15. VALUATION CERTIFICATES (cont d)

Registration No.: 201301009006 (1038848-V)

15. VALUATION CERTIFICATES (cont’d)


Knight Frank Malaysia Sdn Bhd No. 200201017816 (585479-A) (VE (1) 0141)

Suite 10.01, Level 10, Centrepoint South, Mid Valley City, Lingkaran Syed Putra 59200 Kuala Lumpur Malaysia

T + 603 228 99 688 F + 603 228 99 788 www.knightfrank.com

PRIVATE & CONFIDENTIAL

Idaman Sejiwa Development Sdn Bhd2-1, Level 2, Jalan Sinar SentulSinar Sentul Commercial CentreSentul, 51100 Kuala Lumpur

Date: 30th August 2021

Reference: V/COR/21/0059(A) - (H)

Dear Sir / Madam,

VALUATION CERTIFICATE OF THE VARIOUS PROPERTIES OWNED BY IDAMAN SEJIWA DEVELOPMENT SDN BHD AND ITS SUBSIDIARIES

We were instructed by Idaman Sejiwa Development Sdn Bhd (hereinafter referred to as the Client) to ascertain the Market Value of the respective legal interests in the properties listed overleaf (hereinafter referred to as the Subject Properties).

This Valuation Certificate is prepared for the inclusion in the Prospectus in relation to the proposed listing of Idaman Sejiwa Development Sdn Bhd / ListCo on the Main Market of Bursa Malaysia Securities Berhad.

The Valuation was prepared in conformity with the Asset Valuation Guidelines issued by the Securities Commission Malaysia and the Malaysian Valuation Standards published by the Board of Valuers, Appraisers, Estate Agents and Property Managers, Malaysia.

This Valuation Certificate is prepared in accordance with the general principles adopted and limiting conditions as enclosed at the end of our formal Valuation Reports. For all intents and purposes, this Valuation Certificate should be read in conjunction with our formal Valuation Reports.

We have conducted the site inspection on various occasions; being the latest on 30th July 2021. For the purpose of this Report and Valuation, we were specifically instructed to adopt 15th July 2021 as the material date of valuation.

The outbreak of the COVID-19 pandemic and the subsequent government policies and rulings to curb and contain the spread of the disease and initiatives to revive the economy in the forms of fiscal & monetary policies, Movement Control Order (MCO),Conditional Movement Control Order (CMCO), Recovery Movement Control Order (RMCO) and Full Movement Control Order (FMCO), together with the current Phase One of the National Recovery Plan (NRP) which has started from 29th June 2021 have directly impacted the main key parameters that drive property values such as demand, take up rates, occupancy rates, rental rates, holding periods, development periods and yields / expected rate of returns.

Therefore, we have accounted for the potential impact of the COVID-19 outbreak on those key parameters in our valuation analysis, methodologies and workings. The adjustments used to account for the impact on the main key drivers will depend on the type of valuation approaches being adopted and the type of property and property sub-sector that are being valued. Some of these adjustments are used independently and some are used together.

The basis of valuation adopted is the Market Value which is defined as “the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”.

Knight Frank Malaysia Sdn Bhd No. 200201017816 (585479-A) (VE (1) 0141)

Suite 10.01, Level 10, Centrepoint South, Mid Valley City, Lingkaran Syed Putra 59200 Kuala Lumpur Malaysia

T + 603 228 99 688 F + 603 228 99 788 www.knightfrank.com

PRIVATE & CONFIDENTIAL

Idaman Sejiwa Development Sdn Bhd2-1, Level 2, Jalan Sinar SentulSinar Sentul Commercial CentreSentul, 51100 Kuala Lumpur

Date: 30th August 2021

Reference: V/COR/21/0059(A) - (H)

Dear Sir / Madam,

VALUATION CERTIFICATE OF THE VARIOUS PROPERTIES OWNED BY IDAMAN SEJIWA DEVELOPMENT SDN BHD AND ITS SUBSIDIARIES

We were instructed by Idaman Sejiwa Development Sdn Bhd (hereinafter referred to as the Client) to ascertain the Market Value of the respective legal interests in the properties listed overleaf (hereinafter referred to as the Subject Properties).

This Valuation Certificate is prepared for the inclusion in the Prospectus in relation to the proposed listing of Idaman Sejiwa Development Sdn Bhd / ListCo on the Main Market of Bursa Malaysia Securities Berhad.

The Valuation was prepared in conformity with the Asset Valuation Guidelines issued by the Securities Commission Malaysia and the Malaysian Valuation Standards published by the Board of Valuers, Appraisers, Estate Agents and Property Managers, Malaysia.

This Valuation Certificate is prepared in accordance with the general principles adopted and limiting conditions as enclosed at the end of our formal Valuation Reports. For all intents and purposes, this Valuation Certificate should be read in conjunction with our formal Valuation Reports.

We have conducted the site inspection on various occasions; being the latest on 30th July 2021. For the purpose of this Report and Valuation, we were specifically instructed to adopt 15th July 2021 as the material date of valuation.

The outbreak of the COVID-19 pandemic and the subsequent government policies and rulings to curb and contain the spread of the disease and initiatives to revive the economy in the forms of fiscal & monetary policies, Movement Control Order (MCO),Conditional Movement Control Order (CMCO), Recovery Movement Control Order (RMCO) and Full Movement Control Order (FMCO), together with the current Phase One of the National Recovery Plan (NRP) which has started from 29th June 2021 have directly impacted the main key parameters that drive property values such as demand, take up rates, occupancy rates, rental rates, holding periods, development periods and yields / expected rate of returns.

Therefore, we have accounted for the potential impact of the COVID-19 outbreak on those key parameters in our valuation analysis, methodologies and workings. The adjustments used to account for the impact on the main key drivers will depend on the type of valuation approaches being adopted and the type of property and property sub-sector that are being valued. Some of these adjustments are used independently and some are used together.

The basis of valuation adopted is the Market Value which is defined as “the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”.

460

Page 34

5.1 IDENTIFICATION OF PROPERTY

Interest Valued /Type of Property

Legal interest in a parcel of commercial land identified as Lot 20069 Section 90 held under Title No. Geran 80346, Town and District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; with earthworks and piling related works certified completed to-date; approved for the development of a block of 35-storey (698 units) serviced apartments sited atop a 10-storey (car park and facilities) podium along with all other supporting amenities + facilities attached thereto (hereinafter collectively to be known as “Residensi Platinum Mira”).

Locality Strategically located along Lorong Peel in Maluri, Cheras; bordered by AEON Taman Maluri Shopping Centre (to its immediate south), Amaya Maluri (to its immediate east) and the under-construction Laville Kuala Lumpur development (to its immediate west). Geographically, the Kuala Lumpur city centre is located approximately 3.5 kilometres due north-west of the Subject Property.

Tenure Interest in perpetuity.

Register Proprietor Pavilion Integrity Sdn Bhd.

Surveyed Land Area 7,271 square metres (1.80 acres).

Category of Land Use “Bangunan”.

Site Description The terrain of the subject site is generally flat and lies at about the same level as the street elevations / neighbouring lots. Presently, we note that the piling related works of ResidensiPlatinum Mira are in progress with approximately 3.94% work done to-date; whilst the site boundaries are generally demarcated by metal hoarding sheets.

Planning Located within an area designated for commercial use; and granted with development approvals for a block of 35-storey (698 units) serviced apartments sited atop a 10-storey (car park and facilities) podium along with all other supporting amenities + facilities attached thereto; with an approved plot ratio of 1 : 9.67.

Proposed Gross FloorArea (GFA) / EstimatedNet Floor Area (NFA)

Component Gross Floor Area (GFA) (1) Net Floor Area (NFA) (2)

(sq m) (sq ft) (sq m) (sq ft)

Serviced Apartment Block 70,163.66 755,235 53,058.13 571,113

Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113

Notes:(1) Proposed Gross Floor Area (GFA) as extracted from the Approved Building Plan(s) prepared by Messrs. Kun Lim

Architect; approved on 18th July 2018.(2) Estimated Net Floor Area (NFA) as obtained from the Sales Status Report (as at 15th July 2021) provided to us by the

Client.(3) Inclusive of car parking area measuring approx. 29,444.26 sq m (316,935 sq ft).

5.0 V/COR/21/0059(E) – RESIDENSI PLATINUM MIRA




For the purpose of this Valuation, we have adopted the Comparison Approach and Income Approach by Residual Method of Valuation. The Comparison Approach of Valuation will be adopted for vacant development lands intended for future development (without proper detailed and approved development plans); whilst for on-going development which is under-construction, the primary method adopted will be the Income Approach by Residual Method.

Brief details of the methodology adopted are defined below and overleaf.

a) Comparison Approach

This approach considers the sales of similar or substitute properties and related market data, and establishes a value estimate by processes involving comparison. In general, a property being valued is compared with sales of similar properties that have been transacted in the open market. Listings and offerings may also be considered.

In arriving at the Market Value of development lands intended for future development, we have considered the Comparison Approach as the primary and most reliable and appropriate method of valuation after having noted sufficient comparable properties in the locality. Without proper detailed and approved development plans, the Income Approach by Residual Method may not be appropriate as it requires many assumptions and estimations regarding the hypothetical improvements that the end result is very much speculative and subjective. In absence of definite, detailed and approved development plans, the Residual Method of Valuation is very much a theoretical methodology where the finer details of the hypothetical end product and estimated building costs are much more difficult to determine with precision. Merely relying on master planning, proposed developments, zoning or other planning controls are theoretical in nature as reliability of the Residual Method depends on the confidence placed on the Gross Development Value and Gross Development Cost computations.

b) Income Approach by Residual Method

This approach is based on the premise that the price which a purchaser can pay for a property is the present value of the surplus amount or residual value after deducting out the full cost of development (Gross Development Cost) and profit from the sales proceeds (Gross Development Value) of the completed development, which is then discounted at an appropriate rate to reflect the inherent risk and holding cost for the period of development to arrive at the current Market Value.

In arriving at the Gross Development Value (“GDV”), we have adopted the developer’s gross selling prices and discounts / rebates granted to the respective purchasers (based on the Sales Status Report as of 15th July 2021) for the sold units to be fair representation after having taken into consideration the take-up rates and sales performance of the development. In our valuation assessment of the unsold units, we have generally adopted the developer’s gross selling price and applied similar discounts / rebates (wherever necessary); as well as to make reference to the secondary transacted data and surrounding upcoming development projects located within the immediate and surrounding vicinity.

In arriving at the Gross Development Cost (“GDC”), we have made reference to the total awarded contract sum, client’s provision as well as the industry average costing as derived from analysis of other awarded contracts of similar projects and average building costs of similar type of properties published by JUBM and Arcadis Construction Cost Handbook Malaysia 2021.

In general, we have anticipated a 100% take-up rate within development period of about 0.50 to 4.00 years for the on-going projects as reasonable after having considered the current and past sales performance of the development, demand, take-up rates and sales performance of other similar developments, construction progress of the development, the type and intensity of the development, the product features being offered as well as the potential impact of the COVID-19 outbreak.

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461

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Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113








Our interpretation of discount rate is based on our perceived risk versus the return required, looking at the rates of return of similar asset classes. A general way of determining the discount rate is to adopt the ten (10)-year risk free interest (about 3%) (Source: Bank Negara Malaysia) plus additional anticipated risk premium (4% - 6%) associated with the asset class. The anticipated risk perception involved, amongst others, include factors relating to perceived risk of market uncertainty and lack of liquidity associated with the property (typically relates to extra return demanded by market participants in an investment above the risk-free rate).

With the current low interest rate environment, we have generally adopted a discount rate of 8.00%. The discount rate is usually higher than the long-term capitalisation rate to reflect the additional risk premium of the asset.

Discount rate is a risk-weighted factor used to calculate the net present value of the future cash flow from the asset till the time of exit. It is a measure of risk associated in the asset class and is determined typically by the market.

Summary of the Subject Properties are as attached below and overleaf.

No. Reference No. Project / Scheme Identification of Property Market Value

1. V/COR/21/0059(A) Residensi Semarak Platinum

The joint-venture interest to undertake the development held by Total Solid Holdings Sdn Bhd (a wholly-owned subsidiary of Idaman Sejiwa Development Sdn Bhd) and the rights entailed within the Joint Venture Agreement dated 3rd April 2013 along with its subsequent Supplementary Agreements dated 25th November 2015 and 20th

September 2019 respectively; all made between Alaf MRR Two Station Sdn Bhd (the “Landowner”) and Total Solid Holdings Sdn Bhd (the “Developer”) on a profit sharing arrangement to jointly construct and complete the development in a parcel of residential land identified as Lot 201427 held under Title No. Pajakan Negeri 52878 (formerly known as Lot PT 9588 held under Title No. HSD 118654), Locality of Bersebelahan Lebuhraya Duta – Ulu Kelang (DUKE), Mukim Setapak, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; with earthworks, piling and main building construction works certified completed to-date; approved for three (3) blocks of high-rise residential development (2,000 units) comprising a 33-storey “Residensi Wilayah” affordable apartment tower (formerly known as RUMAWIP) (600 units) (Block A) and two (2) blocks of 33-storey condominium tower (1400 units) (Blocks B and C), all sited atop a five (5)-storey car park podium and a sub-basement car park level; along with all common infrastructure and supporting amenities + facilities attached thereto.

RM135,000,000

2. V/COR/21/0059(B) Residensi Platinum OUG

A parcel of residential land identified as Lot 102991 held under Title No. Pajakan Negeri 53175, Locality of Lebuhraya KESAS / PPR Kg. Muhibbah, Mukim Petaling, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; with earthworks, piling and main building construction works certified completed to-date; approved for two (2) blocks of high-rise residential development (1,320 units) comprising a 32-storey PPA1M apartment tower (now known as PPAM) (660 units) (Block A) and a 34-storey tower comprising condominium (440 units) + affordable apartments (220 units) (Block B), all sited atop an eight (8)-storey car park podium along with all common infrastructure and supporting amenities + facilities attached thereto.

RM160,000,000

Sub-Total RM295,000,000

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RM135,000,000



RM160,000,000


Page 3









RM135,000,000



RM160,000,000


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RM135,000,000



RM160,000,000


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RM135,000,000



RM160,000,000


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RM135,000,000



RM160,000,000


462

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Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113









Brought Forward (“B/F”) RM295,000,000

3. V/COR/21/0059(C) Residensi PV9 / Residensi Vista

Wirajaya 2

A parcel of residential land identified as Lot PT 50146 held under Title No. HSD 121698, Locality of Persiaran Pertahanan, Mukim Setapak,District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; with earthworks, piling and main building construction works certified completed to-date; approved for three (3) blocks of high-rise residential development (1,391 units) comprising a block of 26-storey medium cost (without price restrictions) apartment identified as Block A featuring Type B and Type D (429 units), a block 27-storey medium cost (without price restrictions) apartment identified as Block B featuring Type B and Type C (524 units) and a block of 21-storey affordable apartment (formerly known as RUMAWIP) identified as Block C featuring Type A and Type A1 (438 units) all sited atop eight (8) levels of car park podium including two (2) sub-basement levels, a level of clubhouse and swimming pool located at Level 8 along with all common infrastructure and supporting amenities + facilities attached thereto

RM126,000,000

4. V/COR/21/0059(D) Residensi Vista Sentul

A parcel of commercial land identified as Lot 81449 held under Title No. Geran Mukim 9581, Locality of Sentul, Mukim Batu, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; with earthworks, piling related works and main building construction works certified completed to-date; approved for the development of two (2) blocks of apartment suites sited atop an 8-storey car park podium and a level of residents’ facilities along with all other supporting amenities + services attached thereto

RM63,000,000

5. V/COR/21/0059(E) Residensi Platinum Mira

A parcel of commercial land identified as Lot 20069 Section 90 held under Title No. Geran 80346, Town and District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; with earthworks and piling related works certified completed to-date; approved for the development of a block of 35-storey (698 units) serviced apartments sited atop a 10-storey (car park and facilities) podium along with all other supporting amenities + facilities attached thereto

RM76,000,000

6. V/COR/21/0059(F) Lot PT 256 and Lot 80133, Off Jalan Ampang

Two (2) contiguous parcels of land with the benefit of planning approval for one (1) block of 51-storey commercial building comprising 944 SOHO units (Level 15 to Level 50), 145 hotel suites (Level 10 to Level 14), commercial space (restaurant) on the Lower and Mezzanine Levels, all sited atop a seven (7)-storey car park podium and two (2) basement car park levels; along with all common infrastructure and supporting amenities + facilities attached thereto; identified as Lot PT 256 held under Title No. HSM 604, Locality of Jalan Ulu Klang and Lot 80133 held under Title No. Geran 80347 (previously known as Lot PT 2670 held under Title No. HSD 121043), both located within Mukim of Ampang, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur

RM104,000,000

7. V/COR/21/0059(G) Lot 220, Setapak A parcel of vacant land designated for residential use identified as Lot 220 held under Title No. Geran Mukim 543, Locality of Setapak 4th Mile, Mukim Setapak, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur

RM15,500,000


Page 4


Brought Forward (“B/F”) RM295,000,000

3. V/COR/21/0059(C) Residensi PV9 / Residensi Vista

Wirajaya 2

A parcel of residential land identified as Lot PT 50146 held under Title No. HSD 121698, Locality of Persiaran Pertahanan, Mukim Setapak,District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; with earthworks, piling and main building construction works certified completed to-date; approved for three (3) blocks of high-rise residential development (1,391 units) comprising a block of 26-storey medium cost (without price restrictions) apartment identified as Block A featuring Type B and Type D (429 units), a block 27-storey medium cost (without price restrictions) apartment identified as Block B featuring Type B and Type C (524 units) and a block of 21-storey affordable apartment (formerly known as RUMAWIP) identified as Block C featuring Type A and Type A1 (438 units) all sited atop eight (8) levels of car park podium including two (2) sub-basement levels, a level of clubhouse and swimming pool located at Level 8 along with all common infrastructure and supporting amenities + facilities attached thereto

RM126,000,000

4. V/COR/21/0059(D) Residensi Vista Sentul

A parcel of commercial land identified as Lot 81449 held under Title No. Geran Mukim 9581, Locality of Sentul, Mukim Batu, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; with earthworks, piling related works and main building construction works certified completed to-date; approved for the development of two (2) blocks of apartment suites sited atop an 8-storey car park podium and a level of residents’ facilities along with all other supporting amenities + services attached thereto

RM63,000,000

5. V/COR/21/0059(E) Residensi Platinum Mira

A parcel of commercial land identified as Lot 20069 Section 90 held under Title No. Geran 80346, Town and District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; with earthworks and piling related works certified completed to-date; approved for the development of a block of 35-storey (698 units) serviced apartments sited atop a 10-storey (car park and facilities) podium along with all other supporting amenities + facilities attached thereto

RM76,000,000

6. V/COR/21/0059(F) Lot PT 256 and Lot 80133, Off Jalan Ampang

Two (2) contiguous parcels of land with the benefit of planning approval for one (1) block of 51-storey commercial building comprising 944 SOHO units (Level 15 to Level 50), 145 hotel suites (Level 10 to Level 14), commercial space (restaurant) on the Lower and Mezzanine Levels, all sited atop a seven (7)-storey car park podium and two (2) basement car park levels; along with all common infrastructure and supporting amenities + facilities attached thereto; identified as Lot PT 256 held under Title No. HSM 604, Locality of Jalan Ulu Klang and Lot 80133 held under Title No. Geran 80347 (previously known as Lot PT 2670 held under Title No. HSD 121043), both located within Mukim of Ampang, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur

RM104,000,000

7. V/COR/21/0059(G) Lot 220, Setapak A parcel of vacant land designated for residential use identified as Lot 220 held under Title No. Geran Mukim 543, Locality of Setapak 4th Mile, Mukim Setapak, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur

RM15,500,000


463

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113









B/F RM679,500,000

8. V/COR/20/0059(H) Lot 481729, Salak South

A parcel of land designated for “Perumahan Penjawat Awam 1 Malaysia” (PPA1M) (now known as PPAM) and mixed-use development; held under Lot 481729, Title No. Pajakan Negeri 53589, Mukim and District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur

RM87,000,000

Total Market Value RM766,500,000

For and on behalf ofKNIGHT FRANK MALAYSIA SDN BHD (signed and sealed by)

OOI HSIEN YU Registered Valuer, V-692MRICS, MRISM, MPEPS

Date:

Notes: -i) Please note that this certificate shall only be valid

provided always that a signature of our authorised signatory and an official seal have been affixed hereto.

ii) The above valuation is peer reviewed by Knight FrankMalaysia Sdn Bhd (Head Office), Mr. Chong Teck Seng(Registered Valuer, V-331)

Page 5


B/F RM679,500,000

8. V/COR/20/0059(H) Lot 481729, Salak South

A parcel of land designated for “Perumahan Penjawat Awam 1 Malaysia” (PPA1M) (now known as PPAM) and mixed-use development; held under Lot 481729, Title No. Pajakan Negeri 53589, Mukim and District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur

RM87,000,000


For and on behalf ofKNIGHT FRANK MALAYSIA SDN BHD (signed and sealed by)

OOI HSIEN YU Registered Valuer, V-692MRICS, MRISM, MPEPS

Date:

Notes: -i) Please note that this certificate shall only be valid

provided always that a signature of our authorised signatory and an official seal have been affixed hereto.

ii) The above valuation is peer reviewed by Knight FrankMalaysia Sdn Bhd (Head Office), Mr. Chong Teck Seng(Registered Valuer, V-331)

464

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113










The joint-venture interest to undertake the development held by Total Solid Holdings Sdn Bhd (a wholly-owned subsidiary of Idaman Sejiwa Development Sdn Bhd) and the rights entailed within the Joint Venture Agreement dated 3rd April 2013 along with its subsequent Supplementary Agreements dated 25th November 2015 and 20th September 2019 respectively; all made between Alaf MRR Two Station Sdn Bhd (the “Landowner”) and Total Solid Holdings Sdn Bhd (the “Developer”) on a profit sharing arrangement to jointly construct and complete the development in a parcel of residential land identified as Lot 201427 held under Title No. Pajakan Negeri 52878 (formerly known as Lot PT 9588 held under Title No. HSD 118654), Locality of Bersebelahan Lebuhraya Duta – Ulu Kelang (DUKE), Mukim Setapak, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; with earthworks, piling and main building construction works certified completed to-date; approved for three (3) blocks of high-rise residential development (2,000 units) comprising a 33-storey “Residensi Wilayah” affordable apartment tower (formerly known as RUMAWIP) (600 units) (Block A) and two (2) blocks of 33-storey condominium tower (1400 units) (Blocks B and C), all sited atop a five (5)-storey car park podium and a sub-basement car park level; along with all common infrastructure and supporting amenities + facilities attached thereto (hereinafter collectively to be known as “Residensi Semarak Platinum”).

Locality Strategically located within the vicinity of Semarak and is sited off the southern (left) side of the Duta-Ulu Kelang Expressway (DUKE), travelling from Setiawangsa to Setapak. Geographically, the Kuala Lumpur city centre is located approximately three (3) kilometres due south-west of the Subject Property.

Tenure Leasehold interest for a term of 99 years, expiring on 17th November 2114.

Register Proprietor Alaf MRR Two Station Sdn Bhd. (*)

Note: (*) We were made to understand by the Client that Total Solid Holdings Sdn Bhd (the “Developer”) has entered into a Joint Venture Agreement and two (2) Supplementary Agreements with Alaf MRR Two Station Sdn Bhd (the “Landowner”) to jointly construct and complete the development.

Surveyed Land Area 39,930 square metres (9.87 acres | 3.993 hectares).


Site Description The subject site is generally flat in terrain and lies at about the same level as the street elevations / neighbouring lots. Presently, we note that main building construction works for Residensi Semarak Platinum are near completion with approximately 93.10% work completed to-date; whilst the site boundaries are generally demarcated with plastered brickwalls incorporating wire mesh.

1.0 V/COR/21/0059(A) – RESIDENSI SEMARAK PLATINUM

Page 6



The joint-venture interest to undertake the development held by Total Solid Holdings Sdn Bhd (a wholly-owned subsidiary of Idaman Sejiwa Development Sdn Bhd) and the rights entailed within the Joint Venture Agreement dated 3rd April 2013 along with its subsequent Supplementary Agreements dated 25th November 2015 and 20th September 2019 respectively; all made between Alaf MRR Two Station Sdn Bhd (the “Landowner”) and Total Solid Holdings Sdn Bhd (the “Developer”) on a profit sharing arrangement to jointly construct and complete the development in a parcel of residential land identified as Lot 201427 held under Title No. Pajakan Negeri 52878 (formerly known as Lot PT 9588 held under Title No. HSD 118654), Locality of Bersebelahan Lebuhraya Duta – Ulu Kelang (DUKE), Mukim Setapak, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; with earthworks, piling and main building construction works certified completed to-date; approved for three (3) blocks of high-rise residential development (2,000 units) comprising a 33-storey “Residensi Wilayah” affordable apartment tower (formerly known as RUMAWIP) (600 units) (Block A) and two (2) blocks of 33-storey condominium tower (1400 units) (Blocks B and C), all sited atop a five (5)-storey car park podium and a sub-basement car park level; along with all common infrastructure and supporting amenities + facilities attached thereto (hereinafter collectively to be known as “Residensi Semarak Platinum”).

Locality Strategically located within the vicinity of Semarak and is sited off the southern (left) side of the Duta-Ulu Kelang Expressway (DUKE), travelling from Setiawangsa to Setapak. Geographically, the Kuala Lumpur city centre is located approximately three (3) kilometres due south-west of the Subject Property.


