Cashflow Option2

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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 Chalet Type 2.0 Long House 1 3.0 Long House 2 4.0 Studio TOTAL Others Restaurant Swimming Pool Parking Bay

Multi Purpose Hall

No. Of Rooms Size (sq.ft) 20 300 22 220 8 375 60 220 110

Total 6,000 4,840 3,000 13,200

No. of Unit 1 1 100

Size (sq.ft) 3,000 2,690 128

3,000 2,690 12,800

1

32,000

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

= = = = = = = = = =

10.00% 8% 12% 3 years 88 years 20 years -2.2129% 16% p.a RM 0.32 p.m / p.s.ft 10.44%

GROWTH IRRG

g

=

YP perp @ k - YP t yrs @ e YP perp @ k x PV t yrs @ e

=

10 10

=

7.4229 7.94

=

0.94

=

-2.2129%

x

2.5771 0.7938

-2.21%

IRFY = ( 1 + e(l/h)) 1+g

-1

=

-1

108% 97.79%

IRFY = 10.44%

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 =

9.3091

X

YP For 68 yrs @ 9.63% YP For 3 yrs @ 9.63% 9.5637 2.4675

A. GROSS DEVELOPMENT VALUE

TYPE OF ROOM

TOTAL ROOM

UNIT

ROOM RATE PER DAY (RM)

OCCUPANCY RATE

1.0 Chalet 1.1 Weekdays 1.2 Weekends 1.3 Public Holidays

20 20 20

rooms rooms rooms

RM140 RM160 RM160

65% 90% 95% 83%

2.0 Long House 1 2.1 Weekdays 2.2 Weekends 2.3 Public Holidays

22 22 22

rooms rooms rooms

RM90 RM120 RM120

65% 90% 95% 83%

3.0 Long House 2 3.1 Weekdays 3.2 Weekends 3.3 Public Holidays

8 8 8

rooms rooms rooms

RM120 RM150 RM150

65% 90% 95% 83%

4.0 Studio 4.1 Weekdays 4.2 Weekends 4.3 Public Holidays

60 60 60

rooms rooms rooms

RM120 RM140 RM140

65% 90% 95% 83%

Average occ. Rate

83%

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

RM3,796,270 RM1,518,508

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

RM6,000 RM3,500 RM1,200 RM950 RM1,200 RM800 RM600 RM800

60% 35% 35% per month

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

x x x x x x x x

12 12 12 12 12 12 12 12

months months months months months months months months

TOTAL DAYS

b) Income tax c) EPF & SOCSO

3%

of salary

11%

of salary

d) Stationery

RM200 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

9%

GROSS DEVELOPMENT VALUE

B. DEVELOPMENT COST

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

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 Contribution to relevant authorities 4.0 BUILDING COST 4.1 Main Building 4.2 Chalet 4.3 Long House 1 4.4 Long House 2 4.5 Restaurant 4.6 Multi Purpose Hall 4.7 Pub & Lounge Total building construction cost 5.0 LANDSCAPING

