Page:Land (Compulsory Sale for Redevelopment) Ordinance (Cap. 545).pdf/19

Valuation Report, Notice that Application has been Made and Apportionment of Proceeds

PART 1
Valuation Report

A valuation report, prepared not earlier than 3 months before the date on which the application under section 3(1) of the Ordinance is made, setting out the assessed market value of each property on the lot—

(a) on a vacant possession basis;

(b) assessed as if the lot could not be made the subject of an application for an order for sale; and

(c) not taking into account the redevelopment potential of the property or the lot.

PART 2
Notice that Application has been Made
under the Land (Compulsory Sale for
Redevelopment) Ordinance (30 of
1998) for the Sale of Lot No.
. . . . . . . . ./Lot Nos. . . . . . . . .* Located
at. . . . . . . . . . . . . . . . . . . . . . . . . . .

Persons occupying any part of the above lot/lots* are hereby notified that an application has been made under section 3(1) of the Land (Compulsory Sale for Redevelopment) Ordinance (30 of 1998) to the Lands Tribunal for an order to sell the lot/lots* for the purposes of the redevelopment of the lot/lots*.

It should be noted that if such an order for sale is made, the Lands Tribunal—

(a) may order compensation to be paid to a tenant (including any sub-tenant) of any property on such lot/lots* whose tenancy is terminated by the operation of the Land (Compulsory Sale for Redevelopment) Ordinance (30 of 1998); and

(b) may take into account the representations, if any, of the tenant as to whether compensation should be payable to the tenant and, if so, the amount of the compensation.

* Delete whichever is inapplicable.

PART 3
Basis of Apportionment of Proceeds of Sale of Lot

On a pro rata basis in accordance with—

(a) subject to paragraph (b), the values of the respective properties of each majority owner and each minority owner of the lot as assessed in the application concerned under section 3(1) of the Ordinance;