❓ Hon Nigel Hallett questions a potential undervaluation of land sold by the South West Development Commission to the Bunbury Port Authority. The answer explains the sale was part of a pre-existing agreement and the reported loss reflects the completion of that agreement.
AnsweredQoN 5622Legislative Council
QuestionView source ↗
(2) If the land was sold under value, why was this the case?
AnswerView source ↗
Answered
27 November 2007
Responded by
Leader of the House representing the Minister for South West
Response time
13 days
(1) The land area is a part of a total of 16 lots which were the subject of an offer and acceptance signed with the Bunbury Port Authority in 2004. The land was valued in 2004 by the Valuer General at $1.6 million.
The offer and acceptance, as a condition of sale, required the land be identified as three separate parcels with settlement occurring for each individual parcels in 2004/05 ($595,000), 2005/06 ($504,000) and 2006/07 ($501,000) respectively.
The figure provided on page 59 of the South West Development Commission Annual Report for 2006/07 shows the final parcel of land being transferred at the agreed settlement price of $501,000.
Page 62 of the South West development Commission Annual Report for 2006/07 refers to the revaluation of the remaining parcel of land following unprecedented growth in land valuations in the area. However, the valuation did not take into account that the subject land was subject to an offer and acceptance with the Bunbury Port Authority.
(2) The explanation for the reported loss is simply that this remaining parcel of land was subject to an offer and acceptance completed with the Bunbury Port Authority in 2004 and represents completion of the settlement.
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The offer and acceptance, as a condition of sale, required the land be identified as three separate parcels with settlement occurring for each individual parcels in 2004/05 ($595,000), 2005/06 ($504,000) and 2006/07 ($501,000) respectively.
The figure provided on page 59 of the South West Development Commission Annual Report for 2006/07 shows the final parcel of land being transferred at the agreed settlement price of $501,000.
Page 62 of the South West development Commission Annual Report for 2006/07 refers to the revaluation of the remaining parcel of land following unprecedented growth in land valuations in the area. However, the valuation did not take into account that the subject land was subject to an offer and acceptance with the Bunbury Port Authority.
(2) The explanation for the reported loss is simply that this remaining parcel of land was subject to an offer and acceptance completed with the Bunbury Port Authority in 2004 and represents completion of the settlement.
Notice: This document is created or edited using unregistered or evaluation copy of rtLib valid for testing or development purposes only. To use it for productive or any other purposes please register it. You may purchase the license on
http://www.rtlib.com
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