RM50,000 RM100,000 RM50,000 RM50,000 RM22,000 RM134,500 RM50,000 RM192,000 RM50,000

110 2,690

unit sq.ft

RM200 RM50

12,800

sq.ft

RM15

20,000 6,000 4,840 4,800 3,000 32,000 2,000

sq.ft sq.ft sq.ft sq.ft sq.ft sq.ft sq.ft

RM90 RM1,800,000 RM65 RM390,000 RM65 RM314,600 RM65 RM312,000 RM70 RM210,000 RM50 RM1,600,000 RM60 RM120,000

4.7

acre

RM20,000

RM94,000

RM4,746,600 RM698,500

RM379,728 RM41,910

RM12,000

RM288,000

RM16,262,591

RM325,252

RM12,000 RM10,000 RM12,000 RM9,000

RM240,000 RM220,000 RM96,000 RM540,000 RM70,000 RM65,000 RM75,000 RM50,000

6.0 PROFESSIONAL FEES 5.1 Building Works 5.2 Infrastructure Works

8% 6%

of 4.0 of 3.0

7.0 PROJECT MANAGEMENT COST

24

months

8.0 MARKETING & ADVERTISING

2%

of

20 22 8 60

rooms rooms rooms rooms

10.0 INTEREST ON FINANCE 10.1 Project Financing

8%

of 1

RM7,316,738 year

RM585,339

11.0 CONTINGENCIES

5%

of

RM9,534,153

RM476,708

9.0 FURNITURE 9.1 Room a. Chalet b. Long House 1 c. Long House 2 d. Studio 9.2 Main Lobby 9.3 Restaurant 9.4 Kitchen facilities 9.5 Pub & Lounge

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 RM1,637,856 RM81,893 RM1,719,749 RM286,166

TOTAL DEVELOPMENT COST

ANALYSIS OF PROFIT PERCENTAGE

GROSS DEVELOPMENT VALUE less TOTAL DEVELPOPMENT COST

RM16,262,591

DEVELOPER'S PROFIT

RM5,006,139

PROFIT % AS PER GDV

PROFIT % AS PER TDC

RM11,256,452

=

Total Profit Gross Development Value

=

31%

=

Total Profit Total Development Cost

=

44%

TOTAL DAYS GROSS PER YEARDEVELOPMENT VALUE

234 121 10

RM425,880 RM348,480 RM30,400

234 121 10

RM301,158 RM287,496 RM25,080

234 121 10

RM146,016 RM130,680 RM11,400

234 121 10

RM1,095,120 RM914,760 RM79,800

###

RM1,062,956 365 365 365 12

RM109,500 RM255,500 RM191,625 RM18,000 ###

RM72,000 RM84,000 RM43,200 RM114,000 RM14,400 RM38,400 RM21,600 RM19,200 RM406,800

RM406,800

RM12,204

RM12,204

RM44,748

RM44,748

RM2,400

RM2,400

RM720,000

RM720,000

RM240,000

RM240,000

RM100,000

RM100,000

RM200,000

RM200,000

RM200,000

RM200,000

RM250,000

RM250,000

RM50,000 RM70,000 RM40,000 RM90,000 RM250,000 RM110,000

RM110,000

RM2,536,152 ### balance

RM1,159,079

###

RM43,465 RM173,862 RM5,500 RM52,159 RM274,986

### 11.11

###

TOTAL DEVELOPMENT COST

RM47,000

RM211,500

RM698,500

RM4,746,600 RM94,000

RM421,638 RM288,000 RM325,252

RM1,356,000 RM585,339

RM476,708

RM2,005,915

###

15% - 25%

20% - 50%

A. GROSS DEVELOPMENT VALUE

TYPE OF ROOM

TOTAL ROOM

UNIT

ROOM RATE PER DAY (RM)

OCCUPANCY RATE

1.0 Chalet 1.1 Weekdays 1.2 Weekends 1.3 Public Holidays

20 rooms 20 rooms 20 rooms

RM140 RM160 RM160

65% 90% 95% 83%

2.0 Long House 1 2.1 Weekdays 2.2 Weekends 2.3 Public Holidays

22 rooms 22 rooms 22 rooms

RM90 RM120 RM120

65% 90% 95% 83%

3.0 Long House 2 3.1 Weekdays 3.2 Weekends 3.3 Public Holidays

8 rooms 8 rooms 8 rooms

RM120 RM150 RM150

65% 90% 95% 83%

4.0 Studio 4.1 Weekdays 4.2 Weekends 4.3 Public Holidays

60 rooms 60 rooms 60 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 ) b) Multi Purpose Hall c) Pub and Lounge d) Funtion e) Souvenir and gift shop