Register Proprietor Alaf MRR Two Station Sdn Bhd. (*)

Note: (*) We were made to understand by the Client that Total Solid Holdings Sdn Bhd (the “Developer”) has entered into a Joint Venture Agreement and two (2) Supplementary Agreements with Alaf MRR Two Station Sdn Bhd (the “Landowner”) to jointly construct and complete the development.



Site Description The subject site is generally flat in terrain and lies at about the same level as the street elevations / neighbouring lots. Presently, we note that main building construction works for Residensi Semarak Platinum are near completion with approximately 93.10% work completed to-date; whilst the site boundaries are generally demarcated with plastered brickwalls incorporating wire mesh.

1.0 V/COR/21/0059(A) – RESIDENSI SEMARAK PLATINUM

465

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Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113








1.1 IDENTIFICATION OF PROPERTY (CONT’D)

Planning Located within an area designated for residential use; approved for the development of three (3) blocks of high-rise residential development (2,000 units) comprising a 33-storey “Residensi Wilayah” affordable apartment tower (formerly known as RUMAWIP) (600 units) (Block A) andtwo (2) blocks of 33-storey condominium tower (1400 units) (Block B and Block C), all sited atop a five (5)-storey car park podium and a sub-basement car park level; along with all common infrastructure and supporting amenities + facilities attached thereto; with an approved density of 811 persons per acre.

Proposed Gross FloorArea (GFA) Component

Proposed Gross Floor Area (GFA) (1)

(sq m) (sq ft)

Block A 76,099 819,123

Block B183,868 1,979,139

Block C

Car Park (2) 241,064 2,594,791

Grand Total 501,031 5,393,053

Notes:(1) Proposed Gross Floor Area (GFA) as extracted from the Approved Amended Building Plan(s) prepared by Messrs.

KSKA Arkitek Sdn Bhd; approved on 9th February 2021.(2) Inclusive of a five (5)-storey car park podium and a sub-basement car park level.

Proposed Strata Floor Area/Net Floor Area (NFA) Block Type

Schedule of Parcels(sq m) (sq ft)

Block A Type A (Residensi Wilayah)82 883 (1)

83 (2) 893

Block B

Type B 86 926

Type C99 1,066 (1)

100 (2) 1,076Type D 110 1,184

Block C

Type B 86 926

Type C99 1,066 (1)

100 (2) 1,076101 (2) 1,087

Type D 110 1,184Type B1 107 (3) 1,152

Type C1133 (3) 1,432 (1)

134 (2)(3) 1,442Type D1 144 (3) 1,550

Notes:(1) We note that discrepancies in the floor area(s) for parcel units measuring size 883 square feet, 1,066 square feet and

1,432 square feet between the Proposed Strata Floor Area of Schedule of Parcels and the NFA of Sale and Purchase Agreement / Sales Status Report are due to rounding.

(2) Parcel units with larger floor area(s) are referred herein to units located next to lift core; among them include Type A -26 units within Block A measuring 83 sqm, Type C - 53 units within Block B and 26 units within Block C measuring 100 sqm, Type C - 28 units within Block C measuring 101 sqm and Type C1 - 1 unit within Block C measuring 100 sqm.

(3) Parcel units identified as Type B1, Type C1 and Type D1 are inclusive of an area designated as garden measuring 21 square metres for Type B1 and 34 square metres for Type C1 and D1 respectively.

Page 7





(sq m) (sq ft)

Block A 76,099 819,123

Block B183,868 1,979,139

Block C

Car Park (2) 241,064 2,594,791

Grand Total 501,031 5,393,053






83 (2) 893

Block B

Type B 86 926

Type C99 1,066 (1)

100 (2) 1,076Type D 110 1,184

Block C

Type B 86 926

Type C99 1,066 (1)

100 (2) 1,076101 (2) 1,087

Type D 110 1,184Type B1 107 (3) 1,152

Type C1133 (3) 1,432 (1)

134 (2)(3) 1,442Type D1 144 (3) 1,550





Page 7





(sq m) (sq ft)

Block A 76,099 819,123

Block B183,868 1,979,139

Block C

Car Park (2) 241,064 2,594,791

Grand Total 501,031 5,393,053






83 (2) 893

Block B

Type B 86 926

Type C99 1,066 (1)

100 (2) 1,076Type D 110 1,184

Block C

Type B 86 926

Type C99 1,066 (1)

100 (2) 1,076101 (2) 1,087

Type D 110 1,184Type B1 107 (3) 1,152

Type C1133 (3) 1,432 (1)

134 (2)(3) 1,442Type D1 144 (3) 1,550





Page 7





(sq m) (sq ft)

Block A 76,099 819,123

Block B183,868 1,979,139

Block C

Car Park (2) 241,064 2,594,791

Grand Total 501,031 5,393,053






83 (2) 893

Block B

Type B 86 926

Type C99 1,066 (1)

100 (2) 1,076Type D 110 1,184

Block C

Type B 86 926

Type C99 1,066 (1)

100 (2) 1,076101 (2) 1,087

Type D 110 1,184Type B1 107 (3) 1,152

Type C1133 (3) 1,432 (1)

134 (2)(3) 1,442Type D1 144 (3) 1,550





466

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113









Proposed Strata Floor Area/ Net Floor Area (NFA) (Cont’d)

Our valuation is on the basis that strata titles conveying leasehold interests of 99 years are forthcoming and when issued, will be free from all encumbrances over the strata floor areas stipulated above (Schedule of Parcels) based on its respective unit type. Thus, we have adopted the proposed strata parcel areas based on the Schedule of Parcels as fair representation of the NFA of respective unit types in our Valuation.

Detailed breakdown of the proposed Strata Floor Area of the upcoming Residensi Semarak Platinum are scheduled here below.

Building No. Component Main Parcel Area (sq m) Accessory Parcel Area (sq m)

M1

Block A 49,226 7,263

Block B 61,600 14,672

Block C 74,356 18,713

Grand Total 185,182 40,648

Note: Based on Proposed Strata Parcel Plans bearing Plan No(s). JP 200186-01 to JP 200186-276.

Sale Status and Performance

Vide a copy of the Sales Status Report (as at 15th July 2021) provided to us by the Client, we note that 1,998 units (99.90%) of the total 2,000 units have been sold. The following table outlines the summary of the aforementioned sales status and performance for Block A, B and C of Residensi Semarak Platinum.

Block TypeNo. of Units Take-Up

RateTotal Gross Selling Price

Bumiputra + Developer’s

Discount

Total SPA Selling Price (*)

Progress Billing(Total) (Sold)

A A 600 600 100.00% RM180,000,000 - RM180,000,000 RM135,000,000

B

B 208 208 100.00% RM97,694,000 RM4,402,173 RM93,291,827 RM69,968,871

C 261 261 100.00% RM141,188,000 RM7,716,994 RM133,471,006 RM100,103,255

D 162 161 99.38% RM96,748,000 RM6,986,014 RM89,761,987 RM67,321,491

C

B 275 275 100.00% RM134,167,500 RM9,460,150 RM124,707,350 RM93,530,513

C 321 320 99.69% RM178,731,000 RM10,992,537 RM167,738,463 RM125,803,848

D 161 161 100.00% RM98,635,500 RM9,752,408 RM88,883,092 RM66,662,319

B1 5 5 100.00% RM2,645,000 RM206,310 RM2,438,690 RM1,829,018

C1 6 6 100.00% RM3,801,000 RM317,058 RM3,483,943 RM2,612,957

D1 1 1 100.00% RM693,000 RM130,111 RM562,889 RM422,167

Total 2,000 1,998 99.90% RM934,303,000 RM49,963,754 RM884,339,246 RM663,254,440

Note: (*) The total selling prices listed in the Sale and Purchase Agreements are subject to further developer’s rebates amounting to total of RM64,859,564 in the form of Credit Note (CN) which are deductible from progress billings. The total Gross Selling Price and Gross Development Value are also subjected to further deduction for Landowner’s Entitlement amounting to total of RM172,724,607.

Page 8


Proposed Strata Floor Area/ Net Floor Area (NFA) (Cont’d)

Our valuation is on the basis that strata titles conveying leasehold interests of 99 years are forthcoming and when issued, will be free from all encumbrances over the strata floor areas stipulated above (Schedule of Parcels) based on its respective unit type. Thus, we have adopted the proposed strata parcel areas based on the Schedule of Parcels as fair representation of the NFA of respective unit types in our Valuation.

Detailed breakdown of the proposed Strata Floor Area of the upcoming Residensi Semarak Platinum are scheduled here below.


M1

Block A 49,226 7,263

Block B 61,600 14,672

Block C 74,356 18,713

Grand Total 185,182 40,648

Note: Based on Proposed Strata Parcel Plans bearing Plan No(s). JP 200186-01 to JP 200186-276.


Vide a copy of the Sales Status Report (as at 15th July 2021) provided to us by the Client, we note that 1,998 units (99.90%) of the total 2,000 units have been sold. The following table outlines the summary of the aforementioned sales status and performance for Block A, B and C of Residensi Semarak Platinum.




Discount



A A 600 600 100.00% RM180,000,000 - RM180,000,000 RM135,000,000

B

B 208 208 100.00% RM97,694,000 RM4,402,173 RM93,291,827 RM69,968,871

C 261 261 100.00% RM141,188,000 RM7,716,994 RM133,471,006 RM100,103,255

D 162 161 99.38% RM96,748,000 RM6,986,014 RM89,761,987 RM67,321,491

C

B 275 275 100.00% RM134,167,500 RM9,460,150 RM124,707,350 RM93,530,513

C 321 320 99.69% RM178,731,000 RM10,992,537 RM167,738,463 RM125,803,848

D 161 161 100.00% RM98,635,500 RM9,752,408 RM88,883,092 RM66,662,319

B1 5 5 100.00% RM2,645,000 RM206,310 RM2,438,690 RM1,829,018

C1 6 6 100.00% RM3,801,000 RM317,058 RM3,483,943 RM2,612,957

D1 1 1 100.00% RM693,000 RM130,111 RM562,889 RM422,167

Total 2,000 1,998 99.90% RM934,303,000 RM49,963,754 RM884,339,246 RM663,254,440


467

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113









Contracts Awarded and Works Certified Completed To-Date

At the date of our inspection, we note that earthwork and piling related works have been completed and the construction of main building works are near completion. The following table outlines the summary of the awarded contracts and construction works certified completed to-date (based on the Interim Certificates and Letters made available to us by the Client).

Contractor Contract Works Contract SumInterim Certificate

No. / Date of Certificate

Value of Work Done % of Completion

Biaxis (M) Sdn Bhd

Sub-structure works RM47,535,702.68 (1) 81509/MRR2-P24 / 28th November 2019

RM47,535,702.68 100.00%

JDC (M) Corporation Sdn

Bhd

Micro Piles and R.C. associated works at

Tower C RM3,043,224.89 (2) 81509/JDC-P10 /

24th March 2021RM3,043,224.89 100.00%

Pembenaan Leow Tuck Chui & Sons

Sdn BhdMain Building Works RM312,754,894.07 (3) Certificate No. 43 /

16th July 2021RM289,805,246.65 92.66%

AARM Engineering Sdn

Bhd

Supply, delivery, installation, testing, commissioning and

maintenance of HDD and piping jack works for TNB

cable

RM2,799,464.00

Engineer Certificate of M&E Progress

Payment No. 3 / 31st

December 2020

RM2,324,124.10 83.02%

Kim Chong Plumbing Sdn Bhd

External Water Reticulation Works

RM6,705,165.00 (4) Valuation No. 7 / 16th July 2021

RM5,420,422.00 80.84%


External Sewerage Works RM3,815,284.75 (5) Valuation No. 8 / 16th July 2021

RM3,135,966.33 82.19%

Suhati Sdn Bhd External Slip Road RM1,162,914.71 (6) 81509/TS-R&D-01 / 19th July 2021

RM396,570.29 34.10%

Notes:(1) We note that the awarded contract sum for Biaxis (M) Sdn Bhd was originally at RM55,689,432 vide awarded contract bearing Ref No.

TSHSB/BIAXIS/DUKE/010 dated 22nd July 2016. However, in accordance to a letter issued by T.T. Ang Consult on 28th November 2019, we note that the original amount awarded was revised to RM47,535,702.68 due to cost saving amounting to RM8,153,729.32. As such, for this Report and Valuation, we have adopted the total anticipated contract sum of RM47,535,702.68 in our valuation.

(2) We note that the awarded contract sum for JDC (M) Corporation Sdn Bhd was originally at RM4,250,669.96 vide awarded contract bearing Ref No. KSKA/122/ATSSB/JDC(M)SB/01fc dated 7th June 2018. However, in accordance to a letter issued by T.T. Ang Consult on 24th March 2021, we note that the original amount awarded was revised to RM3,043,224.89 due to cost saving amounting to RM1,207,445.07. As such, for this Report and Valuation, we have adopted the total anticipated contract sum of RM3,043,224.89 in our valuation.

(3) We note that the awarded contract sum for Pembenaan Leow Tuck Chui & Sons Sdn Bhd was originally at RM310,191,993 vide awarded contract bearing Ref No. TSHSB/PLTC/DUKE/PT.9929MBW/2017/015(LA) dated 20th July 2017. However, in accordance to a Final Account Statement issued by Jurukur Bahan FPS Sdn Bhd on 26th February 2021, we note that the original amount awarded was revised to RM312,754,894.07 due to remeasurements, variation order and prime cost and provisional sums amounting to RM2,562,901.07. As such, for this Report and Valuation, we have adopted the total anticipated contract sum of RM312,754,894.07 in our valuation.

(4) We note that the awarded contract sum for Kim Chong Plumbing Sdn Bhd originally at RM10,069,150 vide awarded contract bearing Ref No. A2T-81509-090 dated 14th October 2020. However, in accordance to a letter issued by Jurukur Bahan FPS Sdn Bhd on 25th June 2021, we note that the original amount awarded was revised to RM6,705,165.00 due to cost saving amounting to RM3,363,985.00. As such, for this Report and Valuation, we have adopted the total anticipated contract sum of RM6,705,165.00 in our valuation.

(5) We note that the awarded contract sum for Kim Chong Plumbing Sdn Bhd was originally at RM3,493,830.00 vide awarded contract bearing Ref No. A2T-81509-042 dated 30th August 2018. However, in accordance to a Final Account Statement issued by Jurukur Bahan FPS Sdn Bhd on 25th June 2021, we note that the original amount awarded was revised to RM3,815,284.75 due to variation order amounting to RM321,454.75. As such, for this Report and Valuation, we have adopted the total anticipated contract sum of RM3,815,284.75 in our valuation.

(6) We note that the awarded contract sum for Suhati Sdn Bhd was originally at RM6,000,000 vide awarded contract bearing Ref No. A2T-81509-091(SUHATI) dated 2nd October 2020. However, in accordance to a letter issued by Jurukur Bahan FPS Sdn Bhd on 25th June 2021, we note that the original amount awarded was revised to RM1,162,914.71 due to cost saving amounting to RM4,837,085.29. As such, for this Report and Valuation, we have adopted the total anticipated contract sum of RM1,162,914.71 in our valuation.

Page 9







Biaxis (M) Sdn Bhd


RM47,535,702.68 100.00%


Bhd


Tower C RM3,043,224.89 (2) 81509/JDC-P10 /

24th March 2021RM3,043,224.89 100.00%



16th July 2021RM289,805,246.65 92.66%


Bhd



cable

RM2,799,464.00



December 2020

RM2,324,124.10 83.02%




RM5,420,422.00 80.84%



RM3,135,966.33 82.19%


RM396,570.29 34.10%








Page 9







Biaxis (M) Sdn Bhd


RM47,535,702.68 100.00%


Bhd


Tower C RM3,043,224.89 (2) 81509/JDC-P10 /

24th March 2021RM3,043,224.89 100.00%



16th July 2021RM289,805,246.65 92.66%


Bhd



cable

RM2,799,464.00



December 2020

RM2,324,124.10 83.02%




RM5,420,422.00 80.84%



RM3,135,966.33 82.19%


RM396,570.29 34.10%








468

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113









Expected Date of Completion

We were made to understand by the Client that the overall development of Residensi Semarak Platinum is scheduled to be completed by Q3 / Q4 2021.

1.2 MARKET VALUE

IDENTIFICATION OF PROPERTYValuation Methodology In arriving at our opinion of the Market Value, we have considered the Income Approach by

Residual Method as the only preferred and appropriate method of valuation.

Market Value RM135,000,000.

Income Approach by Residual Method

The following table outlines the salient valuation assumptions adopted in undertaking our valuation assessment.

Summary of Parameters

GDVSold Units

RM884,339,246 (*)

(Net amount to be billed: RM221,084,806)

Unsold Unit RM1,046,781

Landowner’s entitlementFull Entitlement RM172,724,607

Remaining Entitlement RM38,097,728

Remaining GDC RM44,152,567

Remaining Development Period 0.50 year

Present Value (Discount Rate) 8.00%


GDV In arriving at the Gross Development Value (GDV), we have adopted the developer’s gross selling prices and discounts / rebates granted to the respective purchasers (based on Sales Status Report as of 15th July 2021) for the sold units to be fair representation after having taken into consideration the take-up rates and sales performance of the development [100% sold for Block A (Residensi Wilayah) and 99.86% for Blocks B & C].

In our valuation assessment of the GDV of the remaining unsold units (one (1) unit within Block B (Type D) and Block C (Type C)) each, we have generally benchmarked the developer’s gross selling prices (for unsold units); against the net prices of the units that have been sold at within the same development; coupled with selling and asking prices of other similar developments located within the immediate and surrounding vicinity. As such, we have adopted the developer’s gross selling price of about RM521 psf to RM541 psf and further adjusted for developer’s typical discount / rebates between 10.73% to 13.82% subject to the type of unit layout / block. Detailed breakdown of GDV is tabulated as overleaf.

Page 10



We were made to understand by the Client that the overall development of Residensi Semarak Platinum is scheduled to be completed by Q3 / Q4 2021.

1.2 MARKET VALUE







GDVSold Units

RM884,339,246 (*)

(Net amount to be billed: RM221,084,806)


Landowner’s entitlementFull Entitlement RM172,724,607

Remaining Entitlement RM38,097,728


Remaining Development Period 0.50 year



GDV In arriving at the Gross Development Value (GDV), we have adopted the developer’s gross selling prices and discounts / rebates granted to the respective purchasers (based on Sales Status Report as of 15th July 2021) for the sold units to be fair representation after having taken into consideration the take-up rates and sales performance of the development [100% sold for Block A (Residensi Wilayah) and 99.86% for Blocks B & C].

In our valuation assessment of the GDV of the remaining unsold units (one (1) unit within Block B (Type D) and Block C (Type C)) each, we have generally benchmarked the developer’s gross selling prices (for unsold units); against the net prices of the units that have been sold at within the same development; coupled with selling and asking prices of other similar developments located within the immediate and surrounding vicinity. As such, we have adopted the developer’s gross selling price of about RM521 psf to RM541 psf and further adjusted for developer’s typical discount / rebates between 10.73% to 13.82% subject to the type of unit layout / block. Detailed breakdown of GDV is tabulated as overleaf.

469

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113








Summary of GDV Adopted in Income Approach by Residual Method

Component TypeProposed Strata

Floor AreaNo. of Units

Total Gross

Selling Price


Rebates

Average SPA

Selling Price per

unit (*)

Total GDV (*) (After Bumiputra +

Developer’s Discount)

Sold Units

Block A(Residensi Wilayah)

A82 sm / 883 sf 574 RM172,200,000 N/A

RM300,000(RM340 psf)

RM172,200,000

83 sm / 893 sf 26 RM7,800,000 N/ARM300,000(RM336 psf)

RM7,800,000

Block B

B 86 sm / 926 sf 208 RM97,694,000 RM4,402,173RM448,518(RM484 psf)

RM93,291,827

C

99 sm / 1,066 sf 196 RM105,955,000 RM5,263,862RM513,730(RM482 psf)

RM100,691,139


RM25,828,718

D 110 sm / 1,184 sf 152 RM91,334,500 RM5,969,629RM561,611(RM474 psf)

RM85,364,871

Block C


RM120,865,835

C


RM132,524,242

100 sm / 1,076 sf 25 RM13,997,000 RM961,196RM521,432(RM485 psf)

RM13,035,804


RM13,552,322


RM84,279,494

B1 107 sm / 1,152 sf 5 RM2,645,000 RM206,310RM487,738(RM423 psf)

RM2,438,690

C1


RM2,948,943

134 sm / 1,442 sf 1 RM633,500 RM98,500RM535,000(RM371 psf)

RM535,000

D1 144 sm / 1,550 sf 1 RM693,000 RM130,111RM562,889(RM363 psf)

RM562,889

33 Units of Landowner’s Entitlement – Noi Properties Sdn Bhd

Block B

C


RM2,315,340


RM462,983

D 110 sm / 1,184 sf 6 RM3,607,500 RM677,308RM488,365(RM412 psf)

RM2,930,192

Page 11




Total Gross

Selling Price


Rebates

Average SPA

Selling Price per

unit (*)



Sold Units

Block A(Residensi Wilayah)

A82 sm / 883 sf 574 RM172,200,000 N/A

RM300,000(RM340 psf)

RM172,200,000

83 sm / 893 sf 26 RM7,800,000 N/ARM300,000(RM336 psf)

RM7,800,000

Block B


RM93,291,827

C


RM100,691,139


RM25,828,718


RM85,364,871

Block C


RM120,865,835

C


RM132,524,242


RM13,035,804


RM13,552,322


RM84,279,494

B1 107 sm / 1,152 sf 5 RM2,645,000 RM206,310RM487,738(RM423 psf)

RM2,438,690

C1


RM2,948,943


RM535,000

D1 144 sm / 1,550 sf 1 RM693,000 RM130,111RM562,889(RM363 psf)

RM562,889

33 Units of Landowner’s Entitlement – Noi Properties Sdn Bhd

Block B

C


RM2,315,340


RM462,983


RM2,930,192

470

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113











Total Gross

Selling Price

Bumiputra +Developer’s

Rebates

Average SPA

Selling Price per

unit (*)



33 Units of Landowner’s Entitlement – Noi Properties Sdn Bhd (Cont’d)

Block C

B 86 sm / 926 sf 5 RM2,495,000 RM361,775RM426,645(RM461 psf)

RM2,133,225

C


RM4,777,313


RM473,670


RM481,793


RM2,076,645

27 Units of Landowner’s Entitlement – Marhab Properties Sdn Bhd

Block B

C


RM3,245,580


RM927,248


RM1,466,924

Block C


RM1,708,290

C


RM2,411,100


RM482,220


RM2,526,953

Unsold Units

Block B D 110 sm / 1,184 sf 1 RM617,000 RM85,284 RM531,716(RM449 psf)

RM531,716

Block C C 99 sm / 1,066 sf 1 RM577,000 RM61,935RM515,065(RM483 psf)

RM515,065

Total 2,000 RM935,497,000 RM50,110,973 RM885,386,027


Page 12




Total Gross

Selling Price

Bumiputra +Developer’s

Rebates

Average SPA

Selling Price per

unit (*)



33 Units of Landowner’s Entitlement – Noi Properties Sdn Bhd (Cont’d)

Block C


RM2,133,225

C


RM4,777,313


RM473,670


RM481,793


RM2,076,645

27 Units of Landowner’s Entitlement – Marhab Properties Sdn Bhd

Block B

C


RM3,245,580


RM927,248


RM1,466,924

Block C


RM1,708,290

C


RM2,411,100


RM482,220


RM2,526,953

Unsold Units

Block B D 110 sm / 1,184 sf 1 RM617,000 RM85,284 RM531,716(RM449 psf)

RM531,716

Block C C 99 sm / 1,066 sf 1 RM577,000 RM61,935RM515,065(RM483 psf)

RM515,065

Total 2,000 RM935,497,000 RM50,110,973 RM885,386,027


471

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113








1.2 MARKET VALUE (CONT’D)

Landowner’s Entitlement Pursuant to a copy of the Joint Venture Agreement dated 3rd April 2013 along with its subsequent Supplementary Agreements dated 25th November 2015 and 20th September 2019 respectively; all made between Alaf MRR Two Station Sdn Bhd (the “Landowner”) and Total Solid Holdings Sdn Bhd (the “Developer”) on a profit sharing arrangement to jointly construct and complete the development. Typical key salient terms and conditions regarding the Landowner’s Entitlement of the abovementioned agreements are tabulated as below.

Summary of Landowner’s Entitlement

Description Total Cost Adopted Total Payment to Date

Total Sale Proceeds(Free Cost Unit: 23% of the total Sale Proceeds)

(Residensi Wilayah: 12% of the total Sale Proceeds) RM168,923,287 (*) RM130,905,558

Salary for Directors RM2,960,000 RM2,880,000

Free Cost Units RM841,320 RM841,320

Total RM172,724,607 RM134,626,878

Note: (*) The amount referred herein exclude two (2) free cost units (amounting to RM841,310) which have been allocated to the landowners as part of landowner's entitlement; but including four (4) free cost units that was sold to the landowners at cost price (amounting to RM331,398 each)

GDC In arriving at the GDC, we have made reference to the total awarded contract sum, client’s actual / proposed costings as well as the industry average costing as derived from analysis of other awarded contracts of similar projects.

Summary of Gross Development Cost (GDC)

Description Analysis Total Cost Adopted

Total Value of Works Completed / Certified

Amount To-DateRemarks

Land Related Charges and

Statutory Contribution

Analysed at

3.99% of total net GDVRM25,826,303 RM19,016,699

We have made reference to actual amount payable, Client’s proposed provisions, and industry average costings.

Preliminaries and

Infrastructure

Analysed at

RM35 psf over land areaRM15,071,560 RM11,865,814

We have made reference to Client’s proposed / actual costings, awarded contract sum, industry average costing and awarded contracts for similar projects.

