Cashflow Option1
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PARTICULAR INFORMATION OF PROPOSED DEVELOPMENT Lot Mukim District State Project type No. Of Star Land area
: : : : : : :
948 BESERAH KUANTAN PAHANG DARUL MAKMUR RESORTS 3 1.90 Hectares 4.70 Acres 204,732 sq.ft
Development period Development pattern Land value
: : : : : :
2 years Built - Operate - Sell RM8.00 psf RM1,637,856 9% 8%
All Risk Yield Borrowing Rate
PROPOSED DEVELOPMENT Types Of Room 1.0 Deluxe 2.0 Chalet TOTAL Others Restaurant Swimming Pool Parking Bay Multi Purpose Hall
No. Of Rooms Size (sq.ft) 90 540 40 364 130 No. of Unit 1 1 100 1
Size (sq.ft) 3,000 2,690 128 32,000
Total 48,600 14,560
3,000 2,690 12,800 32,000
Growth, IRF Yield, & 3 YP k : All Risk Yield e (f/h) : Equated Yield (freehold) e (l/h) : Equated Yield (leasehold) t : Rent Review Pattern xt r : Rent Review Pattern g : Growth Outgoings SC IRFY
= = = = = = = = = =
8.00% 10% 12% 3 years 88 years 20 years 2.1597% 16% p.a RM 0.32 p.m / p.s.ft 7.67%
GROWTH IRRG
g
=
YP perp @ k - YP t yrs @ e YP perp @ k x PV t yrs @ e
=
12.5 12.5
=
10.0131 9.39
=
1.07
=
2.1597%
x
2.4869 0.7513
2.16%
IRFY = ( 1 + e(l/h)) 1+g
-1
=
-1
110% 102.16%
IRFY = 7.67%
3YP = YP For (t) yrs @Xe (l/h) YP For (xt-r) yrs @ IRFY YP For (t) yrs @ IRFY YP For 3 yrs @ 11% X
=
2.4018
3YP = 11.9936
X
YP For 68 yrs @ 9.63% YP For 3 yrs @ 9.63% 12.9447 2.5923
A. GROSS DEVELOPMENT VALUE
TYPE OF ROOM
TOTAL ROOM
UNIT
ROOM RATE PER DAY (RM)
1.0 Deluxe 1.1 Weekdays 1.2 Weekends 1.3 Public Holidays
90 90 90
rooms rooms rooms
RM140 RM160 RM160
2.0 Chalet 2.1 Weekdays 2.2 Weekends 2.3 Public Holidays
40 40 40
rooms rooms rooms
RM120 RM140 RM140
Average occ. Rate GROSS INCOME FROM ROOM plus: OTHER INCOME a) Restaurant less Purchasing Cost of Sale ( F&B ) b) Multi Purpose Hall c) Pub and Lounge d) Function e) Souvenir and gift shop
40% 30%
from from
RM5,014,540 RM2,005,816
1 1 1 1
unit unit unit unit
RM500 RM2,000 RM1,500 RM1,500
1 2 3 10 1 4 3 2
person persons persons persons persons persons persons persons
RM7,000 RM3,500 RM1,300 RM1,000 RM1,300 RM800 RM700 RM800
OTHER GROSS INCOME FROM RESORT less: OPERATING EXPENSES a) Salary 1. General Manager 2. Assistance General Manager 3. Administration 4. Cleaner & Housekeeping 5. Driver 6. Security 7. Gardener 8. Valet
b) income tax c) EPF & SOCSO
3%
of salary
11%
of salary
d) Stationery
RM700
e) Utility bills
RM60,000
f) Promotion & Marketing g) Transportation & Uniform h) Room Up-keep i) Insurance j) Interest (on working capital) k) Repairs and renewal Pillows and mattress Furniture Bed Sheets Electrical items
l) Laundry TOTAL OPERATING EXPENSES DIVISIBLE BALANCE less: OPERATOR'S SHARE
40%
GROSS RENT less: OUTGOINGS a) Insurance b) Maintenance c) Quit Rent d) Management
TOTAL NET RENT YP in perp
GROSS DEVELOPMENT VALUE
9%
B. DEVELOPMENT COST
TYPE OF DEVELOPMENT COST
QUANTITY
UNIT
COST PERUNIT
1.0 PRELIMINARIES
4.7
acre
RM10,000
2.0 SITE PREPARATION 2.1 Site Inspection 2.2 Site Clearance 2.3 Earthwork
4.7 4.7 4.7
acre acre acre
RM15,000 RM10,000 RM20,000
130 2,690
unit sq.ft
RM200 RM50
12,800 2
sq.ft unit
RM15 RM150,000
59,400 14,560 3,000 32,000 2,000
sq.ft sq.ft sq.ft sq.ft sq.ft
RM90 RM70 RM70 RM50 RM60
4.7
acre
RM20,000
3.0 INFRASTRUCTURE 3.1 Road and drainage 3.2 Sewerage 3.3 Electrical Supply 3.4 Water Supply 3.5 Telecommunication 3.6 Swimming Pool 3.7 Sports Facilities 3.8 Parking Bay 3.9 Lift 3.10 Contribution to relevant authorities 4.0 BUILDING COST 4.1 Main Building 4.2 Chalet 4.5 Restaurant 4.6 Multi Purpose Hall 4.7 Pub & Lounge Total building construction cost 5.0 LANDSCAPING 6.0 PROFESSIONAL FEES 5.1 Building Works 5.2 Infrastructure Works
8% 6%
7.0 PROJECT MANAGEMENT COST
24
8.0 MARKETING & ADVERTISING
2%
of
9.0 FURNITURE 9.1 Room a. Deluxe b. Chalet
90 40
rooms rooms
of 4.0 of 3.0 months
RM8,295,200 RM1,002,500 RM12,000 RM23,548,122
RM20,000 RM10,000
9.2 9.3 9.4 9.5
Main Lobby Restaurant Kitchen facilities Pub & Lounge
10.0 INTEREST ON FINANCE 10.1 Project Financing
8%
of 1
RM12,575,466 year
11.0 CONTINGENCIES
5%
of
RM14,792,881
12.0 LAND COST 12.1 Land cost 12.2 Acquisition cost 12.3 Holding cost for 2 years
204,732 5% 8%
sq.f of of
RM8 RM1,637,856 RM1,719,749
TOTAL DEVELOPMENT COST
ANALYSIS OF PROFIT PERCENTAGE
GROSS DEVELOPMENT VALUE less TOTAL DEVELPOPMENT COST
RM23,548,122
DEVELOPER'S PROFIT
RM6,203,598
PROFIT % AS PER GDV
PROFIT % AS PER TDC
RM17,344,525
=
Total Profit Gross Development Value
=
26%
=
Total Profit Total Development Cost
=
36%
OCCUPANCY RATE
TOTAL DAYS GROSS PER YEAR DEVELOPMENT VALUE
65% 90% 95% 83%
234 121 10
RM1,916,460 RM1,568,160 RM136,800
65% 90% 95% 83%
234 121 10
RM730,080 RM609,840 RM53,200
83%
RM5,014,540
RM1,404,071 60% 35% 35% per month
365 365 365 12
RM109,500 RM255,500 RM191,625 RM18,000 RM6,993,236
x x x x x x x x
12 12 12 12 12 12 12 12
months months months months months months months months
RM84,000 RM84,000 RM46,800 RM120,000 RM15,600 RM38,400 RM25,200 RM19,200 RM433,200
RM433,200
RM12,996
RM12,996
RM47,652
RM47,652
x 12 months
RM8,400
RM8,400
x 12 months
RM720,000
RM720,000
RM240,000
RM240,000
RM200,000
RM200,000
RM280,000
RM280,000
RM200,000
RM200,000
RM250,000
RM250,000
RM50,000 RM90,000 RM60,000 RM100,000 RM300,000 RM110,000
RM110,000
RM2,802,248 RM4,190,988 from divisible balance
RM1,676,395
RM2,514,593
RM62,865 RM251,459 RM5,500 RM75,438 RM395,262
RM2,119,331 11.11
RM23,548,122
DEVELOPMENT COST
TOTAL DEVELOPMENT COST
RM47,000
RM47,000
RM70,500 RM47,000 RM94,000
RM211,500
RM50,000 RM100,000 RM50,000 RM50,000 RM26,000 RM134,500 RM50,000 RM192,000 RM300,000 RM50,000
RM1,002,500
RM5,346,000 RM1,019,200 RM210,000 RM1,600,000 RM120,000 RM8,295,200 RM94,000
RM94,000
RM663,616 RM60,150
RM723,766
RM288,000
RM288,000
RM470,962
RM470,962
RM1,800,000 RM400,000
RM70,000 RM65,000 RM75,000 RM50,000 RM2,460,000 RM1,006,037
RM1,006,037
RM739,644
RM739,644
RM1,637,856 RM81,893 RM286,166
RM2,005,915
RM17,344,525
NTAGE
Total Profit oss Development Value 26%
[15% - 25%]
Total Profit otal Development Cost 36%
[20% - 50%]
A. GROSS DEVELOPMENT VALUE
TYPE OF ROOM
TOTAL ROOM
UNIT
ROOM RATE PER DAY (RM)
OCCUPANCY RATE
1.0 Deluxe 1.1 Weekdays 1.2 Weekends 1.3 Public Holidays
90 90 90
rooms rooms rooms
RM140 RM160 RM160
65% 90% 95% 83%
2.0 Chalet 2.1 Weekdays 2.2 Weekends 2.3 Public Holidays
40 40 40
rooms rooms rooms
RM120 RM140 RM140
65% 90% 95% 83%
Average occ. Rate
83%
GROSS INCOME FROM ROOM plus: OTHER INCOME a) Food & Beverages less Purchasing Cost of Sale ( F&B )
40% 30%
from from
RM5,014,540 RM2,005,816
1 1 1 1
unit unit unit unit
RM500 RM2,000 RM1,500 RM1,500
a) Salary 1. General Manager 2. Assistance Genaral Manager 3. Administration 4. Cleaner & Housekeeping 5. Driver 6. Security 7. Gardener 8. Valet
1 2 3 10 1 4 3 2
person persons persons persons persons persons persons persons
RM7,000 RM3,500 RM1,300 RM1,000 RM1,300 RM800 RM700 RM800
b) Income tax
3%
of salary
11%
of salary
b) Multi Purpose Hall c) Pub and Lounge d) Funtion e) Souvenir and gift shop
60% 35% 35% per month
GROSS INCOME FROM RESORT less: OPERATING EXPENSES
c) EPF & SOCSO
x x x x x x x x
12 12 12 12 12 12 12 12
months months months months months months months months
d) Stationery
RM700
x 12 months
e) Utility bills
RM60,000
x 12 months
f) Promotion & Marketing g) Transportation & Uniform h) Room Up-keep i) Insurance j) Interest (on working capital) k) Repairs and renewal Pillows and mattress Furniture Bed Sheets Electrical items
l) Laundry TOTAL OPERATING EXPENSES DIVISIBLE BALANCE less: OPERATOR'S SHARE
40% from divisible balance
GROSS RENT less: OUTGOINGS a) Insurance b) Maintenance c) Quit Rent d) Management
TOTAL NET RENT YP in perp
GROSS DEVELOPMENT VALUE
B. DEVELOPMENT COST
9%
TYPE OF DEVELOPMENT COST
QUANTITY
UNIT
COST PERUNIT
DEVELOPMENT COST
1.0 PRELIMINARIES
4.7
acre
RM10,000
RM47,000
2.0 SITE PREPARATION 2.1 Site Inspection 2.2 Site Clearance 2.3 Earthwork
4.7 4.7 4.7
acre acre acre
RM15,000 RM10,000 RM20,000
RM70,500 RM47,000 RM94,000
unit sq.ft
RM200 RM50
sq.ft unit
RM15 RM150,000
RM50,000 RM100,000 RM50,000 RM50,000 RM26,000 RM134,500 RM50,000 RM192,000 RM300,000 RM50,000
59,400 14,560 3,000 32,000 2,000
sq.ft sq.ft sq.ft sq.ft sq.ft
RM90 RM70 RM70 RM50 RM60
RM5,346,000 RM1,019,200 RM210,000 RM1,600,000 RM120,000
4.7
acre
RM20,000
RM94,000
RM8,295,200 RM1,002,500
RM663,616 RM60,150
RM12,000
RM288,000
RM23,548,122
RM470,962
RM20,000 RM10,000
RM1,800,000 RM400,000 RM70,000 RM65,000 RM75,000 RM50,000
RM12,575,466 year
RM1,006,037
3.0 INFRASTRUCTURE 3.1 Road and drainage 3.2 Sewerage 3.3 Electrical Supply 3.4 Water Supply 3.5 Telecommunication 130 3.6 Swimming Pool 2,690 3.7 Sports 3.8 Parking Bay 12,800 3.9 Lift 2 3.10 Contribution to relevant authorities 4.0 BUILDING COST 4.1 Main Building 4.2 Chalet 4.5 Restaurant 4.6 Multi Purpose Hall 4.7 Pub & Lounge Total building construction cost 5.0 LANDSCAPING 6.0 PROFESSIONAL FEES 5.1 Building Works 5.2 Infrastructure Works
8% 6%
7.0 PROJECT MANAGEMENT COST
24
months
8.0 MARKETING & ADVERTISING
2%
of
9.0 FURNITURE 9.1 Room a. Deluxe b. Chalet 9.2 Main Lobby 9.3 Restaurant 9.4 Kitchen facilities 9.5 Pub & Lounge 10.0 INTEREST ON FINANCE 10.1 Project Financing
90 40
8%
of 4.0 of 3.0
rooms rooms
of 1
11.0 CONTINGENCIES 12.0 LAND COST 12.1 Land cost 12.2 Acquisition cost 12.3 Holding cost for 2 years
5%
204,732 5% 8%
% of
sq.f of of
RM14,792,881
RM739,644
RM8 RM1,637,856 RM1,719,749
RM1,637,856 RM81,893 RM286,166
TOTAL DEVELOPMENT COST
SITE VALUE FOR LOT NO 948 PANTAI BALOK
GROSS DEVELOPMENT VALUE less TOTAL DEVELPOPMENT COST
RM23,548,122
RESIDUAL
RM6,203,598
PV FOR RM 1 FOR 2 YEARS
Site Value
RM17,344,525
9% per annum
0.8417
=
RM5,221,444
=
RM26
P.SF
TOTAL DAYS GROSS PER YEAR DEVELOPMENT VALUE
234 121 10
RM1,916,460 RM1,568,160 RM136,800
234 121 10
RM730,080 RM609,840 RM53,200
RM5,014,540
RM1,404,071 365 365 365 12
RM109,500 RM255,500 RM191,625 RM18,000 RM6,993,236
RM84,000 RM84,000 RM46,800 RM120,000 RM15,600 RM38,400 RM25,200 RM19,200 RM433,200
RM433,200
RM12,996
RM12,996
RM47,652
RM47,652
RM8,400
RM8,400
RM720,000
RM720,000
RM240,000
RM240,000
RM200,000
RM200,000
RM280,000
RM280,000
RM200,000
RM200,000
RM250,000
RM250,000
RM50,000 RM90,000 RM60,000 RM100,000 RM300,000 RM110,000
RM110,000
RM2,802,248 RM4,190,988
e balance
RM1,676,395
RM2,514,593
RM62,865 RM251,459 RM5,500 RM75,438 RM395,262
RM2,119,331 11.11
RM23,548,122
TOTAL DEVELOPMENT COST
RM47,000
RM211,500
RM1,002,500
RM8,295,200 RM94,000
RM723,766 RM288,000 RM470,962
RM2,460,000 RM1,006,037
RM739,644
RM2,005,915
RM17,344,525
PERIOD BY PERIOD CASHFLOW APPROACH
DISCOUNTED CASHFLOW FOR THE PROPOSED RESORT DEVELOPM FIRST YEAR 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
PARTICULARS INCOME GROWTH NET INCOME DISPOSAL/TERMINAL VALUE TOTAL INFLOW DEVELOPMENT COST 1.0) Preliminaries 2.0) Site Preparation 3.0) Infrastructure 4.0) Building Cost 5.0) Landscaping 6.0) Professional fees 7.0) Project Management fee 8.0) Marketing & Advertising 9.0) Furniture 10.0) Contingencies 11.0) Land cost
TOTAL OUTFLOW NET CASHFLOW
CAPITAL OUTSTANDING / SURPLUS
-
-
-
0
0
0
0
23,500 105,750 125,313 90,471 36,000 58,870 92,456 5,221,444
23,500 105,750 125,313 90,471 36,000 58,870 92,456 -
125,313 1,382,533 90,471 36,000 58,870 92,456 -
125,313 1,382,533 90,471 36,000 58,870 92,456 -
5,753,803
532,359
1,785,642
1,785,642
(5,753,803)
CAPITAL OUTSTANDING FROM PREVIOUS PERIOD COST OF FUNDING/FINANCE
-
8% 1.9427%
(532,359) (1,785,642) (1,785,642)
0 (5,753,803) (6,397,939) (8,307,871)
per annum per quarter
0
(124,290)
(161,393)
(5,753,803) (6,397,939) (8,307,871)
###
DEVELOPER'S PROFIT AS AT THE END OF INVESTMENT PERIOD
(111,777)
GDV
128%
TDC
173%
PROPOSED RESORT DEVELOPMENT IN PANTAI BALOK SECOND YEAR 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter -
-
-
-
0
0
0
0
2,119,331
125,313 1,382,533 90,471 36,000 58,870 92,456 -
125,313 1,382,533 90,471 36,000 58,870 92,456 -
125,313 1,382,533 47,000 90,471 36,000 58,870 1,230,000 92,456 -
125,313 1,382,533 47,000 90,471 36,000 58,870 1,230,000 92,456 -
1,785,642
1,785,642
3,062,642
3,062,642
(1,785,642) (1,785,642)
2 2009 0% 2,119,331
-
###
###
###
(199,217)