40% 30%

from from

RM3,796,270 RM1,518,508

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

RM6,000 RM3,500 RM1,200 RM950 RM1,200 RM800 RM600 RM800

60% 35% 35% per month

OTHER GROSS INCOME FROM RESORT

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

x x x x x x x x

12 12 12 12 12 12 12 12

months months months months months months months months

b) income tax c) EPF & SOCSO

3%of salary 11%of salary

d) Stationery

RM200 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

9%

GROSS DEVELOPMENT VALUE

B. DEVELOPMENT COST

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

3.0 INFRASTRUCTURE 3.1 Road and drainage 3.2 Sewerage 3.3 Electrical Supply 3.4 Water Supply 3.5 Telecommunication 110 3.6 Swimming Pool 2,690 3.7 Sports 3.8 Parking Bay 12,800 3.9 Contribution to relevant authorities

RM50,000 RM100,000 RM50,000 RM50,000 RM22,000 RM134,500 RM50,000 RM192,000 RM50,000

unit sq.ft

RM200 RM50

sq.ft

RM15

20,000 6,000 4,840 4,800 3,000 32,000 2,000

sq.ft sq.ft sq.ft sq.ft sq.ft sq.ft sq.ft

RM90 RM1,800,000 RM65 RM390,000 RM65 RM314,600 RM65 RM312,000 RM70 RM210,000 RM50 RM1,600,000 RM60 RM120,000

4.7

acre

RM20,000

RM94,000

6.0 PROFESSIONAL FEES 5.1 Building Works 5.2 Infrastructure Works

8%% of 4.0 6%% of 3.0

RM4,746,600 RM698,500

RM379,728 RM41,910

7.0 PROJECT MANAGEMENT COST

24 months

RM12,000

RM288,000

8.0 MARKETING & ADVERTISING

2%

% of

RM16,262,591

RM325,252

rooms rooms rooms rooms

RM12,000 RM10,000 RM12,000 RM9,000

RM240,000 RM220,000 RM96,000 RM540,000 RM70,000 RM65,000 RM75,000 RM50,000

of 1

RM7,316,738 year

RM585,339

% of

RM9,534,153

RM476,708

4.0 BUILDING COST 4.1 Main Building 4.2 Chalet 4.3 Long House 1 4.4 Long House 2 4.5 Restaurant 4.6 Multi Purpose Hall 4.7 Pub & Lounge Total building construction cost 5.0 LANDSCAPING

9.0 FURNITURE 9.1 Room a. Chalet b. Long House 1 c. Long House 2 d. Studio 9.2 Main Lobby 9.3 Restaurant 9.4 Kitchen facilities 9.5 Pub & Lounge 10.0 INTEREST ON FINANCE 10.1 Project Financing