Building Construction

Cost

RM68 psf over total GFA

(Inclusive of Sub-structure Works, Micropiles Works, Main Building Works

and Show Unit Construction Cost)

RM364,059,601 RM341,109,954


Professional Fees

Analysed at 5.31% of Total of Preliminaries and Infrastructure Cost,

and Building Construction CostRM20,146,017 RM15,930,854

We have made reference to Client’s proposed / actual costings, awarded contracts / letter of award, industry average costing as well as awarded contracts of other similar projects.

Page 13









Total RM172,724,607 RM134,626,878









Analysed at



Preliminaries and

Infrastructure

Analysed at




Cost




RM364,059,601 RM341,109,954


Professional Fees




Page 13









Total RM172,724,607 RM134,626,878









Analysed at



Preliminaries and

Infrastructure

Analysed at




Cost




RM364,059,601 RM341,109,954


Professional Fees




Page 13









Total RM172,724,607 RM134,626,878









Analysed at



Preliminaries and

Infrastructure

Analysed at




Cost




RM364,059,601 RM341,109,954


Professional Fees




Page 13









Total RM172,724,607 RM134,626,878









Analysed at



Preliminaries and

Infrastructure

Analysed at




Cost




RM364,059,601 RM341,109,954


Professional Fees




472

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113








Summary of Gross Development Cost (GDC) (Cont’d)




Contingencies

3.00% of total remaining Preliminaries and Infrastructure Costs, Building

Construction Cost and Professional Fees

RM911,117 -

We have adopted a rate of 3.00% of the total remaining preliminaries, infrastructure costs, building construction costs and professional fees as contingencies to be fair representation and reflective of market industry for the intended development.

Marketing, Agency and Legal Fees

2.00% of Total Net GDV of remaining unsold units

RM20,936 -

We have adopted 2.00% of the Total Net GDV of remaining unsold units as marketing, agency and legal fees to be fair and reflective of industry practice.

Financial Charges

30.00% of remaining of Total of Preliminaries and Infrastructure Cost,

Building Construction Cost,Professional Fees and Contingencies; at an interest rate of 6.50% per annum

for a period of 0.25 years

RM152,498 -

Bridging finance is based on 30.00%of Total of Preliminaries and Infrastructure Cost, Building Construction Cost, Professional Fees and Contingencies, at an interest rate of 6.50% per annum over a period of 0.25 years after taking into consideration of the construction progress and development phasing.In arriving at the borrowing rate, we have generally benchmarked against the average base rate offered by banks at 2.50% + a spread in the region of 4.00% for any typical project financing.

Developer’s Profit

“Residensi Wilayah” affordable apartment (Block A): 7.50% of Total

Net GDV; less profit recognisedRM11,823,824 RM11,008,125

Typically, a rate of return of about 10.00% to 20.00% of GDV is required for a developer to commit to a project development; whilst a lower rate of return is applicable for affordable housing developments. We have thus adopted 7.50% of the Total Net GDV for the “Residensi Wilayah” affordable apartment (Block A) whilst 15.00% for the condominium (Block B & C); less profit recognised; as developer’s profit as fair representation and reflective of industry average.

Condominium (Block B & C): 15.00% of Total Net GDV; less profit recognised

RM73,522,631 RM68,450,472

Total RM511,534,486 RM467,381,919 -

Development Period We have adopted a remaining development period of 0.50 year as reasonable after having considered the current status of the development, demand, take-up rates and sales performance of other similar developments, the type and intensity of the development, theproduct features being offered as well as the potential impact of the COVID-19 outbreak.

Page 14





Contingencies

3.00% of total remaining Preliminaries and Infrastructure Costs, Building

Construction Cost and Professional Fees

RM911,117 -




RM20,936 -


Financial Charges

30.00% of remaining of Total of Preliminaries and Infrastructure Cost,

Building Construction Cost,Professional Fees and Contingencies; at an interest rate of 6.50% per annum

for a period of 0.25 years

RM152,498 -

Bridging finance is based on 30.00%of Total of Preliminaries and Infrastructure Cost, Building Construction Cost, Professional Fees and Contingencies, at an interest rate of 6.50% per annum over a period of 0.25 years after taking into consideration of the construction progress and development phasing.In arriving at the borrowing rate, we have generally benchmarked against the average base rate offered by banks at 2.50% + a spread in the region of 4.00% for any typical project financing.


“Residensi Wilayah” affordable apartment (Block A): 7.50% of Total


Typically, a rate of return of about 10.00% to 20.00% of GDV is required for a developer to commit to a project development; whilst a lower rate of return is applicable for affordable housing developments. We have thus adopted 7.50% of the Total Net GDV for the “Residensi Wilayah” affordable apartment (Block A) whilst 15.00% for the condominium (Block B & C); less profit recognised; as developer’s profit as fair representation and reflective of industry average.

Condominium (Block B & C): 15.00% of Total Net GDV; less profit recognised

RM73,522,631 RM68,450,472

Total RM511,534,486 RM467,381,919 -

Development Period We have adopted a remaining development period of 0.50 year as reasonable after having considered the current status of the development, demand, take-up rates and sales performance of other similar developments, the type and intensity of the development, theproduct features being offered as well as the potential impact of the COVID-19 outbreak.

473

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113










Legal interest in a parcel of residential land identified as Lot 102991 held under Title No. Pajakan Negeri 53175, Locality of Lebuhraya KESAS / PPR Kg. Muhibbah, Mukim Petaling, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; with earthworks, piling and main building construction works certified completed to-date; approved for two (2) blocks of high-rise residential development (1,320 units) comprising a 32-storey PPA1M apartment tower (now known as PPAM) (660 units) (Block A) and a 34-storey tower comprising condominium (440 units) + affordable apartments (220 units) (Block B), all sited atop an eight (8)-storey car park podium along with all common infrastructure and supporting amenities + facilities attached thereto (hereinafter collectively to be known as “Residensi Platinum OUG”).

Locality Strategically located within the vicinity of Bukit OUG / Kampung Muhibbah, approximately 12 kilometres due south-west from the Kuala Lumpur city centre; bordered and bounded by the KESAS highway to its north, PPR Kampung Muhibbah to its south-east and the Muhibbah Community Complex to its south-west.

Tenure Leasehold interest for a term of 97 years, expiring on 3rd April 2115.

Register Proprietor Vistarena Development Sdn Bhd.



Site Description The subject site is generally flat in terrain and lies at about the same level as the street elevations / neighbouring lots. Presently, we note that main building construction works for Residensi Platinum OUG are in progress with approximately 82.35% work completed to-date;whilst the site boundaries are generally demarcated with metal hoarding sheets.

Planning Located within an area designated for residential use; approved for the development of two (2) blocks of high-rise residential development (1,320 units) comprising a 32-storey PPA1M apartment tower (now known as PPAM) (660 units) (Block A) and a 34-storey tower comprising condominium (440 units) + affordable apartments (220 units) (Block B), all sited atop an eight (8)-storey car park podium along with all common infrastructure and supporting amenities + facilities attached thereto; with an approved density of 963 persons per acre.

2.0 V/COR/21/0059(B) – RESIDENSI PLATINUM OUG

Page 15



Legal interest in a parcel of residential land identified as Lot 102991 held under Title No. Pajakan Negeri 53175, Locality of Lebuhraya KESAS / PPR Kg. Muhibbah, Mukim Petaling, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; with earthworks, piling and main building construction works certified completed to-date; approved for two (2) blocks of high-rise residential development (1,320 units) comprising a 32-storey PPA1M apartment tower (now known as PPAM) (660 units) (Block A) and a 34-storey tower comprising condominium (440 units) + affordable apartments (220 units) (Block B), all sited atop an eight (8)-storey car park podium along with all common infrastructure and supporting amenities + facilities attached thereto (hereinafter collectively to be known as “Residensi Platinum OUG”).

Locality Strategically located within the vicinity of Bukit OUG / Kampung Muhibbah, approximately 12 kilometres due south-west from the Kuala Lumpur city centre; bordered and bounded by the KESAS highway to its north, PPR Kampung Muhibbah to its south-east and the Muhibbah Community Complex to its south-west.

Tenure Leasehold interest for a term of 97 years, expiring on 3rd April 2115.

Register Proprietor Vistarena Development Sdn Bhd.



Site Description The subject site is generally flat in terrain and lies at about the same level as the street elevations / neighbouring lots. Presently, we note that main building construction works for Residensi Platinum OUG are in progress with approximately 82.35% work completed to-date;whilst the site boundaries are generally demarcated with metal hoarding sheets.

Planning Located within an area designated for residential use; approved for the development of two (2) blocks of high-rise residential development (1,320 units) comprising a 32-storey PPA1M apartment tower (now known as PPAM) (660 units) (Block A) and a 34-storey tower comprising condominium (440 units) + affordable apartments (220 units) (Block B), all sited atop an eight (8)-storey car park podium along with all common infrastructure and supporting amenities + facilities attached thereto; with an approved density of 963 persons per acre.

2.0 V/COR/21/0059(B) – RESIDENSI PLATINUM OUG

474

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113











(sq m) (sq ft)

Block A 101,084.46 1,088,064

Block B 93,881.41 1,010,531

Car Park Podium (2) 76,651.70 825,072

Grand Total 271,617.57 2,923,667

Notes:(1) Proposed Gross Floor Area (GFA) as certified by Cipta Teguh Architects Sdn Bhd on 4th August 2021.(2) Inclusive of facilities and amenities located at Lower Ground Level, Ground Level, Level 2A and 3 and measuring

approximately 863.40 square metres (9,294 square feet).

Proposed Strata Floor Area/ Net Floor Area (NFA) Block Type

Schedule of Parcels

(sq m) (sq ft)

Block A

Type A (PPAM) 93.00 1,001

Type B (PPAM) 102.00 1,098

Type C (PPAM) 112.00 1,206

Type D - Dual Key (PPAM)

141.00 1,518

Block BType E (Affordable

Apartment)79.00 850

Type C1 (Condominium) 116.00 1,249

Our valuation is on the basis that strata titles conveying leasehold interests of 97 years are forthcoming and when issued, will be free from all encumbrances over the strata floor areas stipulated above based on its respective unit type. Thus, we have adopted the proposed strata parcel areas based on the Schedule of Parcels as fair representation of the NFA of respective unit types in our Valuation.

Detailed breakdown of the proposed Strata Floor Area of the upcoming Residensi Platinum OUG are scheduled here below.


M1 Block A 72,990 10,673

M2 Block B 68,420 16,916

Grand Total 141,410 27,589

Note: Based on Proposed Strata Parcel Plans bearing Plan No. JP 200368-01 to JP 200368-106.


Vide a copy of the Sales Status Report (as at 15th July 2021) provided to us by the Client, we note that 1,319 units (99.92%) of the total 1,320 units have been sold. The table overleaf outlines the summary of the aforementioned sales status and performance for Block A and B of Residensi Platinum OUG.

Page 16




(sq m) (sq ft)

Block A 101,084.46 1,088,064

Block B 93,881.41 1,010,531

Car Park Podium (2) 76,651.70 825,072

Grand Total 271,617.57 2,923,667

Notes:(1) Proposed Gross Floor Area (GFA) as certified by Cipta Teguh Architects Sdn Bhd on 4th August 2021.(2) Inclusive of facilities and amenities located at Lower Ground Level, Ground Level, Level 2A and 3 and measuring

approximately 863.40 square metres (9,294 square feet).

Proposed Strata Floor Area/ Net Floor Area (NFA) Block Type

Schedule of Parcels

(sq m) (sq ft)

Block A

Type A (PPAM) 93.00 1,001

Type B (PPAM) 102.00 1,098

Type C (PPAM) 112.00 1,206

Type D - Dual Key (PPAM)

141.00 1,518

Block BType E (Affordable

Apartment)79.00 850

Type C1 (Condominium) 116.00 1,249

Our valuation is on the basis that strata titles conveying leasehold interests of 97 years are forthcoming and when issued, will be free from all encumbrances over the strata floor areas stipulated above based on its respective unit type. Thus, we have adopted the proposed strata parcel areas based on the Schedule of Parcels as fair representation of the NFA of respective unit types in our Valuation.

Detailed breakdown of the proposed Strata Floor Area of the upcoming Residensi Platinum OUG are scheduled here below.


M1 Block A 72,990 10,673

M2 Block B 68,420 16,916

Grand Total 141,410 27,589

Note: Based on Proposed Strata Parcel Plans bearing Plan No. JP 200368-01 to JP 200368-106.


Vide a copy of the Sales Status Report (as at 15th July 2021) provided to us by the Client, we note that 1,319 units (99.92%) of the total 1,320 units have been sold. The table overleaf outlines the summary of the aforementioned sales status and performance for Block A and B of Residensi Platinum OUG.

475

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113











Discount



A

A 31 31 100.00% RM4,650,000 - RM4,650,000 RM465,000

B 124 124 100.00% RM23,188,000 - RM23,188,000 RM2,318,800

C 474 473 99.79% RM113,037,067 - RM113,037,067 RM11,303,707

D 31 31 100.00% RM9,300,000 - RM9,300,000 RM930,000

BE 220 220 100.00% RM65,780,000 - RM65,780,000 RM46,763,600

C1 440 440 100.00% RM252,344,600 RM766,051 RM251,578,549 RM177,138,794

Total 1,320 1,319 99.92% RM468,299,667 RM766,051 RM467,533,616 RM238,919,901

Note: (*) The total selling prices listed in the Sale and Purchase Agreements are subject to further developer’s rebates amounting to total of RM24,992,024 in the form of Credit Note (CN) which are deductible from progress billings.

Sale Status and Performance (Cont’d)

We were made to understand by the Client that seven (7) additional car parking bays have been sold for a total consideration of RM105,000 (analysed at RM15,000 per bay) and full amount has been billed to the respective purchasers.


At the date of our inspection, we note that earthwork and piling related works have been completed and the construction of main building works are in progress on the subject site. The following table outlines the summary of the awarded contracts and construction works certified completed to-date (based on the Interim Certificates and Letters made available to us by the Client).



Value of Work Done

% of Completion

G-Pile Sistem Sdn Bhd

Site Clearance, Earthwork, Injection Spun Pile, Pile Cap,

Stump and Retaining WallRM13,384,887 (1) Certificate No. 11 /

15th November 2019RM13,384,887 100.00%

Lim Chin Electrical Engineering Sdn

Bhd

Horizontal Directional Drilling (HDD) Works RM324,166

Progress Claim No. 2 / 30th April 2021 RM324,166 100.00%

E&J Builders Sdn Bhd

Main Building Works RM200,149,489 (2) Certificate No. 31 /19th July 2021

RM162,100,678 80.99%

Notes:(1) We note that the awarded contract sum for G-Pile Sistem Sdn Bhd was originally at RM12,480,000 vide awarded contract bearing Ref No. VDSB/G-

PILE/OUG/059 dated 26th March 2018. However, in accordance to a Final Account Statement issued by Jurukur Bahan FPS Sdn Bhd on 30th September 2019, we note that the original amount awarded was revised to RM13,384,887 due to remeasurements and variation order amounting to RM904,887. As such, for this Report and Valuation, we have adopted the certified work-done at a completed sum of RM13,384,887 in our valuation.

(2) We note that the awarded contract sum for E&J Builders Sdn Bhd was originally at RM204,023,888 (inclusive of contingencies sum of RM1,554,709.90) vide awarded contract bearing Ref No. VSDB/E&J/OUG/LA/073 dated 2nd January 2019. However, in accordance to a letter issued by Jurukur Bahan FPS Sdn Bhd on 17th March 2021, we note that the original amount awarded was revised to RM201,704,198 due to cost saving amounting to RM2,319,689.52. We have further excluded the Contingency Sum of RM1,554,709.90 stated in the awarded contract bearing Ref No. VSDB/E&J/OUG/LA/073 dated 2nd

January 2019. As such, for this Report and Valuation, we have adopted the total anticipated contract sum of RM200,149,489 in our valuation.

Page 17




Discount



A

A 31 31 100.00% RM4,650,000 - RM4,650,000 RM465,000

B 124 124 100.00% RM23,188,000 - RM23,188,000 RM2,318,800

C 474 473 99.79% RM113,037,067 - RM113,037,067 RM11,303,707

D 31 31 100.00% RM9,300,000 - RM9,300,000 RM930,000

BE 220 220 100.00% RM65,780,000 - RM65,780,000 RM46,763,600

C1 440 440 100.00% RM252,344,600 RM766,051 RM251,578,549 RM177,138,794

Total 1,320 1,319 99.92% RM468,299,667 RM766,051 RM467,533,616 RM238,919,901



We were made to understand by the Client that seven (7) additional car parking bays have been sold for a total consideration of RM105,000 (analysed at RM15,000 per bay) and full amount has been billed to the respective purchasers.





Value of Work Done

% of Completion

G-Pile Sistem Sdn Bhd

Site Clearance, Earthwork, Injection Spun Pile, Pile Cap,

Stump and Retaining WallRM13,384,887 (1) Certificate No. 11 /

15th November 2019RM13,384,887 100.00%

Lim Chin Electrical Engineering Sdn

Bhd

Horizontal Directional Drilling (HDD) Works RM324,166

Progress Claim No. 2 / 30th April 2021 RM324,166 100.00%

E&J Builders Sdn Bhd

Main Building Works RM200,149,489 (2) Certificate No. 31 /19th July 2021

RM162,100,678 80.99%

Notes:(1) We note that the awarded contract sum for G-Pile Sistem Sdn Bhd was originally at RM12,480,000 vide awarded contract bearing Ref No. VDSB/G-

PILE/OUG/059 dated 26th March 2018. However, in accordance to a Final Account Statement issued by Jurukur Bahan FPS Sdn Bhd on 30th September 2019, we note that the original amount awarded was revised to RM13,384,887 due to remeasurements and variation order amounting to RM904,887. As such, for this Report and Valuation, we have adopted the certified work-done at a completed sum of RM13,384,887 in our valuation.

(2) We note that the awarded contract sum for E&J Builders Sdn Bhd was originally at RM204,023,888 (inclusive of contingencies sum of RM1,554,709.90) vide awarded contract bearing Ref No. VSDB/E&J/OUG/LA/073 dated 2nd January 2019. However, in accordance to a letter issued by Jurukur Bahan FPS Sdn Bhd on 17th March 2021, we note that the original amount awarded was revised to RM201,704,198 due to cost saving amounting to RM2,319,689.52. We have further excluded the Contingency Sum of RM1,554,709.90 stated in the awarded contract bearing Ref No. VSDB/E&J/OUG/LA/073 dated 2nd

January 2019. As such, for this Report and Valuation, we have adopted the total anticipated contract sum of RM200,149,489 in our valuation.

476

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113










We were made to understand by the Client that the overall development of Residensi Platinum OUG is scheduled to be completed by Q4 2021 - Q1 2022.

2.2 MARKET VALUE







GDV

PPAM, Affordable Apartments and Condominium

Sold UnitsRM467,533,616 (*)

(net amount to be billed: RMRM228,613,715)

Unsold Unit RM238,979

Additional Car Parking Bays

Sold Bays RM105,000


Remaining Development Period 0.67 year.

Present Value (Discount Rate) 8.00%.


GDV In arriving at the GDV, we have adopted the developer’s gross selling prices and discounts / rebates granted to the respective purchasers (based on the Sales Status Report as of 15th July 2021) for the sold units to be fair representation after having taken into consideration the take-up rates and sales performance of the development [100% sold for Block B (condominium + affordable apartment) and 99.85% for Block A (PPAM)].

In our valuation assessment of the GDV of the remaining unsold unit – one (1) PPAM unit within Block A, we have adopted the developer’s selling price; which is also within the selling price range fixed by the Kuala Lumpur City Hall in accordance to the Development Order approval letter bearing Reference No. (14) dlm.DBKL.JPRB.3331/2015 dated 17th November 2016.

Page 18



We were made to understand by the Client that the overall development of Residensi Platinum OUG is scheduled to be completed by Q4 2021 - Q1 2022.

2.2 MARKET VALUE







GDV

PPAM, Affordable Apartments and Condominium

Sold UnitsRM467,533,616 (*)

(net amount to be billed: RMRM228,613,715)

Unsold Unit RM238,979


Sold Bays RM105,000





GDV In arriving at the GDV, we have adopted the developer’s gross selling prices and discounts / rebates granted to the respective purchasers (based on the Sales Status Report as of 15th July 2021) for the sold units to be fair representation after having taken into consideration the take-up rates and sales performance of the development [100% sold for Block B (condominium + affordable apartment) and 99.85% for Block A (PPAM)].

In our valuation assessment of the GDV of the remaining unsold unit – one (1) PPAM unit within Block A, we have adopted the developer’s selling price; which is also within the selling price range fixed by the Kuala Lumpur City Hall in accordance to the Development Order approval letter bearing Reference No. (14) dlm.DBKL.JPRB.3331/2015 dated 17th November 2016.

477

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113









ComponentType

(Proposed Strata Floor Area)

No. of Units

Total Gross Selling Price


Discount

Average SPA Selling Price per

unit (*)



Sold Units

Block A(PPAM)

Type A(93 sm / 1,001 sf)

31 RM4,650,000 N/ARM150,000(RM150 psf)

RM4,650,000

Type B(102 sm / 1,098 sf)

124 RM23,188,000 N/ARM187,000(RM170 psf)

RM23,188,000

Type C(112 sm / 1,206 sf)

473 RM113,037,067 N/ARM238,979(RM198 psf)

RM113,037,067

Type D(141 sm / 1,518 sf)

31 RM9,300,000 N/ARM300,000(RM198 psf)

RM9,300,000

Block B(Affordable Apartment)

Type E(79 sm / 850 sf)

220 RM65,780,000 N/ARM299,000(RM352 psf)

RM65,780,000

Block B(Condominium)

Type C1(116 sm / 1,249 sf)

440 RM252,344,600 RM766,051RM571,769(RM458 psf)

RM251,578,549

Seven (7) Additional Car Parking Bays RM105,000 - RM15,000 per bay RM105,000

Unsold Units

Block A(PPAM)

Type C(112 sm / 1,206 sf)

1 RM238,979 N/ARM238,979(RM198 psf)

RM238,979

Total 1,320 RM468,643,646 RM766,051 RM467,877,595









Analysed at3.50% of Total Net GDV

RM15,491,758 RM6,483,481

We have made reference to actual amount payable, Client’s proposed provisions (inclusive of the provisional sum of RM3,326,361 payable to Kuala Lumpur City Hall due to the non-fulfilment of Bumiputra quota based on Sales Status Report as of 15th July 2021) and industry average costings.

Preliminaries and

Infrastructure

Analysed atRM4.47 psf over land area

RM1,036,871 RM1,036,871



Cost

RM73 psf over total GFA(inclusive of Piling and Pile Cap Works, Main Building Works and Sales Gallery Construction Cost)

RM214,591,393 RM176,542,583


Page 19


ComponentType


No. of Units



Discount


unit (*)



Sold Units

Block A(PPAM)

Type A(93 sm / 1,001 sf)

31 RM4,650,000 N/ARM150,000(RM150 psf)

RM4,650,000

Type B(102 sm / 1,098 sf)

124 RM23,188,000 N/ARM187,000(RM170 psf)

RM23,188,000

Type C(112 sm / 1,206 sf)

473 RM113,037,067 N/ARM238,979(RM198 psf)

RM113,037,067

Type D(141 sm / 1,518 sf)

31 RM9,300,000 N/ARM300,000(RM198 psf)

RM9,300,000



220 RM65,780,000 N/ARM299,000(RM352 psf)

RM65,780,000


Type C1(116 sm / 1,249 sf)

440 RM252,344,600 RM766,051RM571,769(RM458 psf)

RM251,578,549


Unsold Units

Block A(PPAM)

Type C(112 sm / 1,206 sf)

1 RM238,979 N/ARM238,979(RM198 psf)

RM238,979

Total 1,320 RM468,643,646 RM766,051 RM467,877,595










RM15,491,758 RM6,483,481


Preliminaries and

Infrastructure


RM1,036,871 RM1,036,871



Cost


RM214,591,393 RM176,542,583


Page 19


ComponentType


No. of Units



Discount


unit (*)



Sold Units

Block A(PPAM)

Type A(93 sm / 1,001 sf)

31 RM4,650,000 N/ARM150,000(RM150 psf)

RM4,650,000

Type B(102 sm / 1,098 sf)

124 RM23,188,000 N/ARM187,000(RM170 psf)

RM23,188,000

Type C(112 sm / 1,206 sf)

473 RM113,037,067 N/ARM238,979(RM198 psf)

RM113,037,067

Type D(141 sm / 1,518 sf)

31 RM9,300,000 N/ARM300,000(RM198 psf)

RM9,300,000



220 RM65,780,000 N/ARM299,000(RM352 psf)

RM65,780,000


Type C1(116 sm / 1,249 sf)

440 RM252,344,600 RM766,051RM571,769(RM458 psf)

RM251,578,549


Unsold Units

Block A(PPAM)

Type C(112 sm / 1,206 sf)

1 RM238,979 N/ARM238,979(RM198 psf)

RM238,979

Total 1,320 RM468,643,646 RM766,051 RM467,877,595










RM15,491,758 RM6,483,481


Preliminaries and

Infrastructure


RM1,036,871 RM1,036,871



Cost


RM214,591,393 RM176,542,583


Page 19


ComponentType


No. of Units



Discount


unit (*)



Sold Units

Block A(PPAM)

Type A(93 sm / 1,001 sf)

31 RM4,650,000 N/ARM150,000(RM150 psf)

RM4,650,000

Type B(102 sm / 1,098 sf)

124 RM23,188,000 N/ARM187,000(RM170 psf)

RM23,188,000

Type C(112 sm / 1,206 sf)

473 RM113,037,067 N/ARM238,979(RM198 psf)

RM113,037,067

Type D(141 sm / 1,518 sf)

31 RM9,300,000 N/ARM300,000(RM198 psf)

RM9,300,000



220 RM65,780,000 N/ARM299,000(RM352 psf)

RM65,780,000


Type C1(116 sm / 1,249 sf)

440 RM252,344,600 RM766,051RM571,769(RM458 psf)

RM251,578,549


Unsold Units

Block A(PPAM)

Type C(112 sm / 1,206 sf)

1 RM238,979 N/ARM238,979(RM198 psf)

RM238,979

Total 1,320 RM468,643,646 RM766,051 RM467,877,595










RM15,491,758 RM6,483,481


Preliminaries and

Infrastructure


RM1,036,871 RM1,036,871



Cost


RM214,591,393 RM176,542,583


478

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113












Professional Fees

Analysed at 7.86% of Total of Preliminaries and Infrastructure Cost, and Building Construction

Cost

RM16,951,091 RM14,443,590


Contingencies

3.00% of total remaining preliminaries, infrastructure costs,

building construction cost and professional fees

RM1,216,689 -


IMarketing, Agency and Legal Fees


RM4,780 -


Financial Charges

30.00% of remaining of Total of Preliminaries and Infrastructure

Cost, Building Construction Cost, Professional Fees, and

Contingencies; at an interest rate of 6.50% per annum over a

period of 0.33 years

RM271,525 -

Bridging finance is based on 30.00% of the remaining of Total of Preliminaries and Infrastructure Cost, Building Construction Cost, Professional Fees, and Contingencies, at an interest rate of 6.50% per annum over a period of 0.33 years; after having taken into consideration of the construction progress and development phasing. In arriving at the borrowing rate, we have generally benchmarked against the average base rate offered by banks at 2.50% + a spread in the region of 4.00% for any typical project financing.