(237,776)
(277,084)
(341,964)
###
###
###
###
2,119,331
-
### (3,062,642) 2,119,331
###
3 2010 0% 2,119,331
###
4 2011 0% 2,119,331 2,119,331
-
2,119,331 ###
5 2012 10% 2,331,264 2,331,264
-
2,119,331 ###
6 2013 10% 2,331,264 2,331,264
-
2,331,264 ###
2,331,264 ###
(1,680,601) (1,645,503) (1,607,597) (1,566,658) (1,505,490)
###
###
###
###
###
7 2014 10% 2,331,264 2,331,264
-
8 2015 20% 2,543,197 2,543,197
-
2,331,264 ###
9 2016 20% 2,543,197 2,543,197
-
2,543,197 ###
10 2017 20% 2,543,197 2,543,197
-
2,543,197 ###
11 2018 30% 2,755,130 2,755,130
-
2,543,197 ###
###
###
###
2,755,130
-
2,755,130 ###
(1,439,428) (1,368,081) (1,274,071) (1,172,541) (1,062,889)
###
12 2019 30% 2,755,130
13 2020 30% 2,755,130 2,755,130
-
2,755,130
2,755,130
14 2021 40% 2,967,063 2,967,063
2,967,063
### (9,766,249) (7,792,419) (927,510)
(781,300)
(623,394)
### (9,766,249) (7,792,419) (5,448,749)
15 2022 40% 2,967,063 32,967,371 35,934,435
35,934,435 (5,448,749) (435,900)
30,049,786 30,049,786
DISCOUNTED CASHFLOW APPROACH D
PARTICULARS 1st Quarter INCOME GROWTH NET INCOME TERMINAL/DISPOSAL VALUE TOTAL INFLOW
FIRST YEAR 2nd Quarter 3rd Quarter
4th Quarter
-
-
-
-
0
0
0
0
DEVELOPMENT COST 1.0) Preliminaries 2.0) Site Preparation 3.0) Infrastructure 4.0) Building Cost 5.0) Landscaping 6.0) Professional fees 7.0) Project Management fee 8.0) Marketing & Advertising 9.0) Furniture 10.0) Contingencies 11.0) Land cost
23,500 105,750 125,313 90,471 36,000 58,870 92,456 5,221,444
23,500 105,750 125,313 90,471 36,000 58,870 92,456 -
125,313 1,382,533 90,471 36,000 58,870 92,456 -
125,313 1,382,533 90,471 36,000 58,870 92,456 -
TOTAL OUTFLOW
5,753,803
532,359
1,785,642
1,785,642
(5,753,803)
(532,359)
(1,785,642)
(1,785,642)
NET CASHFLOW Discount Factor
8% p.annum 1.9427% p.quarter
PRESENT VALUE
1.0000
(5,753,803)
0.9809
(522,214)
0.9623
(1,718,235)
0.9439
(1,685,492)
NET PRESENT VALUE INTERNAL RATE OF RETURN PV FACTOR @ R1
NET PRESENT VALUE
13% p.a 3.10% p.quater (NPV1)
1.0000
(5,753,803)
0.9699
(516,339)
0.9407
(1,679,791)
0.9124
(1,629,242)
NET PRESENT VALUE
:
PV FACTOR @ R2
14% p.a 3.33% p.quater
NET PRESENT VALUE
840,245
1.0000
(NPV2)
NET PRESENT VALUE
(5,753,803)
:
0.9678
(515,203)
0.9366
(1,672,407)
(479,646)
IRR IRR
=
R1 +
= =
13%
[
+
13.6366%
R2-R1
1%
]
X
NPV1 [ NPV2 + NPV1 ]
X
840,245 1,319,891
0.9064
(1,618,512)
D 1st Quarter
SECOND YEAR 2nd Quarter 3rd Quarter
4th Quarter
-
-
-
-
0
0
0
0
2,119,331
125,313 1,382,533 90,471 36,000 58,870 92,456 -
125,313 1,382,533 90,471 36,000 58,870 92,456 -
125,313 1,382,533 47,000 90,471 36,000 58,870 1,230,000 92,456 -
125,313 1,382,533 47,000 90,471 36,000 58,870 1,230,000 92,456 -
1,785,642
1,785,642
3,062,642
3,062,642
(1,785,642)
(1,785,642)
(3,062,642)
(3,062,642)
0.9259
(1,653,373)
0.8850
(1,580,215)
0.9083
(1,621,865)
0.8583
(1,532,662)
0.8910
(2,728,731)
0.8325
(2,549,639)
2 2009 0% 2,119,331
0.8740
(2,676,731)
0.8074
(2,472,914)
-
3 2010 0% 2,119,331 2,119,331
-
4 2011 0% 2,119,331 2,119,331
-
5 2012 10% 2,331,264 2,331,264
-
2,119,331
2,119,331
2,119,331
2,331,264
0.8573
0.7938
0.7350
0.6806
1,816,985
1,682,393
1,557,772
1,586,619
0.7831
0.6931
0.6133
0.5428
1,659,747
1,468,803
1,299,825
1,265,317
0.8772
(1,566,353)
0.8489
(1,515,875)
0.8216
(2,516,164)
0.7951
(2,435,078)
0.7695
0.6750
0.5921
0.5194
1,630,756
1,430,488
1,254,814
1,210,786
6 2013 10% 2,331,264 2,331,264
-
7 2014 10% 2,331,264 2,331,264
-
8 2015 20% 2,543,197 2,543,197
-
9 2016 20% 2,543,197 2,543,197
-
10 2017 20% 2,543,197 2,543,197
-
11 2018 30% 2,755,130 2,755,130
-
12 2019 30% 2,755,130 2,755,130
-
13 2020 30% 2,755,130 2,755,130
-
2,331,264
2,331,264
2,543,197
2,543,197
2,543,197
2,755,130
2,755,130
2,755,130
0.6302
0.5835
0.5403
0.5002
0.4632
0.4289
0.3971
0.3677
1,469,092
1,360,270
1,374,010
1,272,232
1,177,992
1,181,628
1,094,100
1,013,056
0.4803
0.4251
0.3762
0.3329
0.2946
0.2607
0.2307
0.2042
1,119,749
990,929
956,649
846,592
749,196
718,256
635,625
562,500
0.4556
0.3996
0.3506
0.3075
0.2697
0.2366
0.2076
0.1821
1,062,093
931,660
891,541
782,053
686,012
651,912
571,852
501,625
14 2021 40% 2,967,063 2,967,063
-
15 2022 40% 2,967,063 ### 35,934,435
-
2,967,063
35,934,435
0.3405
0.3152
1,010,170
11,328,032 11,328,032
0.1807
0.1599
536,079
5,745,584
0.1597
0.1401
473,870
5,034,288
DISCOUNTED CASHFLOW APPROACH CASH INFLOW RENTAL INCOME NLA
Rental Rate psf.
Year Rental Growth
Year 2006 0 0%
2-Storey office podium Ground Floor First Floor
5,022 6,997
sq ft. sq ft.
3.50 2.60
210,924 218,306
13-Storey Office Building Ground Floor First Floor Second Floor Third - 11th Floor 12th Floor
7,000 7,683 8,185 75,321 8,369
sq ft. sq ft. sq ft. sq ft. sq ft.
3.00 2.60 2.60 2.60 2.80
252,000 239,710 255,372 2,350,015 281,198
256 385
bay bay
105.00 70.00
322,560 323,400
Carpark
NET LETTABLE AREA TOTAL RENTAL less: VOID ALLOWANCE
118,577 -
TOTAL INFLOW
-
CASH OUTFLOW CAPITAL OUTLAY SERVICE CHARGE
30,000,000 0.32 psf
GROSS RENT OUTGOINGS
16%
-
Disposal/Terminal Value NET CASHFLOW
(30,000,000)
CAPITAL OUTSTANDING FROM PREVIOUS PERIOD COST OF FUNDING/FINANCE
8.75%
CAPITAL OUTSTANDING / SURPLUS PV FACTOR
0 0 (30,000,000)
8.75%
1.0000
NET PRESENT VALUE
(30,000,000)
IRR Net Cashflow discounted rate
(30,000,000) 11.00% 1
Discounted cashflow
(30,000,000)
Net Present value
3,097,085
IRR Net Cashflow Discounted Rrate
(30,000,000) 12.00% 1
Discounted cashflow
(30,000,000)
Net Present value
IRFY
264,330
=
=
R1
+
11.00
R2
+
12.00
=
11
+
1.0000
=
11
+
1
=
11
+
1.0933121
=
12.0933 %(Formula)
12.1009%
2007 1 0%
2008 2 0%
2009 3 0%
2010 4 6.62%
2011 5 0%
2012 6 0%
210,924 218,306
210,924 218,306
210,924 218,306
224,887 232,758
224,887 232,758
224,887 232,758
252,000 239,710 255,372 2,350,015 281,198
252,000 239,710 255,372 2,350,015 281,198
252,000 239,710 255,372 2,350,015 281,198
268,682 255,578 272,278 2,505,586 299,814
268,682 255,578 272,278 2,505,586 299,814
268,682 255,578 272,278 2,505,586 299,814
322,560 323,400
322,560 323,400
322,560 323,400
343,913 344,809
343,913 344,809
343,913 344,809
4,453,486
4,453,486
4,453,486
4,748,306
4,748,306
4,748,306
5% 190,376 4,263,109
0
5% 190,376 4,263,109
0
5% 190,376 4,263,109
0
6% 243,575 4,504,731
0
6% 243,575 4,504,731
1,500,000
6% 243,575 4,504,731
0
455,336
455,336
455,336
500,869
500,869
500,869
3,807,774
3,807,774
3,807,774
4,003,862
4,003,862
4,003,862
609,244
609,244
609,244
640,618
640,618
640,618
3,198,530
3,198,530
3,198,530
3,363,244
1,863,244
3,363,244
(30,000,000)
(29,426,470)
(28,802,756)
(28,124,468)
(27,222,115)
(27,740,805)
(2,625,000)
(2,574,816)
(2,520,241)
(2,460,891)
(2,381,935)
(2,427,320)
(29,426,470)
(28,802,756)
(28,124,468)
(27,222,115)
(27,740,805)
(26,804,882)
0.9195
0.8456
0.7775
0.7150
0.6574
0.6045
2,941,177
2,704,530
2,486,925
2,404,592
1,224,964
2,033,213
3,198,530
3,198,530
3,198,530
3,363,244
1,863,244
3,363,244
0.9009
0.8116
0.7312
0.6587
0.5935
0.5346
2,881,558
2,595,999
2,338,737
2,215,473
1,105,745
1,798,128
3,198,530
3,198,530
3,198,530
3,363,244
1,863,244
3,363,244
0.8929
0.7972
0.7118
0.6355
0.5674
0.5066
2,855,830
2,549,848
2,276,650
2,137,402
1,057,255
1,703,924
-
R1
x NPVR2
-
11.00
NPVR1 +
x
3,097,085 264,330 +
x
x
(using function)
3,097,085 2,832,755 1.0933
NPVR1
3,097,085
2013 7 6.62%
2014 8 0%
2015 9 0%
2016 10 6.62%
2017 11 0%
2018 12 0%
239,775 248,167
239,775 248,167
239,775 248,167
255,648 264,596
255,648 264,596
255,648 264,596
286,469 272,498 290,302 2,671,456 319,661
286,469 272,498 290,302 2,671,456 319,661
286,469 272,498 290,302 2,671,456 319,661
305,433 290,537 309,520 2,848,306 340,823
305,433 290,537 309,520 2,848,306 340,823
305,433 290,537 309,520 2,848,306 340,823
366,681 367,635
366,681 367,635
366,681 367,635
390,955 391,973
390,955 391,973
390,955 391,973
5,062,644
5,062,644
5,062,644
5,397,791
5,397,791
5,397,791
6% 259,700 4,802,945
0
6% 259,700 4,802,945
0
6% 259,700 4,802,945
0
7% 323,040 5,074,751
1,500,000
7% 323,040 5,074,751
0
7% 323,040 5,074,751
0
546,403
546,403
546,403
591,936
591,936
591,936
4,256,542
4,256,542
4,256,542
4,482,814
4,482,814
4,482,814
681,047
681,047
681,047
717,250
717,250
717,250
3,575,495
3,575,495
3,575,495
2,265,564
3,765,564
3,765,564
(26,804,882)
(25,574,814)
(24,237,115)
(22,782,368)
(22,510,261)
(20,714,344)
(2,345,427)
(2,237,796)
(2,120,748)
(1,993,457)
(1,969,648)
(1,812,505)
(25,574,814)
(24,237,115)
(22,782,368)
(22,510,261)
(20,714,344)
(18,761,285)
0.5559
0.5112
0.4700
0.4322
0.3974
0.3655
1,987,611
1,827,688
1,680,633
979,228
1,496,608
1,376,191
3,575,495
3,575,495
3,575,495
2,265,564
3,765,564
3,765,564
0.4817
0.4339
0.3909
0.3522
0.3173
0.2858
1,722,167
1,551,502
1,397,750
797,897
1,194,751
1,076,352
3,575,495
3,575,495
3,575,495
2,265,564
3,765,564
3,765,564
0.4523
0.4039
0.3606
0.3220
0.2875
0.2567
1,617,372
1,444,082
1,289,359
729,451
1,082,510
966,527
2019 13 6.62%
2020 14 0%
2021 15 0%
2022 16 6.62%
2023 17 0%
2024 18 0%
272,572 282,112
272,572 282,112
272,572 282,112
290,616 300,788
290,616 300,788
290,616 300,788
325,653 309,771 330,011 3,036,864 363,385
325,653 309,771 330,011 3,036,864 363,385
325,653 309,771 330,011 3,036,864 363,385
347,211 330,277 351,857 3,237,905 387,442
347,211 330,277 351,857 3,237,905 387,442
347,211 330,277 351,857 3,237,905 387,442
416,836 417,922
416,836 417,922
416,836 417,922
444,431 445,588
444,431 445,588
444,431 445,588
5,755,125
5,755,125
5,755,125
6,136,114
6,136,114
6,136,114
8% 393,629 5,361,496
0
8% 393,629 5,361,496
0
8% 393,629 5,361,496
1,500,000
8% 419,688 5,716,427
0
8% 419,688 5,716,427
0
8% 419,688 5,716,427
0
637,470
637,470
637,470
683,004
683,004
683,004
4,724,026
4,724,026
4,724,026
5,033,423
5,033,423
5,033,423
755,844
755,844
755,844
805,348
805,348
805,348
3,968,182
3,968,182
2,468,182
4,228,075
4,228,075
4,228,075
(18,761,285)
(16,434,716)
(13,904,572)
(12,653,041)
(9,532,106)
(6,138,090)
(1,641,612)
(1,438,038)
(1,216,650)
(1,107,141)
(834,059)
(537,083)
(16,434,716)
(13,904,572)
(12,653,041)
(9,532,106)
(6,138,090)
(2,447,098)
0.3361
0.3090
0.2842
0.2613
0.2403
0.2209
1,333,555
1,226,258
701,355
1,104,777
1,015,887
934,149
3,968,182
3,968,182
2,468,182
4,228,075
4,228,075
4,228,075
0.2575
0.2320
0.2090
0.1883
0.1696
0.1528
1,021,863
920,598
515,861
796,114
717,219
646,144
3,968,182
3,968,182
2,468,182
4,228,075
4,228,075
4,228,075
0.2292
0.2046
0.1827
0.1631
0.1456
0.1300
909,405
811,969
450,928
689,691
615,795
549,817
2025 19 6.62%
2026 20 0%
309,855 320,700
309,855 320,700
370,197 352,142 375,150 3,452,254 413,090
370,197 352,142 375,150 3,452,254 413,090
473,852 475,086
473,852 475,086
6,542,325
6,542,325
9% 503,405 6,038,920
0
9% 503,405 6,038,920
0
728,537
728,537
5,310,383
5,310,383
849,661
849,661 53,499,939
4,460,722
57,960,661
(2,447,098)
1,799,503
(214,121)
157,457
1,799,503
59,917,621
0.2032
0.1868
906,252
10,827,994
4,460,722
57,960,661
0.1377
0.1240
614,142
7,189,087
4,460,722
57,960,661
0.1161
0.1037
517,920
6,008,594
NPV =
11,193,586.22
SENSITIVITY ANALYSIS Change in variable RM %
base
base
base
base
base
base
GDV 181,447,319 201,608,132 221,768,945
TDC 138,852,681 154,280,757 169,708,833
LANDSCAPING COST 30,000 50,000 70,000
OPERATOR'S SHARE 35% 40% 45%
FINANCE RATE 9% 10% 11%
LAND VALUE 250 320 350
-10% 10%
-10% 10%
40% -40%
13% -13%
10% -10%
22% -9%
Change in profit RM %
27,578,599 46,787,376 67,053,471
SENSITIVITY INDEX
41%
4.11
-43%
4.33
62,215,451 46,787,376 31,359,299
-33%
-3.30
33%
-3.30
46,848,276 46,787,376 46,726,476
-0.130%
-0.0033
0.1302%
-0.0033
63,733,713 46,787,376 29,841,038
-36%
-2.90
36%
-2.90
48,240,518 46,787,376 45,325,320
-3%
-0.31
3%
-0.31
58,583,732 46,787,376 41,731,794
-25%
-1.15
11%
-1.15
SENSITIVITY
Sensitive
Sensitive
Not Sensitive
Sensitive
Not Sensitive
Sensitive
THE VIABILITY OF A 10 STOREYS HOTEL BUILDING AT PRECINT 2, PUTRAJAYA. A. GROSS DEVELOPMENT VALUE
TYPE OF ROOM
1.0 Presidential Suite 1.1 Weekdays 1.2 Weekends 1.3 Public Holidays
TOTAL ROOM
UNIT
ROOM RATE PER DAY (RM)
OCCUPANCY RATE
1 1 1
room room room
$5,000 $5,000 $5,000
50% 50% 50% 50%
2.0 Executive Suite 2.1 Weekdays 2.2 Weekends 2.3 Public Holidays
20 20 20
rooms rooms rooms
$1,500 $1,500 $1,500
55% 60% 65% 60%
3.0 Standard Deluxe 3.1 Weekdays 3.2 Weekends 3.3 Public Holidays
