Glossary

Buildings which are currently being developed. A building is deemed to be under construction when development proceeds beyond the laying of footings.

A statutory concept of value used mainly for rating and taxing purposes, which envisages the land as being in its virgin state but enjoying the benefits of all external factors which influence the value at a given date. Now obsolete. The value of the land as if all existing improvements thereupon, including site works, had never been build or made, but regarding all other lands as in their current circumstances, including all improvements, roads, services and amenities.

A single item; any standard of quantity by which other quantities of the same kind may be measured and expressed. A residential flat.