Affordable Housing Schemes (PPAM and Residensi Wilayah):

7.50% of Total Net GDV; less profit recognised

RM16,222,428 RM13,359,890

Typically, a rate of return of about 10.00%to 20.00% of GDV is required for a developer to commit to a project development; whilst a lower rate of return is applicable for affordable housing developments. We have thus adopted 7.50% of the Total Net GDV for the affordable housing schemes (PPAM and Residensi Wilayah) whilst 15.00% for the free cost condominium; less profit recognised; as developer’s profit as fair representation and reflective of industry average.

Free Cost Condominium: 15.00%of Total Net GDV; less profit

recognisedRM33,987,979 RM27,990,610

Total RM299,774,514 RM239,857,025 -

Development Period We have adopted a remaining development period of 0.67 year as reasonable after having considered the current status of the development, demand, take-up rates and sales performance of other similar developments, the type and intensity of the development, the product features being offered as well as the potential impact of the COVID-19 outbreak.

Page 20





Professional Fees


Cost

RM16,951,091 RM14,443,590


Contingencies



RM1,216,689 -




RM4,780 -


Financial Charges





RM271,525 -





RM16,222,428 RM13,359,890




Total RM299,774,514 RM239,857,025 -


Page 20





Professional Fees


Cost

RM16,951,091 RM14,443,590


Contingencies



RM1,216,689 -




RM4,780 -


Financial Charges





RM271,525 -





RM16,222,428 RM13,359,890




Total RM299,774,514 RM239,857,025 -


479

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113










Legal interest in a parcel of residential land identified as Lot PT 50146 held under Title No. HSD 121698, Locality of Persiaran Pertahanan, Mukim Setapak, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; with earthworks, piling and main building construction works certified completed to-date; approved for three (3) blocks of high-rise residential development (1,391 units) comprising a block of 26-storey medium cost (without price restrictions) apartment identified as Block A featuring Type B and Type D (429 units), a block 27-storey medium cost (without price restrictions) apartment identified as Block B featuring Type B and Type C (524 units) and a block of 21-storey Residensi Wilayah affordable apartment (formerly known as RUMAWIP) identified as Block C featuring Type A and Type A1 (438 units) all sited atop eight (8) levels of car park podium including two (2) sub-basement levels, a level of clubhouse and swimming pool located at Level 8 along with all common infrastructure and supporting amenities + facilities attached thereto (hereinafter collectively known as “Residensi PV9 / Residensi Vista Wirajaya 2”).

Locality Strategically located within the vicinity of Kampung Wirajaya / Taman Melati, approximately 7 kilometres due north-east from Kuala Lumpur city centre; bordered and bounded by the housing development of Taman Melati to its immediate north, a university college known as Tunku Abdul Rahman University College to its east and the residential and commercial establishments of Gombak Setia and Taman Setapak Indah to its west and south-west respectively.

Tenure Leasehold interest for a term of 99 years, expiring on 14th October 2119.

Register Proprietor Ambanang Development Sdn Bhd.

Provisional Land Area 22,560 square metres (5.57 acres).


Site Description The subject site is generally flat in terrain and gently sloping downwards along the south-eastern boundary to north-western boundary however, it lies at about the same level as the street elevations of Persiaran Pertahanan and Jalan Kampung Wira Jaya respectively. Presently, we note that the main building construction works for Residensi PV9 / Residensi Vista Wirajaya 2 are in progress with approximately 67.48% work completed to-date; whilst thesite boundaries are demarcated by metal hoarding sheets.

3.0 V/COR/21/0059(C) – RESIDENSI PV9 / RESIDENSI VISTA WIRAJAYA 2

Page 21



Legal interest in a parcel of residential land identified as Lot PT 50146 held under Title No. HSD 121698, Locality of Persiaran Pertahanan, Mukim Setapak, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; with earthworks, piling and main building construction works certified completed to-date; approved for three (3) blocks of high-rise residential development (1,391 units) comprising a block of 26-storey medium cost (without price restrictions) apartment identified as Block A featuring Type B and Type D (429 units), a block 27-storey medium cost (without price restrictions) apartment identified as Block B featuring Type B and Type C (524 units) and a block of 21-storey Residensi Wilayah affordable apartment (formerly known as RUMAWIP) identified as Block C featuring Type A and Type A1 (438 units) all sited atop eight (8) levels of car park podium including two (2) sub-basement levels, a level of clubhouse and swimming pool located at Level 8 along with all common infrastructure and supporting amenities + facilities attached thereto (hereinafter collectively known as “Residensi PV9 / Residensi Vista Wirajaya 2”).

Locality Strategically located within the vicinity of Kampung Wirajaya / Taman Melati, approximately 7 kilometres due north-east from Kuala Lumpur city centre; bordered and bounded by the housing development of Taman Melati to its immediate north, a university college known as Tunku Abdul Rahman University College to its east and the residential and commercial establishments of Gombak Setia and Taman Setapak Indah to its west and south-west respectively.

Tenure Leasehold interest for a term of 99 years, expiring on 14th October 2119.

Register Proprietor Ambanang Development Sdn Bhd.

Provisional Land Area 22,560 square metres (5.57 acres).


Site Description The subject site is generally flat in terrain and gently sloping downwards along the south-eastern boundary to north-western boundary however, it lies at about the same level as the street elevations of Persiaran Pertahanan and Jalan Kampung Wira Jaya respectively. Presently, we note that the main building construction works for Residensi PV9 / Residensi Vista Wirajaya 2 are in progress with approximately 67.48% work completed to-date; whilst thesite boundaries are demarcated by metal hoarding sheets.

3.0 V/COR/21/0059(C) – RESIDENSI PV9 / RESIDENSI VISTA WIRAJAYA 2

480

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113









Planning Designated for residential use; and approved for three (3) blocks of high-rise residential development (1,391 units) comprising a block of 26-storey medium cost (without price restrictions) apartment identified as Block A featuring Type B and Type D (429 units), a block 27-storey medium cost (without price restrictions) apartment identified as Block B featuring Type B and Type C (524 units) and a block of 21-storey Residensi Wilayah affordable apartment (formerly known as RUMAWIP) identified as Block C featuring Type A and Type A1 (438 units) all sited atop eight (8) levels of car park podium including two (2) sub-basement levels, a level of clubhouse and swimming pool located at Level 8 along with all common infrastructure and supporting amenities + facilities attached thereto; with an approved density of 998 persons per acre.

Proposed Gross FloorArea (GFA) / Estimated Net Floor Area (NFA)

ComponentProposed Gross Floor Area (GFA) (1) Net Floor Area (NFA) (2)

(sq m) (sq ft) (3) (sq m) (sq ft)

Block A129,382.86 1,392,655

45,485.33 489,600

Block B 50,883.00 547,700

Block C 48,675.00 523,933 36,051.02 388,050

Car Park Podium (Block A, B and C) (4) 104,298,13 1,122,656 - -

Grand Total 282,355.99 3,039,254 132,419.35 1,425,350

Notes:(1) Proposed Gross Floor Area (GFA) as extracted from the Approved Building Plans (ABP) prepared by Jazlan Azmi

Architects Sdn Bhd; approved on 24th May 2019.(2) Estimated Net Floor Area (NFA) as obtained from the Sale and Purchase Agreement / Sales Status Report (as at 15th

July 2021).(3) We note that the ABP have adopted a conversion of 1 square metre : 10.76000 square feet. In our valuation, we have

adopted the conversion of 1 square metre : 10.76391 square feet. As such, for the purpose of this Report and Valuation, we have adopted the conversion of 10.76391 square feet in disclosing the measurements.

(4) Car park podium within Block A, B and C includes facilities and amenities comprising surau, mortuary room(s), kindergarten / nursery, shop(s), dobby, fire control room(s), management office(s), mail room(s), toilet(s), basketball / futsal court, mechanical and electrical & janitor room(s), fan room and TNB substation; all located within ground floor of Block A and B and two (2) sub-basement levels of Block C.


Vide a copy of the Sales Status Report (as at 15th July 2021) provided to us by the Client, we note that 1,284 units (92.31%) of the total 1,391 units have been sold. The following table outlines the summary of the aforementioned sales status and performance for Block A, B and C of Residensi PV9 / Residensi Vista Wirajaya 2 are as shown below.




Discount

Total SPA Selling Price (*) Progress Billing

(Total) (Sold)

AB 227 227 100.00% RM122,763,500 RM4,624,196 RM118,139,304 RM62,867,325

D 202 202 100.00% RM136,003,000 RM5,393,074 RM130,609,926 RM69,716,217

BB 287 286 99.65% RM154,868,000 RM4,548,497 RM150,319,503 RM80,207,539

C 237 236 99.58% RM137,821,000 RM5,291,799 RM132,529,201 RM70,929,354

CA 333 333 100.00% RM99,900,000 - RM99,900,000 RM55,905,000

A1 105 0 0.00% - - - -

Total 1,391 1,284 92.31% RM651,355,500 RM19,857,566 RM631,497,934 RM339,625,435

Page 22






Block A129,382.86 1,392,655

45,485.33 489,600

Block B 50,883.00 547,700

Block C 48,675.00 523,933 36,051.02 388,050


Grand Total 282,355.99 3,039,254 132,419.35 1,425,350











Discount


(Total) (Sold)

AB 227 227 100.00% RM122,763,500 RM4,624,196 RM118,139,304 RM62,867,325

D 202 202 100.00% RM136,003,000 RM5,393,074 RM130,609,926 RM69,716,217

BB 287 286 99.65% RM154,868,000 RM4,548,497 RM150,319,503 RM80,207,539

C 237 236 99.58% RM137,821,000 RM5,291,799 RM132,529,201 RM70,929,354

CA 333 333 100.00% RM99,900,000 - RM99,900,000 RM55,905,000

A1 105 0 0.00% - - - -

Total 1,391 1,284 92.31% RM651,355,500 RM19,857,566 RM631,497,934 RM339,625,435

Page 22






Block A129,382.86 1,392,655

45,485.33 489,600

Block B 50,883.00 547,700

Block C 48,675.00 523,933 36,051.02 388,050


Grand Total 282,355.99 3,039,254 132,419.35 1,425,350











Discount


(Total) (Sold)

AB 227 227 100.00% RM122,763,500 RM4,624,196 RM118,139,304 RM62,867,325

D 202 202 100.00% RM136,003,000 RM5,393,074 RM130,609,926 RM69,716,217

BB 287 286 99.65% RM154,868,000 RM4,548,497 RM150,319,503 RM80,207,539

C 237 236 99.58% RM137,821,000 RM5,291,799 RM132,529,201 RM70,929,354

CA 333 333 100.00% RM99,900,000 - RM99,900,000 RM55,905,000

A1 105 0 0.00% - - - -

Total 1,391 1,284 92.31% RM651,355,500 RM19,857,566 RM631,497,934 RM339,625,435

Page 22






Block A129,382.86 1,392,655

45,485.33 489,600

Block B 50,883.00 547,700

Block C 48,675.00 523,933 36,051.02 388,050


Grand Total 282,355.99 3,039,254 132,419.35 1,425,350











Discount


(Total) (Sold)

AB 227 227 100.00% RM122,763,500 RM4,624,196 RM118,139,304 RM62,867,325

D 202 202 100.00% RM136,003,000 RM5,393,074 RM130,609,926 RM69,716,217

BB 287 286 99.65% RM154,868,000 RM4,548,497 RM150,319,503 RM80,207,539

C 237 236 99.58% RM137,821,000 RM5,291,799 RM132,529,201 RM70,929,354

CA 333 333 100.00% RM99,900,000 - RM99,900,000 RM55,905,000

A1 105 0 0.00% - - - -

Total 1,391 1,284 92.31% RM651,355,500 RM19,857,566 RM631,497,934 RM339,625,435

Page 22






Block A129,382.86 1,392,655

45,485.33 489,600

Block B 50,883.00 547,700

Block C 48,675.00 523,933 36,051.02 388,050


Grand Total 282,355.99 3,039,254 132,419.35 1,425,350











Discount


(Total) (Sold)

AB 227 227 100.00% RM122,763,500 RM4,624,196 RM118,139,304 RM62,867,325

D 202 202 100.00% RM136,003,000 RM5,393,074 RM130,609,926 RM69,716,217

BB 287 286 99.65% RM154,868,000 RM4,548,497 RM150,319,503 RM80,207,539

C 237 236 99.58% RM137,821,000 RM5,291,799 RM132,529,201 RM70,929,354

CA 333 333 100.00% RM99,900,000 - RM99,900,000 RM55,905,000

A1 105 0 0.00% - - - -

Total 1,391 1,284 92.31% RM651,355,500 RM19,857,566 RM631,497,934 RM339,625,435

481

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113









Note: (*) The total selling prices as listed in the Sale and Purchase Agreements are subject to further developer’s rebates amounting to total of RM46,261,802 in the form of Credit Note (CN) which are deductible from progress billings. Further, we note that there are variances or differences in floor area (exceeding 2% for Type C and Type A1) based on the building plans and the schedule of parcels (strata floor area) made available to us. Based on the Letter of Undertaking provided to us by Mr. Gan Kah Siong (being the director of the Company namely Ambanang Development Sdn Bhd) dated 15th July 2021, we note that Mr Gan Kah Siong undertakes to personally responsible to pay the adjustment of the purchase price for the differences in accordance to the rate stipulated in the Sale and Purchase Agreement and indemnify the Company any loss or damage sustained by the Company as a result of any area of the parcel as shown in strata title which are less than the building plans (in excess of 2%). As such, no provision for compensation are allocated in our valuation assessment.


We were made to understand by the Client that twenty-three (23) additional car parking bays have been sold for a total consideration of RM225,000 (analysed at RM9,783 per bay) and full amount has been billed to the respective purchasers.






Geohan Sdn Bhd (1)

Site Clearance, Earthwork, Piling, Pilecap, Stump &

Retaining WallRM22,256,733.70

Certificate No. 12 / 11th June 2020 RM22,256,733.70 100.00%

Southern Score Sdn Bhd (2)

Main Building Works RM312,131,761.51Interim Certificate

No. 23 / 19th July 2021

RM200,055,796.14 64.09%

Notes:(1) We note that the awarded contract sum for Geohan Sdn Bhd was originally at RM22,500,000 vide awarded contract bearing Ref No.

ADSB/Geohan/WJ1/069 dated 4th April 2018. However, in accordance to the Certificate No. 12 dated 11th June 2020, we note that the original amount awarded was revised to RM22,256,733.70 due to cost saving amounting to RM243,266.30. As such, for this Report and Valuation, we have adopted the certified work-done at a completed sum of RM22,256,733.70 in our valuation.

(2) We were made to understand that Southern Score Sdn Bhd is affiliated / a related party to the Client (by way of common director), however, we were informed by the Client that the designated Director has since resigned on 8th June 2021.


We were made to understand by the Client that the overall development of Residensi PV9 / Residensi Vista Wirajaya 2 is scheduled to be completed by Q2 2022.

3.2 MARKET VALUE




Page 23




We were made to understand by the Client that twenty-three (23) additional car parking bays have been sold for a total consideration of RM225,000 (analysed at RM9,783 per bay) and full amount has been billed to the respective purchasers.






Geohan Sdn Bhd (1)

Site Clearance, Earthwork, Piling, Pilecap, Stump &

Retaining WallRM22,256,733.70

Certificate No. 12 / 11th June 2020 RM22,256,733.70 100.00%


Main Building Works RM312,131,761.51Interim Certificate

No. 23 / 19th July 2021

RM200,055,796.14 64.09%

Notes:(1) We note that the awarded contract sum for Geohan Sdn Bhd was originally at RM22,500,000 vide awarded contract bearing Ref No.

ADSB/Geohan/WJ1/069 dated 4th April 2018. However, in accordance to the Certificate No. 12 dated 11th June 2020, we note that the original amount awarded was revised to RM22,256,733.70 due to cost saving amounting to RM243,266.30. As such, for this Report and Valuation, we have adopted the certified work-done at a completed sum of RM22,256,733.70 in our valuation.

(2) We were made to understand that Southern Score Sdn Bhd is affiliated / a related party to the Client (by way of common director), however, we were informed by the Client that the designated Director has since resigned on 8th June 2021.


We were made to understand by the Client that the overall development of Residensi PV9 / Residensi Vista Wirajaya 2 is scheduled to be completed by Q2 2022.

3.2 MARKET VALUE




482

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113












GDV

Medium Cost (Without Price Restrictions) and Affordable (Residensi Wilayah) Apartments

Sold UnitsRM631,497,935 (1)

(net amount to be billed: RM339,625,435)



Sold Bays RM225,000

Remaining GDC RM158,777,560 (2)



Notes:(1) The total selling prices as listed in the Sale and Purchase Agreements are subject to further developer’s rebates

amounting to total of RM46,261,802 in the form of Credit Note (CN) which are deductible from progress billings. Further, we note that there are variances or differences in floor area (exceeding 2% for Type C and Type A1) based on the building plans and the schedule of parcels (strata floor area) made available to us. Based on the Letter of Undertaking provided to us by Mr. Gan Kah Siong (being the director of the Company namely Ambanang Development Sdn Bhd) dated 15th July 2021, we note that Mr Gan Kah Siong undertakes to personally responsible to pay the adjustment of the purchase price for the differences in accordance to the rate stipulated in the Sale and Purchase Agreement and indemnify the Company any loss or damage sustained by the Company as a result of any area of the parcel as shown in strata title which are less than the building plans (in excess of 2%). As such, no provision for compensation are allocated in our valuation assessment.

(2) The remaining Gross Development Cost may not tally with the total cost adopted less the total value of works completed / certified amount to-date as tabulated in the summary of Gross Development Cost (GDC) due to rounding.

GDV In arriving at the Gross Development Value (GDV), we have adopted the developer’s gross selling prices and discounts / rebates granted to the respective purchasers (based on Sales Status Report as of 15th July 2021) for the sold units to be fair representation after having taken into consideration the take-up rates and sales performance of the development [100.00% sold for Block A (medium cost – apartment units without price restrictions) – Type B and Type D and Block C (affordable – Residensi Wilayah units) – Type A].

In our valuation assessment of the GDV of the remaining unsold unit (2 units of medium cost –apartment units without price restrictions within Block B (Type B and C)), we have generally made reference to the developer’s gross selling prices (for unsold units) and benchmarked against the net prices of the units that have been sold within the same development coupled with the selling and asking prices of other similar developments located within the immediate and surrounding vicinity. As such, we have adopted the developer’s gross selling pricing of about RM533 psf to RM548 psf and further adjusted for bumiputra discount of 5% in accordance to the approval letter bearing Reference No. (78) dlm.DBKL.JPRB.3287/2015 dated 5th

December 2017 and developer’s typical discount / rebates ranged between 10.51% to 10.86% subject to the type of unit, layout / block.

Page 24





GDV

Medium Cost (Without Price Restrictions) and Affordable (Residensi Wilayah) Apartments

Sold UnitsRM631,497,935 (1)

(net amount to be billed: RM339,625,435)



Sold Bays RM225,000

Remaining GDC RM158,777,560 (2)



Notes:(1) The total selling prices as listed in the Sale and Purchase Agreements are subject to further developer’s rebates

amounting to total of RM46,261,802 in the form of Credit Note (CN) which are deductible from progress billings. Further, we note that there are variances or differences in floor area (exceeding 2% for Type C and Type A1) based on the building plans and the schedule of parcels (strata floor area) made available to us. Based on the Letter of Undertaking provided to us by Mr. Gan Kah Siong (being the director of the Company namely Ambanang Development Sdn Bhd) dated 15th July 2021, we note that Mr Gan Kah Siong undertakes to personally responsible to pay the adjustment of the purchase price for the differences in accordance to the rate stipulated in the Sale and Purchase Agreement and indemnify the Company any loss or damage sustained by the Company as a result of any area of the parcel as shown in strata title which are less than the building plans (in excess of 2%). As such, no provision for compensation are allocated in our valuation assessment.

(2) The remaining Gross Development Cost may not tally with the total cost adopted less the total value of works completed / certified amount to-date as tabulated in the summary of Gross Development Cost (GDC) due to rounding.

GDV In arriving at the Gross Development Value (GDV), we have adopted the developer’s gross selling prices and discounts / rebates granted to the respective purchasers (based on Sales Status Report as of 15th July 2021) for the sold units to be fair representation after having taken into consideration the take-up rates and sales performance of the development [100.00% sold for Block A (medium cost – apartment units without price restrictions) – Type B and Type D and Block C (affordable – Residensi Wilayah units) – Type A].

In our valuation assessment of the GDV of the remaining unsold unit (2 units of medium cost –apartment units without price restrictions within Block B (Type B and C)), we have generally made reference to the developer’s gross selling prices (for unsold units) and benchmarked against the net prices of the units that have been sold within the same development coupled with the selling and asking prices of other similar developments located within the immediate and surrounding vicinity. As such, we have adopted the developer’s gross selling pricing of about RM533 psf to RM548 psf and further adjusted for bumiputra discount of 5% in accordance to the approval letter bearing Reference No. (78) dlm.DBKL.JPRB.3287/2015 dated 5th

December 2017 and developer’s typical discount / rebates ranged between 10.51% to 10.86% subject to the type of unit, layout / block.

483

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113









ComponentType

(Net Floor Area)No. of Units



Discount


unit (*)



Sold Units

Block A(Medium Cost –Without Price Restrictions)

Type B(1,000 sf)

227 RM122,763,500 RM4,624,196RM520,437(RM520 psf)

RM118,139,304

Type D(1,300 sf)

202 RM136,003,000 RM5,393,074RM646,584(RM497 psf)

RM130,609,926

Block B(Medium Cost –Without Price Restrictions)

Type B(1,000 sf)

286 RM154,868,000 RM4,548,497RM525,593(RM526 psf)

RM150,319,503

Type C *(1,100 sf)

236 RM137,821,000 RM5,291,799RM561,564(RM511 psf)

RM132,529,201

Block C(Affordable –

Residensi Wilayah)

Type A(850 sf)

333 RM99,900,000 N/ARM300,000(RM353 psf)

RM99,900,000

Type A1 *(1,000 sf)

- - N/A - -

Additional Car Parking Bays RM225,000 - RM9,783 per bay RM225,000

Unsold Units

Block B (Medium Cost –Without Price Restrictions)

Type B

(1,000 sf)1 RM547,500 RM82,049

RM465,451

(RM465 psf)RM465,451

Type C *

(1,100 sf)1 RM586,000 RM89,762

RM496,238

(RM451 psf)RM496,238

Block C (Affordable –

Residensi Wilayah)

Type A1 *

(1,000 sf)105 RM4,410,000 -

RM42,000

(RM49 psf)RM4,410,000

Total 1,391 RM657,124,000 RM20,029,377 - RM637,094,623


GDC In arriving at the Gross Development Cost (GDC), we have made reference to the total awarded contract sum, client’s actual / proposed costings as well as the industry average costing as derived from analysis of other awarded contracts of similar projects and average building costs of similar type of properties published by JUBM and Arcadis Construction Cost Handbook Malaysia 2021.

Page 25


ComponentType

(Net Floor Area)No. of Units



Discount


unit (*)



Sold Units

Block A(Medium Cost –Without Price Restrictions)

Type B(1,000 sf)

227 RM122,763,500 RM4,624,196RM520,437(RM520 psf)

RM118,139,304

Type D(1,300 sf)

202 RM136,003,000 RM5,393,074RM646,584(RM497 psf)

RM130,609,926

Block B(Medium Cost –Without Price Restrictions)

Type B(1,000 sf)

286 RM154,868,000 RM4,548,497RM525,593(RM526 psf)

RM150,319,503

Type C *(1,100 sf)

236 RM137,821,000 RM5,291,799RM561,564(RM511 psf)

RM132,529,201

Block C(Affordable –

Residensi Wilayah)

Type A(850 sf)

333 RM99,900,000 N/ARM300,000(RM353 psf)

RM99,900,000

Type A1 *(1,000 sf)

- - N/A - -

Additional Car Parking Bays RM225,000 - RM9,783 per bay RM225,000

Unsold Units

Block B (Medium Cost –Without Price Restrictions)

Type B

(1,000 sf)1 RM547,500 RM82,049

RM465,451

(RM465 psf)RM465,451

Type C *

(1,100 sf)1 RM586,000 RM89,762

RM496,238

(RM451 psf)RM496,238

Block C (Affordable –

Residensi Wilayah)

Type A1 *

(1,000 sf)105 RM4,410,000 -

RM42,000

(RM49 psf)RM4,410,000

Total 1,391 RM657,124,000 RM20,029,377 - RM637,094,623


GDC In arriving at the Gross Development Cost (GDC), we have made reference to the total awarded contract sum, client’s actual / proposed costings as well as the industry average costing as derived from analysis of other awarded contracts of similar projects and average building costs of similar type of properties published by JUBM and Arcadis Construction Cost Handbook Malaysia 2021.