11.0 CONTINGENCIES 12.0 LAND COST 12.1 Land cost 12.2 Acquisition cost 12.3 Holding cost for 2 years

20 22 8 60

8%

5

204,732 5% 8%

sq.f of of

RM8 RM1,637,856 RM1,637,856 RM81,893 RM1,719,749 RM286,166

TOTAL DEVELOPMENT COST

SITE VALUE FOR LOT NO 948 PANTAI BALOK

GROSS DEVELOPMENT VALUE less TOTAL DEVELPOPMENT COST

RM16,262,591

RESIDUAL

RM5,006,139

PV FOR RM 1 FOR 2 YEARS

Site Value

RM11,256,452

9% per annum

0.8417

=

RM4,213,567

=

RM21

P.SF

TOTAL DAYS GROSS PER YEAR DEVELOPMENT VALUE

234 121 10

RM425,880 RM348,480 RM30,400

234 121 10

RM301,158 RM287,496 RM25,080

234 121 10

RM146,016 RM130,680 RM11,400

234 121 10

RM1,095,120 RM914,760 RM79,800

RM3,796,270

RM1,062,956 365 365 365 12

RM109,500 RM255,500 RM191,625 RM18,000 RM5,433,851

RM72,000 RM84,000 RM43,200 RM114,000 RM14,400 RM38,400 RM21,600 RM19,200 RM406,800

RM406,800

RM12,204

RM12,204

RM44,748

RM44,748

RM2,400

RM2,400

RM720,000

RM720,000

RM240,000

RM240,000

RM100,000

RM100,000

RM200,000

RM200,000

RM200,000

RM200,000

RM250,000

RM250,000

RM50,000 RM70,000 RM40,000 RM90,000 RM250,000 RM110,000

RM110,000

RM2,536,152 RM2,897,699

m divisible balance

RM1,159,079

RM1,738,619

RM43,465 RM173,862 RM5,500 RM52,159 RM274,986

RM1,463,633 11.11

###

TOTAL DEVELOPMENT COST

RM47,000

RM211,500

RM698,500

RM4,746,600 RM94,000

RM421,638 RM288,000 RM325,252

RM1,356,000 RM585,339

RM476,708

RM2,005,915

LOK

###

PERIOD BY PERIOD CASHFLOW APPROACH

DISCOUNTED CASHFLOW FOR THE PROPOSED RESORT DEVELOPMENT IN FIRST YEAR SECOND YE 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter 2nd 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

-

-

-

-

-

-

0

0

0

0

0

0

23,500 105,750 87,313 52,705 36,000 40,656 59,588 4,213,567

23,500 105,750 87,313 52,705 36,000 40,656 59,588 -

87,313 791,100 52,705 36,000 40,656 59,588 -

87,313 791,100 52,705 36,000 40,656 59,588 -

87,313 791,100 52,705 36,000 40,656 59,588 -

87,313 791,100 52,705 36,000 40,656 59,588 -

4,619,080

405,512

1,067,362

1,067,362

1,067,362

1,067,362

(4,619,080)

CAPITAL OUTSTANDING FROM PREVIOUS PERIOD COST OF FUNDING/FINANCE

8% 1.9427%

CAPITAL OUTSTANDING / SURPLUS

0

per annum per quarter

0

(405,512) (1,067,362) (1,067,362) (1,067,362) (1,067,362) (4,619,080) (5,114,325) (6,281,040) (7,470,422) (8,682,908)

(89,733)

(99,354)

(122,019)

(145,124)

(168,679)

(4,619,080) (5,114,325) (6,281,040) (7,470,422) (8,682,908) (9,918,949)

DEVELOPER'S PROFIT AS AT THE END OF INVESTMENT PERIOD

GDV

138%

TDC

200%

ENT IN PANTAI BALOK OND YEAR 3rd Quarter 4th Quarter -

-

0

0

2 2009 0% 1,463,633 1,463,633

87,313 791,100 47,000 52,705 36,000 40,656 678,000 59,588 -

87,313 791,100 47,000 52,705 36,000 40,656 678,000 59,588 -

1,792,362

1,792,362

(1,792,362) (1,792,362) (9,918,949)

###

(192,691)

(231,254)

###

###

-

3 2010 0% 1,463,633 1,463,633

-

1,463,633 ###

4 2011 0% 1,463,633 1,463,633

-

1,463,633

1,609,997

-

1,463,633

1,609,997

-

1,609,997

7 2014 10% 1,609,997 1,609,997

-

1,609,997

8 2015 20% 1,756,360 1,756,360

-

1,609,997

9 2016 20% 1,756,360 1,756,360

-

1,756,360

1,756,360

###

###

###

###

(1,114,209) (1,086,256) (1,056,065) (1,023,460)

(976,537)

(925,860)

(871,129)

(800,311)

###

###

###

###

6 2013 10% 1,609,997

###

###

###

5 2012 10% 1,609,997

###

###

### (9,047,837)

10 2017 20% 1,756,360 1,756,360

1,756,360

11 2018 30% 1,902,723 1,902,723

1,902,723

12 2019 30% 1,902,723 1,902,723

1,902,723

13 2020 30% 1,902,723 1,902,723

1,902,723

14 2021 40% 2,049,086 2,049,086

2,049,086

(9,047,837) (8,015,305) (6,753,806) (5,391,387) (3,919,975) (723,827)