85 85 85
rooms rooms rooms
$500 $500 $500
70% 75% 80% 75%
4.0 Standard 4.1 Weekdays 4.2 Weekends 4.3 Public Holidays
90 90 90
rooms rooms rooms
$250 $250 $250
70% 75% 80% 75%
Average occ. Rate
65%
GROSS INCOME FROM ROOM plus: OTHER INCOME a) Food & Beverages less Cost of Sale ( F&B ) b) Cocktail Lounge c) Ballroom d) Conference Room e) Meeting Room e) Coffee House f) Telephone and Telex g) Pub and Snooker h) Fitness Centre i) Convention centre j) Health & Beauty Treatment k) Business Centre l) Laundry
50% 30%
from from
1 40 2 1 1
area tables rooms area unit
1 1 1 1 2
unit unit room room rooms
24,212,250 12,106,125 $3,000 $800 $2,800 $2,000 $2,500 $1,200 $50,000 $2,500 $3,500 $8,400 $1,500 $2,000
60% 60% 65% 65% 65% per month per month 60% 60% 65% 40%
plus: OTHER RENTAL a) Gift Shop c) Theme Restaurant d) Money Changer e) Car parking f) Karaoke g) Travel Agent
377 14,000 377 300 11,786 377
sq.f sq.f sq.f bay sq.f sq.f
$15 $15 $15 $100 $15 $15
1
8
person persons persons persons persons persons persons persons
$10,000 $5,000 $2,000 $1,000 $1,500 $1,000 $800 $1,000
3%
of salary
psf per mth psf per mth psf per mth per bay per mth psf per mth psf per mth
GROSS INCOME less: OPERATING EXPENSES a) Salary 1. General Manager 2. Assistance Genaral Manager 3. Administration 4.Cleaner & Housekeeping 5. Driver 6.Security 7.Gardener 8. Valet
b) income tax c) EPF & SOCSO
4 10 30 5 15 7
x x x x x x x x
12 12 12 12 12 12 12 12
months months months months months months months months
11% of salary
d) Stationery
$500
x 12 months
e) Utility bills
$100,000
x 12 months
f) Promotion & Marketing g) Transportation & Uniform h) Room Up-keep i) Insurance j) Interest (on working capital) k) Repairs and renewal Pillows and mattress Furniture Bed Sheets Electrical items l) Laundry TOTAL OPERATING EXPENSES DIVISIBLE BALANCE
less: OPERATOR'S SHARE
40% from divisible balance
GROSS RENT less: OUTGOINGS a) Insurance b) Maintenance c) Quit Rent d) Management TOTAL NET RENT YP in perp
10%
GROSS DEVELOPMENT VALUE
B. DEVELOPMENT COST
TYPE OF DEVELOPMENT COST
QUANTITY
UNIT
COST PERUNIT
DEVELOPMENT COST
1.0 PRELIMINARIES
2.9
acre
$15,000
$43,500
2.0 SITE PREPARATION 2.1 Site Inspection/ Soil Investigation 2.2 Site Clearance 2.3 Earthwork
2.9 2.9 2.9
acre acre acre
$20,000 $10,000 $20,000
$58,000 $29,000 $58,000
$45,440,248 $681,604 908,805 $908,805 $681,604 $908,805 $4,089,622
$650,000 $200,000 $200,000 $80,000 $200,000 $1,000,000
30,505 sq.m
$165.90
$5,060,780
30,505 30,505 30,505 30,505 30,505 30,505 30,505
$203.15 $111.51 $6.57 $6.57 $6.20 $7.41 $49.55
$6,196,938 $3,401,613 $200,418 $200,418 $188,978 $226,042 $1,511,370
3.0 INFRASTRUCTURE 3.1 Road and drainage 3.2 Sewerage 3.3 Electrical Supply 3.4 Telecommunication 3.5 Water Supply 3.6 Contribution to relevant authorities 4.0 BUILDING COST 4.1 Substructure 4.2 Superstructure 4.2.1 Frame 4.2.2 Upper Floor 4.2.3 Roof 4.2.4 Stairs 4.2.5 External Wall 4.2.6 Windows & External Doors 4.2.7 External Wall & Partition
1.5% 2% 2% 1.5% 2%
sq.m sq.m sq.m sq.m sq.m sq.m sq.m
4.2.8 Internal Door 4.3 Finishes Internal Wall Finishes Internal Floor Finishes Internal Ceiling Finishes External Finishes 4.4 Fittings & Furnishing 4.5 Services 4.51 Sanitary Appliances Plumbing Installation Air-Conditioning System Electrical Installation Fire Protection Installation Lift & Conveyor Installation Communication Installation Other Installation total building construction cost
30,505 sq.m
$23.28
$710,156
30,505 30,505 30,505 30,505 30,505
sq.m sq.m sq.m sq.m sq.m
$43.71 $32.97 $13.55 $33.87 $5.07
$1,333,374 $1,005,750 $413,190 $1,033,204 $154,660
30,505 30,505 30,505 30,505 30,505 30,505 30,505 30,505
sq.m sq.m sq.m sq.m sq.m sq.m sq.m sq.m
$7.39 $1.85 $210.89 $167.90 $52.56 $52.65 $42.33 $244.76
$225,432 $56,282 $6,433,047 $5,121,637 $1,603,343 $1,606,088 $1,291,277 $7,466,251
5.0 PROFESSIONAL FEES 5.1 Building Works 5.2 Infrastructure Works
7 5
% of % of
$45,440,248 $2,330,000
$3,180,817 $116,500
6.0 PROJECT MANAGEMENT FEE
5
% of
$45,440,248
$2,272,012
7.0 MARKETING & LAWYERS' FEE
2
% of
$201,068,132
$4,021,363
2.9
acre
$50,000
$145,000
12
% of
5
% of
$146,603,625
$7,330,181
196
units
$170,000
$33,320,000 250,000 180,000 150,000 200,000 150,000 200,000
126,324 5% 12%
sq.f of of
$300 $37,897,200 $39,792,060
$37,897,200 $1,894,860 $10,123,100
8.0 LANDSCAPING 9.0 INTEREST ON FINANCE 9.1 Project Financing
10.0 CONTINGENCIES 11.0 FURNITURE ( Caunter,chair, table, bedstead, blanket, pillow,towel,rostrum,a/c, catering,counter bar,vase, cabinet, light,kitchen,laundry, TV,refrigerator,etc.) 11.1 Room 11.2 Main Lobby 11.3 Meeting Room 11.4 Coffee House 11.5 Kitchen facilities 11.6 Cocktail Lounge 11.7 Ballroom 12.0 LAND COST 12.1 Land Purchased 12.2 Acquisition cost 12.3 Holding cost for 2 years
$45,440,248 for 1 year
$4,544,025
TOTAL DEVELOPMENT COST
GROSS DEVELOPMENT VALUE less TOTAL DEVELPOPMENT COST
$201,068,132 $156,693,429
DEVELOPER'S PROFIT % on GDV % on TDC
44,374,703 = =
22% 28%
TOTAL DAYS PER YEAR
GROSS DEVELOPMENT VALUE
234 121 10
$585,000 $302,500 $25,000
234 121 10
$3,861,000 $2,178,000 $195,000
234 121 10
$6,961,500 $3,856,875 $340,000
234 121 10
$3,685,500 $2,041,875 $180,000
24,212,250
$8,474,288 365 365 365 365 365 365 12 12 365 365 365 365
$657,000 $7,008,000 $1,328,600 $474,500 $593,125 $438,000 $600,000 $30,000 $766,500 $1,839,600 $711,750 $292,000
x x x x x x
12 12 12 12 12 12
months months months months months months
$67,860 $2,520,000 $67,860 $180,000 $2,121,480 $67,860 52,450,673
$120,000 $240,000 $240,000 $360,000 $90,000 $180,000 $67,200 96000 $1,393,200 $41,796 $153,252 $6,000 $1,200,000 $1,700,000 $800,000 $2,740,000 $230,000 $500,000
$101,600 $140,000 $99,000 $40,000 $300,000 $9,444,848 43,005,825
divisible balance
$17,202,330 25,803,495
645,087 4,386,594 7,000 658,000
5,696,681 20,106,813 10.00
$201,068,132
TOTAL DEVELOPMENT COST
$43,500
$145,000
$2,330,000
5,089,622
$45,440,248
$3,297,317 $2,272,012 $4,021,363 $145,000
$4,544,025
$7,330,181
$34,450,000
$49,915,160
$156,693,429
THE VIABILITY OF A 10 STOREYS HOTEL BUILDING AT PRECINT 2, PUTRAJAYA. A. GROSS DEVELOPMENT VALUE
TYPE OF ROOM
1.0 Presidential Suite 1.1 Weekdays 1.2 Weekends 1.3 Public Holidays
TOTAL ROOM
UNIT
ROOM RATE PER DAY (RM)
OCCUPANCY RATE
1 1 1
room room room
$5,000 $5,000 $5,000
50% 50% 50% 50%
2.0 Executive Suite 2.1 Weekdays 2.2 Weekends 2.3 Public Holidays
20 20 20
rooms rooms rooms
$1,500 $1,500 $1,500
55% 60% 65% 60%
3.0 Standard Deluxe 3.1 Weekdays 3.2 Weekends 3.3 Public Holidays
85 85 85
rooms rooms rooms
$500 $500 $500
70% 75% 80% 75%
4.0 Standard 4.1 Weekdays 4.2 Weekends 4.3 Public Holidays
90 90 90
rooms rooms rooms
$250 $250 $250
70% 75% 80% 75%
Average occ. Rate
65%
GROSS INCOME FROM ROOM plus: OTHER INCOME a) Food & Beverages less Cost of Sale ( F&B ) b) Cocktail Lounge c) Ballroom d) Conference Room e) Meeting Room e) Coffee House f) Telephone and Telex g) Pub and Snooker h) Fitness Centre i) Convention centre j) Health & Beauty Treatment k) Business Centre l) Laundry
50% 30%
from from
1 40 2 1 1
area tables rooms area unit
1 1 1 1 2
unit unit room room rooms
24,212,250 12,106,125 $3,000 $800 $2,800 $2,000 $2,500 $1,200 $50,000 $2,500 $3,500 $8,400 $1,500 $2,000
60% 60% 65% 65% 65% per month per month 60% 60% 65% 40%
plus: OTHER RENTAL a) Gift Shop c) Theme Restaurant d) Money Changer e) Car parking f) Karaoke g) Travel Agent
377 14,000 377 300 11,786 377
sq.f sq.f sq.f bay sq.f sq.f
$15 $15 $15 $100 $15 $15
1
8
person persons persons persons persons persons persons persons
$10,000 $5,000 $2,000 $1,000 $1,500 $1,000 $800 $1,000
3%
of salary
psf per mth psf per mth psf per mth per bay per mth psf per mth psf per mth
GROSS INCOME less: OPERATING EXPENSES a) Salary 1. General Manager 2. Assistance Genaral Manager 3. Administration 4.Cleaner & Housekeeping 5. Driver 6.Security 7.Gardener 8. Valet
b) income tax c) EPF & SOCSO
4 10 30 5 15 7
x x x x x x x x
12 12 12 12 12 12 12 12
months months months months months months months months
11% of salary
d) Stationery
$500
x 12 months
e) Utility bills
$100,000
x 12 months
f) Promotion & Marketing g) Transportation & Uniform h) Room Up-keep i) Insurance j) Interest (on working capital) k) Repairs and renewal Pillows and mattress Furniture Bed Sheets Electrical items l) Laundry TOTAL OPERATING EXPENSES DIVISIBLE BALANCE
less: OPERATOR'S SHARE
40% from divisible balance
GROSS RENT less: OUTGOINGS a) Insurance b) Maintenance c) Quit Rent d) Management TOTAL NET RENT YP in perp
10%
GROSS DEVELOPMENT VALUE
B. DEVELOPMENT COST
TYPE OF DEVELOPMENT COST
QUANTITY
UNIT
COST PERUNIT
DEVELOPMENT COST
1.0 PRELIMINARIES
2.9
acre
$13,000
$37,700
2.0 SITE PREPARATION 2.1 Site Inspection/ Soil Investigation 2.2 Site Clearance 2.3 Earthwork
2.9 2.9 2.9
acre acre acre
$20,000 $10,000 $20,000
$58,000 $29,000 $58,000
3.0 INFRASTRUCTURE 3.1 Road and drainage 3.2 Sewerage 3.3 Electrical Supply 3.4 Telecommunication 3.5 Water Supply 3.6 Contribution to relevant authorities 4.0 BUILDING COST 4.1 Lounge 4.2 Rooms 4.2.1 Presidential Suite 4.2.2 Executive Suite 4.2.3 Standard Deluxe 4.2.4 Standard 4.3 Swimming pool 4.3.1 Jacuzzi 4.3.2 Wading pool
$650,000 $200,000 $200,000 $80,000 $200,000 $1,000,000
16,870
sq.f
$250
$4,217,500
8,240 24,960 45,730 38,790 3,500 75 100
sq.f sq.f sq.f sq.f sq.f sq.f sq.f
$300 $250 $200 $200 $50 $50 $50
$2,472,000 $6,240,000 $9,146,000 $7,758,000 $175,000 $3,750 $5,000
4.3.3 Sauna 4.4 Ballroom 4.5 Conference & Meeting Room 4.6 Restaurant 4.7 Business Centre 4.8 M & E Room 4.9 Backroom 4.10 Laundry Room 4.11 Beauty & Health Treatment 4.12 Squash Court 4.13 Tennis Court 4.14 Retail shop 4.15 Management Office 4.16 Fitness Centre 4.17 Pub, Snooker & Karaoke 4.18 Other cost total building construction cost
150 10,440 7,084 14,000 600 2,064 9,494 581 12,000 1,548
sq.f sq.f sq.f sq.f sq.f sq.f sq.f sq.f sq.f sq.f
$30 $200 $180 $150 $70 $50 $70 $70 $180 $70
1,131 1,076 504 13,240 78,909
sq.f sq.f sq.f sq.f sq.f
$100 $70 $85 $70 $85
$4,500 $2,088,000 $1,275,120 $2,100,000 $42,000 $103,200 $664,580 $40,670 $2,160,000 $108,360 $6,000 $113,100 $75,320 $42,840 $926,800 $6,707,265
5.0 PROFESSIONAL FEES 5.1 Building Works 5.2 Infrastructure Works
7 5
% of % of
$46,475,005 $2,330,000
$3,253,250 $116,500
6.0 PROJECT MANAGEMENT FEE
5
% of
$46,475,005
$2,323,750
7.0 MARKETING & LAWYERS' FEE
2
% of
$201,068,132
$4,021,363
2.9
acre
$50,000
$145,000
12
% of
5
% of
$142,868,713
$7,143,436
196
units
$170,000
$33,320,000 250,000 180,000 150,000 200,000 150,000 200,000
126,324 5% 12%
sq.f of of
$270 $34,107,480 $35,812,854
$34,107,480 $1,705,374 $9,110,790
8.0 LANDSCAPING 9.0 INTEREST ON FINANCE 9.1 Project Financing
10.0 CONTINGENCIES 11.0 FURNITURE ( Caunter,chair, table, bedstead, blanket, pillow,towel,rostrum,a/c, catering,facilities,counter bar,vase, cabinet, light,kitchen,laundry, TV,refrigerator,etc.) 11.1 Room 11.2 Main Lobby 11.3 Meeting Room 11.4 Coffee House 11.5 Kitchen facilities 11.6 Cocktail Lounge 11.7 Ballroom 12.0 LAND COST 12.1 Land Purchased 12.2 Acquisition cost 12.3 Holding cost for 2 years
$46,475,005 for 1 year
$4,647,501
TOTAL DEVELOPMENT COST
GROSS DEVELOPMENT VALUE less TOTAL DEVELPOPMENT COST
$201,068,132 $150,012,148
DEVELOPER'S PROFIT % on GDV % on TDC
51,055,984 = =
25% 34%
TOTAL DAYS PER YEAR
GROSS DEVELOPMENT VALUE
234 121 10
$585,000 $302,500 $25,000
234 121 10
$3,861,000 $2,178,000 $195,000
234 121 10
$6,961,500 $3,856,875 $340,000
234 121 10
$3,685,500 $2,041,875 $180,000
24,212,250
$8,474,288 365 365 365 365 365 365 12 12 365 365 365 365
$657,000 $7,008,000 $1,328,600 $474,500 $593,125 $438,000 $600,000 $30,000 $766,500 $1,839,600 $711,750 $292,000
x x x x x x
12 12 12 12 12 12
months months months months months months
$67,860 $2,520,000 $67,860 $180,000 $2,121,480 $67,860 52,450,673
$120,000 $240,000 $240,000 $360,000 $90,000 $180,000 $67,200 96000 $1,393,200 $41,796 $153,252 $6,000 $1,200,000 $1,700,000 $800,000 $2,740,000 $230,000 $500,000
$101,600 $140,000 $99,000 $40,000 $300,000 $9,444,848 43,005,825
divisible balance
$17,202,330 25,803,495
645,087 4,386,594 7,000 658,000
