Lot 99, Mukim Lambor Kiri, Daerah Perak Tengah, Perak is a freehold agriculture land planted with 8 years old oil palm. This schedule land is a road frontage lot having an area of 9 acres and was gazette under Malay Reservation Land. On 20^thAugust 2017, a gazette notification under Section 4 of Land Acquisition Act 1960 (amended) was issued by the Land Administrator intending to acquire 4 acres of Lot 99 for "Kerian Agro Tourism Centre".Upon satisfied with the land, a declaration under section 8 was made dated on 22^ndAugust, 2018. In determining the market value of the scheduled land using the comparison approach, you have gathered the following sales transactions of agriculture land within the vicinity.

Lot No

Land Area (acre)

Date of Transaction

Consideration (RM/Per Acre)

Remarks

12

4

15.5.2017

55,000

Road Frontage, Malay Reservation Land, Freehold and Planted with 8 years old oil palm

17

9.5

25.8.2018

47,000

Road Frontage, Freehold and planted with 7 years old oil palm

18

8.5

27.4.2018

45,500

Road Frontage, Freehold and planted with 6 years old oil palm

22

8.8

11.6.2018

29,000

Road Frontage, Leasehold 99 years with unexpired term 82 years and planted with 6 years old oil palm

25

9

22.6.2016

40,000

Road Frontage, Freehold and planted with 8 years old oil palm

Based on the Paragraph 1 of the First Schedule of the Land Acquisition Act 1960 (Amended), explain the application of the principlesto be considered in determining the market value for the above situation.