(641,224)

(540,304)

(431,311)

(313,598)

(8,015,305) (6,753,806) (5,391,387) (3,919,975) (2,184,486)

15 2022 40% 2,049,086 ### 24,816,714

24,816,714 (2,184,486) (174,759)

22,457,469 22,457,469

DISCOUNTED CASHFLOW APPROACH PARTICULARS

DISCOUNTED CASHFLOW FOR THE PROPOSED RESORT DEVELOPMENT IN P FIRST YEAR 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter

INCOME GROWTH NET INCOME TERMINAL/DISPOSAL VALUE TOTAL INFLOW

-

-

-

-

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 87,313 52,705 36,000 40,656 59,588 4,213,567

23,500 105,750 87,313 52,705 36,000 40,656 59,588 -

87,313 791,100 52,705 36,000 40,656 59,588 -

87,313 791,100 52,705 36,000 40,656 59,588 -

TOTAL OUTFLOW

4,619,080

405,512

1,067,362

1,067,362

(4,619,080)

(405,512)

(1,067,362)

(1,067,362)

NET CASHFLOW Discount Factor

PRESENT VALUE NET PRESENT VALUE

8% p.annum 1.9427% p.quarter

1.0000

(4,619,080)

0.9809

(397,785)

0.9623

(1,027,070)

0.9439

(1,007,498)

INTERNAL RATE OF RETURN (IRR) PV FACTOR @ R1

14% p.a 3.33% p.quater

NET PRESENT VALUE

1.0000

(NPV1)

(4,619,080)

NET PRESENT VALUE

:

PV FACTOR @ R2

15% p.a 3.56% p.quater

NET PRESENT VALUE

(392,444)

0.9366

(999,676)

1.0000

(4,619,080)

:

0.9657

(391,588)

0.9325

(995,320)

(719,869)

IRR IRR

  =

R1 +

= =

0.9064

(967,460)

100,255

(NPV2)

NET PRESENT VALUE

0.9678

14%

[

+

14.1222%

R2-R1

1%

]

X

NPV1 [ NPV2 + NPV1 ]

X

100,255 820,124

0.9005

(961,144)

POSED RESORT DEVELOPMENT IN PANTAI BALOK SECOND YEAR 1st Quarter 2nd Quarter 3rd Quarter

4th Quarter

-

-

-

-

0

0

0

0

-

-

-

-

87,313 791,100 52,705 36,000 40,656 59,588 -

87,313 791,100 52,705 36,000 40,656 59,588 -

87,313 791,100 47,000 52,705 36,000 40,656 678,000 59,588 -

87,313 791,100 47,000 52,705 36,000 40,656 678,000 59,588 -

1,067,362

1,067,362

1,792,362

1,792,362

(1,067,362)

(1,067,362)

(1,792,362)

(1,792,362)

0.9259

(988,298)

0.9083

(969,465)

0.8910

(1,596,946)

0.8740

(1,566,514)

2 2009 0% 1,463,633 1,463,633

-

3 2010 0% 1,463,633 1,463,633

-

4 2011 0% 1,463,633 1,463,633

-

5 2012 10% 1,609,997 1,609,997

-

1,463,633

1,463,633

1,463,633

1,609,997

0.8573

0.7938

0.7350

0.6806

1,254,830

1,161,879

1,075,814

1,095,737

0.8772

(936,283)

0.8696

(928,141)

0.8489

(906,110)

0.8397

(896,271)

0.8216

(1,472,545)

0.8109

(1,453,379)

0.7951

(1,425,090)

0.7830

(1,403,475)