5,696,681 20,106,813 10.00
$201,068,132
TOTAL DEVELOPMENT COST
$37,700
$145,000
$2,330,000
$46,475,005
$3,369,750 $2,323,750 $4,021,363 $145,000
$4,647,501
$7,143,436
$34,450,000
$44,923,644
$150,012,148
SENSIVITY ANALYSIS
base
base
base
base
base
base
GDV 181,447,319 201,608,132 221,768,945
PROFIT 27,578,599 46,787,376 67,053,471
SI 4.11
TDC 138,852,681 154,280,757 169,708,833
PROFIT 62,215,451 46,787,376 31,359,299
SI -3.30
4.33
-3.30
FINANCE RATE 9% 10% 11%
PROFIT 48,240,518 46,787,376 45,325,320
SI -0.31
LAND VALUE 250 320 350
PROFIT 58,583,732 46,787,376 41,731,794
SI -1.15
OPERATOR'S SHARE PROFIT 35% 63,733,713 40% 46,787,376 45% 29,841,038
SI -2.90
LANDSCAPING COST (per acre) 30,000 50,000 70,000
PROFIT 46,848,276 46,787,376 46,726,476
-0.31
-1.15
-2.90
SI -0.0033 -0.0033
PERIOD BY PERIOD CASHFLOW APPROACH PARTICULARS 1st Quarter NO RENTAL GROWTH net income TOTAL INFLOW
0
DEVELOPMENT COST a) Preliminaries b) Site Preparation c) Infrastructure d) Building Cost e) Professional fees f) Project Management fee g) Marketing & lawyer fee h) Furniture i) Contingencies j) Landscaping k) Land cost TOTAL OUTFLOW
0
23,500 105,750 125,313 58,870 92,456 2,005,915 2,411,803
NET CASHFLOW
DISCOUNTED CASHFLOW FOR THE PRO FIRST YEAR 2nd Quarter 3rd Quarter
(2,411,803)
23,500 105,750 125,313 58,870 92,456 405,888
0
125,313 1,382,533 120,628 48,000 58,870 92,456 1,827,799
(405,888)
(1,827,799)
CAPITAL OUTSTANDING FROM PREVIOUS PERIOD
0
(2,411,803)
(2,819,621)
COST OF FUNDING/FINANCE
0
(1,929)
(2,256)
(2,819,621)
(4,649,676)
CAPITAL OUTSTANDING / SURPLUS
0%
(2,411,803)
SHFLOW FOR THE PROPOSED HOTEL DEVELOPMENT IN CYBERJAYA R SECOND YEAR 4th Quarter 1st Quarter 2nd Quarter 3rd Quarter 0
0
0
125,313 1,382,533 120,628 48,000 58,870 92,456 1,827,799
125,313 1,382,533 120,628 48,000 58,870 92,456 1,827,799
125,313 1,382,533 120,628 48,000 58,870 92,456 1,827,799
(1,827,799)
(1,827,799)
(4,649,676)
0
4th Quarter 0
125,313 1,382,533 120,628 48,000 58,870
125,313 1,382,533 120,628 48,000 58,870
92,456 47,000
92,456 47,000
1,874,799
1,874,799
(1,827,799)
(1,874,799)
(1,874,799)
(6,481,195)
(8,314,179)
(10,148,630)
(12,031,548)
(3,720)
(5,185)
(6,651)
(8,119)
(9,625)
(6,481,195)
(8,314,179)
(10,148,630)
(12,031,548)
(13,915,973)
1 2007
2 2008
3 2009
4 2010
5 2011
6 2012
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
(9,697,890)
(7,586,317)
(5,473,055)
(3,358,103)
(13,915,973) (11,807,775) (11,133)
(9,446)
(7,758)
(6,069)
(4,378)
(2,686)
(11,807,775)
(9,697,890)
(7,586,317)
(5,473,055)
(3,358,103)
(1,241,458)
7 2013
8 2014
9 2015
10 2016
11 2017
12 2018
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
(1,241,458)
876,880
2,996,912
5,118,641
7,242,067
9,367,192
(993)
702
2,398
4,095
5,794
7,494
2,996,912
5,118,641
7,242,067
9,367,192
11,494,016
876,880
13 2019
14 2020
15 2021
16 2022
17 2023
18 2024
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
11,494,016
13,622,543
15,752,772
17,884,705
20,018,344
22,153,689
9,195
10,898
12,602
14,308
16,015
17,723
13,622,543
15,752,772
17,884,705
20,018,344
22,153,689
24,290,743
19 2025
20 2026
21 2027
22 2028
23 2029
24 2030
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
24,290,743
26,429,507
28,569,981
30,712,168
32,856,069
35,001,685
19,433
21,144
22,856
24,570
26,285
28,001
26,429,507
28,569,981
30,712,168
32,856,069
35,001,685
37,149,017
25 2031
26 2032
27 2033
28 2034
29 2035
30 2036
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
37,149,017
39,298,068
41,448,837
43,601,327
45,755,539
47,911,475
29,719
31,438
33,159
34,881
36,604
38,329
39,298,068
41,448,837
43,601,327
45,755,539
47,911,475
50,069,135
31 2037
32 2038
33 2039
34 2040
35 2041
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
50,069,135
52,228,521
54,389,635
56,552,478
58,717,051
40,055
41,783
43,512
45,242
46,974
52,228,521
54,389,635
56,552,478
58,717,051
60,883,356
36 2042 2,119,331 2,119,331
2,119,331 60,883,356 48,707 63,051,393
THE MARKET VALUE OF A 10 STOREYS HOTEL BUILDING AT PRECINT 2, PUTRAJAYA. A. GROSS DEVELOPMENT VALUE
OCCUPANCY RATE
TOTAL DAYS PER YEAR
1.0 Executive Suite 1.1 Weekdays 1.2 Weekends 1.3 Public Holidays
TYPE OF ROOM
TOTAL ROOM
10 10 10
rooms rooms rooms
UNIT
ROOM RATE PER DAY (RM)
$1,500 $1,500 $1,500
60% 65% 70%
234 121 10
GROSS DEVELOPMENT VALUE
$2,106,000 $1,179,750 $105,000
2.0 Precident Suite 2.1 Weekdays 2.2 Weekends 2.3 Public Holidays
20 20 20
rooms rooms rooms
$1,000 $1,000 $1,000
60% 65% 70%
234 121 10
$2,808,000 $1,573,000 $140,000
3.0 Standard Deluxe 3.1 Weekdays 3.2 Weekends 3.3 Public Holidays
50 50 50
rooms rooms rooms
$800 $800 $800
60% 65% 70%
234 121 10
$5,616,000 $3,146,000 $280,000
GROSS INCOME FROM ROOM
16,953,750
plus: OTHER INCOME a) Food & Beverages b) Cocktail Lounge c) Ballroom d) 2 Conference Room e) Coffee House f) Telephone and Telex g) Pub and Snooker plus: OTHER RENTAL a) Gift Shop c) Theme Restaurant d) Money Changes
50% 1 20 2 1
from unit tables rooms unit
1
unit
16,953,750 $3,000 $800 $2,500 $1,000 $1,200 $1,700
500 1,210 285
sq.f sq.f sq.f
$15 $15 $15
1 2
4
person person person person person person person
$10,000 $5,000 $2,000 $1,000 $1,500 $1,000 $800
3%
of salary
60% 60% 65% 65%
365 365 365 365 365 365
psf per mth psf per mth psf per mth
x 12 months x 12 months x 12 months
$8,476,875 $657,000 $3,504,000 $1,186,250 $237,250 $438,000 $620,500
$90,000 $217,800 $51,300
GROSS INCOME
32,432,725
less: OPERATING EXPENSES a) Salary 1. General Manager 2. Assistance Genaral Manager 3. Administration 4.Cleaner 5. Driver 6.Security 7.Gardener
5 10 2 10
b) income tax c) EPF
x x x x x x x
12 12 12 12 12 12 12
months months months months months months months
$120,000 $120,000 $120,000 $120,000 $36,000 $120,000 $38,400 $674,400 $20,232
11% of salary
$74,184
d) Stationery
$500
x 12 months
$6,000
e) Utility bills
$55,000
x 12 months
$660,000
f) Promotion
$500,000
g) Transportation
$400,000
TOTAL OPERATING EXPENSES
$2,334,816
DIVISIBLE BALANCE
30,097,909
less: OPERATOR'S SHARE
40% from divisible balance
$12,039,164
GROSS RENT
18,058,745
less: OUTGOINGS a) Insurance b) Maintenance c) Quit Rent d) Management
50,000 250,000 5,000 1,000
306,000
TOTAL NET RENT
17,752,745
YP in perp
8%
12.50
GROSS DEVELOPMENT VALUE
$221,909,318
B. DEVELOPMENT COST
TYPE OF DEVELOPMENT COST
QUANTITY
UNIT
1.0 PRELIMINARIES
3
acre
$0
$0
$0
2.0 SITE PREPARATION 2.1 Site Inspection/ Soil Investigation 2.2 Site Clearance 2.3 Earthwork
3 3 3
acre acre acre
COST PERUNIT
$0 $0 $0
DEVELOPMENT COST
$0 $0 $0
TOTAL DEV. COST
$7,000
23,269 9,464 122,932
sq.f sq.f sq.f
$50 $150 $150
$1,163,450 $1,419,600 $18,439,800
5.0 PROFESSIONAL FEES 5.1 Building Works
7
% of
$21,022,850
$1,471,600
$1,471,600
6.0 PROJECT MANAGEMENT FEE
5
% of
$21,022,850
$1,051,143
$1,051,143
7.0 MARKETING AND LAWYERS' FEE
2
% of
$221,909,318
$4,438,186
$4,438,186
10
% of
10
% of
3.0 INFRASTRUCTURE 3.1 Road and drainage - high rise 3.2 Sewerage 3.3 Electrical Supply 3.4 Telecommunication 3.5 Water Supply 3.6 Contribution to relevant authorities 4.0 BUILDING COST 4.1 Basement 4.2 Ground Floor 4.3 Office Spaces (Level 2 - 18)
$1,750,000
total building construction cost
$21,022,850
8.0 INTEREST ON FINANCE 8.1 Project Financing 8.2 Letting Delay
9.0 CONTINGENCIES 10.0 DEVELOPER'S PROFIT
$21,022,850 for 1 year $30,086,063 for 6 months
$2,102,285 $1,468,466 $3,570,751
2
% of
$31,554,529
$631,091
20
% of
$221,909,318
$44,381,864
$631,091 $44,381,864
TOTAL DEVELOPMENT COST
$78,324,484
GROSS DEVELOPMENT VALUE less TOTAL DEVELPOPMENT COST
$221,909,318 $78,324,484
RESIDUAL PV OF RM1 FOR 3 YRS @
143,584,834 10%
0.7513
$107,877,411 LESS COST OF ACQUISITION
6%
$6,472,645 SITE VALUE
$101,404,766 $25,062,967 $2,506.30 $232.84
/ ha / sq. meter /sq. feet
Assumptions: Footnote 1 The rental value for Level 1 is at RM6.00 per square feet inclusive of service sharge. Therefore the service charge must be first deducted as it is borne by the tenants. The service charge is RM1.00 per square feet which includes security, cleaning & upkeeping, electricity and maintenance of common area. Footnote 2 & 3: As footnote 1 Footnote 4: Void allowance must be made to take care of responsibility that the building may not be totally occupied at all time. However, due to the strategic location of the property, it is assumed that the void allowance is at 0%. Footnote 5: The outgoings consists of: a) external & internal repair b) taxation c) management total outgoings
10% 5% 5% 20%
Footnote 6: The typical site preparation cost is to estimated be at RM15,000 per hectare. Footnote 7: The building cost are normally calculated by reference to the gross internal floor area of building and based upon analysis of principal elements such as foundation, basement, superstructure, services, finishes and external works (landscaping). Footnote 8 & 9: As footnote 7 Footnote 10: Professional fees will vary considerably, depending upon the nature of the work. The break down of the professional fees are: a) Architect 4% b) Engineer (Civil & Structure) 1.5% c) Quantity Surveyor 1.5% Footnote 11: Project management is assumed 5% of Building Cost as the fee for managing the whole project from initial stage until the completion of the development. Footnote 12 The amount of budget allowed for promotion and marketing can vary accordingly, depending upon the nature of the work and location of the project. The reasonable percentage for these letting fees and advertising ausually pitched at about 2% of GDV. Footnote 13: The cost of financing the project is based on the 'Build and Sell' concept.The full rate of interest is applied to the entire building cost and half of the construction period. The building period has been taken as 2 years and therefore the finance costs are calculated over half of the period, i.e 1 year. The formula of Amount of RM1 is adopted in the calculation taking into consideration the future element. Footnote 14: Upon completion the building work, there will be normally be a letting delay. It is normal practice to make allowance for this letting delay depending on the location. Therefore finance will be required for the full period of the delay as the total cost (building cost, infrastructure cost, prof.fees and finance incurred during the building period) will be outstanding until the building can be refinanced which normally will not be until the building has been let. Footnote 15: A reasonable contingency budget is essential in the development to offset the degree of uncertainty. A contingency allowance between 2% - 5% of the building cost and related cost incurred is usual, depending on the the type of development. Footnote 16: Developer's profit reflect the required margin of return for the organisation. The common practice for developer's profit is between 15% - 20% of GDV or 20% - 50% of the total development cost. Footnote 17: Cost of acquistion consists of: a) Agent fee b) Legal fee c) Stamp duty (ad valorem) total acquisition cost
2% 1% 3% 6%
CONCLUSION: The market value for Lot 452, Section 67, Town of Kuala Lumpur by using the residual value method of valuation is at
RM RM
101,404,766.28 232.84psf
PERIOD BY PERIOD CASHFLOW METHOD ASSET Example Year
Net Cashflow 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 IRR
Capital Outstanding Interest from previous period 8.75% 0 0.00 0.00 (9,857,447) 0.00 0.00 (9,696,570) (9,857,446.93) (862,526.61) 2,119,331 (20,416,543.12) (1,786,447.52) 2,119,331 (20,083,659.63) (1,757,320.22) 2,119,331 (19,721,648.83) (1,725,644.27) 2,331,264 (19,327,962.08) (1,691,196.68) 2,331,264 (18,687,894.65) (1,635,190.78) 2,331,264 (17,991,821.31) (1,574,284.36) 2,543,197 (17,234,841.55) (1,508,048.64) 2,543,197 (16,199,692.97) (1,417,473.13) 2,543,197 (15,073,968.88) (1,318,972.28) 2,755,130 (13,849,743.94) (1,211,852.59) 2,755,130 (12,306,466.21) (1,076,815.79) 2,755,130 (10,628,151.68) (929,963.27) 2,967,063 (8,802,984.63) (770,261.16) 6.94%
Capital Outstanding/ Surplus 0.00 (9,857,446.93) (20,416,543.12) (20,083,659.63) (19,721,648.83) (19,327,962.08) (18,687,894.65) (17,991,821.31) (17,234,841.55) (16,199,692.97) (15,073,968.88) (13,849,743.94) (12,306,466.21) (10,628,151.68) (8,802,984.63) (6,606,182.36)
