S.L. 573.16 Art. 8Computation and amount of ground rent.

(1) Every valuation in relation to these regulations shall be in conformity with the provisions of article 79 of the Act.

(2) In all cases, the applicable ground rent shall be of a value equivalent to two per cent (2%) of the freehold value as determined by the valuation in accordance with sub-regulation (1).

(3) In each case, the valuation carried out shall consider the property market values as of the application submission date, while taking into consideration the condition of the property, including any improvements made by the tenant. Any commercial benefits resulting from external areas, granted on encroachment terms by the government, shall not be included in the valuation.