0.7695

0.6750

0.5921

0.5194

1,126,218

987,911

866,588

836,182

0.7561

0.6575

0.5718

0.4972

1,106,717

962,363

836,837

800,453

6 2013 10% 1,609,997 1,609,997

-

7 2014 10% 1,609,997 1,609,997

-

8 2015 20% 1,756,360 1,756,360

-

9 2016 20% 1,756,360 1,756,360

-

10 2017 20% 1,756,360 1,756,360

-

11 2018 30% 1,902,723 1,902,723

-

12 2019 30% 1,902,723 1,902,723

-

13 2020 30% 1,902,723 1,902,723

-

1,609,997

1,609,997

1,756,360

1,756,360

1,756,360

1,902,723

1,902,723

1,902,723

0.6302

0.5835

0.5403

0.5002

0.4632

0.4289

0.3971

0.3677

1,014,571

939,417

948,907

878,617

813,534

816,045

755,598

699,627

0.4556

0.3996

0.3506

0.3075

0.2697

0.2366

0.2076

0.1821

733,493

643,415

615,708

540,095

473,767

450,217

394,928

346,428

0.4323

0.3759

0.3269

0.2843

0.2472

0.2149

0.1869

0.1625

696,046

605,257

574,157

499,267

434,145

408,977

355,633

309,246

14 2021 40% 2,049,086 2,049,086

-

15 2022 40% 2,049,086 RM22,767,627 24,816,714

-

2,049,086

24,816,714

0.3405

0.3152

697,634

7,823,263 7,823,263

3.1722

24,816,714

0.1597

0.1401

327,260

3,476,734

0.1413

0.1229

289,595

3,049,837

GROSS DEVELOPMENT VALUE TOTAL DEVELPOPMENT COST

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

1,611,798

IRR Net Cashflow Discounted Rrate

(30,000,000) 12.00% 1

Discounted cashflow

(30,000,000)

Net Present value

IRFY

(977,063)

=

=

R1

+

11.00

R2

+

12.00

=

11

+

1.0000

=

11

+

1

=

11

+

0.6225896

=

11.6226 %(Formula)

11.6064%

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

1,611,798 977,063 +

x

x

(using function)

1,611,798 2,588,862 0.6226

NPVR1

1,611,798

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 41,525,093

4,460,722

45,985,815

(2,447,098)

1,799,503

(214,121)

157,457

1,799,503

47,942,774

0.2032

0.1868

906,252

8,590,898

4,460,722

45,985,815

0.1377

0.1240

614,142

5,703,800

4,460,722

45,985,815

0.1161

0.1037

517,920

4,767,201

NPV =

8,956,490.08

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 87,313 40,656 59,588 2,005,915 2,322,722

NET CASHFLOW

DISCOUNTED CASHFLOW FOR THE PRO FIRST YEAR 2nd Quarter 3rd Quarter

(2,322,722)

23,500 105,750 87,313 40,656 59,588 316,807

0

87,313 791,100 70,273 48,000 40,656 59,588 1,096,930

(316,807)

(1,096,930)

CAPITAL OUTSTANDING FROM PREVIOUS PERIOD

0

(2,322,722)

(2,641,388)

COST OF FUNDING/FINANCE

0

(1,858)

(2,113)

(2,641,388)

(3,740,432)

CAPITAL OUTSTANDING / SURPLUS

0%

(2,322,722)

SHFLOW FOR THE PROPOSED HOTEL DEVELOPMENT IN CYBERJAYA R SECOND YEAR 4th Quarter 1st Quarter 2nd Quarter 3rd Quarter

4th Quarter

0

0

0

0

0

-

-

-

-

-

87,313 791,100 70,273 48,000 40,656 59,588 1,096,930

87,313 791,100 70,273 48,000 40,656 59,588 1,096,930

87,313 791,100 70,273 48,000 40,656 59,588 1,096,930

87,313 791,100 70,273 48,000 40,656

87,313 791,100 70,273 48,000 40,656

59,588 47,000

59,588 47,000

1,143,930

1,143,930

(1,096,930)

(1,096,930)

(1,096,930)

(1,143,930)

(1,143,930)

(3,740,432)

(4,840,354)

(5,941,157)

(7,042,840)

(8,192,405)

(2,992)

(3,872)

(4,753)

(5,634)