484

Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113








Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113







Total Value of Works Completed / Certified Amount

To-Date

Remarks



Analysed at


We have made reference to actual amount payable, Client’s proposed provisions (inclusive of the provisional sum amounting to RM432,002 payable to Kuala Lumpur City Hall due to the non-fulfilment of Bumiputra quota based on Sales Status Report as of 15th July 2021) and industry average costings.

Preliminaries and

Infrastructure

Analysed at


We have made reference to Client’s proposed / actual costings, industry average costing and awarded contracts for similar projects.


Cost


(inclusive of Piling and Pile Cap Works, Main Building Works and

Show Unit Construction Cost)

RM337,676,531 RM255,600,566


Professional Fees




Contingencies



RM3,562,359 -



2.00% of total net GDV of remaining unsold units for medium cost (without

price restrictions) apartmentRM19,234 -

We have adopted 2.00% of the total net GDV of remaining unsold medium cost (without price restrictions) apartment units as marketing, agency and legal fees to be fair and reflective of industry practice and no provision was allocated for the affordable (Residensi Wilayah) units (Type A1 (1)) where the designated units are strictly required to be allocated and sold to the natives of Kampung Wirajaya at a fixed pricing of RM42,000 per unit.

Page 26




To-Date

Remarks



Analysed at


We have made reference to actual amount payable, Client’s proposed provisions (inclusive of the provisional sum amounting to RM432,002 payable to Kuala Lumpur City Hall due to the non-fulfilment of Bumiputra quota based on Sales Status Report as of 15th July 2021) and industry average costings.

Preliminaries and

Infrastructure

Analysed at


We have made reference to Client’s proposed / actual costings, industry average costing and awarded contracts for similar projects.


Cost


(inclusive of Piling and Pile Cap Works, Main Building Works and

Show Unit Construction Cost)

RM337,676,531 RM255,600,566


Professional Fees




Contingencies



RM3,562,359 -



2.00% of total net GDV of remaining unsold units for medium cost (without

price restrictions) apartmentRM19,234 -

We have adopted 2.00% of the total net GDV of remaining unsold medium cost (without price restrictions) apartment units as marketing, agency and legal fees to be fair and reflective of industry practice and no provision was allocated for the affordable (Residensi Wilayah) units (Type A1 (1)) where the designated units are strictly required to be allocated and sold to the natives of Kampung Wirajaya at a fixed pricing of RM42,000 per unit.

485




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113








To-Date

Remarks

Financial Charges

30.00% of remaining of Total Preliminaries and Infrastructure Cost,

Building Construction Cost, Professional Fees and Contingencies capitalized at 6.50% per annum for a


RM1,490,625 -



Medium Cost (apartment units without price restrictions): 15.00% of Total


Typically, a rate of return of about 10.00% to 20.00% of GDV is required for a developer to commit to a project development; whilst a lower rate of return is applicable for affordable housing developments. We have thus adopted 15.00% for the total remaining net GDV of medium cost (apartment units without price restrictions); whilst 7.50% of the total remaining net GDV for the affordable (Residensi Wilayah) apartment units (excluding Type A1 (2))as developer’s profit as fair representation and reflective of industry average.

Affordable (exclude Type A1): 7.50%of Total Net GDV; less profit


TOTAL RM463,330,512 RM304,552,951

Notes:(1) Type A1 consist a total of 105 units with NFA of 1,000 square feet per unit where the designated units are strictly required to be allocated and sold to the

natives of Kampung Wirajaya at a fixed pricing of RM42,000 per unit.(2) We have not allocated any developer’s profit for Type A1 as the pricing for those designated units are capped at RM42,000 per unit (where is below

replacement cost new).


Page 27




To-Date

Remarks

Financial Charges

30.00% of remaining of Total Preliminaries and Infrastructure Cost,

Building Construction Cost, Professional Fees and Contingencies capitalized at 6.50% per annum for a


RM1,490,625 -



Medium Cost (apartment units without price restrictions): 15.00% of Total


Typically, a rate of return of about 10.00% to 20.00% of GDV is required for a developer to commit to a project development; whilst a lower rate of return is applicable for affordable housing developments. We have thus adopted 15.00% for the total remaining net GDV of medium cost (apartment units without price restrictions); whilst 7.50% of the total remaining net GDV for the affordable (Residensi Wilayah) apartment units (excluding Type A1 (2))as developer’s profit as fair representation and reflective of industry average.

Affordable (exclude Type A1): 7.50%of Total Net GDV; less profit


TOTAL RM463,330,512 RM304,552,951

Notes:(1) Type A1 consist a total of 105 units with NFA of 1,000 square feet per unit where the designated units are strictly required to be allocated and sold to the

natives of Kampung Wirajaya at a fixed pricing of RM42,000 per unit.(2) We have not allocated any developer’s profit for Type A1 as the pricing for those designated units are capped at RM42,000 per unit (where is below

replacement cost new).


486




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113







Legal interest in a parcel of commercial land identified as Lot 81449 held under Title No. Geran Mukim 9581, Locality of Sentul, Mukim Batu, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; with earthworks, piling related works and main building construction works certified completed to-date; approved for the development of two (2) blocks of apartment suites sited atop an 8-storey car park podium and a level of residents’ facilities along with all other supporting amenities + services attached thereto (hereinafter collectively to be known as “Residensi Vista Sentul”).

Locality Strategically located within the locality of Sentul in Kuala Lumpur; and is sited off the southern (left) side of the Duta-Ulu Kelang Expressway (DUKE), travelling from Setapak towards Segambut. Geographically, the Kuala Lumpur city centre is located approximately 5 kilometres due south-east of the Subject Property.


Register Proprietor Constant Premium Sdn Bhd.



Site Description The subject site is generally flat in terrain and lies at about the same level as the street elevations / neighbouring lots. Presently, we note that the main building construction works of Residensi Vista Sentul are in progress with approximately 26.39% work done to-date; whilst the site boundaries are generally demarcated by metal hoarding sheets.

Planning Located within an area designated for commercial use; and granted with development approvals for two (2) blocks of apartment suites (Block A: 24-storey | 262 units and Block B: 37-storey | 443 units) sited atop an 8-storey car park podium and a level of residents’ facilities along with all other supporting amenities + services attached thereto; with an approved plot ratio of 1 : 8.00.



(sq m) (sq ft)

Block A 22,221.54 239,191

Block B 51,605.44 555,476

Podium (2) 46,924.48 505,091

Total 120,751.46 1,299,758

Notes:(1) Proposed Gross Floor Area (GFA) as extracted from the Approved Building Plan(s) prepared by Messrs. KSKA Arkitek

Sdn Bhd; approved on 30th June 2020.(2) Inclusive of car parking area measuring approx. 43,476.63 sq m (467,979 sq ft).

4.0 V/COR/21/0059(D) – RESIDENSI VISTA SENTUL

Page 28



Legal interest in a parcel of commercial land identified as Lot 81449 held under Title No. Geran Mukim 9581, Locality of Sentul, Mukim Batu, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur; with earthworks, piling related works and main building construction works certified completed to-date; approved for the development of two (2) blocks of apartment suites sited atop an 8-storey car park podium and a level of residents’ facilities along with all other supporting amenities + services attached thereto (hereinafter collectively to be known as “Residensi Vista Sentul”).

Locality Strategically located within the locality of Sentul in Kuala Lumpur; and is sited off the southern (left) side of the Duta-Ulu Kelang Expressway (DUKE), travelling from Setapak towards Segambut. Geographically, the Kuala Lumpur city centre is located approximately 5 kilometres due south-east of the Subject Property.


Register Proprietor Constant Premium Sdn Bhd.



Site Description The subject site is generally flat in terrain and lies at about the same level as the street elevations / neighbouring lots. Presently, we note that the main building construction works of Residensi Vista Sentul are in progress with approximately 26.39% work done to-date; whilst the site boundaries are generally demarcated by metal hoarding sheets.

Planning Located within an area designated for commercial use; and granted with development approvals for two (2) blocks of apartment suites (Block A: 24-storey | 262 units and Block B: 37-storey | 443 units) sited atop an 8-storey car park podium and a level of residents’ facilities along with all other supporting amenities + services attached thereto; with an approved plot ratio of 1 : 8.00.



(sq m) (sq ft)

Block A 22,221.54 239,191

Block B 51,605.44 555,476

Podium (2) 46,924.48 505,091

Total 120,751.46 1,299,758

Notes:(1) Proposed Gross Floor Area (GFA) as extracted from the Approved Building Plan(s) prepared by Messrs. KSKA Arkitek

Sdn Bhd; approved on 30th June 2020.(2) Inclusive of car parking area measuring approx. 43,476.63 sq m (467,979 sq ft).

4.0 V/COR/21/0059(D) – RESIDENSI VISTA SENTUL

487




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113






Proposed Strata Floor Area /Net Floor Area (NFA) Block Type

Schedule of Parcels

(sq m) (sq ft)

Block A

Type A 64.00 689

Type A1 75.00 807

Type B 76.00 818

Block BType C 89.00 958

Type D 113.00 1,216

Our valuation is on the basis / assumption that strata title(s) conveying interest(s) in perpetuity are forthcoming and when issued, will be free from all encumbrances and restrictive conditions over the strata floor areas as stipulated above for the respective unit types. As such, we have adopted the proposed Strata Floor Area based on the Schedule of Parcels as fair representation of the NFA for the respective unit types in our valuation.

Detailed breakdown of the proposed Strata Floor Area of the upcoming Residensi Vista Sentul are scheduled here below.

Component Building No. Main Parcel Area (sq m) Accessory Parcel Area (sq m)

Block A Menara A 17,377 3,361

Block B Menara B 41,203 10,962

Total 58,580 14,323

Note: Based on the Proposed Strata Plan(s) bearing Plan No(s). JP 200529-01 to JP 200529-72 (inclusive).

Sales Status andPerformance

Vide a copy of the Sales Status Report (as at 15th July 2021) provided to us by the Client, we note that 519 units (73.62%) of the total 705 units have been sold. The following table outlines the summary of the aforementioned sales status and performance for Residensi Vista Sentul.


RateGross Selling

PriceBumiputera

DiscountSPA Selling

Price (*)Progress

Billing(Total) (Sold)

A

A 211 188 89.10% RM64,744,400 RM1,945,429 RM62,798,971 RM12,950,188

A1 3 3 100.00% RM1,193,400 RM0 RM1,193,400 RM417,690

B 48 48 100.00% RM19,192,800 RM600,575 RM18,592,225 RM3,830,051

BC 369 211 57.18% RM101,616,400 RM3,002,425 RM98,613,975 RM19,722,795

D 74 69 93.24% RM39,019,800 RM991,750 RM38,028,050 RM7,605,610

Total 705 519 73.62% RM225,766,800 RM6,540,179 RM219,226,621 RM44,526,334

Note: (*) The total selling prices listed in the Sale and Purchase Agreements for the Sold Units are subject to further developer’s discounts / rebates amounting to a total of RM22,921,752; which will be deducted from the Progress Billings in the form of Credit Note (CN).

Page 29


Proposed Strata Floor Area /Net Floor Area (NFA) Block Type

Schedule of Parcels

(sq m) (sq ft)

Block A

Type A 64.00 689

Type A1 75.00 807

Type B 76.00 818

Block BType C 89.00 958

Type D 113.00 1,216

Our valuation is on the basis / assumption that strata title(s) conveying interest(s) in perpetuity are forthcoming and when issued, will be free from all encumbrances and restrictive conditions over the strata floor areas as stipulated above for the respective unit types. As such, we have adopted the proposed Strata Floor Area based on the Schedule of Parcels as fair representation of the NFA for the respective unit types in our valuation.

Detailed breakdown of the proposed Strata Floor Area of the upcoming Residensi Vista Sentul are scheduled here below.

Component Building No. Main Parcel Area (sq m) Accessory Parcel Area (sq m)

Block A Menara A 17,377 3,361

Block B Menara B 41,203 10,962

Total 58,580 14,323

Note: Based on the Proposed Strata Plan(s) bearing Plan No(s). JP 200529-01 to JP 200529-72 (inclusive).


Vide a copy of the Sales Status Report (as at 15th July 2021) provided to us by the Client, we note that 519 units (73.62%) of the total 705 units have been sold. The following table outlines the summary of the aforementioned sales status and performance for Residensi Vista Sentul.


RateGross Selling

PriceBumiputera

DiscountSPA Selling

Price (*)Progress

Billing(Total) (Sold)

A

A 211 188 89.10% RM64,744,400 RM1,945,429 RM62,798,971 RM12,950,188

A1 3 3 100.00% RM1,193,400 RM0 RM1,193,400 RM417,690

B 48 48 100.00% RM19,192,800 RM600,575 RM18,592,225 RM3,830,051

BC 369 211 57.18% RM101,616,400 RM3,002,425 RM98,613,975 RM19,722,795

D 74 69 93.24% RM39,019,800 RM991,750 RM38,028,050 RM7,605,610

Total 705 519 73.62% RM225,766,800 RM6,540,179 RM219,226,621 RM44,526,334


488




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113






Contracts Awarded andWorks Certified CompletedTo-Date

At the date of our site inspection, we note that earthworks and piling related works have been completed; whilst the main building construction works are in progress on the subject site. The following table outlines the summary of the contracts awarded and construction works certified completed to-date (based on the latest Interim Certificates made available to us by the Client).



Value of Work Done

% of Completion


Piling and pilecap works RM10,583,087 (2) Cert No. 13 (Final) dated 22.06.2021 RM10,583,087 100.00%

Main building works RM156,930,000 (3) Cert No. 12dated 16.07.2021

RM30,606,607 19.50%

Notes:(1) We were made to understand that Messrs. Southern Score Sdn Bhd is affiliated / a related party to the Client (by way of common director). However, we

were informed by the Client that the Director has since resigned on 1st June 2021.

(2) The accepted contract sum was originally at RM10,618,000 vide a Letter of Acceptance issued by Messrs. KSKA Arkitek Sdn Bhd bearing Reference No.KSKA/146/SSSB/L01 dated 8th April 2019. However, based on the Interim Certificate No. 13 (Final) prepared by Messrs. Juruukur Bahan FPS Sdn Bhd dated 22nd June 2021, we note that the original contract sum has been revised downwards to RM10,583,087 due to price fluctuation for steel bar and concrete / variation order amounting to RM172,937. As such, we have adopted the certified work done at a completed sum of RM10,583,087 as fair representation in our valuation.

(3) Excluding Contingency Sum of RM4,000,000 as stated in the Letter of Acceptance issued by Messrs. KSKA Arkitek Sdn Bhd Bhd bearing Reference No. KSKA/146/SSSB/MBW/L01a dated 22nd July 2020.

Expected Dateof Completion

We were made to understand by the Client that the overall development of Residensi Vista Sentul is scheduled to be completed by Q3 2023.

4.2 MARKET VALUE

Valuation Methodology In arriving at our opinion of the Market Value, we have considered the Income Approach by Residual Method as the only preferred and appropriate method of valuation.


Income Approach byResidual Method


Page 30



At the date of our site inspection, we note that earthworks and piling related works have been completed; whilst the main building construction works are in progress on the subject site. The following table outlines the summary of the contracts awarded and construction works certified completed to-date (based on the latest Interim Certificates made available to us by the Client).



Value of Work Done

% of Completion


Piling and pilecap works RM10,583,087 (2) Cert No. 13 (Final) dated 22.06.2021 RM10,583,087 100.00%


RM30,606,607 19.50%

Notes:(1) We were made to understand that Messrs. Southern Score Sdn Bhd is affiliated / a related party to the Client (by way of common director). However, we

were informed by the Client that the Director has since resigned on 1st June 2021.

(2) The accepted contract sum was originally at RM10,618,000 vide a Letter of Acceptance issued by Messrs. KSKA Arkitek Sdn Bhd bearing Reference No.KSKA/146/SSSB/L01 dated 8th April 2019. However, based on the Interim Certificate No. 13 (Final) prepared by Messrs. Juruukur Bahan FPS Sdn Bhd dated 22nd June 2021, we note that the original contract sum has been revised downwards to RM10,583,087 due to price fluctuation for steel bar and concrete / variation order amounting to RM172,937. As such, we have adopted the certified work done at a completed sum of RM10,583,087 as fair representation in our valuation.

(3) Excluding Contingency Sum of RM4,000,000 as stated in the Letter of Acceptance issued by Messrs. KSKA Arkitek Sdn Bhd Bhd bearing Reference No. KSKA/146/SSSB/MBW/L01a dated 22nd July 2020.


We were made to understand by the Client that the overall development of Residensi Vista Sentul is scheduled to be completed by Q3 2023.

4.2 MARKET VALUE





489




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113






Income Approach byResidual Method (Cont’d)


GDVSold Units

RM219,226,621 (*)

(Net Unbilled Amount: RM174,700,287)



Remaining Development Period 2.50 years



GDV In arriving at the Gross Development Value (GDV), we have generally adopted the developer’s gross selling prices and discounts / rebates granted to the respective purchasers (based on the Sales Status Report as at 15th July 2021) for the sold units to be fair representation after having taken into consideration the take-up rates (73.62% sold) and sales performance of the development.

In our valuation assessment of the unsold units on the other hand, we have generally benchmarked the developer’s gross selling prices (for unsold units); against the net prices of the units that have been sold at within the same development; coupled with selling + asking prices of other similar developments located within the immediate and surrounding vicinity. As such, we have adopted the developer’s average gross selling price of about RM477 per square foot to RM512 per square foot (depending on unit types / sizes and further subject to developer’s promotional discounts and rebates) for the unsold units to be fair representation.

Summary of Parameters – Gross Development Value (GDV)

Type No. of UnitsTotal Gross Selling

Price

Bumiputera / Developer’s Discounts

Average SPASelling Price

Total GDV (*)

Sold Units

Type A(689 sq ft)

188 RM64,744,400 RM1,945,429RM334,037 per unit

(RM485 psf)RM62,798,971

Type A1(807 sq ft)

3 RM1,193,400 RM0RM397,800 per unit

(RM493 psf)RM1,193,400

Type B(818 sq ft)

48 RM19,192,800 RM600,575RM387,338 per unit

(RM473 psf)RM18,592,225

Type C(958 sq ft)

211 RM101,616,400 RM3,002,425RM467,365 per unit

(RM488 psf)RM98,613,975

Type D(1,216 sq ft)

69 RM39,019,800 RM991,750RM551,131 per unit

(RM453 psf)RM38,028,050

Page 31


Income Approach byResidual Method (Cont’d)


GDVSold Units

RM219,226,621 (*)







GDV In arriving at the Gross Development Value (GDV), we have generally adopted the developer’s gross selling prices and discounts / rebates granted to the respective purchasers (based on the Sales Status Report as at 15th July 2021) for the sold units to be fair representation after having taken into consideration the take-up rates (73.62% sold) and sales performance of the development.

In our valuation assessment of the unsold units on the other hand, we have generally benchmarked the developer’s gross selling prices (for unsold units); against the net prices of the units that have been sold at within the same development; coupled with selling + asking prices of other similar developments located within the immediate and surrounding vicinity. As such, we have adopted the developer’s average gross selling price of about RM477 per square foot to RM512 per square foot (depending on unit types / sizes and further subject to developer’s promotional discounts and rebates) for the unsold units to be fair representation.



Price



Total GDV (*)

Sold Units

Type A(689 sq ft)

188 RM64,744,400 RM1,945,429RM334,037 per unit

(RM485 psf)RM62,798,971

Type A1(807 sq ft)

3 RM1,193,400 RM0RM397,800 per unit

(RM493 psf)RM1,193,400

Type B(818 sq ft)

48 RM19,192,800 RM600,575RM387,338 per unit

(RM473 psf)RM18,592,225

Type C(958 sq ft)

211 RM101,616,400 RM3,002,425RM467,365 per unit

(RM488 psf)RM98,613,975

Type D(1,216 sq ft)

69 RM39,019,800 RM991,750RM551,131 per unit

(RM453 psf)RM38,028,050

490




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113





Summary of Parameters – Gross Development Value (GDV) (Cont’d)


Price



Total GDV (*)

Unsold Units

Type A(689 sq ft)

23 RM8,085,400 RM1,173,138RM300,533 per unit

(RM436 psf)RM6,912,262

Type C(958 sq ft)

158 RM77,452,700 RM11,014,125RM420,497 per unit

(RM439 psf)RM66,438,575

Type D(1,216 sq ft)

5 RM2,902,000 RM445,286RM491,343 per unit

(RM404 psf)RM2,456,714

Total 705 RM314,206,900 RM19,172,728 – RM295,034,172


GDC In arriving at the Gross Development Cost (GDC), we have made reference to the total awarded contract sum along with its value of work done to-date, Client’s proposed / actual costings; as well as the industry average costing as derived from analysis of other awarded contracts of similar projects and average building costs of similar type of properties published in JUBM and Arcadis Construction Cost Handbook Malaysia 2021.

Summary of Parameters – Gross Development Cost (GDC)

Description Analysis Total Amount Value of Work Done / Certified Completed

Remarks




RM16,635,987 RM12,569,030

We have made reference to the actual amount payable, Client’s proposed costings and the industry average costing.

Preliminaries and Infrastructure

Cost

Analysed atRM38 psf over land area RM3,993,443 RM3,250,743

We have made reference to the Client’s proposed / actual costings, industry average costing as well as awarded contracts of other similar projects.

Building Construction Cost

Analysed atRM130 psf over Total GFA

(inclusive of Piling and pilecap works, Main building works and Sales gallery construction cost)

RM168,634,184 RM42,310,791

We have made reference to the Client’s proposed / actual costings, awarded contract sum, industry average costing as well as awarded contracts of other similar projects.

Professional Fees


Cost

RM8,084,532 RM3,433,132

We have made reference to the Client’s proposed / actual costings, awarded contracts / letter of award, industry average costing as well as awarded contracts of other similar projects.

Contingencies

3.00% of remaining Total of Preliminaries and Infrastructure

Cost, Building ConstructionCost, and Professional Fees

RM3,951,525 –

We have adopted a rate of 3.00% of the remaining Total of Preliminaries and Infrastructure Cost, Building Construction Cost, and Professional Fees; as Contingencies to be fair representation and reflective of the market industry.

Page 32

Summary of Parameters – Gross Development Value (GDV) (Cont’d)


Price



Total GDV (*)

Unsold Units

Type A(689 sq ft)

23 RM8,085,400 RM1,173,138RM300,533 per unit

(RM436 psf)RM6,912,262

Type C(958 sq ft)

158 RM77,452,700 RM11,014,125RM420,497 per unit

(RM439 psf)RM66,438,575

Type D(1,216 sq ft)

5 RM2,902,000 RM445,286RM491,343 per unit

(RM404 psf)RM2,456,714

Total 705 RM314,206,900 RM19,172,728 – RM295,034,172





Remarks




RM16,635,987 RM12,569,030


Preliminaries and Infrastructure

Cost

Analysed atRM38 psf over land area RM3,993,443 RM3,250,743


Building Construction Cost


(inclusive of Piling and pilecap works, Main building works and Sales gallery construction cost)

RM168,634,184 RM42,310,791


Professional Fees


Cost

RM8,084,532 RM3,433,132


Contingencies


Cost, Building ConstructionCost, and Professional Fees

RM3,951,525 –


491




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113





Summary of Parameters – Gross Development Cost (GDC) (Cont’d)

Description Analysis Total AmountValue of Work Done / Certified Completed

Remarks


2.00% of Total Net GDVof remaining unsold units

RM1,516,151 –

We have adopted a rate of 2.00% of the Total Net GDV of remaining unsold units; as Marketing, Agency and Legal Fees to be fair representation and reflective of the market industry.

FinancialCharges





RM3,306,932 –

Bridging finance is based on 30.00% of the remaining of Total of Preliminaries and Infrastructure Cost, Building Construction Cost, Professional Fees, and Contingencies; at an interest rate of 6.50% per annum over a period of 1.25 years; after having taken into consideration of the construction progress and development phasing. In arriving at the borrowing rate, we have generally benchmarked against the average base rate offered by banks at 2.50% + a spread in the region of 4.00% for any typical project financing.


15.00% of Total Net GDV;less profit recognised

RM40,816,863 RM10,772,777

Typically, a rate of return of about 10.00% to 20.00% of the GDV is required for a developer to commit / undertake a project development. We have adopted a rate of 15.00% of the Total Net GDV; less profit recognised; to be fair representation and reflective of the market industry.

Total RM246,939,617 RM72,336,472 –

Development Period Vide a copy of the Sales Status Report (as at 15th July 2021) provided to us by the Client, we note that 519 units (73.62%) of the total 705 units of Residensi Vista Sentul have been sold since their official launch in August 2020; translating into an average take-up rate of about 46 units per month.

In view that the project has a remaining of just 186 unsold units, a remaining development period of 2.50 years will require about 6 units to be sold per month on average for the project to be fully sold out; and such projected take-up rate is deemed fair and reasonable in the current market.