: : : : : : :
948 BESERAH KUANTAN PAHANG DARUL MAKMUR RESORTS 3 1.90 Hectares 4.70 Acres 204,732 sq.ft
Development period Development pattern Land value
: : : : : :
2 years Built - Operate - Sell RM8.00 psf RM1,637,856 9% 8%
All Risk Yield Borrowing Rate
PROPOSED DEVELOPMENT Types Of Room 1.0 Deluxe 2.0 Chalet TOTAL Others Restaurant Swimming Pool Parking Bay Multi Purpose Hall
No. Of Rooms Size (sq.ft) 90 540 40 364 130 No. of Unit 1 1 100 1
Size (sq.ft) 3,000 2,690 128 32,000
Total 48,600 14,560
3,000 2,690 12,800 32,000
Growth, IRF Yield, & 3 YP k : All Risk Yield e (f/h) : Equated Yield (freehold) e (l/h) : Equated Yield (leasehold) t : Rent Review Pattern xt r : Rent Review Pattern g : Growth Outgoings SC IRFY
= = = = = = = = = =
8.00% 10% 12% 3 years 88 years 20 years 2.1597% 16% p.a RM 0.32 p.m / p.s.ft 7.67%
GROWTH IRRG
g
=
YP perp @ k - YP t yrs @ e YP perp @ k x PV t yrs @ e
=
12.5 12.5
=
10.0131 9.39
=
1.07
=
2.1597%
x
2.4869 0.7513
2.16%
IRFY = ( 1 + e(l/h)) 1+g
-1
=
-1
110% 102.16%
IRFY = 7.67%
3YP = YP For (t) yrs @Xe (l/h) YP For (xt-r) yrs @ IRFY YP For (t) yrs @ IRFY YP For 3 yrs @ 11% X
=
2.4018
3YP = 11.9936
X
YP For 68 yrs @ 9.63% YP For 3 yrs @ 9.63% 12.9447 2.5923
A. GROSS DEVELOPMENT VALUE
TYPE OF ROOM
TOTAL ROOM
UNIT
ROOM RATE PER DAY (RM)
1.0 Deluxe 1.1 Weekdays 1.2 Weekends 1.3 Public Holidays
90 90 90
rooms rooms rooms
RM140 RM160 RM160
2.0 Chalet 2.1 Weekdays 2.2 Weekends 2.3 Public Holidays
40 40 40
rooms rooms rooms
RM120 RM140 RM140
Average occ. Rate GROSS INCOME FROM ROOM plus: OTHER INCOME a) Restaurant less Purchasing Cost of Sale ( F&B ) b) Multi Purpose Hall c) Pub and Lounge d) Function e) Souvenir and gift shop
40% 30%
from from
RM5,014,540 RM2,005,816
1 1 1 1
unit unit unit unit
RM500 RM2,000 RM1,500 RM1,500
1 2 3 10 1 4 3 2
person persons persons persons persons persons persons persons
RM7,000 RM3,500 RM1,300 RM1,000 RM1,300 RM800 RM700 RM800
OTHER GROSS INCOME FROM RESORT less: OPERATING EXPENSES a) Salary 1. General Manager 2. Assistance General Manager 3. Administration 4. Cleaner & Housekeeping 5. Driver 6. Security 7. Gardener 8. Valet
b) income tax c) EPF & SOCSO
3%
of salary
11%
of salary
d) Stationery
RM700
e) Utility bills
RM60,000
f) Promotion & Marketing g) Transportation & Uniform h) Room Up-keep i) Insurance j) Interest (on working capital) k) Repairs and renewal Pillows and mattress Furniture Bed Sheets Electrical items
l) Laundry TOTAL OPERATING EXPENSES DIVISIBLE BALANCE less: OPERATOR'S SHARE
40%
GROSS RENT less: OUTGOINGS a) Insurance b) Maintenance c) Quit Rent d) Management
TOTAL NET RENT YP in perp
GROSS DEVELOPMENT VALUE
9%
B. DEVELOPMENT COST
TYPE OF DEVELOPMENT COST
QUANTITY
UNIT
COST PERUNIT
1.0 PRELIMINARIES
4.7
acre
RM10,000
2.0 SITE PREPARATION 2.1 Site Inspection 2.2 Site Clearance 2.3 Earthwork
4.7 4.7 4.7
acre acre acre
RM15,000 RM10,000 RM20,000
130 2,690
unit sq.ft
RM200 RM50
12,800 2
sq.ft unit
RM15 RM150,000
59,400 14,560 3,000 32,000 2,000
sq.ft sq.ft sq.ft sq.ft sq.ft
RM90 RM70 RM70 RM50 RM60
4.7
acre
RM20,000
3.0 INFRASTRUCTURE 3.1 Road and drainage 3.2 Sewerage 3.3 Electrical Supply 3.4 Water Supply 3.5 Telecommunication 3.6 Swimming Pool 3.7 Sports Facilities 3.8 Parking Bay 3.9 Lift 3.10 Contribution to relevant authorities 4.0 BUILDING COST 4.1 Main Building 4.2 Chalet 4.5 Restaurant 4.6 Multi Purpose Hall 4.7 Pub & Lounge Total building construction cost 5.0 LANDSCAPING 6.0 PROFESSIONAL FEES 5.1 Building Works 5.2 Infrastructure Works
8% 6%
7.0 PROJECT MANAGEMENT COST
24
8.0 MARKETING & ADVERTISING
2%
of
9.0 FURNITURE 9.1 Room a. Deluxe b. Chalet
90 40
rooms rooms
of 4.0 of 3.0 months
RM8,295,200 RM1,002,500 RM12,000 RM23,548,122
RM20,000 RM10,000
9.2 9.3 9.4 9.5
Main Lobby Restaurant Kitchen facilities Pub & Lounge
10.0 INTEREST ON FINANCE 10.1 Project Financing
8%
of 1
RM12,575,466 year
11.0 CONTINGENCIES
5%
of
RM14,792,881
12.0 LAND COST 12.1 Land cost 12.2 Acquisition cost 12.3 Holding cost for 2 years
204,732 5% 8%
sq.f of of
RM8 RM1,637,856 RM1,719,749
TOTAL DEVELOPMENT COST
ANALYSIS OF PROFIT PERCENTAGE
GROSS DEVELOPMENT VALUE less TOTAL DEVELPOPMENT COST
RM23,548,122
DEVELOPER'S PROFIT
RM6,203,598
PROFIT % AS PER GDV
PROFIT % AS PER TDC
RM17,344,525
=
Total Profit Gross Development Value
=
26%
=
Total Profit Total Development Cost
=
36%
OCCUPANCY RATE
TOTAL DAYS GROSS PER YEAR DEVELOPMENT VALUE
65% 90% 95% 83%
234 121 10
RM1,916,460 RM1,568,160 RM136,800
65% 90% 95% 83%
234 121 10
RM730,080 RM609,840 RM53,200
83%
RM5,014,540
RM1,404,071 60% 35% 35% per month
365 365 365 12
RM109,500 RM255,500 RM191,625 RM18,000 RM6,993,236
x x x x x x x x
12 12 12 12 12 12 12 12
months months months months months months months months
RM84,000 RM84,000 RM46,800 RM120,000 RM15,600 RM38,400 RM25,200 RM19,200 RM433,200
RM433,200
RM12,996
RM12,996
RM47,652
RM47,652
x 12 months
RM8,400
RM8,400
x 12 months
RM720,000
RM720,000
RM240,000
RM240,000
RM200,000
RM200,000
RM280,000
RM280,000
RM200,000
RM200,000
RM250,000
RM250,000
RM50,000 RM90,000 RM60,000 RM100,000 RM300,000 RM110,000
RM110,000
RM2,802,248 RM4,190,988 from divisible balance
RM1,676,395
RM2,514,593
RM62,865 RM251,459 RM5,500 RM75,438 RM395,262
RM2,119,331 11.11
RM23,548,122
DEVELOPMENT COST
TOTAL DEVELOPMENT COST
RM47,000
RM47,000
RM70,500 RM47,000 RM94,000
RM211,500
RM50,000 RM100,000 RM50,000 RM50,000 RM26,000 RM134,500 RM50,000 RM192,000 RM300,000 RM50,000
RM1,002,500
RM5,346,000 RM1,019,200 RM210,000 RM1,600,000 RM120,000 RM8,295,200 RM94,000
RM94,000
RM663,616 RM60,150
RM723,766
RM288,000
RM288,000
RM470,962
RM470,962
RM1,800,000 RM400,000
RM70,000 RM65,000 RM75,000 RM50,000 RM2,460,000 RM1,006,037
RM1,006,037
RM739,644
RM739,644
RM1,637,856 RM81,893 RM286,166
RM2,005,915
RM17,344,525
NTAGE
Total Profit oss Development Value 26%
[15% - 25%]
Total Profit otal Development Cost 36%
[20% - 50%]
A. GROSS DEVELOPMENT VALUE
TYPE OF ROOM
TOTAL ROOM
UNIT
ROOM RATE PER DAY (RM)
OCCUPANCY RATE
1.0 Deluxe 1.1 Weekdays 1.2 Weekends 1.3 Public Holidays
90 90 90
rooms rooms rooms
RM140 RM160 RM160
65% 90% 95% 83%
2.0 Chalet 2.1 Weekdays 2.2 Weekends 2.3 Public Holidays
40 40 40
rooms rooms rooms
RM120 RM140 RM140
65% 90% 95% 83%
Average occ. Rate
83%
GROSS INCOME FROM ROOM plus: OTHER INCOME a) Food & Beverages less Purchasing Cost of Sale ( F&B )
40% 30%
from from
RM5,014,540 RM2,005,816
1 1 1 1
unit unit unit unit
RM500 RM2,000 RM1,500 RM1,500
a) Salary 1. General Manager 2. Assistance Genaral Manager 3. Administration 4. Cleaner & Housekeeping 5. Driver 6. Security 7. Gardener 8. Valet
1 2 3 10 1 4 3 2
person persons persons persons persons persons persons persons
RM7,000 RM3,500 RM1,300 RM1,000 RM1,300 RM800 RM700 RM800
b) Income tax
3%
of salary
11%
of salary
b) Multi Purpose Hall c) Pub and Lounge d) Funtion e) Souvenir and gift shop
60% 35% 35% per month
GROSS INCOME FROM RESORT less: OPERATING EXPENSES
c) EPF & SOCSO
x x x x x x x x
12 12 12 12 12 12 12 12
months months months months months months months months
d) Stationery
RM700
x 12 months
e) Utility bills
RM60,000
x 12 months
f) Promotion & Marketing g) Transportation & Uniform h) Room Up-keep i) Insurance j) Interest (on working capital) k) Repairs and renewal Pillows and mattress Furniture Bed Sheets Electrical items
l) Laundry TOTAL OPERATING EXPENSES DIVISIBLE BALANCE less: OPERATOR'S SHARE
40% from divisible balance
GROSS RENT less: OUTGOINGS a) Insurance b) Maintenance c) Quit Rent d) Management
TOTAL NET RENT YP in perp
GROSS DEVELOPMENT VALUE
B. DEVELOPMENT COST
9%
TYPE OF DEVELOPMENT COST
QUANTITY
UNIT
COST PERUNIT
DEVELOPMENT COST
1.0 PRELIMINARIES
4.7
acre
RM10,000
RM47,000
2.0 SITE PREPARATION 2.1 Site Inspection 2.2 Site Clearance 2.3 Earthwork
4.7 4.7 4.7
acre acre acre
RM15,000 RM10,000 RM20,000
RM70,500 RM47,000 RM94,000
unit sq.ft
RM200 RM50
sq.ft unit
RM15 RM150,000
RM50,000 RM100,000 RM50,000 RM50,000 RM26,000 RM134,500 RM50,000 RM192,000 RM300,000 RM50,000
59,400 14,560 3,000 32,000 2,000
sq.ft sq.ft sq.ft sq.ft sq.ft
RM90 RM70 RM70 RM50 RM60
RM5,346,000 RM1,019,200 RM210,000 RM1,600,000 RM120,000
4.7
acre
RM20,000
RM94,000
RM8,295,200 RM1,002,500
RM663,616 RM60,150
RM12,000
RM288,000
RM23,548,122
RM470,962
RM20,000 RM10,000
RM1,800,000 RM400,000 RM70,000 RM65,000 RM75,000 RM50,000
RM12,575,466 year
RM1,006,037
3.0 INFRASTRUCTURE 3.1 Road and drainage 3.2 Sewerage 3.3 Electrical Supply 3.4 Water Supply 3.5 Telecommunication 130 3.6 Swimming Pool 2,690 3.7 Sports 3.8 Parking Bay 12,800 3.9 Lift 2 3.10 Contribution to relevant authorities 4.0 BUILDING COST 4.1 Main Building 4.2 Chalet 4.5 Restaurant 4.6 Multi Purpose Hall 4.7 Pub & Lounge Total building construction cost 5.0 LANDSCAPING 6.0 PROFESSIONAL FEES 5.1 Building Works 5.2 Infrastructure Works
8% 6%
7.0 PROJECT MANAGEMENT COST
24
months
8.0 MARKETING & ADVERTISING
2%
of
9.0 FURNITURE 9.1 Room a. Deluxe b. Chalet 9.2 Main Lobby 9.3 Restaurant 9.4 Kitchen facilities 9.5 Pub & Lounge 10.0 INTEREST ON FINANCE 10.1 Project Financing
90 40
8%
of 4.0 of 3.0
rooms rooms
of 1
11.0 CONTINGENCIES 12.0 LAND COST 12.1 Land cost 12.2 Acquisition cost 12.3 Holding cost for 2 years
5%
204,732 5% 8%
% of
sq.f of of
RM14,792,881
RM739,644
RM8 RM1,637,856 RM1,719,749
RM1,637,856 RM81,893 RM286,166
TOTAL DEVELOPMENT COST
SITE VALUE FOR LOT NO 948 PANTAI BALOK
GROSS DEVELOPMENT VALUE less TOTAL DEVELPOPMENT COST
RM23,548,122
RESIDUAL
RM6,203,598
PV FOR RM 1 FOR 2 YEARS
Site Value
RM17,344,525
9% per annum
0.8417
=
RM5,221,444
=
RM26
P.SF
TOTAL DAYS GROSS PER YEAR DEVELOPMENT VALUE
234 121 10
RM1,916,460 RM1,568,160 RM136,800
234 121 10
RM730,080 RM609,840 RM53,200
RM5,014,540
RM1,404,071 365 365 365 12
RM109,500 RM255,500 RM191,625 RM18,000 RM6,993,236
RM84,000 RM84,000 RM46,800 RM120,000 RM15,600 RM38,400 RM25,200 RM19,200 RM433,200
RM433,200
RM12,996
RM12,996
RM47,652
RM47,652
RM8,400
RM8,400
RM720,000
RM720,000
RM240,000
RM240,000
RM200,000
RM200,000
RM280,000
RM280,000
RM200,000
RM200,000
RM250,000
RM250,000
RM50,000 RM90,000 RM60,000 RM100,000 RM300,000 RM110,000
RM110,000
RM2,802,248 RM4,190,988
e balance
RM1,676,395
RM2,514,593
RM62,865 RM251,459 RM5,500 RM75,438 RM395,262
RM2,119,331 11.11
RM23,548,122
TOTAL DEVELOPMENT COST
RM47,000
RM211,500
RM1,002,500
RM8,295,200 RM94,000
RM723,766 RM288,000 RM470,962
RM2,460,000 RM1,006,037
RM739,644
RM2,005,915
RM17,344,525
PERIOD BY PERIOD CASHFLOW APPROACH
DISCOUNTED CASHFLOW FOR THE PROPOSED RESORT DEVELOPM FIRST YEAR 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
PARTICULARS INCOME GROWTH NET INCOME DISPOSAL/TERMINAL VALUE TOTAL INFLOW DEVELOPMENT COST 1.0) Preliminaries 2.0) Site Preparation 3.0) Infrastructure 4.0) Building Cost 5.0) Landscaping 6.0) Professional fees 7.0) Project Management fee 8.0) Marketing & Advertising 9.0) Furniture 10.0) Contingencies 11.0) Land cost
TOTAL OUTFLOW NET CASHFLOW
CAPITAL OUTSTANDING / SURPLUS
-
-
-
0
0
0
0
23,500 105,750 125,313 90,471 36,000 58,870 92,456 5,221,444
23,500 105,750 125,313 90,471 36,000 58,870 92,456 -
125,313 1,382,533 90,471 36,000 58,870 92,456 -
125,313 1,382,533 90,471 36,000 58,870 92,456 -
5,753,803
532,359
1,785,642
1,785,642
(5,753,803)
CAPITAL OUTSTANDING FROM PREVIOUS PERIOD COST OF FUNDING/FINANCE
-
8% 1.9427%
(532,359) (1,785,642) (1,785,642)
0 (5,753,803) (6,397,939) (8,307,871)
per annum per quarter
0
(124,290)
(161,393)
(5,753,803) (6,397,939) (8,307,871)
###
DEVELOPER'S PROFIT AS AT THE END OF INVESTMENT PERIOD
(111,777)
GDV
128%
TDC
173%
PROPOSED RESORT DEVELOPMENT IN PANTAI BALOK SECOND YEAR 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter -
-
-
-
0
0
0
0
2,119,331
125,313 1,382,533 90,471 36,000 58,870 92,456 -
125,313 1,382,533 90,471 36,000 58,870 92,456 -
125,313 1,382,533 47,000 90,471 36,000 58,870 1,230,000 92,456 -
125,313 1,382,533 47,000 90,471 36,000 58,870 1,230,000 92,456 -
1,785,642
1,785,642
3,062,642
3,062,642
(1,785,642) (1,785,642)
2 2009 0% 2,119,331
-
###
###
###
(199,217)
(237,776)
(277,084)
(341,964)
###
###
###
###
2,119,331
-
### (3,062,642) 2,119,331
###
3 2010 0% 2,119,331
