My Analysis: No synergy value in valuation, page-172

Hi Bloky
I'm with you. How would any of us feel if we owned a block of land for years and suddenly Mr Developer makes us an offer. We go to a real estate agent for a valuation and get a figure. We think it might be a bit low and ask why. He says he can only value it as a housing block because that is the current zoning. He says sorry he can't take into account that he knows it can easily be rezoned and that Mr Developer will build a high rise and make multi millions.
In real estate future potential is legally taken into account. Why has the RAP potential been so low balled by the independent valuer ?????