As such, we have adopted a remaining development period of 2.50 years as reasonable and fair representation after having taken into consideration the current construction stage of the development, demand, take-up rates and sales performance along with the type and intensity of the development, the product features being offered as well as the potential impact of the COVID-19 outbreak.

Page 33


Description Analysis Total AmountValue of Work Done / Certified Completed

Remarks



RM1,516,151 –


FinancialCharges





RM3,306,932 –




RM40,816,863 RM10,772,777


Total RM246,939,617 RM72,336,472 –

Development Period Vide a copy of the Sales Status Report (as at 15th July 2021) provided to us by the Client, we note that 519 units (73.62%) of the total 705 units of Residensi Vista Sentul have been sold since their official launch in August 2020; translating into an average take-up rate of about 46 units per month.

In view that the project has a remaining of just 186 unsold units, a remaining development period of 2.50 years will require about 6 units to be sold per month on average for the project to be fully sold out; and such projected take-up rate is deemed fair and reasonable in the current market.


492


















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113





Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113





Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113





493




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113






Proposed Gross FloorArea (GFA) / EstimatedNet Floor Area (NFA)(Cont’d)

We wish to highlight that there are discrepancies in the Net Floor Area (NFA) (by unit types and their corresponding sizes) between the aforementioned Approved Building Plan(s), the Sales Status Report (as at 15th July 2021) and the Revised Building Plan(s).

We were made to understand by the Client that the Revised Building Plan(s) to amend the NFA (by unit types and their corresponding sizes) in the original Approved Building Plan(s) to be in line with the Sales Status Report; have been submitted to the relevant authorities for approvals. Notwithstanding the above, our valuation is on the basis and assumption that the abovementioned Revised Building Plan(s) will be approved by the relevant authorities; with all relevant fees (if any) fully paid. As such, we have adopted the NFA for the respective unit types based on the Sales Status Report and the Revised Building Plan(s) as fair representation in our valuation.


Vide a copy of the Sales Status Report (as at 15th July 2021) provided to us by the Client, we note that 87 units (12.46%) of the total 698 units have been sold. The following table outlines the summary of the aforementioned sales status and performance for Residensi Platinum Mira.

TypeNo. of Units Take-Up

RateGross Selling

PriceBumiputera

DiscountSPA Selling

Price (*)Progress Billing

(Total) (Sold)

Type A 210 7 3.33% RM4,264,500 RM0 RM4,264,500 RM426,450

Type A1 35 5 14.29% RM3,071,500 RM0 RM3,071,500 RM307,150

Type A2 35 3 8.57% RM2,495,440 RM0 RM2,495,440 RM249,544

Type B / B1 348 72 20.69% RM34,833,000 RM23,775 RM34,809,225 RM3,480,923

Type C 35 0 0.00% RM0 RM0 RM0 RM0

Type C1 35 0 0.00% RM0 RM0 RM0 RM0

Total 698 87 12.46% RM44,664,440 RM23,775 RM44,640,665 RM4,464,067

Note: (*) The total selling prices listed in the Sale and Purchase Agreements for the Sold Units are subject to further developer’s discounts / rebates amounting to RM1,034,994 and RM3,429,073; which will be deducted from the Progress Billings and Unbilled Amount respectively; in the form of Credit Note (CN).


At the date of our site inspection, we note that earthworks and piling related works are in progress on the subject site. The following table outlines the summary of the contracts awarded and construction works certified completed to-date (based on the latest Interim Certificates / Certificate of Payment made available to us by the Client).

Page 35


Proposed Gross FloorArea (GFA) / EstimatedNet Floor Area (NFA)(Cont’d)

We wish to highlight that there are discrepancies in the Net Floor Area (NFA) (by unit types and their corresponding sizes) between the aforementioned Approved Building Plan(s), the Sales Status Report (as at 15th July 2021) and the Revised Building Plan(s).

We were made to understand by the Client that the Revised Building Plan(s) to amend the NFA (by unit types and their corresponding sizes) in the original Approved Building Plan(s) to be in line with the Sales Status Report; have been submitted to the relevant authorities for approvals. Notwithstanding the above, our valuation is on the basis and assumption that the abovementioned Revised Building Plan(s) will be approved by the relevant authorities; with all relevant fees (if any) fully paid. As such, we have adopted the NFA for the respective unit types based on the Sales Status Report and the Revised Building Plan(s) as fair representation in our valuation.


Vide a copy of the Sales Status Report (as at 15th July 2021) provided to us by the Client, we note that 87 units (12.46%) of the total 698 units have been sold. The following table outlines the summary of the aforementioned sales status and performance for Residensi Platinum Mira.

TypeNo. of Units Take-Up

RateGross Selling

PriceBumiputera

DiscountSPA Selling

Price (*)Progress Billing

(Total) (Sold)

Type A 210 7 3.33% RM4,264,500 RM0 RM4,264,500 RM426,450

Type A1 35 5 14.29% RM3,071,500 RM0 RM3,071,500 RM307,150

Type A2 35 3 8.57% RM2,495,440 RM0 RM2,495,440 RM249,544

Type B / B1 348 72 20.69% RM34,833,000 RM23,775 RM34,809,225 RM3,480,923

Type C 35 0 0.00% RM0 RM0 RM0 RM0

Type C1 35 0 0.00% RM0 RM0 RM0 RM0

Total 698 87 12.46% RM44,664,440 RM23,775 RM44,640,665 RM4,464,067



At the date of our site inspection, we note that earthworks and piling related works are in progress on the subject site. The following table outlines the summary of the contracts awarded and construction works certified completed to-date (based on the latest Interim Certificates / Certificate of Payment made available to us by the Client).

494




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113







Value of Work Done

% of Completion

G-Pile SistemSdn Bhd

Site clearance, piling and associated works

RM11,496,789 (1) ACS/388/CP019 dated 29.03.2021

RM5,331,223 46.37%

Pembinaan Bina Bumi Sdn Bhd


RM206,865 0.15%

Notes:(1) The accepted contract sum was originally at RM9,438,000 vide a Letter of Acceptance issued by Messrs. Pavilion Integrity Sdn Bhd bearing Reference

No. PISB/GPS/LT.310/PL/2018/004(LA) dated 9th August 2018. However, we note that there is a Variation Order amounting to RM2,058,789 to the original contract sum. As such, we have adopted the total sum of RM11,496,789 as fair representation in our valuation.

(2) The accepted contract sum was originally at RM132,641,748 vide a Letter of Acceptance issued by Messrs. Pavilion Integrity Sdn Bhd bearing Reference No. PISB/PBBSB/LT.810/MBW/2019/021(LOA) dated 24th June 2019. However, we note that there will be an additional cost amounting to RM10,000,000 to the original contract sum vide a Letter issued by Messrs. ELP Quantity Surveyors Sdn Bhd bearing Reference No. ELP/3747/MBW/POS/01 dated 31st

May 2021. As such, we have adopted the total sum of RM142,641,748 as fair representation in our valuation.


We were made to understand by the Client that the overall development of Residensi Platinum Mira is scheduled to be completed by Q4 2024.

5.2 MARKET VALUE




The table below outlines the salient valuation assumptions adopted in undertaking our valuation assessment.


GDVSold Units

RM44,640,665 (*)







GDV In arriving at the Gross Development Value (GDV), we have generally adopted the developer’s gross selling prices and discounts / rebates granted to the respective purchasers (based on the Sales Status Report as at 15th July 2021) for the sold units to be fair representation after having taken into consideration the take-up rates (12.46% sold) and sales performance of thedevelopment.

Page 36



Value of Work Done

% of Completion

G-Pile SistemSdn Bhd

Site clearance, piling and associated works

RM11,496,789 (1) ACS/388/CP019 dated 29.03.2021

RM5,331,223 46.37%

Pembinaan Bina Bumi Sdn Bhd


RM206,865 0.15%

Notes:(1) The accepted contract sum was originally at RM9,438,000 vide a Letter of Acceptance issued by Messrs. Pavilion Integrity Sdn Bhd bearing Reference

No. PISB/GPS/LT.310/PL/2018/004(LA) dated 9th August 2018. However, we note that there is a Variation Order amounting to RM2,058,789 to the original contract sum. As such, we have adopted the total sum of RM11,496,789 as fair representation in our valuation.

(2) The accepted contract sum was originally at RM132,641,748 vide a Letter of Acceptance issued by Messrs. Pavilion Integrity Sdn Bhd bearing Reference No. PISB/PBBSB/LT.810/MBW/2019/021(LOA) dated 24th June 2019. However, we note that there will be an additional cost amounting to RM10,000,000 to the original contract sum vide a Letter issued by Messrs. ELP Quantity Surveyors Sdn Bhd bearing Reference No. ELP/3747/MBW/POS/01 dated 31st

May 2021. As such, we have adopted the total sum of RM142,641,748 as fair representation in our valuation.


We were made to understand by the Client that the overall development of Residensi Platinum Mira is scheduled to be completed by Q4 2024.

5.2 MARKET VALUE




The table below outlines the salient valuation assumptions adopted in undertaking our valuation assessment.


GDVSold Units

RM44,640,665 (*)







GDV In arriving at the Gross Development Value (GDV), we have generally adopted the developer’s gross selling prices and discounts / rebates granted to the respective purchasers (based on the Sales Status Report as at 15th July 2021) for the sold units to be fair representation after having taken into consideration the take-up rates (12.46% sold) and sales performance of thedevelopment.

495




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113






GDV (Cont’d) In our valuation assessment of the unsold units on the other hand, we have generally benchmarked the developer’s gross selling prices (for unsold units); against the net prices of the units that have been sold at within the same development; coupled with selling + asking prices of other similar developments located within the immediate and surrounding vicinity. As such, we have adopted the developer’s average gross selling price of about RM605 per square foot to RM706 per square foot (depending on unit types / sizes and further subject to developer’s promotional discounts and rebates) for the unsold units to be fair representation.



Price



Total GDV (*)

Sold Units

Type A(876 sq ft)

7 RM4,264,500 RM0RM609,214 per unit

(RM695 psf)RM4,264,500

Type A1(880 sq ft)

5 RM3,071,500 RM0RM614,300 per unit

(RM698 psf)RM3,071,500

Type A2(1,196 sq ft)

3 RM2,495,440 RM0RM831,813 per unit

(RM695 psf)RM2,495,440

Type B / B1(691 sq ft)

72 RM34,833,000 RM23,775RM483,461 per unit

(RM700 psf)RM34,809,225

Unsold Units

Type A(876 sq ft)

203 RM123,366,500 RM20,346,635RM507,487 per unit

(RM579 psf)RM103,019,865

Type A1(880 sq ft)

30 RM18,375,000 RM3,030,559RM511,481 per unit

(RM581 psf)RM15,344,441


32 RM23,142,500 RM3,816,855RM603,926 per unit

(RM505 psf)RM19,325,645


276 RM134,564,000 RM22,193,421RM407,140 per unit

(RM589 psf)RM112,370,579

Type C(1,063 sq ft)

35 RM25,734,500 RM4,244,349RM614,004 per unit

(RM578 psf)RM21,490,151

Type C1(1,052 sq ft)

35 RM25,456,500 RM4,198,499RM607,371 per unit

(RM577 psf)RM21,258,001

Total 698 RM395,303,440 RM57,854,093 – RM337,449,347


Page 37


GDV (Cont’d) In our valuation assessment of the unsold units on the other hand, we have generally benchmarked the developer’s gross selling prices (for unsold units); against the net prices of the units that have been sold at within the same development; coupled with selling + asking prices of other similar developments located within the immediate and surrounding vicinity. As such, we have adopted the developer’s average gross selling price of about RM605 per square foot to RM706 per square foot (depending on unit types / sizes and further subject to developer’s promotional discounts and rebates) for the unsold units to be fair representation.



Price



Total GDV (*)

Sold Units

Type A(876 sq ft)

7 RM4,264,500 RM0RM609,214 per unit

(RM695 psf)RM4,264,500

Type A1(880 sq ft)

5 RM3,071,500 RM0RM614,300 per unit

(RM698 psf)RM3,071,500


3 RM2,495,440 RM0RM831,813 per unit

(RM695 psf)RM2,495,440


72 RM34,833,000 RM23,775RM483,461 per unit

(RM700 psf)RM34,809,225

Unsold Units

Type A(876 sq ft)

203 RM123,366,500 RM20,346,635RM507,487 per unit

(RM579 psf)RM103,019,865

Type A1(880 sq ft)

30 RM18,375,000 RM3,030,559RM511,481 per unit

(RM581 psf)RM15,344,441


32 RM23,142,500 RM3,816,855RM603,926 per unit

(RM505 psf)RM19,325,645


276 RM134,564,000 RM22,193,421RM407,140 per unit

(RM589 psf)RM112,370,579

Type C(1,063 sq ft)

35 RM25,734,500 RM4,244,349RM614,004 per unit

(RM578 psf)RM21,490,151

Type C1(1,052 sq ft)

35 RM25,456,500 RM4,198,499RM607,371 per unit

(RM577 psf)RM21,258,001

Total 698 RM395,303,440 RM57,854,093 – RM337,449,347


496




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113









Remarks




RM19,889,004 RM15,406,658


Preliminaries and

Infrastructure Cost

Analysed atRM2 psf over land area

RM150,000 RM104,736



Cost


(inclusive of Site clearance, piling and associated works, Main

building works and Sales gallery construction cost)

RM154,597,824 RM5,997,375


Professional Fees


Cost

RM7,140,833 RM2,247,799


Contingencies


Cost, Building Construction Cost, and Professional Fees

RM7,676,937 –




RM5,856,174 –


Page 38





Remarks




RM19,889,004 RM15,406,658


Preliminaries and

Infrastructure Cost

Analysed atRM2 psf over land area

RM150,000 RM104,736



Cost


(inclusive of Site clearance, piling and associated works, Main

building works and Sales gallery construction cost)

RM154,597,824 RM5,997,375


Professional Fees


Cost

RM7,140,833 RM2,247,799


Contingencies


Cost, Building Construction Cost, and Professional Fees

RM7,676,937 –




RM5,856,174 –


497




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113







Remarks

FinancialCharges





RM6,287,412 –




RM49,947,792 RM1,969,572


Total RM251,545,976 RM25,726,141 –

Development Period Vide a copy of the Sales Status Report (as at 15th July 2021) provided to us by the Client, we note that 87 units (12.46%) of the total 698 units of Residensi Platinum Mira have been sold during their soft launch to business associates.

In view that the project has a remaining of 611 unsold units, a remaining development period of 4.00 years will require about 153 units to be sold per annum (or 13 units per month) on average for the project to be fully sold out. Such projected take-up rate is deemed fair and reasonable in the current market after having benchmarked against the take-up rates of other similar developments located within the immediate and surrounding vicinity.


Page 39



Remarks

FinancialCharges





RM6,287,412 –




RM49,947,792 RM1,969,572


Total RM251,545,976 RM25,726,141 –

Development Period Vide a copy of the Sales Status Report (as at 15th July 2021) provided to us by the Client, we note that 87 units (12.46%) of the total 698 units of Residensi Platinum Mira have been sold during their soft launch to business associates.

In view that the project has a remaining of 611 unsold units, a remaining development period of 4.00 years will require about 153 units to be sold per annum (or 13 units per month) on average for the project to be fully sold out. Such projected take-up rate is deemed fair and reasonable in the current market after having benchmarked against the take-up rates of other similar developments located within the immediate and surrounding vicinity.


498




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113







Legal interest in two (2) contiguous parcels of land with the benefit of planning approval for one (1) block of 51-storey commercial building comprising 944 SOHO units (Level 15 to Level 50), 145 hotel suites (Level 10 to Level 14), commercial space (restaurant) on the Lower and Mezzanine Levels, all sited atop a seven (7)-storey car park podium and two (2) basement car park levels; along with all common infrastructure and supporting amenities + facilities attached thereto; identified as Lot PT 256 held under Title No. HSM 604, Locality of Jalan Ulu Klang and Lot 80133 held under Title No. Geran 80347 (previously known as Lot PT 2670 held under Title No. HSD 121043), both located within Mukim of Ampang, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.

Locality Strategically located Off Jalan Ampang, Kuala Lumpur; bounded and bordered by Jalan Ampang Ulu to its immediate north and north-west, Jalan Ampang to its far south-west and the Kuala Lumpur Middle Ring Road 2 (MRR2) to its south-east. Geographically, the Kuala Lumpur city centre is located approximately four (4) kilometres due south-west of the Subject Property.

Tenure Leasehold interest for a term of 99 years, expiring on 3rd September 2072; in respect of Lot PT 256.

Interest in perpetuity; in respect of Lot 80133.

Register Proprietor Platinum Victory (Ampang) Sdn Bhd; in respect of both titles.

Land Area(s) Lot No. Square Metres Acres

Lot PT 256 836.1 0.21

Lot 80133 7,381 1.82

Total 8,217.1 2.03

Category of Land Use “Bangunan”; in respect of both titles.

Site Description The subject site(s) consist of two (2) contiguous parcels of land; when combined forms an irregular shaped land, with a total land area of 8,217.1 square metres (2.03 acres); bounded and bordered by Jalan Ampang Ulu to its immediate north and northwest, Jalan Ampang to its far south-west and the Kuala Lumpur Middle Ring Road 2 (MRR2) to its south-east.

The site(s) are generally flat in terrain and lies at about the same level as the street elevations and neighbouring lots. The site(s) boundaries are generally demarcated with the combination of metal hoarding sheets, plastered brick walls reinforced with barbed wires and chain-link fencing.

6.0 V/COR/21/0059(F) – LOT PT 256 AND LOT 80133, OFF JALAN AMPANG

Page 40



Legal interest in two (2) contiguous parcels of land with the benefit of planning approval for one (1) block of 51-storey commercial building comprising 944 SOHO units (Level 15 to Level 50), 145 hotel suites (Level 10 to Level 14), commercial space (restaurant) on the Lower and Mezzanine Levels, all sited atop a seven (7)-storey car park podium and two (2) basement car park levels; along with all common infrastructure and supporting amenities + facilities attached thereto; identified as Lot PT 256 held under Title No. HSM 604, Locality of Jalan Ulu Klang and Lot 80133 held under Title No. Geran 80347 (previously known as Lot PT 2670 held under Title No. HSD 121043), both located within Mukim of Ampang, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.

Locality Strategically located Off Jalan Ampang, Kuala Lumpur; bounded and bordered by Jalan Ampang Ulu to its immediate north and north-west, Jalan Ampang to its far south-west and the Kuala Lumpur Middle Ring Road 2 (MRR2) to its south-east. Geographically, the Kuala Lumpur city centre is located approximately four (4) kilometres due south-west of the Subject Property.

Tenure Leasehold interest for a term of 99 years, expiring on 3rd September 2072; in respect of Lot PT 256.

Interest in perpetuity; in respect of Lot 80133.

Register Proprietor Platinum Victory (Ampang) Sdn Bhd; in respect of both titles.

Land Area(s) Lot No. Square Metres Acres

Lot PT 256 836.1 0.21

Lot 80133 7,381 1.82

Total 8,217.1 2.03

Category of Land Use “Bangunan”; in respect of both titles.

Site Description The subject site(s) consist of two (2) contiguous parcels of land; when combined forms an irregular shaped land, with a total land area of 8,217.1 square metres (2.03 acres); bounded and bordered by Jalan Ampang Ulu to its immediate north and northwest, Jalan Ampang to its far south-west and the Kuala Lumpur Middle Ring Road 2 (MRR2) to its south-east.

The site(s) are generally flat in terrain and lies at about the same level as the street elevations and neighbouring lots. The site(s) boundaries are generally demarcated with the combination of metal hoarding sheets, plastered brick walls reinforced with barbed wires and chain-link fencing.

6.0 V/COR/21/0059(F) – LOT PT 256 AND LOT 80133, OFF JALAN AMPANG

499




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113






Site Description(Cont’d)

Brief descriptions of the respective land parcels are attached below.

Lot No. /Title No.

Description

Lot 80133 / Geran 80347

Location : Bounded and bordered by Jalan Ampang Ulu to its immediate north and the Kuala Lumpur Middle Ring Road 2 to its south-east; whilst the remaining boundaries generally adjoin onto neighbouring lots.

Land Area : 7,381 square metres (1.82 acres).

Configuration : Intermediate plot.

Shape : Near regular.

Terrain : Generally flat.

Land Status : Covered with thick undergrowth and vegetation. During our site inspection, we note that an existing road (Lorong Ampang Ulu) traverses across part of Lot 80133 (which will be surrendered and amalgamated upon development).

Lot PT 256 / HSM 604

Location : Fronts onto Lorong Ampang Ulu along its south-eastern boundary; whilst the north-eastern boundary and north-western boundary abut onto Lot 80133 and a neighbouring lot respectively.

Land Area : 836.1 square metres (0.21 acre).


Shape : Irregular.


Land Status : Presently erected upon with some buildings / structures which are generally unoccupied and its condition is in poor state of decorative repair; with a combined estimated gross floor area of approx. 390.19 square metres (4,200 square feet). We were made to understand by the Client that the aforesaid buildings and structures have not been issued with any Certificate of Fitness for Occupation (CFO) or Certificate of Completion and Compliance (CCC). As such, we have excluded the value(s) of all the aforesaid buildings and structures constructed thereon.

Planning The site(s) are located within an area zoned for commercial use.

Planning Approval for Lot 80133Based on copies of the Development Order(s) issued by Kuala Lumpur City Hall bearing Reference No(s). (103)dlm.DBKL.JPRB. 3667/2011 [OSC (B) A13 U3 120703-019 (PT KM 140314)] and (102)dlm.DBKL.JPRB. 3667/2011 [OSC (B) A13 U3 120703-019 (PT KM 140314)], both dated 26th December 2014; we note that Lot(s) 5382, 5383, 5384, 5385, 5386, 5387, 5388, PT 241, PT 250 and part of the Government’s land (collectively identified as Lot PT 2670 and subsequently Lot 80133) was originally granted approvals for the development of a block of 37-storey serviced apartments, comprising 619 residential units, 16 shop units, 7-storey car park podium and 2 levels of basement car park along with a guard house and swimming pool; with an approved plot ratio of 1:8.9; subject to a development charge payable amounting to RM7,804,000 and terms and conditions stated therein.

Page 41


Site Description(Cont’d)

Brief descriptions of the respective land parcels are attached below.

Lot No. /Title No.

Description

Lot 80133 / Geran 80347

Location : Bounded and bordered by Jalan Ampang Ulu to its immediate north and the Kuala Lumpur Middle Ring Road 2 to its south-east; whilst the remaining boundaries generally adjoin onto neighbouring lots.

Land Area : 7,381 square metres (1.82 acres).


Shape : Near regular.


Land Status : Covered with thick undergrowth and vegetation. During our site inspection, we note that an existing road (Lorong Ampang Ulu) traverses across part of Lot 80133 (which will be surrendered and amalgamated upon development).

Lot PT 256 / HSM 604

Location : Fronts onto Lorong Ampang Ulu along its south-eastern boundary; whilst the north-eastern boundary and north-western boundary abut onto Lot 80133 and a neighbouring lot respectively.

Land Area : 836.1 square metres (0.21 acre).


Shape : Irregular.


Land Status : Presently erected upon with some buildings / structures which are generally unoccupied and its condition is in poor state of decorative repair; with a combined estimated gross floor area of approx. 390.19 square metres (4,200 square feet). We were made to understand by the Client that the aforesaid buildings and structures have not been issued with any Certificate of Fitness for Occupation (CFO) or Certificate of Completion and Compliance (CCC). As such, we have excluded the value(s) of all the aforesaid buildings and structures constructed thereon.

Planning The site(s) are located within an area zoned for commercial use.

Planning Approval for Lot 80133Based on copies of the Development Order(s) issued by Kuala Lumpur City Hall bearing Reference No(s). (103)dlm.DBKL.JPRB. 3667/2011 [OSC (B) A13 U3 120703-019 (PT KM 140314)] and (102)dlm.DBKL.JPRB. 3667/2011 [OSC (B) A13 U3 120703-019 (PT KM 140314)], both dated 26th December 2014; we note that Lot(s) 5382, 5383, 5384, 5385, 5386, 5387, 5388, PT 241, PT 250 and part of the Government’s land (collectively identified as Lot PT 2670 and subsequently Lot 80133) was originally granted approvals for the development of a block of 37-storey serviced apartments, comprising 619 residential units, 16 shop units, 7-storey car park podium and 2 levels of basement car park along with a guard house and swimming pool; with an approved plot ratio of 1:8.9; subject to a development charge payable amounting to RM7,804,000 and terms and conditions stated therein.

500




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113






Planning(Cont’d)

We were made to understand that the abovementioned development charge of RM7,804,000 has been fully paid (with interest) via a series of payment / instalments.

Planning Approval for Lot 80133 & PT 256Pursuant to a copy of the Application Letter issued by Messrs. SS Planning Group Sdn Bhd to the Kuala Lumpur City Hall bearing Reference No. 00145-20-SSPGSB-01 dated 17th

September 2020, we note that the Client has applied to revise the earlier approved development components by including Lot PT 256 into the proposed development. The revision, amongst others, include altering the serviced apartment component into SOHO and hotel components; along with an increase in total gross floor area but no changes to the plot ratio of 1:8.9.

The revised proposed development components encompass a block of 51-storey commercial building comprising 944 SOHO units (Level 15 to Level 50), 145 hotel suites (Level 10 to Level 14), commercial space (restaurant) on the Lower and Mezzanine Levels, all sited atop a seven (7)-storey car park podium and two (2) basement car park levels; along with all common infrastructure and supporting amenities + facilities attached thereto.

