Finance (Final Final) Real Estate
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Transcript of Finance (Final Final) Real Estate
![Page 1: Finance (Final Final) Real Estate](https://reader036.fdocuments.in/reader036/viewer/2022062420/55cf9d29550346d033ac7d75/html5/thumbnails/1.jpg)
Scenario analysisMajor assumptions For Base
Land Price ($psf of GFA): 260 Discount Rate, ungeared:Building Costs ($psf of GFA): 410 Discount Rate, geared:
Optimistic BaseResidential Sales @ $psf: 1161.6 Residential Sales @ $psf:
Before Tax After TaxIRR ungeared 26.56% 24.16% IRR ungearedIRR geared 42.64% 40.39% IRR gearedNPV (ungeared) $8,913,004 $6,614,214 NPV (ungeared)NPV (geared) $6,647,418 $5,654,142 NPV (geared)
PessimisticResidential Sales @ $psf: 897.60
Before Tax After TaxIRR ungeared 2.45% 0.76%IRR geared Err:523 Err:523NPV (ungeared) ($13,331,130) ($14,740,155)NPV (geared) ($9,932,067) ($10,262,164)
BaseScenario analysis IRR (ungeared) ProbabilityBase ($1056) 17.02% 65%
26.56% 25% IRR ungeared2.45% 10% IRR geared
17.95% NPV (ungeared)(Average IRR) NPV (geared)
Residential Sales @ $ 1056 psf
Optimsitic ($1161.6) 10% Pessimistic ($897.6) 15%
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0%0%
0%0%0%0%0%0%
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511505.28484.38
17.00%26.46%
1056.00Before Tax After Tax
17.02% 14.90%26.50% 24.61%
$15,350 ($1,927,534)$15,624 ($712,380)
Before Tax After Tax17.02% 14.90%26.50% 24.61%
$15,350 ($1,927,534)$15,624 ($712,380)
Residential Sales @ $ 1056 psf
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0% 0% 0%0% 0% 0%
0% 0% 0% 0% 0%0% 0% 0% 0% 0%0% 0% 0% 0% 0%0% 0% 0% 0% 0%0% 0% 0% 0% 0%0% 0% 0% 0% 0%
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Cash Flow Proforma For Residential ComponentLand PriceGFA in sqft 152,927Net Floor Area (Efficiency Factor 0.90) 137,634Other buildable Area (10% of NFA) 13,763Total buildable Area (sqft) 151,398Total saleable area 132,720
Total
INFLOWS:Residential % progress receivable 100%Residential Sales @ $psf $1,056 140,152,447 Service Charge $800 2096160Nursing Charge 259200TOTAL INFLOW $142,507,807
Development Fee SummaryDevelopment progress 100%% of professional fees 100%% of land payment 100%OUTFLOWS:Land Price ($psf of GFA) 260 39,760,984GST (% of land purchase price) 7% 2,783,269Stamp Duty & Legal Fees 3.50% 1,391,634Submission/processing fee 500,000Building Costs ($psf of GFA) 410 62,700,013
8% 5,016,001Operating Expenses:Marketing residential @ % sales, 6 periods 1.5% 2,102,287Property tax @ 5% of CV (land) 12% 238,566Agency fee @ % of sales 1% 1,401,524Legal fee @ % of sales 0.30% 420,457Maintance and services $800 2096160Nursing fees 259200TOTAL OUTFLOWS $118,670,095
Net Cashflow Before Financing $23,837,712
Financing RequirementBalance Loan B/FDebt @ % of net cashflow 60% Effective interest payable @ % (quarterly) 1.47%Principal/ Interest repaymentOutstanding Loan C/F
Professional Fees & mgmt fees @ % of bldg costs
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Net Cashflow After Financing $20,267,384 Cummulative Net CF after financing
Discounted Cashflow After Tax PositionNet CF Before FinancingLess: Taxation @ % payment arrears 17%Net CF befefore financing & after tax $20,660,833
Net CF After FinancingLess: Taxation @ % payment arrears 17%Net CF after financing & after tax $18,567,340
Yearly QuarterlyDiscount Rate, ungeared 17.00% 4.00%Discount Rate, geared 26.46% 6.04%
Before Tax After TaxIRR ungeared 17.02% 14.90%IRR geared 26.50% 24.61%NPV (ungeared, discount rate @ %) 15,350 (1,927,534)NPV (geared, discount rate @ %) 15,624 (712,380)
Projected Development Progress: ResidentialPercentage of development progress 100%CumulativeAverage development progress