###
4 2011 0% 2,119,331 2,119,331
-
2,119,331 ###
5 2012 10% 2,331,264 2,331,264
-
2,119,331 ###
6 2013 10% 2,331,264 2,331,264
-
2,331,264 ###
2,331,264 ###
(1,680,601) (1,645,503) (1,607,597) (1,566,658) (1,505,490)
###
###
###
###
###
7 2014 10% 2,331,264 2,331,264
-
8 2015 20% 2,543,197 2,543,197
-
2,331,264 ###
9 2016 20% 2,543,197 2,543,197
-
2,543,197 ###
10 2017 20% 2,543,197 2,543,197
-
2,543,197 ###
11 2018 30% 2,755,130 2,755,130
-
2,543,197 ###
###
###
###
2,755,130
-
2,755,130 ###
(1,439,428) (1,368,081) (1,274,071) (1,172,541) (1,062,889)
###
12 2019 30% 2,755,130
13 2020 30% 2,755,130 2,755,130
-
2,755,130
2,755,130
14 2021 40% 2,967,063 2,967,063
2,967,063
### (9,766,249) (7,792,419) (927,510)
(781,300)
(623,394)
### (9,766,249) (7,792,419) (5,448,749)
15 2022 40% 2,967,063 32,967,371 35,934,435
35,934,435 (5,448,749) (435,900)
30,049,786 30,049,786
DISCOUNTED CASHFLOW APPROACH D
PARTICULARS 1st Quarter INCOME GROWTH NET INCOME TERMINAL/DISPOSAL VALUE TOTAL INFLOW
FIRST YEAR 2nd Quarter 3rd Quarter
4th Quarter
-
-
-
-
0
0
0
0
DEVELOPMENT COST 1.0) Preliminaries 2.0) Site Preparation 3.0) Infrastructure 4.0) Building Cost 5.0) Landscaping 6.0) Professional fees 7.0) Project Management fee 8.0) Marketing & Advertising 9.0) Furniture 10.0) Contingencies 11.0) Land cost
23,500 105,750 125,313 90,471 36,000 58,870 92,456 5,221,444
23,500 105,750 125,313 90,471 36,000 58,870 92,456 -
125,313 1,382,533 90,471 36,000 58,870 92,456 -
125,313 1,382,533 90,471 36,000 58,870 92,456 -
TOTAL OUTFLOW
5,753,803
532,359
1,785,642
1,785,642
(5,753,803)
(532,359)
(1,785,642)
(1,785,642)
NET CASHFLOW Discount Factor
8% p.annum 1.9427% p.quarter
PRESENT VALUE
1.0000
(5,753,803)
0.9809
(522,214)
0.9623
(1,718,235)
0.9439
(1,685,492)
NET PRESENT VALUE INTERNAL RATE OF RETURN PV FACTOR @ R1
NET PRESENT VALUE
13% p.a 3.10% p.quater (NPV1)
1.0000
(5,753,803)
0.9699
(516,339)
0.9407
(1,679,791)
0.9124
(1,629,242)
NET PRESENT VALUE
:
PV FACTOR @ R2
14% p.a 3.33% p.quater
NET PRESENT VALUE
840,245
1.0000
(NPV2)
NET PRESENT VALUE
(5,753,803)
:
0.9678
(515,203)
0.9366
(1,672,407)
(479,646)
IRR IRR
=
R1 +
= =
13%
[
+
13.6366%
R2-R1
1%
]
X
NPV1 [ NPV2 + NPV1 ]
X
840,245 1,319,891
0.9064
(1,618,512)
D 1st Quarter
SECOND YEAR 2nd Quarter 3rd Quarter
4th Quarter
-
-
-
-
0
0
0
0
2,119,331
125,313 1,382,533 90,471 36,000 58,870 92,456 -
125,313 1,382,533 90,471 36,000 58,870 92,456 -
125,313 1,382,533 47,000 90,471 36,000 58,870 1,230,000 92,456 -
125,313 1,382,533 47,000 90,471 36,000 58,870 1,230,000 92,456 -
1,785,642
1,785,642
3,062,642
3,062,642
(1,785,642)
(1,785,642)
(3,062,642)
(3,062,642)
0.9259
(1,653,373)
0.8850
(1,580,215)
0.9083
(1,621,865)
0.8583
(1,532,662)
0.8910
(2,728,731)
0.8325
(2,549,639)
2 2009 0% 2,119,331
0.8740
(2,676,731)
0.8074
(2,472,914)
-
3 2010 0% 2,119,331 2,119,331
-
4 2011 0% 2,119,331 2,119,331
-
5 2012 10% 2,331,264 2,331,264
-
2,119,331
2,119,331
2,119,331
2,331,264
0.8573
0.7938
0.7350
0.6806
1,816,985
1,682,393
1,557,772
1,586,619
0.7831
0.6931
0.6133
0.5428
1,659,747
1,468,803
1,299,825
1,265,317
0.8772
(1,566,353)
0.8489
(1,515,875)
0.8216
(2,516,164)
0.7951
(2,435,078)
0.7695
0.6750
0.5921
0.5194
1,630,756
1,430,488
1,254,814
1,210,786
6 2013 10% 2,331,264 2,331,264
-
7 2014 10% 2,331,264 2,331,264
-
8 2015 20% 2,543,197 2,543,197
-
9 2016 20% 2,543,197 2,543,197
-
10 2017 20% 2,543,197 2,543,197
-
11 2018 30% 2,755,130 2,755,130
-
12 2019 30% 2,755,130 2,755,130
-
13 2020 30% 2,755,130 2,755,130
-
2,331,264
2,331,264
2,543,197
2,543,197
2,543,197
2,755,130
2,755,130
2,755,130
0.6302
0.5835
0.5403
0.5002
0.4632
0.4289
0.3971
0.3677
1,469,092
1,360,270
1,374,010
1,272,232
1,177,992
1,181,628
1,094,100
1,013,056
0.4803
0.4251
0.3762
0.3329
0.2946
0.2607
0.2307
0.2042
1,119,749
990,929
956,649
846,592
749,196
718,256
635,625
562,500
0.4556
0.3996
0.3506
0.3075
0.2697
0.2366
0.2076
0.1821
1,062,093
931,660
891,541
782,053
686,012
651,912
571,852
501,625
14 2021 40% 2,967,063 2,967,063
-
15 2022 40% 2,967,063 ### 35,934,435
-
2,967,063
35,934,435
0.3405
0.3152
1,010,170
11,328,032 11,328,032
0.1807
0.1599
536,079
5,745,584
0.1597
0.1401
473,870
5,034,288
DISCOUNTED CASHFLOW APPROACH CASH INFLOW RENTAL INCOME NLA
Rental Rate psf.
Year Rental Growth
Year 2006 0 0%
2-Storey office podium Ground Floor First Floor
5,022 6,997
sq ft. sq ft.
3.50 2.60
210,924 218,306
13-Storey Office Building Ground Floor First Floor Second Floor Third - 11th Floor 12th Floor
7,000 7,683 8,185 75,321 8,369
sq ft. sq ft. sq ft. sq ft. sq ft.
3.00 2.60 2.60 2.60 2.80
252,000 239,710 255,372 2,350,015 281,198
256 385
bay bay
105.00 70.00
322,560 323,400
Carpark
NET LETTABLE AREA TOTAL RENTAL less: VOID ALLOWANCE
118,577 -
TOTAL INFLOW
-
CASH OUTFLOW CAPITAL OUTLAY SERVICE CHARGE
30,000,000 0.32 psf
GROSS RENT OUTGOINGS
16%
-
Disposal/Terminal Value NET CASHFLOW
(30,000,000)
CAPITAL OUTSTANDING FROM PREVIOUS PERIOD COST OF FUNDING/FINANCE
8.75%
CAPITAL OUTSTANDING / SURPLUS PV FACTOR
0 0 (30,000,000)
8.75%
1.0000
NET PRESENT VALUE
(30,000,000)
IRR
(30,000,000) 11.00% 1
Discounted cashflow
(30,000,000)
Net Present value
3,097,085
IRR
(30,000,000) 12.00% 1
Discounted cashflow
(30,000,000)
Net Present value
IRFY
264,330
=
=
R1
+
11.00
R2
+
12.00
=
11
+
1.0000
=
11
+
1
=
11
+
1.0933121
=
12.0933 %(Formula)
12.1009%
2007 1 0%
2008 2 0%
2009 3 0%
2010 4 6.62%
2011 5 0%
2012 6 0%
210,924 218,306
210,924 218,306
210,924 218,306
224,887 232,758
224,887 232,758
224,887 232,758
252,000 239,710 255,372 2,350,015 281,198
252,000 239,710 255,372 2,350,015 281,198
252,000 239,710 255,372 2,350,015 281,198
268,682 255,578 272,278 2,505,586 299,814
268,682 255,578 272,278 2,505,586 299,814
268,682 255,578 272,278 2,505,586 299,814
322,560 323,400
322,560 323,400
322,560 323,400
343,913 344,809
343,913 344,809
343,913 344,809
4,453,486
4,453,486
4,453,486
4,748,306
4,748,306
4,748,306
5% 190,376 4,263,109
0
5% 190,376 4,263,109
0
5% 190,376 4,263,109
0
6% 243,575 4,504,731
0
6% 243,575 4,504,731
1,500,000
6% 243,575 4,504,731
0
455,336
455,336
455,336
500,869
500,869
500,869
3,807,774
3,807,774
3,807,774
4,003,862
4,003,862
4,003,862
609,244
609,244
609,244
640,618
640,618
640,618
3,198,530
3,198,530
3,198,530
3,363,244
1,863,244
3,363,244
(30,000,000)
(29,426,470)
(28,802,756)
(28,124,468)
(27,222,115)
(27,740,805)
(2,625,000)
(2,574,816)
(2,520,241)
(2,460,891)
(2,381,935)
(2,427,320)
(29,426,470)
(28,802,756)
(28,124,468)
(27,222,115)
(27,740,805)
(26,804,882)
0.9195
0.8456
0.7775
0.7150
0.6574
0.6045
2,941,177
2,704,530
2,486,925
2,404,592
1,224,964
2,033,213
3,198,530
3,198,530
3,198,530
3,363,244
1,863,244
3,363,244
0.9009
0.8116
0.7312
0.6587
0.5935
0.5346
2,881,558
2,595,999
2,338,737
2,215,473
1,105,745
1,798,128
3,198,530
3,198,530
3,198,530
3,363,244
1,863,244
3,363,244
0.8929
0.7972
0.7118
0.6355
0.5674
0.5066
2,855,830
2,549,848
2,276,650
2,137,402
1,057,255
1,703,924
-
R1
x NPVR2
-
11.00
NPVR1 +
x
3,097,085 264,330 +
x
x
(using function)
3,097,085 2,832,755 1.0933
NPVR1
3,097,085
2013 7 6.62%
2014 8 0%
2015 9 0%
2016 10 6.62%
2017 11 0%
2018 12 0%
239,775 248,167
239,775 248,167
239,775 248,167
255,648 264,596
255,648 264,596
255,648 264,596
286,469 272,498 290,302 2,671,456 319,661
286,469 272,498 290,302 2,671,456 319,661
286,469 272,498 290,302 2,671,456 319,661
305,433 290,537 309,520 2,848,306 340,823
305,433 290,537 309,520 2,848,306 340,823
305,433 290,537 309,520 2,848,306 340,823
366,681 367,635
366,681 367,635
366,681 367,635
390,955 391,973
390,955 391,973
390,955 391,973
5,062,644
5,062,644
5,062,644
5,397,791
5,397,791
5,397,791
6% 259,700 4,802,945
0
6% 259,700 4,802,945
0
6% 259,700 4,802,945
0
7% 323,040 5,074,751
1,500,000
7% 323,040 5,074,751
0
7% 323,040 5,074,751
0
546,403
546,403
546,403
591,936
591,936
591,936
4,256,542
4,256,542
4,256,542
4,482,814
4,482,814
4,482,814
681,047
681,047
681,047
717,250
717,250
717,250
3,575,495
3,575,495
3,575,495
2,265,564
3,765,564
3,765,564
(26,804,882)
(25,574,814)
(24,237,115)
(22,782,368)
(22,510,261)
(20,714,344)
(2,345,427)
(2,237,796)
(2,120,748)
(1,993,457)
(1,969,648)
(1,812,505)
(25,574,814)
(24,237,115)
(22,782,368)
(22,510,261)
(20,714,344)
(18,761,285)
0.5559
0.5112
0.4700
0.4322
0.3974
0.3655
1,987,611
1,827,688
1,680,633
979,228
1,496,608
1,376,191
3,575,495
3,575,495
3,575,495
2,265,564
3,765,564
3,765,564
0.4817
0.4339
0.3909
0.3522
0.3173
0.2858
1,722,167
1,551,502
1,397,750
797,897
1,194,751
1,076,352
3,575,495
3,575,495
3,575,495
2,265,564
3,765,564
3,765,564
0.4523
0.4039
0.3606
0.3220
0.2875
0.2567
1,617,372
1,444,082
1,289,359
729,451
1,082,510
966,527
2019 13 6.62%
2020 14 0%
2021 15 0%
2022 16 6.62%
2023 17 0%
2024 18 0%
272,572 282,112
272,572 282,112
272,572 282,112
290,616 300,788
290,616 300,788
290,616 300,788
325,653 309,771 330,011 3,036,864 363,385
325,653 309,771 330,011 3,036,864 363,385
325,653 309,771 330,011 3,036,864 363,385
347,211 330,277 351,857 3,237,905 387,442
347,211 330,277 351,857 3,237,905 387,442
347,211 330,277 351,857 3,237,905 387,442
416,836 417,922
416,836 417,922
416,836 417,922
444,431 445,588
444,431 445,588
444,431 445,588
5,755,125
5,755,125
5,755,125
6,136,114
6,136,114
6,136,114
8% 393,629 5,361,496
0
8% 393,629 5,361,496
0
8% 393,629 5,361,496
1,500,000
8% 419,688 5,716,427
0
8% 419,688 5,716,427
0
8% 419,688 5,716,427
0
637,470
637,470
637,470
683,004
683,004
683,004
4,724,026
4,724,026
4,724,026
5,033,423
5,033,423
5,033,423
755,844
755,844
755,844
805,348
805,348
805,348
3,968,182
3,968,182
2,468,182
4,228,075
4,228,075
4,228,075
(18,761,285)
(16,434,716)
(13,904,572)
(12,653,041)
(9,532,106)
(6,138,090)
(1,641,612)
(1,438,038)
(1,216,650)
(1,107,141)
(834,059)
(537,083)
(16,434,716)
(13,904,572)
(12,653,041)
(9,532,106)
(6,138,090)
(2,447,098)
0.3361
0.3090
0.2842
0.2613
0.2403
0.2209
1,333,555
1,226,258
701,355
1,104,777
1,015,887
934,149
3,968,182
3,968,182
2,468,182
4,228,075
4,228,075
4,228,075
0.2575
0.2320
0.2090
0.1883
0.1696
0.1528
1,021,863
920,598
515,861
796,114
717,219
646,144
3,968,182
3,968,182
2,468,182
4,228,075
4,228,075
4,228,075
0.2292
0.2046
0.1827
0.1631
0.1456
0.1300
909,405
811,969
450,928
689,691
615,795
549,817
2025 19 6.62%
2026 20 0%
309,855 320,700
309,855 320,700
370,197 352,142 375,150 3,452,254 413,090
370,197 352,142 375,150 3,452,254 413,090
473,852 475,086
473,852 475,086
6,542,325
6,542,325
9% 503,405 6,038,920
0
9% 503,405 6,038,920
0
728,537
728,537
5,310,383
5,310,383
849,661
849,661 53,499,939
4,460,722
57,960,661
(2,447,098)
1,799,503
(214,121)
157,457
1,799,503
59,917,621
0.2032
0.1868
906,252
10,827,994
4,460,722
57,960,661
0.1377
0.1240
614,142
7,189,087
4,460,722
57,960,661
0.1161
0.1037
517,920
6,008,594
NPV =
11,193,586.22
SENSITIVITY ANALYSIS Change in variable RM %
base
base
base
base
base
base
GDV 181,447,319 201,608,132 221,768,945
TDC 138,852,681 154,280,757 169,708,833
LANDSCAPING COST 30,000 50,000 70,000
OPERATOR'S SHARE 35% 40% 45%
FINANCE RATE 9% 10% 11%
LAND VALUE 250 320 350
-10% 10%
-10% 10%
40% -40%
13% -13%
10% -10%
22% -9%
Change in profit RM %
27,578,599 46,787,376 67,053,471
SENSITIVITY INDEX
41%
4.11
-43%
4.33
62,215,451 46,787,376 31,359,299
-33%
-3.30
33%
-3.30
46,848,276 46,787,376 46,726,476
-0.130%
-0.0033
0.1302%
-0.0033
63,733,713 46,787,376 29,841,038
-36%
-2.90
36%
-2.90
48,240,518 46,787,376 45,325,320
-3%
-0.31
3%
-0.31
58,583,732 46,787,376 41,731,794
-25%
-1.15
11%
-1.15
SENSITIVITY
Sensitive
Sensitive
Not Sensitive
Sensitive
Not Sensitive
Sensitive
THE VIABILITY OF A 10 STOREYS HOTEL BUILDING AT PRECINT 2, PUTRAJAYA. A. GROSS DEVELOPMENT VALUE
TYPE OF ROOM
1.0 Presidential Suite 1.1 Weekdays 1.2 Weekends 1.3 Public Holidays
TOTAL ROOM
UNIT
ROOM RATE PER DAY (RM)
OCCUPANCY RATE
1 1 1
room room room
$5,000 $5,000 $5,000
50% 50% 50% 50%
2.0 Executive Suite 2.1 Weekdays 2.2 Weekends 2.3 Public Holidays
20 20 20
rooms rooms rooms
$1,500 $1,500 $1,500
55% 60% 65% 60%
3.0 Standard Deluxe 3.1 Weekdays 3.2 Weekends 3.3 Public Holidays
85 85 85
rooms rooms rooms
$500 $500 $500
70% 75% 80% 75%
4.0 Standard 4.1 Weekdays 4.2 Weekends 4.3 Public Holidays
90 90 90
rooms rooms rooms
$250 $250 $250