Vide copies of corresponding letter(s) issued by Kuala Lumpur City Hall bearing Reference No(s). ( ) DBKL.JPRB. 3667/2011 JLD. 1 [OSC (B) U3 200922-020 (P2-A13 200922)] and (15)dlm.DBKL.JPRB. 3667/2011 JLD 1 [OSC (B) U3 200922-020 (P2-A13 200922)] dated 11th

November 2020 and 8th January 2021 respectively, we note that the Subject Property (Lot 80133 + Lot PT 256) has been granted conditional approvals for the aforementioned new proposed development components; subject to terms and conditions along with a development charge payable amounting to RM9,650,000 stated therein.

Subsequent copies of corresponding letter(s) issued by Kuala Lumpur City Hall bearing Reference No(s). ( ) DBKL.JPRB.3667/2011 JLD 1 [OSC (B) U3 200922-020 (P2-A13 200922)] dated 9th March 2021 and (24)dlm.DBKL.JPRB.3667/2011 JLD 1 [OSC (B) U3 200922-020 (P2-A13 200922)] dated 27th April 2021 have revealed that the aforesaid development charge of RM9,650,000 has been further reviewed and revised to RM995,000; in which the revised charge of RM995,000 has been fully paid.

6.2 MARKET VALUE

Valuation Methodology In arriving at the Market Value of vacant land without detailed and approved development plans, we have considered the Comparison Approach as the only preferred and appropriate method of valuation.


Page 42


Planning(Cont’d)

We were made to understand that the abovementioned development charge of RM7,804,000 has been fully paid (with interest) via a series of payment / instalments.

Planning Approval for Lot 80133 & PT 256Pursuant to a copy of the Application Letter issued by Messrs. SS Planning Group Sdn Bhd to the Kuala Lumpur City Hall bearing Reference No. 00145-20-SSPGSB-01 dated 17th

September 2020, we note that the Client has applied to revise the earlier approved development components by including Lot PT 256 into the proposed development. The revision, amongst others, include altering the serviced apartment component into SOHO and hotel components; along with an increase in total gross floor area but no changes to the plot ratio of 1:8.9.

The revised proposed development components encompass a block of 51-storey commercial building comprising 944 SOHO units (Level 15 to Level 50), 145 hotel suites (Level 10 to Level 14), commercial space (restaurant) on the Lower and Mezzanine Levels, all sited atop a seven (7)-storey car park podium and two (2) basement car park levels; along with all common infrastructure and supporting amenities + facilities attached thereto.

Vide copies of corresponding letter(s) issued by Kuala Lumpur City Hall bearing Reference No(s). ( ) DBKL.JPRB. 3667/2011 JLD. 1 [OSC (B) U3 200922-020 (P2-A13 200922)] and (15)dlm.DBKL.JPRB. 3667/2011 JLD 1 [OSC (B) U3 200922-020 (P2-A13 200922)] dated 11th

November 2020 and 8th January 2021 respectively, we note that the Subject Property (Lot 80133 + Lot PT 256) has been granted conditional approvals for the aforementioned new proposed development components; subject to terms and conditions along with a development charge payable amounting to RM9,650,000 stated therein.

Subsequent copies of corresponding letter(s) issued by Kuala Lumpur City Hall bearing Reference No(s). ( ) DBKL.JPRB.3667/2011 JLD 1 [OSC (B) U3 200922-020 (P2-A13 200922)] dated 9th March 2021 and (24)dlm.DBKL.JPRB.3667/2011 JLD 1 [OSC (B) U3 200922-020 (P2-A13 200922)] dated 27th April 2021 have revealed that the aforesaid development charge of RM9,650,000 has been further reviewed and revised to RM995,000; in which the revised charge of RM995,000 has been fully paid.

6.2 MARKET VALUE

Valuation Methodology In arriving at the Market Value of vacant land without detailed and approved development plans, we have considered the Comparison Approach as the only preferred and appropriate method of valuation.


501




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113






Comparison Approach We have identified and analysed the selected land sales transactions in the immediate and surrounding vicinity of the Subject Property and summarised the details in the tables attached below and overleaf. The adjustments disclosed in the tables hereafter are made to account for differences between Lot 80133 (base plot) with the selected Comparable(s).

Sales Comparison and Analysis of Redevelopment Land(s)

Comparable 1 Comparable 2 Comparable 3

Identification

Lot 262 Section 89A held under Title No. Geran 79725, Town and District of Kuala Lumpur, Wilayah

Persekutuan Kuala Lumpur

Lot 146 Section 89A and Lot 147 Section 89A held under Title No. Geran 33324 and Geran 33325respectively, both located within

Town and District of Kuala Lumpur, Wilayah Persekutuan Kuala

Lumpur

Lot 1319 and Lot 4343 held under Title No. Geran 39527 and Geran 27354 respectively, both located within Mukim Ampang, District of

Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur

Location Located along Jalan Ampang Located along Jalan Ampang Located along Jalan Ampang

Property TypeA parcel of residential redevelopment land

Two (2) parcels of redevelopment land

Two (2) parcels of commercial redevelopment land

Land Area 41,430 square feet 101,437 square feet 44,430 square feet

Tenure Interest in perpetuityInterest in perpetuity; in respect of

both titlesInterest in perpetuity; in respect of

both titles

PlanningZoned for commercial use with

permitted plot ratio of 1:6

Zoned for commercial use with permitted plot ratio of 1:6; in

respect of both titles



Consideration RM82,200,000 (*) RM181,000,000 RM59,980,500

Date 16th July 2020 28th December 2018 27th December 2018

Analysis RM1,984 per square foot RM1,784 per square foot RM1,350 per square foot

Vendor Seniharta Sdn Bhd Yip Fung Sendirian Berhad Emperor Classic Lighting Sdn Bhd

PurchaserParamount Property (Cityview) Sdn

Bhd (a wholly-owned subsidiary of Paramount Corporation Berhad)

Embassy of the People’s Republic of China in Malaysia

Primary Dual Sdn Bhd

Source Bursa Malaysia Securities Berhad Jabatan Penilaian dan Perkhidmatan Harta (JPPH)

Page 43


Comparison Approach We have identified and analysed the selected land sales transactions in the immediate and surrounding vicinity of the Subject Property and summarised the details in the tables attached below and overleaf. The adjustments disclosed in the tables hereafter are made to account for differences between Lot 80133 (base plot) with the selected Comparable(s).

Sales Comparison and Analysis of Redevelopment Land(s)


Identification

Lot 262 Section 89A held under Title No. Geran 79725, Town and District of Kuala Lumpur, Wilayah


Lot 146 Section 89A and Lot 147 Section 89A held under Title No. Geran 33324 and Geran 33325respectively, both located within

Town and District of Kuala Lumpur, Wilayah Persekutuan Kuala

Lumpur

Lot 1319 and Lot 4343 held under Title No. Geran 39527 and Geran 27354 respectively, both located within Mukim Ampang, District of


Location Located along Jalan Ampang Located along Jalan Ampang Located along Jalan Ampang

Property TypeA parcel of residential redevelopment land

Two (2) parcels of redevelopment land

Two (2) parcels of commercial redevelopment land

Land Area 41,430 square feet 101,437 square feet 44,430 square feet

Tenure Interest in perpetuityInterest in perpetuity; in respect of

both titlesInterest in perpetuity; in respect of

both titles

PlanningZoned for commercial use with

permitted plot ratio of 1:6





Consideration RM82,200,000 (*) RM181,000,000 RM59,980,500

Date 16th July 2020 28th December 2018 27th December 2018

Analysis RM1,984 per square foot RM1,784 per square foot RM1,350 per square foot

Vendor Seniharta Sdn Bhd Yip Fung Sendirian Berhad Emperor Classic Lighting Sdn Bhd

PurchaserParamount Property (Cityview) Sdn

Bhd (a wholly-owned subsidiary of Paramount Corporation Berhad)

Embassy of the People’s Republic of China in Malaysia

Primary Dual Sdn Bhd


502




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113





Sales Comparison and Analysis of Redevelopment Land(s) (Cont’d)


Demolition Cost

Presently, we note that there are building(s) constructed on the land. In arriving at our valuation analysis,

we have thus allocated and considered a quantitative adjustment

amounting to RM1,744,145 (analysed to be RM5 psf over the gross floor area of the building(s)

measuring approx. 348,829 sq ft) to be incurred over a 9 months period (works relating to demolition of the

existing building(s) constructed thereon) and discounted at a rate of

3.50%. A lower rate psf basis is applied for demolition cost due to the

quantum of the building floor area involved and the present value (PV)

period of approx. 9 months was considered to reflect the time

required to reinstate the land prior to any redevelopment being able to

take place.

Presently, we note that there arebuilding(s) constructed on the land. In arriving at our valuation analysis,

we have thus allocated and considered a quantitative adjustment amounting to RM300,000 (analysed to be RM10 psf over the gross floor area of the building(s) measuring

approx. 30,000 sq ft) to be incurred over a 6 months period (works

relating to demolition of the existing building(s) constructed thereon) and discounted at a rate of 3.50%. The

present value (PV) period of approx. 6 months was considered to reflect the time required to reinstate the land prior to any redevelopment

being able to take place.







Consideration after Demolition Cost RM78,406,559 RM177,618,410 RM59,333,014

Analysis after Demolition Cost RM1,892 per square foot RM1,751 per square foot RM1,335 per square foot

AdjustmentsGeneral adjustments are made for prevailing market condition, location / establishment, accessibility / infrastructure, shape, land size, exposure / frontages, lot configuration, category of land use, express condition, plot ratio / density

and planning approval.

Adjusted Value RM1,230 per square foot RM1,287 per square foot RM1,122 per square foot

Notes: (*) Based on the announcement dated 16th July 2020 by Paramount Corporation Berhad, we note that Lot 262 was transacted along with Lot 263 (zoned for residential use) with a total consideration of RM243,800,000.

Valuation Rationale Lot 80133 (Base Plot)From the above adjusted values, we note that the derived values for Lot 80133 ranged between RM1,122 per square foot to RM1,287 per square foot. In view of limited recorded transactions of identical land sales transactions in the immediate and surrounding localities, we have resorted to adopt the selected Comparable(s) in our assessment by Comparison Approach; as it is not possible to identify exactly alike properties to make reference to, hence appropriate adjustments are made to reflect the differences of the Comparable(s) and the property being valued.

Page 44

Sales Comparison and Analysis of Redevelopment Land(s) (Cont’d)


Demolition Cost


we have thus allocated and considered a quantitative adjustment

amounting to RM1,744,145 (analysed to be RM5 psf over the gross floor area of the building(s)

measuring approx. 348,829 sq ft) to be incurred over a 9 months period (works relating to demolition of the

existing building(s) constructed thereon) and discounted at a rate of

3.50%. A lower rate psf basis is applied for demolition cost due to the

quantum of the building floor area involved and the present value (PV)

period of approx. 9 months was considered to reflect the time

required to reinstate the land prior to any redevelopment being able to

take place.

Presently, we note that there arebuilding(s) constructed on the land. In arriving at our valuation analysis,












Consideration after Demolition Cost RM78,406,559 RM177,618,410 RM59,333,014

Analysis after Demolition Cost RM1,892 per square foot RM1,751 per square foot RM1,335 per square foot

AdjustmentsGeneral adjustments are made for prevailing market condition, location / establishment, accessibility / infrastructure, shape, land size, exposure / frontages, lot configuration, category of land use, express condition, plot ratio / density

and planning approval.

Adjusted Value RM1,230 per square foot RM1,287 per square foot RM1,122 per square foot

Notes: (*) Based on the announcement dated 16th July 2020 by Paramount Corporation Berhad, we note that Lot 262 was transacted along with Lot 263 (zoned for residential use) with a total consideration of RM243,800,000.

Valuation Rationale Lot 80133 (Base Plot)From the above adjusted values, we note that the derived values for Lot 80133 ranged between RM1,122 per square foot to RM1,287 per square foot. In view of limited recorded transactions of identical land sales transactions in the immediate and surrounding localities, we have resorted to adopt the selected Comparable(s) in our assessment by Comparison Approach; as it is not possible to identify exactly alike properties to make reference to, hence appropriate adjustments are made to reflect the differences of the Comparable(s) and the property being valued.

503




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113






Valuation Rationale(Cont’d)

Although total adjustments [on selected Comparable(s)] are in excess of 60% were considered and made in our assessment, we are of the view that the selected Comparable(s) adopted are still considered relevant as the selected Comparable(s) are located within the same locality and to have relatively similar attributes as compared to Lot 80133.

With total effective adjustments made for all Comparable(s); we have placed greater reliance on Comparable 1 (being the most recent transaction) after having considered and made diligent adjustments for location / establishment, accessibility / infrastructure, shape, land size, exposure / frontages, lot configuration, express condition, plot ratio / density and planning approval. Based on the foregoing, we have thus adopted a value of RM97,731,099 (analysed to about RM1,230 per square foot) in our valuation as fair representation for Lot 80133 using the Comparison Approach.

Lot PT 256Due to limited similar residential land transactions in the vicinity, we have derived the value for Lot PT 256 by way of comparison to Lot 80133 (base plot) of RM1,230 per square foot. From thereon, further adjustments are made to account for the additional differences between Lot PT 256 and Lot 80133 (base plot). The aforesaid adjustments, amongst others, include adjustments for accessibility / infrastructure (-10%), exposure / frontages (-10%), tenure (-30%), land size (+20%), shape (-5%) and express condition (-5%).

In general, Lot 80133 (base plot) shares similar attributes as Lot PT 256 in terms of location / establishment, lot configuration, terrain / level, category of land use, zoning, plot ratio / density, planning approval and adverse features.

An upward adjustment is made for factor relating to the size of landholding of Lot PT 256 being smaller in land area (0.21 acre) as compared to Lot 80133 (1.82 acres). On the contrary, downward adjustments are made for factors relating to accessibility / infrastructure, exposure / frontages and shape; as Lot PT 256 is an irregular shaped internal plot accessible mainly from the service road of Lorong Ampang Ulu; whilst Lot 80133 is a regular shaped parcel of land which can be easily accessible from Jalan Ampang Ulu and the main road of Jalan Ulu Klang.

Further downward adjustments are considered for factors relating to tenure and express condition; as Lot PT 256 conveys a leasehold interest with a titular express condition designatedfor residential; as compared to Lot 80133 which conveys an interest in perpetuity with a titular express condition designated for commercial.

On balance, we consider a lower rate per square metre is applicable to Lot PT 256. Based on the foregoing, we have thus adopted a value of RM6,642,431 (analysed to about RM738 per square foot) in our valuation as fair representation for Lot PT 256.

Page 45



Although total adjustments [on selected Comparable(s)] are in excess of 60% were considered and made in our assessment, we are of the view that the selected Comparable(s) adopted are still considered relevant as the selected Comparable(s) are located within the same locality and to have relatively similar attributes as compared to Lot 80133.

With total effective adjustments made for all Comparable(s); we have placed greater reliance on Comparable 1 (being the most recent transaction) after having considered and made diligent adjustments for location / establishment, accessibility / infrastructure, shape, land size, exposure / frontages, lot configuration, express condition, plot ratio / density and planning approval. Based on the foregoing, we have thus adopted a value of RM97,731,099 (analysed to about RM1,230 per square foot) in our valuation as fair representation for Lot 80133 using the Comparison Approach.

Lot PT 256Due to limited similar residential land transactions in the vicinity, we have derived the value for Lot PT 256 by way of comparison to Lot 80133 (base plot) of RM1,230 per square foot. From thereon, further adjustments are made to account for the additional differences between Lot PT 256 and Lot 80133 (base plot). The aforesaid adjustments, amongst others, include adjustments for accessibility / infrastructure (-10%), exposure / frontages (-10%), tenure (-30%), land size (+20%), shape (-5%) and express condition (-5%).

In general, Lot 80133 (base plot) shares similar attributes as Lot PT 256 in terms of location / establishment, lot configuration, terrain / level, category of land use, zoning, plot ratio / density, planning approval and adverse features.

An upward adjustment is made for factor relating to the size of landholding of Lot PT 256 being smaller in land area (0.21 acre) as compared to Lot 80133 (1.82 acres). On the contrary, downward adjustments are made for factors relating to accessibility / infrastructure, exposure / frontages and shape; as Lot PT 256 is an irregular shaped internal plot accessible mainly from the service road of Lorong Ampang Ulu; whilst Lot 80133 is a regular shaped parcel of land which can be easily accessible from Jalan Ampang Ulu and the main road of Jalan Ulu Klang.

Further downward adjustments are considered for factors relating to tenure and express condition; as Lot PT 256 conveys a leasehold interest with a titular express condition designatedfor residential; as compared to Lot 80133 which conveys an interest in perpetuity with a titular express condition designated for commercial.

On balance, we consider a lower rate per square metre is applicable to Lot PT 256. Based on the foregoing, we have thus adopted a value of RM6,642,431 (analysed to about RM738 per square foot) in our valuation as fair representation for Lot PT 256.

504




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113







In arriving at the final value of Lot PT 256, we have allocated and considered a quantitative adjustment amounting to RM42,000 to be incurred over a 3 months period (works relating to demolition of the existing buildings constructed thereon which are required to be carried out prior to commencement of any development on site) and discounted at a rate of 3.50%.

After having considered the industry average costing as derived from analysis of other awarded contracts of similar demolition work (ranging from RM5 per square foot to RM15 per square foot), we have allocated RM10 per square foot over the total gross floor area of the existing buildings constructed thereon as fair and adequate.

The present value (PV) period of approx. 3 months was considered to reflect the time required to reinstate the land prior to any development being able to take place. In our opinion, the lack of land transactions (as investment asset) in the market has resulted in continued difficulties in assessing a benchmark for yields. From our investigation and informal survey from land owners, the most probable expected return would be in the region of 3.00% - 4.00%; and thus, we have adopted 3.50% as fair representation.

The value(s) derived from our Comparison Approach together with the costing stated above is summarised below: -

Land Size Parameters Adopted Market Value

Lot 80133

Land Area: 79,448 sf @ RM1,230 psf RM97,731,099

Say, RM97,500,000

Lot PT 256

Land Area: 9,000 sf @ RM738 psf RM6,642,431

Less: Demolition Cost Est. Floor Area of 4,200 sf @ RM10 psf (RM42,000)

Present Value of 3.50% for 0.25 years 0.9914

Market Value for Lot PT 256 RM6,543,908

Say, RM6,500,00


Page 46



In arriving at the final value of Lot PT 256, we have allocated and considered a quantitative adjustment amounting to RM42,000 to be incurred over a 3 months period (works relating to demolition of the existing buildings constructed thereon which are required to be carried out prior to commencement of any development on site) and discounted at a rate of 3.50%.

After having considered the industry average costing as derived from analysis of other awarded contracts of similar demolition work (ranging from RM5 per square foot to RM15 per square foot), we have allocated RM10 per square foot over the total gross floor area of the existing buildings constructed thereon as fair and adequate.

The present value (PV) period of approx. 3 months was considered to reflect the time required to reinstate the land prior to any development being able to take place. In our opinion, the lack of land transactions (as investment asset) in the market has resulted in continued difficulties in assessing a benchmark for yields. From our investigation and informal survey from land owners, the most probable expected return would be in the region of 3.00% - 4.00%; and thus, we have adopted 3.50% as fair representation.

The value(s) derived from our Comparison Approach together with the costing stated above is summarised below: -

Land Size Parameters Adopted Market Value

Lot 80133

Land Area: 79,448 sf @ RM1,230 psf RM97,731,099

Say, RM97,500,000

Lot PT 256

Land Area: 9,000 sf @ RM738 psf RM6,642,431

Less: Demolition Cost Est. Floor Area of 4,200 sf @ RM10 psf (RM42,000)

Present Value of 3.50% for 0.25 years 0.9914

Market Value for Lot PT 256 RM6,543,908

Say, RM6,500,00


505




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113






Interest Valued / Type of Property

Legal interest in a parcel of vacant land designated for residential use identified as Lot 220 held under Title No. Geran Mukim 543, Locality of Setapak 4th Mile, Mukim Setapak, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.

Locality Located within the locality of Setapak, approximately 5 kilometres due north-east from Kuala Lumpur city centre; bordered and bounded by residential settlement of Kampung Kuantan and Residensi Platinum Teratai to its immediate east; and the residential and commercial establishment of Danau Kota and KL Traders Square to its north-east.


Register Proprietor Montanica Development Sdn Bhd.

Land Area 6,980.00 square metres (1.725 acres | 0.698 hectares).

Note: Based on Certified Plan No. PA 14-101679, we note that Lot 220 is having a surveyed land area of 7,031 square metres (1.737 acres | 0.703 hectares). For the purpose of this Report and Valuation, we have adopted the surveyed land area of 7,031 square metres (1.737 acres | 0.703 hectares) in our valuation assessment.

Category of Land Use “Tidak dinyatakan”.

Site Description The subject site is regular shaped with existing accessibility on its north-western and south-eastern boundary via unnamed metalled road bordering its neighbouring lot, Lot 218 and Lot 226 respectively. Upon redevelopment, the Client intends to jointly developed Lot 220 (Subject Property) along with its neighbouring lot, Lot 226 (discussion in progress); which will further enhance the existing accessibility of Lot 220 by having future accessibility from Jalan Kuraman, off Jalan Langkawi which forms part of Platinum Teratai development (leading towards Lot 226).

In accordance to the Topography Plan bearing Plan No. G12114T-DE2 prepared by Jurukur Generasi Sdn Bhd, we note the subject site is generally flat in terrain and lies at about the same level as the street elevations. Presently, we note that the Subject Property is located within close proximity (approx. 100 metres due north) to a transmission line and part of the site accommodates temporary buildings / structures comprising of semi-concrete buildings, garage(s), shrine(s) and an old wooden house with a chicken coop and to the east of the site erected upon with a store and a semi-concrete building which was constructed and encroached onto the Subject Property along its southern site boundary by the neighbouring lot (Lot 226); which are generally unoccupied and in fair state of decorative repair condition with a combined estimated gross floor area of approximately 410.91 square metres (4,423 square feet). The balance portion of the site are generally covered with heavy undergrowth and wild trees; with the site(s) boundaries generally demarcated by metal hoardings.

7.0 V/COR/21/0059(G) – LOT 220, SETAPAK

Page 47


Interest Valued / Type of Property

Legal interest in a parcel of vacant land designated for residential use identified as Lot 220 held under Title No. Geran Mukim 543, Locality of Setapak 4th Mile, Mukim Setapak, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.

Locality Located within the locality of Setapak, approximately 5 kilometres due north-east from Kuala Lumpur city centre; bordered and bounded by residential settlement of Kampung Kuantan and Residensi Platinum Teratai to its immediate east; and the residential and commercial establishment of Danau Kota and KL Traders Square to its north-east.


Register Proprietor Montanica Development Sdn Bhd.

Land Area 6,980.00 square metres (1.725 acres | 0.698 hectares).

Note: Based on Certified Plan No. PA 14-101679, we note that Lot 220 is having a surveyed land area of 7,031 square metres (1.737 acres | 0.703 hectares). For the purpose of this Report and Valuation, we have adopted the surveyed land area of 7,031 square metres (1.737 acres | 0.703 hectares) in our valuation assessment.

Category of Land Use “Tidak dinyatakan”.

Site Description The subject site is regular shaped with existing accessibility on its north-western and south-eastern boundary via unnamed metalled road bordering its neighbouring lot, Lot 218 and Lot 226 respectively. Upon redevelopment, the Client intends to jointly developed Lot 220 (Subject Property) along with its neighbouring lot, Lot 226 (discussion in progress); which will further enhance the existing accessibility of Lot 220 by having future accessibility from Jalan Kuraman, off Jalan Langkawi which forms part of Platinum Teratai development (leading towards Lot 226).

In accordance to the Topography Plan bearing Plan No. G12114T-DE2 prepared by Jurukur Generasi Sdn Bhd, we note the subject site is generally flat in terrain and lies at about the same level as the street elevations. Presently, we note that the Subject Property is located within close proximity (approx. 100 metres due north) to a transmission line and part of the site accommodates temporary buildings / structures comprising of semi-concrete buildings, garage(s), shrine(s) and an old wooden house with a chicken coop and to the east of the site erected upon with a store and a semi-concrete building which was constructed and encroached onto the Subject Property along its southern site boundary by the neighbouring lot (Lot 226); which are generally unoccupied and in fair state of decorative repair condition with a combined estimated gross floor area of approximately 410.91 square metres (4,423 square feet). The balance portion of the site are generally covered with heavy undergrowth and wild trees; with the site(s) boundaries generally demarcated by metal hoardings.

7.0 V/COR/21/0059(G) – LOT 220, SETAPAK

506




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113






Site Description (Cont’d) However, we were made to understand by the Client that the buildings and structures constructed thereon have not been issued with any Certificate of Fitness for Occupation (CFO) or Certificate of Completion and Compliance (CCC).

The highest and best use of the Subject Property is as a parcel of residential redevelopment land; and as such, we have excluded the value(s) of all the aforesaid buildings and structures constructed thereon.

Planning The Subject Property is currently an unconverted development land located within an area designated and zoned for residential use with permitted density of 80 persons per acre.

7.2 MARKET VALUE

IDENTIFICATION OF PROPERTYValuation Methodology In arriving at the Market Value of vacant land without detailed and approved development plans,

we have considered the Comparison Approach as the only preferred and appropriate method of valuation.


Comparison Approach We have identified and analysed the selected land sales transactions in the immediate and surrounding vicinity of the Subject Property and summarised the details in the tables attachedbelow and overleaf.