(6,554)

(4,840,354)

(5,941,157)

(7,042,840)

(8,192,405)

(9,342,890)

1 2007

2 2008

3 2009

4 2010

5 2011

6 2012

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633

1,463,633

1,463,633

1,463,633

1,463,633

1,463,633

(9,342,890)

(7,886,731)

(6,429,407)

(4,970,917)

(3,511,261)

(2,050,437)

(7,474)

(6,309)

(5,144)

(3,977)

(2,809)

(1,640)

(7,886,731)

(6,429,407)

(4,970,917)

(3,511,261)

(2,050,437)

(588,444)

7 2013

8 2014

9 2015

10 2016

11 2017

12 2018

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633

1,463,633

1,463,633

1,463,633

1,463,633

1,463,633

(588,444)

874,719

2,339,052

3,804,556

5,271,233

6,739,083

(471)

700

1,871

3,044

4,217

5,391

2,339,052

3,804,556

5,271,233

6,739,083

8,208,108

874,719

13 2019

14 2020

15 2021

16 2022

17 2023

18 2024

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633

1,463,633

1,463,633

1,463,633

1,463,633

1,463,633

8,208,108

9,678,307

11,149,683

12,622,236

14,095,967

15,570,877

6,566

7,743

8,920

10,098

11,277

12,457

9,678,307

11,149,683

12,622,236

14,095,967

15,570,877

17,046,967

19 2025

20 2026

21 2027

22 2028

23 2029

24 2030

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633

1,463,633

1,463,633

1,463,633

1,463,633

1,463,633

17,046,967

18,524,238

20,002,690

21,482,326

22,963,145

24,445,148

13,638

14,819

16,002

17,186

18,371

19,556

18,524,238

20,002,690

21,482,326

22,963,145

24,445,148

25,928,338

25 2031

26 2032

27 2033

28 2034

29 2035

30 2036

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633

1,463,633

1,463,633

1,463,633

1,463,633

1,463,633

25,928,338

27,412,714

28,898,277

30,385,029

31,872,970

33,362,101

20,743

21,930

23,119

24,308

25,498

26,690

27,412,714

28,898,277

30,385,029

31,872,970

33,362,101

34,852,424

31 2037

32 2038

33 2039

34 2040

35 2041

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633 1,463,633

1,463,633

1,463,633

1,463,633

1,463,633

1,463,633

34,852,424

36,343,939

37,836,648

39,330,550

40,825,648

27,882

29,075

30,269

31,464

32,661

36,343,939

37,836,648

39,330,550

40,825,648

42,321,942

36 2042 1,463,633 1,463,633

1,463,633 42,321,942 33,858 43,819,432

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 (7,159,316) 0.00 0.00 (5,719,449) (7,159,316.19) (626,440.17) 1,463,633 (13,505,205.09) (1,181,705.45) 1,463,633 (13,223,277.35) (1,157,036.77) 1,463,633 (12,916,680.92) (1,130,209.58) 1,609,997 (12,583,257.31) (1,101,035.01) 1,609,997 (12,074,295.82) (1,056,500.88) 1,609,997 (11,520,800.19) (1,008,070.02) 1,756,360 (10,918,873.70) (955,401.45) 1,756,360 (10,117,915.32) (885,317.59) 1,756,360 (9,246,873.09) (809,101.39) 1,902,723 (8,299,614.65) (726,216.28) 1,902,723 (7,123,107.79) (623,271.93) 1,902,723 (5,843,656.57) (511,319.95) 2,049,086 (4,452,253.37) (389,572.17) 7.62%

Capital Outstanding/ Surplus 0.00 (7,159,316.19) (13,505,205.09) (13,223,277.35) (12,916,680.92) (12,583,257.31) (12,074,295.82) (11,520,800.19) (10,918,873.70) (10,117,915.32) (9,246,873.09) (8,299,614.65) (7,123,107.79) (5,843,656.57) (4,452,253.37) (2,792,739.08)

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