Formulating an equitable pro-development compensation model - Lessons from the pacific
- Publication Type:
- Conference Proceeding
- COBRA 2011 - Proceedings of RICS Construction and Property Conference, 2011, pp. 1523 - 1543
- Issue Date:
Many Pacific Island countries are challenged by aspirations for development and western commercialism that conflict with the desire to maintain the best of custom and traditional land stewardship. In this paper, we explore the development of an equitable compensation approach that applies the principles of marriage value (or synergistic value) to recognise the reliance that island communities have on customary fishing grounds. Waterside tourism ventures are a marriage between a hotel development and associated infrastructure on the land, and the need to access and use the adjoining lagoon or ocean for recreation activities. Likewise, mineral exploration and development in the interior requires access to waters edge wharf facilities for export purposes, which impacts ecologically on customary fishing grounds. We use an example where property rights over the customary fishing ground are sometimes held by traditional groupings from the interior rather than the waterfront landowning group on whose land, for example, a lease may have been granted for a resort development. Building on a detailed analysis of both the institutional arrangements and stakeholder interpretations, we combine these insights with lessons from other jurisdictions to explore and analyse five potential compensation models. We engage scenario analysis to allow the interests of the various stakeholders in a potential development to be reconciled, and this in turn allows for a discussion and elaboration on the appropriate valuation methods that can be applied, drawing on international best practice, through the integration of current International Valuation Standards.
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