Projected Residential SalesPercentage of residential units sold 100%Units soldArea sold (sq ft) 132,720Cummulative units sold% of progress sales receivable 100%Cummulative % of progress receivable
Unit breakdownGFA (sqm) 14,239
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Efficiency 1NFA 12,815Other saleable area (10% of NFA) 1,282Total Saleable Area 14,097
Clubroom (5%) (Sqm) 705Staff and Medical Outpost (2.5%) (Sqm) 352One room units (Sqm) 5,8502 room units space (Sqm) 6,480Carehome (Sqm) 700
Left over space 9.36425
0.25 0.50 0.75
IRR (ungeared) BTCF 4.01% 0IRR (ungeared) ATCF 3.53% 0IRR (geared) BTCF 6.05% 0IRR (geared) ATCF 5.66% 0
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Other dataAverage no. of health careservice users
assuming 10% additional NFA created due to good architectural practice from other saleable area in sqft
Design Possession & PilingQ1 2013 Q2 2013 Q3 2013 Q4 2013
0 0% 0% 0%0 0 0 00 0 0 00 0 0 0
$0 $0 $0 $0
0% 0% 0% 5%5% 5% 5% 5%
25% 0% 0% 75%
9,940,246 0 0 29,820,738695,817 0 0 2,087,452347,909 0 0 1,043,726500,000 0 0 0
0 0 0 3,135,001
250,800 250,800 250,800 250,800
0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0
$11,734,772 $250,800 $250,800 $36,337,716
($11,734,772) ($250,800) ($250,800) ($36,337,716)
0 7,144,180 7,401,700 7,663,0007,040,863 150,480 150,480 21,802,630
103,317 107,041 110,820 432,3740 0 0 0
7,144,180 7,401,700 7,663,000 29,898,004
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($4,693,909) ($100,320) ($100,320) ($14,535,086)($4,693,909) ($4,794,229) ($4,894,549) ($19,429,635)
(11,734,772) (250,800) (250,800) (36,337,716)0 0 0 0
($11,734,772) ($250,800) ($250,800) ($36,337,716)
(4,693,909) (100,320) (100,320) (14,535,086)0 0 0 0
($4,693,909) ($100,320) ($100,320) ($14,535,086)
Breakeven point (psf pr)Residential: 894
0% 0% 0% 5%0% 0% 0% 5%
0% 0% 0% 0%0% 0% 0% 0%0% 0% 0% 0%0% 0% 0% 0%0% 0% 0% 0%0% 0% 0% 0%
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484.38
775.008
No. of units Unit size (psft) Total saleable130 62969.4
90 69750.7235 20 0
132720.12
1.00 1.25 1.50 1.75
-11,734,772 -250,800 -250,800 -36,337,716-11,734,772 -250,800 -250,800 -36,337,716
-4,693,909 -100,320 -100,320 -14,535,086-4,693,909 -100,320 -100,320 -14,535,086
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Other dataAverage no. of health careservice users 30
assuming 10% additional NFA created due to good architectural practice from other saleable area in sqft
Development LaunchQ1 2014 Q2 2014 Q3 2014 Q4 2014
0% 20% 5% 5%0 11,212,196 9,810,671 9,250,0610 0 0 00 0 0 0
$0 $11,212,196 $9,810,671 $9,250,061
10% 10% 15% 15%10% 5% 10% 5%
0%
0 0 0 00 0 0 00 0 0 00 0 0 0
6,270,001 6,270,001 9,405,002 9,405,002
501,600 250,800 501,600 250,800
0 350,381 350,381 350,381238,566 0 0 0
0 112,122 98,107 92,5010 33,637 29,432 27,7500 0 0 00 0 0 0
$7,010,167 $7,016,941 $10,384,522 $10,126,434
($7,010,167) $4,195,255 ($573,851) ($876,372)
29,898,004 34,604,542 30,855,509 31,890,5494,206,100 0 0 0
500,438 446,221 461,190 480,8170 4,195,255 573,851 876,372
34,604,542 30,855,509 31,890,549 33,247,738
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($2,804,067) $0 $0 $0 ($22,233,702) ($22,233,702) ($22,233,702) ($22,233,702)
(7,010,167) 4,195,255 (573,851) (876,372)0 $167,810 ($22,954) ($35,055)
($7,010,167) $4,027,445 ($550,897) ($841,317)
(2,804,067) 0 0 0 0 0 0 0
($2,804,067) $0 $0 $0
10% 10% 15% 15%15% 25% 40% 55%
0% 40% 20% 12%0% 88 44 260% 53,088 26,544 15,9260% 88 132 1580% 20% 5% 5%0% 20% 25% 30%
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2.00 2.25 2.50 2.75
-7,010,167 4,195,255 -573,851 -876,372-7,010,167 4,027,445 -550,897 -841,317-2,804,067 0 0 0-2,804,067 0 0 0
