16Purchase price

16 Purchase price (1) The Minister may determine that a purchase price is payable in respect of an estate in fee simple or a lease, with or without improvements, and, where the Minister does so, the Minister shall fix the purchase price or the reserve price, or determine the manner in which the purchase price shall be fixed, and may determine the amount or the percentage of the purchase price or reserve price that shall be paid by a successful purchaser on entering into a contract for the purchase of the estate in fee simple or the lease. (2) For the purposes of subsection (1), the Minister may require the Valuer-General to make a valuation of an area of land or of a proposed lease.