70% 75% 80% 75%
Average occ. Rate
65%
GROSS INCOME FROM ROOM plus: OTHER INCOME a) Food & Beverages less Cost of Sale ( F&B ) b) Cocktail Lounge c) Ballroom d) Conference Room e) Meeting Room e) Coffee House f) Telephone and Telex g) Pub and Snooker h) Fitness Centre i) Convention centre j) Health & Beauty Treatment k) Business Centre l) Laundry
50% 30%
from from
1 40 2 1 1
area tables rooms area unit
1 1 1 1 2
unit unit room room rooms
24,212,250 12,106,125 $3,000 $800 $2,800 $2,000 $2,500 $1,200 $50,000 $2,500 $3,500 $8,400 $1,500 $2,000
60% 60% 65% 65% 65% per month per month 60% 60% 65% 40%
plus: OTHER RENTAL a) Gift Shop c) Theme Restaurant d) Money Changer e) Car parking f) Karaoke g) Travel Agent
377 14,000 377 300 11,786 377
sq.f sq.f sq.f bay sq.f sq.f
$15 $15 $15 $100 $15 $15
1
8
person persons persons persons persons persons persons persons
$10,000 $5,000 $2,000 $1,000 $1,500 $1,000 $800 $1,000
3%
of salary
psf per mth psf per mth psf per mth per bay per mth psf per mth psf per mth
GROSS INCOME less: OPERATING EXPENSES a) Salary 1. General Manager 2. Assistance Genaral Manager 3. Administration 4.Cleaner & Housekeeping 5. Driver 6.Security 7.Gardener 8. Valet
b) income tax c) EPF & SOCSO
4 10 30 5 15 7
x x x x x x x x
12 12 12 12 12 12 12 12
months months months months months months months months
11% of salary
d) Stationery
$500
x 12 months
e) Utility bills
$100,000
x 12 months
f) Promotion & Marketing g) Transportation & Uniform h) Room Up-keep i) Insurance j) Interest (on working capital) k) Repairs and renewal Pillows and mattress Furniture Bed Sheets Electrical items l) Laundry TOTAL OPERATING EXPENSES DIVISIBLE BALANCE
less: OPERATOR'S SHARE
40% from divisible balance
GROSS RENT less: OUTGOINGS a) Insurance b) Maintenance c) Quit Rent d) Management TOTAL NET RENT YP in perp
10%
GROSS DEVELOPMENT VALUE
B. DEVELOPMENT COST
TYPE OF DEVELOPMENT COST
QUANTITY
UNIT
COST PERUNIT
DEVELOPMENT COST
1.0 PRELIMINARIES
2.9
acre
$15,000
$43,500
2.0 SITE PREPARATION 2.1 Site Inspection/ Soil Investigation 2.2 Site Clearance 2.3 Earthwork
2.9 2.9 2.9
acre acre acre
$20,000 $10,000 $20,000
$58,000 $29,000 $58,000
$45,440,248 $681,604 908,805 $908,805 $681,604 $908,805 $4,089,622
$650,000 $200,000 $200,000 $80,000 $200,000 $1,000,000
30,505 sq.m
$165.90
$5,060,780
30,505 30,505 30,505 30,505 30,505 30,505 30,505
$203.15 $111.51 $6.57 $6.57 $6.20 $7.41 $49.55
$6,196,938 $3,401,613 $200,418 $200,418 $188,978 $226,042 $1,511,370
3.0 INFRASTRUCTURE 3.1 Road and drainage 3.2 Sewerage 3.3 Electrical Supply 3.4 Telecommunication 3.5 Water Supply 3.6 Contribution to relevant authorities 4.0 BUILDING COST 4.1 Substructure 4.2 Superstructure 4.2.1 Frame 4.2.2 Upper Floor 4.2.3 Roof 4.2.4 Stairs 4.2.5 External Wall 4.2.6 Windows & External Doors 4.2.7 External Wall & Partition
1.5% 2% 2% 1.5% 2%
sq.m sq.m sq.m sq.m sq.m sq.m sq.m
4.2.8 Internal Door 4.3 Finishes Internal Wall Finishes Internal Floor Finishes Internal Ceiling Finishes External Finishes 4.4 Fittings & Furnishing 4.5 Services 4.51 Sanitary Appliances Plumbing Installation Air-Conditioning System Electrical Installation Fire Protection Installation Lift & Conveyor Installation Communication Installation Other Installation total building construction cost
30,505 sq.m
$23.28
$710,156
30,505 30,505 30,505 30,505 30,505
sq.m sq.m sq.m sq.m sq.m
$43.71 $32.97 $13.55 $33.87 $5.07
$1,333,374 $1,005,750 $413,190 $1,033,204 $154,660
30,505 30,505 30,505 30,505 30,505 30,505 30,505 30,505
sq.m sq.m sq.m sq.m sq.m sq.m sq.m sq.m
$7.39 $1.85 $210.89 $167.90 $52.56 $52.65 $42.33 $244.76
$225,432 $56,282 $6,433,047 $5,121,637 $1,603,343 $1,606,088 $1,291,277 $7,466,251
5.0 PROFESSIONAL FEES 5.1 Building Works 5.2 Infrastructure Works
7 5
% of % of
$45,440,248 $2,330,000
$3,180,817 $116,500
6.0 PROJECT MANAGEMENT FEE
5
% of
$45,440,248
$2,272,012
7.0 MARKETING & LAWYERS' FEE
2
% of
$201,068,132
$4,021,363
2.9
acre
$50,000
$145,000
12
% of
5
% of
$146,603,625
$7,330,181
196
units
$170,000
$33,320,000 250,000 180,000 150,000 200,000 150,000 200,000
126,324 5% 12%
sq.f of of
$300 $37,897,200 $39,792,060
$37,897,200 $1,894,860 $10,123,100
8.0 LANDSCAPING 9.0 INTEREST ON FINANCE 9.1 Project Financing
10.0 CONTINGENCIES 11.0 FURNITURE ( Caunter,chair, table, bedstead, blanket, pillow,towel,rostrum,a/c, catering,counter bar,vase, cabinet, light,kitchen,laundry, TV,refrigerator,etc.) 11.1 Room 11.2 Main Lobby 11.3 Meeting Room 11.4 Coffee House 11.5 Kitchen facilities 11.6 Cocktail Lounge 11.7 Ballroom 12.0 LAND COST 12.1 Land Purchased 12.2 Acquisition cost 12.3 Holding cost for 2 years
$45,440,248 for 1 year
$4,544,025
TOTAL DEVELOPMENT COST
GROSS DEVELOPMENT VALUE less TOTAL DEVELPOPMENT COST
$201,068,132 $156,693,429
DEVELOPER'S PROFIT % on GDV % on TDC
44,374,703 = =
22% 28%
TOTAL DAYS PER YEAR
GROSS DEVELOPMENT VALUE
234 121 10
$585,000 $302,500 $25,000
234 121 10
$3,861,000 $2,178,000 $195,000
234 121 10
$6,961,500 $3,856,875 $340,000
234 121 10
$3,685,500 $2,041,875 $180,000
24,212,250
$8,474,288 365 365 365 365 365 365 12 12 365 365 365 365
$657,000 $7,008,000 $1,328,600 $474,500 $593,125 $438,000 $600,000 $30,000 $766,500 $1,839,600 $711,750 $292,000
x x x x x x
12 12 12 12 12 12
months months months months months months
$67,860 $2,520,000 $67,860 $180,000 $2,121,480 $67,860 52,450,673
$120,000 $240,000 $240,000 $360,000 $90,000 $180,000 $67,200 96000 $1,393,200 $41,796 $153,252 $6,000 $1,200,000 $1,700,000 $800,000 $2,740,000 $230,000 $500,000
$101,600 $140,000 $99,000 $40,000 $300,000 $9,444,848 43,005,825
divisible balance
$17,202,330 25,803,495
645,087 4,386,594 7,000 658,000
5,696,681 20,106,813 10.00
$201,068,132
TOTAL DEVELOPMENT COST
$43,500
$145,000
$2,330,000
5,089,622
$45,440,248
$3,297,317 $2,272,012 $4,021,363 $145,000
$4,544,025
$7,330,181
$34,450,000
$49,915,160
$156,693,429
THE VIABILITY OF A 10 STOREYS HOTEL BUILDING AT PRECINT 2, PUTRAJAYA. A. GROSS DEVELOPMENT VALUE
TYPE OF ROOM
1.0 Presidential Suite 1.1 Weekdays 1.2 Weekends 1.3 Public Holidays
TOTAL ROOM
UNIT
ROOM RATE PER DAY (RM)
OCCUPANCY RATE
1 1 1
room room room
$5,000 $5,000 $5,000
50% 50% 50% 50%
2.0 Executive Suite 2.1 Weekdays 2.2 Weekends 2.3 Public Holidays
20 20 20
rooms rooms rooms
$1,500 $1,500 $1,500
55% 60% 65% 60%
3.0 Standard Deluxe 3.1 Weekdays 3.2 Weekends 3.3 Public Holidays
85 85 85
rooms rooms rooms
$500 $500 $500
70% 75% 80% 75%
4.0 Standard 4.1 Weekdays 4.2 Weekends 4.3 Public Holidays
90 90 90
rooms rooms rooms
$250 $250 $250
70% 75% 80% 75%
Average occ. Rate
65%
GROSS INCOME FROM ROOM plus: OTHER INCOME a) Food & Beverages less Cost of Sale ( F&B ) b) Cocktail Lounge c) Ballroom d) Conference Room e) Meeting Room e) Coffee House f) Telephone and Telex g) Pub and Snooker h) Fitness Centre i) Convention centre j) Health & Beauty Treatment k) Business Centre l) Laundry
50% 30%
from from
1 40 2 1 1
area tables rooms area unit
1 1 1 1 2
unit unit room room rooms
24,212,250 12,106,125 $3,000 $800 $2,800 $2,000 $2,500 $1,200 $50,000 $2,500 $3,500 $8,400 $1,500 $2,000
60% 60% 65% 65% 65% per month per month 60% 60% 65% 40%
plus: OTHER RENTAL a) Gift Shop c) Theme Restaurant d) Money Changer e) Car parking f) Karaoke g) Travel Agent
377 14,000 377 300 11,786 377
sq.f sq.f sq.f bay sq.f sq.f
$15 $15 $15 $100 $15 $15
1
8
person persons persons persons persons persons persons persons
$10,000 $5,000 $2,000 $1,000 $1,500 $1,000 $800 $1,000
3%
of salary
psf per mth psf per mth psf per mth per bay per mth psf per mth psf per mth
GROSS INCOME less: OPERATING EXPENSES a) Salary 1. General Manager 2. Assistance Genaral Manager 3. Administration 4.Cleaner & Housekeeping 5. Driver 6.Security 7.Gardener 8. Valet
b) income tax c) EPF & SOCSO
4 10 30 5 15 7
x x x x x x x x
12 12 12 12 12 12 12 12
months months months months months months months months
11% of salary
d) Stationery
$500
x 12 months
e) Utility bills
$100,000
x 12 months
f) Promotion & Marketing g) Transportation & Uniform h) Room Up-keep i) Insurance j) Interest (on working capital) k) Repairs and renewal Pillows and mattress Furniture Bed Sheets Electrical items l) Laundry TOTAL OPERATING EXPENSES DIVISIBLE BALANCE
less: OPERATOR'S SHARE
40% from divisible balance
GROSS RENT less: OUTGOINGS a) Insurance b) Maintenance c) Quit Rent d) Management TOTAL NET RENT YP in perp
10%
GROSS DEVELOPMENT VALUE
B. DEVELOPMENT COST
TYPE OF DEVELOPMENT COST
QUANTITY
UNIT
COST PERUNIT
DEVELOPMENT COST
1.0 PRELIMINARIES
2.9
acre
$13,000
$37,700
2.0 SITE PREPARATION 2.1 Site Inspection/ Soil Investigation 2.2 Site Clearance 2.3 Earthwork
2.9 2.9 2.9
acre acre acre
$20,000 $10,000 $20,000
$58,000 $29,000 $58,000
3.0 INFRASTRUCTURE 3.1 Road and drainage 3.2 Sewerage 3.3 Electrical Supply 3.4 Telecommunication 3.5 Water Supply 3.6 Contribution to relevant authorities 4.0 BUILDING COST 4.1 Lounge 4.2 Rooms 4.2.1 Presidential Suite 4.2.2 Executive Suite 4.2.3 Standard Deluxe 4.2.4 Standard 4.3 Swimming pool 4.3.1 Jacuzzi 4.3.2 Wading pool
$650,000 $200,000 $200,000 $80,000 $200,000 $1,000,000
16,870
sq.f
$250
$4,217,500
8,240 24,960 45,730 38,790 3,500 75 100
sq.f sq.f sq.f sq.f sq.f sq.f sq.f
$300 $250 $200 $200 $50 $50 $50
$2,472,000 $6,240,000 $9,146,000 $7,758,000 $175,000 $3,750 $5,000
4.3.3 Sauna 4.4 Ballroom 4.5 Conference & Meeting Room 4.6 Restaurant 4.7 Business Centre 4.8 M & E Room 4.9 Backroom 4.10 Laundry Room 4.11 Beauty & Health Treatment 4.12 Squash Court 4.13 Tennis Court 4.14 Retail shop 4.15 Management Office 4.16 Fitness Centre 4.17 Pub, Snooker & Karaoke 4.18 Other cost total building construction cost
150 10,440 7,084 14,000 600 2,064 9,494 581 12,000 1,548
sq.f sq.f sq.f sq.f sq.f sq.f sq.f sq.f sq.f sq.f
$30 $200 $180 $150 $70 $50 $70 $70 $180 $70
1,131 1,076 504 13,240 78,909
sq.f sq.f sq.f sq.f sq.f
$100 $70 $85 $70 $85
$4,500 $2,088,000 $1,275,120 $2,100,000 $42,000 $103,200 $664,580 $40,670 $2,160,000 $108,360 $6,000 $113,100 $75,320 $42,840 $926,800 $6,707,265
5.0 PROFESSIONAL FEES 5.1 Building Works 5.2 Infrastructure Works
7 5
% of % of
$46,475,005 $2,330,000
$3,253,250 $116,500
6.0 PROJECT MANAGEMENT FEE
5
% of
$46,475,005
$2,323,750
7.0 MARKETING & LAWYERS' FEE
2
% of
$201,068,132
$4,021,363
2.9
acre
$50,000
$145,000
12
% of
5
% of
$142,868,713
$7,143,436
196
units
$170,000
$33,320,000 250,000 180,000 150,000 200,000 150,000 200,000
126,324 5% 12%
sq.f of of
$270 $34,107,480 $35,812,854
$34,107,480 $1,705,374 $9,110,790
8.0 LANDSCAPING 9.0 INTEREST ON FINANCE 9.1 Project Financing
10.0 CONTINGENCIES 11.0 FURNITURE ( Caunter,chair, table, bedstead, blanket, pillow,towel,rostrum,a/c, catering,facilities,counter bar,vase, cabinet, light,kitchen,laundry, TV,refrigerator,etc.) 11.1 Room 11.2 Main Lobby 11.3 Meeting Room 11.4 Coffee House 11.5 Kitchen facilities 11.6 Cocktail Lounge 11.7 Ballroom 12.0 LAND COST 12.1 Land Purchased 12.2 Acquisition cost 12.3 Holding cost for 2 years
$46,475,005 for 1 year
$4,647,501
TOTAL DEVELOPMENT COST
GROSS DEVELOPMENT VALUE less TOTAL DEVELPOPMENT COST
$201,068,132 $150,012,148
DEVELOPER'S PROFIT % on GDV % on TDC
51,055,984 = =
25% 34%
TOTAL DAYS PER YEAR
GROSS DEVELOPMENT VALUE
234 121 10
$585,000 $302,500 $25,000
234 121 10
$3,861,000 $2,178,000 $195,000
234 121 10
$6,961,500 $3,856,875 $340,000
234 121 10
$3,685,500 $2,041,875 $180,000
24,212,250
$8,474,288 365 365 365 365 365 365 12 12 365 365 365 365
$657,000 $7,008,000 $1,328,600 $474,500 $593,125 $438,000 $600,000 $30,000 $766,500 $1,839,600 $711,750 $292,000
x x x x x x
12 12 12 12 12 12
months months months months months months
$67,860 $2,520,000 $67,860 $180,000 $2,121,480 $67,860 52,450,673
$120,000 $240,000 $240,000 $360,000 $90,000 $180,000 $67,200 96000 $1,393,200 $41,796 $153,252 $6,000 $1,200,000 $1,700,000 $800,000 $2,740,000 $230,000 $500,000
$101,600 $140,000 $99,000 $40,000 $300,000 $9,444,848 43,005,825
divisible balance
$17,202,330 25,803,495
645,087 4,386,594 7,000 658,000
5,696,681 20,106,813 10.00
$201,068,132
TOTAL DEVELOPMENT COST
$37,700
$145,000
$2,330,000
$46,475,005
$3,369,750 $2,323,750 $4,021,363 $145,000
$4,647,501
$7,143,436
$34,450,000
