Where the property the subject of the valuation report has been valued on an open market basis and by reference to the residual method, the valuation report should:

(1) state this fact;
(2) describe the valuation method used together with a brief description of that method in simple language;
(3) provide a statement showing:—
(a) gross development value of the various components in the proposed development with an explanation of any comparables used and the adjustments made to arrive at the figure for gross development value;
(b) construction costs based on the report of a properly qualified quantity surveyor as referred to in rule 8.23;
(c) all fees charged or to be charged;
(d) interest charges;
(e) developer's profit; and
(f) any other component or comparable figure used in the residual method; and
(4) describe the assumed development potential for the relevant property, including relevant plot ratios. Any approval or any indication from any competent authority which differs from the development potential or plot ratios assumed by the valuer should be set out in the valuation report. If no relevant approval has been obtained from a competent authority the valuer should state the source of and the basis of the assumptions used.