19 Nov 2010
BEST ORIGIN LTD v. COMMISSIONER OF RATING AND VALUATION
- Citation
- BEST ORIGIN LTD v. COMMISSIONER OF RATING AND VALUATION
- Court
- Court of Appeal
- Case number
- CACV67/2008
The Court dismissed Best Origin's appeal, holding that under GRACO (and Rent Regulation 2) and the Rating Ordinance (s.7(2), s.7A(2)) a site being occupied as a development site is to be valued taking into account the present prospect of realising development potential; the hypothetical yearly tenancy may assume a reasonable duration and conduct enabling the developer to realise profits, and the Lands Tribunal was entitled to adopt the contractor's basis valuation and to include development potential in the assessment of government rent.