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)
: : : : : : :
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
(30,000,000) 11.00% 1
Discounted cashflow
(30,000,000)
Net Present value
1,611,798
IRR
(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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