Land Development Agency Act 2021


Register and acquisition of relevant public land by Agency

Definitions (Part 7)

49. In this Part—

“market value”, subject to section 55 (7), means the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion;

“valuation date” means the valuation date within the meaning of section 55 (3).