603
Valuation No. 3.
Marine Lot 184.
As a Marine Lot in 1895 before the commencement of Praya Reclamation.
Gross rentals received for the year ending 1895,
Deductions :-
Crown Rent,
Rates,
Fire Insurance,
Repairs, ....
Wages,
Charges,
Capitalised at 6%-163 years' purchase,
Add 10 per cent. compulsory purchase,
Valuation No. 4.
Marine Lot 184.
Value as an Inland Lot now.
.$18,276.31
$9
249.00
858.00
95.75
197.21
1,200.00 269.46
$ 2,869.42
Net income,......
$ 15,406.89
Say,...
$ 15,400.00
-$256,666.00
25,666 00
Total,..............$282,332.00
Area 32,481 square feet at $2.50 per foot, Estimated value of old materials in Godowns,....
$81,202.00
5,000.00
$86,202.00
Total, say.......$86,000.00
The above gives our valuation of the property at the present time and we would point out that the Lot for Godown purposes has been completely ruined owing to the works of the Praya Reclamation and that being situated so far West and out of the Chinese residential districts we are of opinion that it would be many years before the property would pay to convert into Chinese houses and shops.
Summary.
It will be seen from Valuations 2 and 3 that the land of this particular Lot with the Godown business. was worth more than the $5 per square foot given in our Valuation (this value being about the price of land in the neighbourhood in 1895) and we are therefore of opinion that this property was worth $282,000.00
in 1895.
Yours faithfully,
(Sd.) LEIGH & ORANGE,
M.M. Inst. C.E.
The above is the report marked "A" referred to in the Statutory Declaration of
Robert Kennaway Leigh and James Orange.
Declared before me by the said Robert Kennaway Leigh and James Orange this
17th day of February, 1899.
(Sd.). A. SETH,
Acting Registrar and a Commissioner, etc.
No comments yet.
Private notes are available after approval.