS
- Court
- Lands Tribunal
- Case number
- LDMR5/2004
The Tribunal found the existing use to be a container vehicle park, concluded there were suitable sale comparables so the direct sale comparison method must be used rather than the investment approach, adjusted five nearby sale comparables to derive an adopted unit market value of $1,750 per sq.m., applied that unit rate to the resumed area of 3,835 sq.m. to get $6,711,250 and assessed severance diminution on 2,412.8 sq.m. at 30% of that unit rate ($525/sq.m.) giving $1,266,720, and ordered total compensation of $7,980,000 (rounded).