PROPERTYSales Comparison and Analysis of Vacant Residential Land


Identification

Lot 201522 held under Title No. PN 53024, Mukim Setapak, District of


Lot 201437 & Lot 201438 held under Title No(s). PN 52873 & PN 52872; both located within Mukim Setapak, District of Kuala Lumpur,

Wilayah Persekutuan Kuala Lumpur

Lot 781, Lot 4055, Lot 4056 and Lot 3163 held under Title No(s). GM

469, GM 427, GM 428 and GM 418 respectively, all located within

Mukim Setapak, District of Kuala Lumpur, Wilayah Persekutuan

Kuala Lumpur

LocationLocated along Jalan Wangsa

Melawati 1, Wangsa Melawati, Kuala Lumpur

Located along Jalan Dato Senu 3, Off Jalan Senu, Kuala Lumpur

Located along Jalan Sentul, Off Jalan Sentul Pasar, Kuala Lumpur

Property Type A parcel of residential land Two (2) parcels of residential landsFour (4) parcels of development

lands

Title Land Area 196,689 square feet 90,180 square feet 438,619 square feet

TenureLeasehold interest for a term of 99

years, expiring on 21st January 2117Leasehold interest for a term of 99 years, expiring on 19th March 2116

Interest in perpepuity; in respect of all titles

Page 48


Site Description (Cont’d) However, we were made to understand by the Client that the buildings and structures constructed thereon have not been issued with any Certificate of Fitness for Occupation (CFO) or Certificate of Completion and Compliance (CCC).

The highest and best use of the Subject Property is as a parcel of residential redevelopment land; and as such, we have excluded the value(s) of all the aforesaid buildings and structures constructed thereon.

Planning The Subject Property is currently an unconverted development land located within an area designated and zoned for residential use with permitted density of 80 persons per acre.

7.2 MARKET VALUE




Comparison Approach We have identified and analysed the selected land sales transactions in the immediate and surrounding vicinity of the Subject Property and summarised the details in the tables attachedbelow and overleaf.

PROPERTYSales Comparison and Analysis of Vacant Residential Land


Identification

Lot 201522 held under Title No. PN 53024, Mukim Setapak, District of


Lot 201437 & Lot 201438 held under Title No(s). PN 52873 & PN 52872; both located within Mukim Setapak, District of Kuala Lumpur,

Wilayah Persekutuan Kuala Lumpur

Lot 781, Lot 4055, Lot 4056 and Lot 3163 held under Title No(s). GM

469, GM 427, GM 428 and GM 418 respectively, all located within

Mukim Setapak, District of Kuala Lumpur, Wilayah Persekutuan

Kuala Lumpur

LocationLocated along Jalan Wangsa

Melawati 1, Wangsa Melawati, Kuala Lumpur

Located along Jalan Dato Senu 3, Off Jalan Senu, Kuala Lumpur

Located along Jalan Sentul, Off Jalan Sentul Pasar, Kuala Lumpur

Property Type A parcel of residential land Two (2) parcels of residential landsFour (4) parcels of development

lands

Title Land Area 196,689 square feet 90,180 square feet 438,619 square feet

TenureLeasehold interest for a term of 99

years, expiring on 21st January 2117Leasehold interest for a term of 99 years, expiring on 19th March 2116

Interest in perpepuity; in respect of all titles

507




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113





Sales Comparison and Analysis of Vacant Residential Land (Cont’d)


Planning

Zoned for residential use with approval to increase density up to 600 persons per; approved for the development of two (2) blocks of residential condominiums with an

estimated Gross Development Value (GDV) of RM378 million and

the development has been identified as M Adora

Zoned for residential use with permissible density of up to 400

persons per acre


persons per acre for Lot 4055 and Lot 3163 whilst mixed-use with

permissible plot ratio of 1:4 for Lot 781 and Lot 4056

Consideration RM61,974,077 RM29,000,000 RM116,213,365

Date 6th August 2019 3rd August 2019 23rd April 2018

Analysis RM315.09 per square foot RM321.58 per square foot RM321.58 per square foot

VendorKLFA Properties Sdn Bhd (company

of JL99 Property Sdn Bhd)Nik Hussain Holdings Sdn Bhd

Leong Hoe Industrial Works Sdn Bhd

PurchaserMaxim Heights Sdn Bhd (a wholly-

owned subsidiary of Mah Sing Group Berhad)

Skyawani 5 Development Sdn Bhd Perspektif Vista Sdn Bhd


Remark-

We note that Comparable 2 have obtained approval for residential

development 615 units of affordable housing comprising a block of 31-storey apartment together with 9-levels of car park podium on 30th

March 2017 held under previous lot number identification as Lot PT

10104 & Lot PT 10105 before the date of transaction

-

AdjustmentsGeneral adjustments are made for prevailing market condition, location / establishment, accessibility / infrastructure, tenure, shape, land size, exposure / frontages, category of land use, zoning / express condition, plot ratio / density,

planning approval and adverse features

Adjusted Value RM189.05 per square foot RM209.03 per square foot RM236.47 per square foot

Valuation Rationale From the above adjusted values, we note that the derived values ranged between RM189.05 per square foot to RM236.47 per square foot. In view of limited recorded transactions of identical land sales transactions in the immediate and surrounding localities, we have resorted to adopt the selected comparable(s) in our assessment by Comparison Approach; as it is not possible to identify exactly alike properties to make reference to, hence appropriate adjustments are made to reflect the differences of the comparable(s) and the property being valued. Although total adjustments (in selected comparable(s) are up to 70%) were considered and made in our assessment, we are of the view that the selected comparable(s) adopted are still considered relevant as the selected comparable(s) are located within the same locality (Mukim Setapak) and to have relatively similar attributes as compared to the Subject Property.

Page 49

Sales Comparison and Analysis of Vacant Residential Land (Cont’d)


Planning

Zoned for residential use with approval to increase density up to 600 persons per; approved for the development of two (2) blocks of residential condominiums with an

estimated Gross Development Value (GDV) of RM378 million and

the development has been identified as M Adora


persons per acre


persons per acre for Lot 4055 and Lot 3163 whilst mixed-use with

permissible plot ratio of 1:4 for Lot 781 and Lot 4056


Date 6th August 2019 3rd August 2019 23rd April 2018


VendorKLFA Properties Sdn Bhd (company

of JL99 Property Sdn Bhd)Nik Hussain Holdings Sdn Bhd

Leong Hoe Industrial Works Sdn Bhd

PurchaserMaxim Heights Sdn Bhd (a wholly-

owned subsidiary of Mah Sing Group Berhad)

Skyawani 5 Development Sdn Bhd Perspektif Vista Sdn Bhd


Remark-

We note that Comparable 2 have obtained approval for residential

development 615 units of affordable housing comprising a block of 31-storey apartment together with 9-levels of car park podium on 30th

March 2017 held under previous lot number identification as Lot PT

10104 & Lot PT 10105 before the date of transaction

-

AdjustmentsGeneral adjustments are made for prevailing market condition, location / establishment, accessibility / infrastructure, tenure, shape, land size, exposure / frontages, category of land use, zoning / express condition, plot ratio / density,

planning approval and adverse features


Valuation Rationale From the above adjusted values, we note that the derived values ranged between RM189.05 per square foot to RM236.47 per square foot. In view of limited recorded transactions of identical land sales transactions in the immediate and surrounding localities, we have resorted to adopt the selected comparable(s) in our assessment by Comparison Approach; as it is not possible to identify exactly alike properties to make reference to, hence appropriate adjustments are made to reflect the differences of the comparable(s) and the property being valued. Although total adjustments (in selected comparable(s) are up to 70%) were considered and made in our assessment, we are of the view that the selected comparable(s) adopted are still considered relevant as the selected comparable(s) are located within the same locality (Mukim Setapak) and to have relatively similar attributes as compared to the Subject Property.

508




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113







With total effective adjustments made for all Comparable(s); we have placed greater reliance on Comparable 2 (being relatively similar land size and located close to the Subject Property)after having considered and made diligent adjustments for accessibility / infrastructure, tenure, shape, exposure / frontage, category of land use, plot ratio / density, planning approval and adverse feature.

In arriving at the final value of the Subject Property, we have allocated and considered a quantitative adjustment amounting to RM44,234 to be incurred over 6 months period (works relating to demolition of the existing buildings constructed thereon which are required to be carried out prior to commencement of any development on site) and discounted at a rate of 3.50%. After having considered the industry average costing as derived from analysis of other awarded contracts of similar demolition work (ranging from RM5.00 per square foot to RM15.00 per square foot), we have allocated RM10.00 per square foot over the total gross floor area of the existing buildings constructed thereon as fair and adequate.

The present value for development period of 6 months was considered to reflect the time required to reinstate the land prior to any development being able to take place. In our opinion, the lack of land transactions (as investment asset) in the market has resulted in continued difficulties in assessing a benchmark for yields. From our investigation and informal survey from land owners, the most probable expected return would be in the region of 3.00% - 4.00%; and thus, we have adopted 3.50% as fair representation.

The value derived from our Comparison Approach together with the costing stated above is summarised as below.

Land Size Adopted Value Market Value

Land Area: 75,681 sf RM209.03 psf RM15,819,610

Less: Demolition Cost Estimated Floor Area of 4,423 sf @ RM10.00 psf (RM44,234)

RM15,775,376

Present Value @ Discount Rate of 3.50% for 0.50 years 0.9829

Market Value RM15,506,349

say RM15,500,000

Based on the foregoing, we have thus adopted a round-up value of RM15,500,000 (analysed to be RM204.81 per square foot) in our valuation as fair representation by using the Comparison Approach.

Page 50



With total effective adjustments made for all Comparable(s); we have placed greater reliance on Comparable 2 (being relatively similar land size and located close to the Subject Property)after having considered and made diligent adjustments for accessibility / infrastructure, tenure, shape, exposure / frontage, category of land use, plot ratio / density, planning approval and adverse feature.

In arriving at the final value of the Subject Property, we have allocated and considered a quantitative adjustment amounting to RM44,234 to be incurred over 6 months period (works relating to demolition of the existing buildings constructed thereon which are required to be carried out prior to commencement of any development on site) and discounted at a rate of 3.50%. After having considered the industry average costing as derived from analysis of other awarded contracts of similar demolition work (ranging from RM5.00 per square foot to RM15.00 per square foot), we have allocated RM10.00 per square foot over the total gross floor area of the existing buildings constructed thereon as fair and adequate.

The present value for development period of 6 months was considered to reflect the time required to reinstate the land prior to any development being able to take place. In our opinion, the lack of land transactions (as investment asset) in the market has resulted in continued difficulties in assessing a benchmark for yields. From our investigation and informal survey from land owners, the most probable expected return would be in the region of 3.00% - 4.00%; and thus, we have adopted 3.50% as fair representation.

The value derived from our Comparison Approach together with the costing stated above is summarised as below.

Land Size Adopted Value Market Value

Land Area: 75,681 sf RM209.03 psf RM15,819,610

Less: Demolition Cost Estimated Floor Area of 4,423 sf @ RM10.00 psf (RM44,234)

RM15,775,376

Present Value @ Discount Rate of 3.50% for 0.50 years 0.9829

Market Value RM15,506,349

say RM15,500,000

Based on the foregoing, we have thus adopted a round-up value of RM15,500,000 (analysed to be RM204.81 per square foot) in our valuation as fair representation by using the Comparison Approach.

509




Page 34















Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113







Legal interest in a parcel of land designated for “Perumahan Penjawat Awam 1 Malaysia” (PPA1M) (now known as PPAM) and mixed-use development; held under Lot 481729, Title No. Pajakan Negeri 53589, Mukim and District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.

Locality Located within the locality of Salak South; bordering Taman Desa and Sungai Besi within Mukim Kuala Lumpur; and the location of the site is strategically flanked by various highways / expressways; with the Kuala Lumpur - Seremban Expressway located to its west, the East -West Link Expressway (SALAK) to its south, the Sungai Besi Expressway (SBE) to its east and the Maju Expressway (MEX) to its south-east.


Register Proprietor Fitrah Resources Sdn Bhd.



Site Description The subject site is generally flat in terrain and accessible via the said internal service road off Jalan Sungai Besi which extends from the Sungai Besi Expressway (SBE). Other future accessibilities by roads or interchanges from the surrounding highways / expressways will be available upon development of the subject site. Based on our inspection, we note that the site is generally covered with light undergrowth and the perimeters are generally delineated with metal hoarding sheets.

Planning Located within an area zoned for commercial use with permitted plot ratio of 1:4; along with its express condition stipulates specifically for PPA1M scheme (now known as PPAM) and mixed-use development at a 50% : 50% proportion each.

Pursuant to a Letter dated 18th May 2021 issued by Jabatan Perancangan Bandaraya of Dewan Bandaraya Kuala Lumpur, we note that an application was submitted by SS Planning Group Sdn Bhd on behalf of the registered proprietor for the following: -

(i) Rezoning from commercial to mixed-use with a permitted density up to 800 persons per acre or an equivalent permitted plot ratio of 1:7; and

(ii) Planning approval for a mixed-use development comprising one (1) block of 21-storey “Residensi Wilayah” apartment tower (977 units) sited atop a five (5)-storey car park cum facility podium (Phase 1) and one (1) block of 52-storey apartment suite tower (977 units) sited atop an eight (8)-storey car park cum facility podium; along with all common infrastructure and supporting amenities + facilities attached thereto (Phase 2).

8.0 V/COR/21/0059(H) – LOT 481729, SALAK SOUTH

Page 51



Legal interest in a parcel of land designated for “Perumahan Penjawat Awam 1 Malaysia” (PPA1M) (now known as PPAM) and mixed-use development; held under Lot 481729, Title No. Pajakan Negeri 53589, Mukim and District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.

Locality Located within the locality of Salak South; bordering Taman Desa and Sungai Besi within Mukim Kuala Lumpur; and the location of the site is strategically flanked by various highways / expressways; with the Kuala Lumpur - Seremban Expressway located to its west, the East -West Link Expressway (SALAK) to its south, the Sungai Besi Expressway (SBE) to its east and the Maju Expressway (MEX) to its south-east.


Register Proprietor Fitrah Resources Sdn Bhd.



Site Description The subject site is generally flat in terrain and accessible via the said internal service road off Jalan Sungai Besi which extends from the Sungai Besi Expressway (SBE). Other future accessibilities by roads or interchanges from the surrounding highways / expressways will be available upon development of the subject site. Based on our inspection, we note that the site is generally covered with light undergrowth and the perimeters are generally delineated with metal hoarding sheets.

Planning Located within an area zoned for commercial use with permitted plot ratio of 1:4; along with its express condition stipulates specifically for PPA1M scheme (now known as PPAM) and mixed-use development at a 50% : 50% proportion each.

Pursuant to a Letter dated 18th May 2021 issued by Jabatan Perancangan Bandaraya of Dewan Bandaraya Kuala Lumpur, we note that an application was submitted by SS Planning Group Sdn Bhd on behalf of the registered proprietor for the following: -

(i) Rezoning from commercial to mixed-use with a permitted density up to 800 persons per acre or an equivalent permitted plot ratio of 1:7; and

(ii) Planning approval for a mixed-use development comprising one (1) block of 21-storey “Residensi Wilayah” apartment tower (977 units) sited atop a five (5)-storey car park cum facility podium (Phase 1) and one (1) block of 52-storey apartment suite tower (977 units) sited atop an eight (8)-storey car park cum facility podium; along with all common infrastructure and supporting amenities + facilities attached thereto (Phase 2).

8.0 V/COR/21/0059(H) – LOT 481729, SALAK SOUTH

510




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Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113





8.2 MARKET VALUE




Comparison Approach We have identified and analysed the selected land sales transactions in the immediate and surrounding vicinity of the Subject Property and summarised the details in the tables attached below and overleaf.

Sales Comparison and Analysis of Vacant Development Land


Identification

Lot PT 6584 and Lot PT 6585 held under Title No. HSD 103596 and HSD 103595 respectively, both

located within Mukim and District of Kuala Lumpur, Wilayah


Lot 1560, Lot 1561, Lot 101468, Lot 304, Lot 305 and Lot 598 held under

Title No. GM 1210, GM 1211, GM 4375, HSD 77771, HSD 77772 and HSD 95318 respectively, all located

within Mukim Petaling, District of Kuala Lumpur, Wilayah


Lot 52957 to Lot 52961 (inclusive) held under Title No. Pajakan Negeri

44977, Pajakan Negeri 44990, Pajakan Negeri 44999, Pajakan

Negeri 45005 and Pajakan Negeri 45002 respectively, all located

within Mukim and District of Kuala Lumpur, Wilayah Persekutuan

Kuala Lumpur

Location Located within Taman Pertama, Cheras

Located within Taman Salak South Located within Taman Desa

Property Type Two (2) parcels of residential land

Six (6) adjoining parcels of development land with the benefit of planning approval for development

of serviced apartments

Three (3) parcels of residential land and two (2) parcels of mixed-use

development land

Title Land Area 498,778 square feet 201,821 square feet 1,863,620 square feet

Net Land Area - - 1,848,863 square feet (Notes)

TenureLeasehold interest for a term of 99 years, expiring on 1st July 2102; in


Interest in perpetuity; in respect of all titles

Leasehold interest for a term of 99 years, expiring on 25th June 2096; in

respect of all titles

PlanningZoned for residential use with

permitted density of 800 personsper acre

Zoned for commercial use; and approved for the development of two

(2) blocks of 22-storey serviced apartment tower (440 units) sited

atop a 7-storey car park podium, and two (2) blocks of 22-storey serviced apartment tower (550 units) sited

atop a 7-storey car park podium with one (1) level of basement car park; along with all common infrastructure and supporting amenities + facilities attached thereto; with approved plot

ratio of 1 : 5.08

Zoned for residential use with permitted density of 400 persons per acre; in respect of Lot 52957.

Zoned for residential use with permitted density of 24 persons per acre; in respect of Lot Lot 52960 and Lot 52961.

Zoned for mixed-use with permitted plot ratio of 1 : 2; in respect of Lot

52958 and Lot 52959.


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8.2 MARKET VALUE




Comparison Approach We have identified and analysed the selected land sales transactions in the immediate and surrounding vicinity of the Subject Property and summarised the details in the tables attached below and overleaf.

Sales Comparison and Analysis of Vacant Development Land


Identification

Lot PT 6584 and Lot PT 6585 held under Title No. HSD 103596 and HSD 103595 respectively, both

located within Mukim and District of Kuala Lumpur, Wilayah


Lot 1560, Lot 1561, Lot 101468, Lot 304, Lot 305 and Lot 598 held under

Title No. GM 1210, GM 1211, GM 4375, HSD 77771, HSD 77772 and HSD 95318 respectively, all located

within Mukim Petaling, District of Kuala Lumpur, Wilayah


Lot 52957 to Lot 52961 (inclusive) held under Title No. Pajakan Negeri

44977, Pajakan Negeri 44990, Pajakan Negeri 44999, Pajakan

Negeri 45005 and Pajakan Negeri 45002 respectively, all located

within Mukim and District of Kuala Lumpur, Wilayah Persekutuan

Kuala Lumpur

Location Located within Taman Pertama, Cheras

Located within Taman Salak South Located within Taman Desa

Property Type Two (2) parcels of residential land

Six (6) adjoining parcels of development land with the benefit of planning approval for development

of serviced apartments

Three (3) parcels of residential land and two (2) parcels of mixed-use

development land

Title Land Area 498,778 square feet 201,821 square feet 1,863,620 square feet

Net Land Area - - 1,848,863 square feet (Notes)

TenureLeasehold interest for a term of 99 years, expiring on 1st July 2102; in


Interest in perpetuity; in respect of all titles

Leasehold interest for a term of 99 years, expiring on 25th June 2096; in

respect of all titles

PlanningZoned for residential use with

permitted density of 800 personsper acre

Zoned for commercial use; and approved for the development of two

(2) blocks of 22-storey serviced apartment tower (440 units) sited

atop a 7-storey car park podium, and two (2) blocks of 22-storey serviced apartment tower (550 units) sited

atop a 7-storey car park podium with one (1) level of basement car park; along with all common infrastructure and supporting amenities + facilities attached thereto; with approved plot

ratio of 1 : 5.08

Zoned for residential use with permitted density of 400 persons per acre; in respect of Lot 52957.

Zoned for residential use with permitted density of 24 persons per acre; in respect of Lot Lot 52960 and Lot 52961.

Zoned for mixed-use with permitted plot ratio of 1 : 2; in respect of Lot

52958 and Lot 52959.


511




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Podium (3) 38,220.55 411,403 – –

Total 108,384.21 1,166,638 53,058.13 571,113





Sales Comparison and Analysis of Vacant Development Land (Cont’d)


Date 28th August 2020 28th March 2019 18th September 2017


Vendor Pacific Mutiara Sdn Bhd TC Goldyear Sdn BhdDewan Bandaraya Kuala Lumpur

(DBKL)

Purchaser UEM Land BerhadMah Sing Properties Sdn Bhd (a

wholly owned subsidiary of Mah Sing Group Berhad)

Garuda Searah Sdn Bhd

Source Jabatan Penilaian dan Perkhidmatan Harta (JPPH)

Bursa Malaysia Securities BerhadJabatan Penilaian dan Perkhidmatan

Harta (JPPH)

AdjustmentsGeneral adjustments are made for location / establishment, accessibility / infrastructure, tenure, land size, terrain /

level, exposure / frontages, category of land use, zoning, express condition, restriction-in-interest, plot ratio / density, planning approval and adverse features


Notes: (i) Entries relating to formal possession of part of the land measuring approximately 767 square metres and 604 square metres under Section 22 of the Land Acquisition Act 1960 (Borang K) vide Presentation No. PDN62/2005, registered on 21st February 2005; in respect of Lot 52957 and Lot 52960 respectively.

(ii) Entries relating to formal possession of part of the land measuring in total of approximately 4,740.2831 square metres under Section 22 of the Land Acquisition Act 1960 (Borang K) vide Presentation No. PDN 2170/2018, registered on 2nd May 2018; in respect of Lot 52958, Lot 52959 and Lot 52960. We have excluded the above from our analysis as it was endorsed after the date of transaction.

Valuation Rationale From the above adjusted values, we note that the derived values ranged between RM178.97 per square foot to RM234.65 per square foot. In view of limited recorded transactions of identical land sales transactions in the immediate and surrounding localities, we have resorted to adopt the selected comparable(s) in our assessment by Comparison Approach; as it is not possible to identify exactly alike properties to make reference to, hence appropriate adjustments are made to reflect the differences of the comparable(s) and the property being valued.

Although total adjustments (are in excess of 70%) were considered and made in our assessment, we are of the view that the selected comparable(s) adopted are still considered relevant as the selected comparable(s) have relatively similar attributes as compared to the Subject Property. With total effective adjustments made for all Comparable(s); we have placed greater reliance on Comparable 1 (being the most recent transaction with least adjustments) after having considered and made diligent adjustments for accessibility / infrastructure, exposure / frontages, land size, zoning, express condition, restriction-in-interest, plot ratio / density and adverse features.

Based on the foregoing, we have thus adopted a value for the Subject Property to be RM87,014,114 (analysed to be RM204.50 per square foot) as fair representation by using the Comparison Approach. Based on the foregoing, we have thus adopted a round-up value for the Subject Property to be RM87,000,000 (analysed to be RM204.47 per square foot) in our valuation as fair representation.

Page 53

Sales Comparison and Analysis of Vacant Development Land (Cont’d)


Date 28th August 2020 28th March 2019 18th September 2017


Vendor Pacific Mutiara Sdn Bhd TC Goldyear Sdn BhdDewan Bandaraya Kuala Lumpur

(DBKL)

Purchaser UEM Land BerhadMah Sing Properties Sdn Bhd (a

wholly owned subsidiary of Mah Sing Group Berhad)

Garuda Searah Sdn Bhd

Source Jabatan Penilaian dan Perkhidmatan Harta (JPPH)

Bursa Malaysia Securities BerhadJabatan Penilaian dan Perkhidmatan

Harta (JPPH)

AdjustmentsGeneral adjustments are made for location / establishment, accessibility / infrastructure, tenure, land size, terrain /

level, exposure / frontages, category of land use, zoning, express condition, restriction-in-interest, plot ratio / density, planning approval and adverse features


Notes: (i) Entries relating to formal possession of part of the land measuring approximately 767 square metres and 604 square metres under Section 22 of the Land Acquisition Act 1960 (Borang K) vide Presentation No. PDN62/2005, registered on 21st February 2005; in respect of Lot 52957 and Lot 52960 respectively.

(ii) Entries relating to formal possession of part of the land measuring in total of approximately 4,740.2831 square metres under Section 22 of the Land Acquisition Act 1960 (Borang K) vide Presentation No. PDN 2170/2018, registered on 2nd May 2018; in respect of Lot 52958, Lot 52959 and Lot 52960. We have excluded the above from our analysis as it was endorsed after the date of transaction.

Valuation Rationale From the above adjusted values, we note that the derived values ranged between RM178.97 per square foot to RM234.65 per square foot. In view of limited recorded transactions of identical land sales transactions in the immediate and surrounding localities, we have resorted to adopt the selected comparable(s) in our assessment by Comparison Approach; as it is not possible to identify exactly alike properties to make reference to, hence appropriate adjustments are made to reflect the differences of the comparable(s) and the property being valued.

Although total adjustments (are in excess of 70%) were considered and made in our assessment, we are of the view that the selected comparable(s) adopted are still considered relevant as the selected comparable(s) have relatively similar attributes as compared to the Subject Property. With total effective adjustments made for all Comparable(s); we have placed greater reliance on Comparable 1 (being the most recent transaction with least adjustments) after having considered and made diligent adjustments for accessibility / infrastructure, exposure / frontages, land size, zoning, express condition, restriction-in-interest, plot ratio / density and adverse features.

Based on the foregoing, we have thus adopted a value for the Subject Property to be RM87,014,114 (analysed to be RM204.50 per square foot) as fair representation by using the Comparison Approach. Based on the foregoing, we have thus adopted a round-up value for the Subject Property to be RM87,000,000 (analysed to be RM204.47 per square foot) in our valuation as fair representation.

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15. VALUATION CERTIFICATES (cont d)

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Transcript of 15. VALUATION CERTIFICATES (cont d)