$44,923,644
$150,012,148
SENSIVITY ANALYSIS
base
base
base
base
base
base
GDV 181,447,319 201,608,132 221,768,945
PROFIT 27,578,599 46,787,376 67,053,471
SI 4.11
TDC 138,852,681 154,280,757 169,708,833
PROFIT 62,215,451 46,787,376 31,359,299
SI -3.30
4.33
-3.30
FINANCE RATE 9% 10% 11%
PROFIT 48,240,518 46,787,376 45,325,320
SI -0.31
LAND VALUE 250 320 350
PROFIT 58,583,732 46,787,376 41,731,794
SI -1.15
OPERATOR'S SHARE PROFIT 35% 63,733,713 40% 46,787,376 45% 29,841,038
SI -2.90
LANDSCAPING COST (per acre) 30,000 50,000 70,000
PROFIT 46,848,276 46,787,376 46,726,476
-0.31
-1.15
-2.90
SI -0.0033 -0.0033
PERIOD BY PERIOD CASHFLOW APPROACH PARTICULARS 1st Quarter NO RENTAL GROWTH net income TOTAL INFLOW
0
DEVELOPMENT COST a) Preliminaries b) Site Preparation c) Infrastructure d) Building Cost e) Professional fees f) Project Management fee g) Marketing & lawyer fee h) Furniture i) Contingencies j) Landscaping k) Land cost TOTAL OUTFLOW
0
23,500 105,750 125,313 58,870 92,456 2,005,915 2,411,803
NET CASHFLOW
DISCOUNTED CASHFLOW FOR THE PRO FIRST YEAR 2nd Quarter 3rd Quarter
(2,411,803)
23,500 105,750 125,313 58,870 92,456 405,888
0
125,313 1,382,533 120,628 48,000 58,870 92,456 1,827,799
(405,888)
(1,827,799)
CAPITAL OUTSTANDING FROM PREVIOUS PERIOD
0
(2,411,803)
(2,819,621)
COST OF FUNDING/FINANCE
0
(1,929)
(2,256)
(2,819,621)
(4,649,676)
CAPITAL OUTSTANDING / SURPLUS
0%
(2,411,803)
SHFLOW FOR THE PROPOSED HOTEL DEVELOPMENT IN CYBERJAYA R SECOND YEAR 4th Quarter 1st Quarter 2nd Quarter 3rd Quarter 0
0
0
125,313 1,382,533 120,628 48,000 58,870 92,456 1,827,799
125,313 1,382,533 120,628 48,000 58,870 92,456 1,827,799
125,313 1,382,533 120,628 48,000 58,870 92,456 1,827,799
(1,827,799)
(1,827,799)
(4,649,676)
0
4th Quarter 0
125,313 1,382,533 120,628 48,000 58,870
125,313 1,382,533 120,628 48,000 58,870
92,456 47,000
92,456 47,000
1,874,799
1,874,799
(1,827,799)
(1,874,799)
(1,874,799)
(6,481,195)
(8,314,179)
(10,148,630)
(12,031,548)
(3,720)
(5,185)
(6,651)
(8,119)
(9,625)
(6,481,195)
(8,314,179)
(10,148,630)
(12,031,548)
(13,915,973)
1 2007
2 2008
3 2009
4 2010
5 2011
6 2012
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
(9,697,890)
(7,586,317)
(5,473,055)
(3,358,103)
(13,915,973) (11,807,775) (11,133)
(9,446)
(7,758)
(6,069)
(4,378)
(2,686)
(11,807,775)
(9,697,890)
(7,586,317)
(5,473,055)
(3,358,103)
(1,241,458)
7 2013
8 2014
9 2015
10 2016
11 2017
12 2018
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
(1,241,458)
876,880
2,996,912
5,118,641
7,242,067
9,367,192
(993)
702
2,398
4,095
5,794
7,494
2,996,912
5,118,641
7,242,067
9,367,192
11,494,016
876,880
13 2019
14 2020
15 2021
16 2022
17 2023
18 2024
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
11,494,016
13,622,543
15,752,772
17,884,705
20,018,344
22,153,689
9,195
10,898
12,602
14,308
16,015
17,723
13,622,543
15,752,772
17,884,705
20,018,344
22,153,689
24,290,743
19 2025
20 2026
21 2027
22 2028
23 2029
24 2030
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
24,290,743
26,429,507
28,569,981
30,712,168
32,856,069
35,001,685
19,433
21,144
22,856
24,570
26,285
28,001
26,429,507
28,569,981
30,712,168
32,856,069
35,001,685
37,149,017
25 2031
26 2032
27 2033
28 2034
29 2035
30 2036
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
37,149,017
39,298,068
41,448,837
43,601,327
45,755,539
47,911,475
29,719
31,438
33,159
34,881
36,604
38,329
39,298,068
41,448,837
43,601,327
45,755,539
47,911,475
50,069,135
31 2037
32 2038
33 2039
34 2040
35 2041
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331 2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
2,119,331
50,069,135
52,228,521
54,389,635
56,552,478
58,717,051
40,055
41,783
43,512
45,242
46,974
52,228,521
54,389,635
56,552,478
58,717,051
60,883,356
36 2042 2,119,331 2,119,331
2,119,331 60,883,356 48,707 63,051,393
THE MARKET VALUE OF A 10 STOREYS HOTEL BUILDING AT PRECINT 2, PUTRAJAYA. A. GROSS DEVELOPMENT VALUE
OCCUPANCY RATE
TOTAL DAYS PER YEAR
1.0 Executive Suite 1.1 Weekdays 1.2 Weekends 1.3 Public Holidays
TYPE OF ROOM
TOTAL ROOM
10 10 10
rooms rooms rooms
UNIT
ROOM RATE PER DAY (RM)
$1,500 $1,500 $1,500
60% 65% 70%
234 121 10
GROSS DEVELOPMENT VALUE
$2,106,000 $1,179,750 $105,000
2.0 Precident Suite 2.1 Weekdays 2.2 Weekends 2.3 Public Holidays
20 20 20
rooms rooms rooms
$1,000 $1,000 $1,000
60% 65% 70%
234 121 10
$2,808,000 $1,573,000 $140,000
3.0 Standard Deluxe 3.1 Weekdays 3.2 Weekends 3.3 Public Holidays
50 50 50
rooms rooms rooms
$800 $800 $800
60% 65% 70%
234 121 10
$5,616,000 $3,146,000 $280,000
GROSS INCOME FROM ROOM
16,953,750
plus: OTHER INCOME a) Food & Beverages b) Cocktail Lounge c) Ballroom d) 2 Conference Room e) Coffee House f) Telephone and Telex g) Pub and Snooker plus: OTHER RENTAL a) Gift Shop c) Theme Restaurant d) Money Changes
50% 1 20 2 1
from unit tables rooms unit
1
unit
16,953,750 $3,000 $800 $2,500 $1,000 $1,200 $1,700
500 1,210 285
sq.f sq.f sq.f
$15 $15 $15
1 2
4
person person person person person person person
$10,000 $5,000 $2,000 $1,000 $1,500 $1,000 $800
3%
of salary
60% 60% 65% 65%
365 365 365 365 365 365
psf per mth psf per mth psf per mth
x 12 months x 12 months x 12 months
$8,476,875 $657,000 $3,504,000 $1,186,250 $237,250 $438,000 $620,500
$90,000 $217,800 $51,300
GROSS INCOME
32,432,725
less: OPERATING EXPENSES a) Salary 1. General Manager 2. Assistance Genaral Manager 3. Administration 4.Cleaner 5. Driver 6.Security 7.Gardener
5 10 2 10
b) income tax c) EPF
x x x x x x x
12 12 12 12 12 12 12
months months months months months months months
$120,000 $120,000 $120,000 $120,000 $36,000 $120,000 $38,400 $674,400 $20,232
11% of salary
$74,184
d) Stationery
$500
x 12 months
$6,000
e) Utility bills
$55,000
x 12 months
$660,000
f) Promotion
$500,000
g) Transportation
$400,000
TOTAL OPERATING EXPENSES
$2,334,816
DIVISIBLE BALANCE
30,097,909
less: OPERATOR'S SHARE
40% from divisible balance
$12,039,164
GROSS RENT
18,058,745
less: OUTGOINGS a) Insurance b) Maintenance c) Quit Rent d) Management
50,000 250,000 5,000 1,000
306,000
TOTAL NET RENT
17,752,745
YP in perp
8%
12.50
GROSS DEVELOPMENT VALUE
$221,909,318
B. DEVELOPMENT COST
TYPE OF DEVELOPMENT COST
QUANTITY
UNIT
1.0 PRELIMINARIES
3
acre
$0
$0
$0
2.0 SITE PREPARATION 2.1 Site Inspection/ Soil Investigation 2.2 Site Clearance 2.3 Earthwork
3 3 3
acre acre acre
COST PERUNIT
$0 $0 $0
DEVELOPMENT COST
$0 $0 $0
TOTAL DEV. COST
$7,000
23,269 9,464 122,932
sq.f sq.f sq.f
$50 $150 $150
$1,163,450 $1,419,600 $18,439,800
5.0 PROFESSIONAL FEES 5.1 Building Works
7
% of
$21,022,850
$1,471,600
$1,471,600
6.0 PROJECT MANAGEMENT FEE
5
% of
$21,022,850
$1,051,143
$1,051,143
7.0 MARKETING AND LAWYERS' FEE
2
% of
$221,909,318
$4,438,186
$4,438,186
10
% of
10
% of
3.0 INFRASTRUCTURE 3.1 Road and drainage - high rise 3.2 Sewerage 3.3 Electrical Supply 3.4 Telecommunication 3.5 Water Supply 3.6 Contribution to relevant authorities 4.0 BUILDING COST 4.1 Basement 4.2 Ground Floor 4.3 Office Spaces (Level 2 - 18)
$1,750,000
total building construction cost
$21,022,850
8.0 INTEREST ON FINANCE 8.1 Project Financing 8.2 Letting Delay
9.0 CONTINGENCIES 10.0 DEVELOPER'S PROFIT
$21,022,850 for 1 year $30,086,063 for 6 months
$2,102,285 $1,468,466 $3,570,751
2
% of
$31,554,529
$631,091
20
% of
$221,909,318
$44,381,864
$631,091 $44,381,864
TOTAL DEVELOPMENT COST
$78,324,484
GROSS DEVELOPMENT VALUE less TOTAL DEVELPOPMENT COST
$221,909,318 $78,324,484
RESIDUAL PV OF RM1 FOR 3 YRS @
143,584,834 10%
0.7513
$107,877,411 LESS COST OF ACQUISITION
6%
$6,472,645 SITE VALUE
$101,404,766 $25,062,967 $2,506.30 $232.84
/ ha / sq. meter /sq. feet
Assumptions: Footnote 1 The rental value for Level 1 is at RM6.00 per square feet inclusive of service sharge. Therefore the service charge must be first deducted as it is borne by the tenants. The service charge is RM1.00 per square feet which includes security, cleaning & upkeeping, electricity and maintenance of common area. Footnote 2 & 3: As footnote 1 Footnote 4: Void allowance must be made to take care of responsibility that the building may not be totally occupied at all time. However, due to the strategic location of the property, it is assumed that the void allowance is at 0%. Footnote 5: The outgoings consists of: a) external & internal repair b) taxation c) management total outgoings
10% 5% 5% 20%
Footnote 6: The typical site preparation cost is to estimated be at RM15,000 per hectare. Footnote 7: The building cost are normally calculated by reference to the gross internal floor area of building and based upon analysis of principal elements such as foundation, basement, superstructure, services, finishes and external works (landscaping). Footnote 8 & 9: As footnote 7 Footnote 10: Professional fees will vary considerably, depending upon the nature of the work. The break down of the professional fees are: a) Architect 4% b) Engineer (Civil & Structure) 1.5% c) Quantity Surveyor 1.5% Footnote 11: Project management is assumed 5% of Building Cost as the fee for managing the whole project from initial stage until the completion of the development. Footnote 12 The amount of budget allowed for promotion and marketing can vary accordingly, depending upon the nature of the work and location of the project. The reasonable percentage for these letting fees and advertising ausually pitched at about 2% of GDV. Footnote 13: The cost of financing the project is based on the 'Build and Sell' concept.The full rate of interest is applied to the entire building cost and half of the construction period. The building period has been taken as 2 years and therefore the finance costs are calculated over half of the period, i.e 1 year. The formula of Amount of RM1 is adopted in the calculation taking into consideration the future element. Footnote 14: Upon completion the building work, there will be normally be a letting delay. It is normal practice to make allowance for this letting delay depending on the location. Therefore finance will be required for the full period of the delay as the total cost (building cost, infrastructure cost, prof.fees and finance incurred during the building period) will be outstanding until the building can be refinanced which normally will not be until the building has been let. Footnote 15: A reasonable contingency budget is essential in the development to offset the degree of uncertainty. A contingency allowance between 2% - 5% of the building cost and related cost incurred is usual, depending on the the type of development. Footnote 16: Developer's profit reflect the required margin of return for the organisation. The common practice for developer's profit is between 15% - 20% of GDV or 20% - 50% of the total development cost. Footnote 17: Cost of acquistion consists of: a) Agent fee b) Legal fee c) Stamp duty (ad valorem) total acquisition cost
2% 1% 3% 6%
CONCLUSION: The market value for Lot 452, Section 67, Town of Kuala Lumpur by using the residual value method of valuation is at
RM RM
101,404,766.28 232.84psf
PERIOD BY PERIOD CASHFLOW METHOD ASSET Example Year
Net Cashflow 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 IRR
Capital Outstanding Interest from previous period 8.75% 0 0.00 0.00 (9,857,447) 0.00 0.00 (9,696,570) (9,857,446.93) (862,526.61) 2,119,331 (20,416,543.12) (1,786,447.52) 2,119,331 (20,083,659.63) (1,757,320.22) 2,119,331 (19,721,648.83) (1,725,644.27) 2,331,264 (19,327,962.08) (1,691,196.68) 2,331,264 (18,687,894.65) (1,635,190.78) 2,331,264 (17,991,821.31) (1,574,284.36) 2,543,197 (17,234,841.55) (1,508,048.64) 2,543,197 (16,199,692.97) (1,417,473.13) 2,543,197 (15,073,968.88) (1,318,972.28) 2,755,130 (13,849,743.94) (1,211,852.59) 2,755,130 (12,306,466.21) (1,076,815.79) 2,755,130 (10,628,151.68) (929,963.27) 2,967,063 (8,802,984.63) (770,261.16) 6.94%
Capital Outstanding/ Surplus 0.00 (9,857,446.93) (20,416,543.12) (20,083,659.63) (19,721,648.83) (19,327,962.08) (18,687,894.65) (17,991,821.31) (17,234,841.55) (16,199,692.97) (15,073,968.88) (13,849,743.94) (12,306,466.21) (10,628,151.68) (8,802,984.63) (6,606,182.36)
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