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140,152,447 130 $511,505118,670,095 90 $818,408
0.846721535535102
TOPQ1 2015 Q2 2015 Q3 2015 Q4 2015
10% 10% 10% 25%16,818,294 16,678,141 16,117,531 35,668,798
0 0 0 1672000 0 0 21600
$16,818,294 $16,678,141 $16,117,531 $35,857,598
15% 15% 15% 0%10% 5% 10% 10%
0 0 0 00 0 0 00 0 0 00 0 0 0
9,405,002 9,405,002 9,405,002 0
501,600 250,800 501,600 501,600
350,381 350,381 350,381 00 0 0
168,183 166,781 161,175 356,68850,455 50,034 48,353 107,006
0 0 0 1672000 0 0 21600
$10,475,621 $10,222,999 $10,466,511 $1,154,094
$6,342,673 $6,455,142 $5,651,020 $34,703,503
33,247,738 27,299,866 21,150,596 15,727,0140 0 0 0
394,801 305,872 227,438 06,342,673 6,455,142 5,651,020 15,727,014
27,299,866 21,150,596 15,727,014 0
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$0 $0 $0 $18,976,489 ($22,233,702) ($22,233,702) ($22,233,702) ($3,257,213)
6,342,673 6,455,142 5,651,020 34,703,503 $253,707 $258,206 $226,041 $1,388,140
$6,088,966 $6,196,937 $5,424,980 $33,315,363
0 0 0 18,976,489 0 0 $0.00 $759,059.56
$0 $0 $0 $18,217,430
15% 15% 15%70% 85% 100%
12% 7% 4% 2%26 15 9 4
15,926 9,290 5,309 2,654185 200 209 21310% 10% 10% 25%40% 50% 60% 85%
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3.00 3.25 3.50 3.75
6,342,673 6,455,142 5,651,020 34,703,5036,088,966 6,196,937 5,424,980 33,315,363
0 0 0 18,976,4890 0 0 18,217,430
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$66,495,686.40$73,656,760.32
CSCQ1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
0% 0% 0% 10% 0%2,382,592 1,191,296 0 14,015,245 0
170720 174240 176000 176000 17600021600 21600 21600 21600 21600
$2,574,912 $1,387,136 $197,600 $14,212,845 $197,600
0% 0% 0% 0% 0%10% 5% 0% 0% 0%
0 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 0
501,600 250,800 0 0 0
0 0 0 0
23,826 11,913 0 140,152 07,148 3,574 0 42,046 0
170720 174240 176000 176000 17600021600 21600 21600 21600 21600
$724,894 $462,127 $197,600 $379,798 $197,600
$1,850,018 $925,009 $0 $13,833,046 $0
0 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 0
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$1,850,018 $925,009 $0 $13,833,046 $0 ($1,407,195) ($482,186) ($482,186) $13,350,860 $13,350,860
1,850,018 925,009 0 13,833,046 0 $74,001 $37,000 $0 $553,322 $0
$1,776,017 $888,009 $0 $13,279,725 $0
1,850,018 925,009 0 13,833,046 0 $74,000.71 $37,000.36 $0.00 $553,321.86 $0.00 $1,776,017 $888,009 $0 $13,279,725 $0
2% 1% 4 2
2,654 1,327218 220
13%85% 85% 85% 98% 98%
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4.00 4.25 4.50 4.75 5.00
1,850,018 925,009 0 13,833,046 01,776,017 888,009 0 13,279,725 01,850,018 925,009 0 13,833,046 01,776,017 888,009 0 13,279,725 0
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Residential TitleQ2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018
0% 0% 5% 0% 0%0 0 7,007,622 0 0
176000 176000 176000 176000 17600021600 21600 21600 21600 21600
$197,600 $197,600 $7,205,222 $197,600 $197,600
0% 0% 0% 0% 0%0% 0%
0 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 0
0 0 0 0 0
0 0 70,076 0 00 0 21,023 0 0
176000 176000 176000 176000 17600021600 21600 21600 21600 21600
$197,600 $197,600 $288,699 $197,600 $197,600
$0 $0 $6,916,523 $0 $0
0 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 0
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$0 $0 $6,916,523 $0 $0 $13,350,860 $13,350,860 $20,267,384 $20,267,384 $20,267,384
0 0 6,916,523 0 0 $0 $0 $276,661 $0 $0 $0 $0 $6,639,862 $0 $0
0 0 6,916,523 0 0 $0.00 $0.00 $276,660.93 $0.00 $0.00
$0 $0 $6,639,862 $0 $0
2%98% 98% 100%
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5.25 5.50 5.75 6.00 6.25
0 0 6,916,523 0 00 0 6,639,862 0 00 0 6,916,523 0 00 0 6,639,862 0 0
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Q3 2018 Q4 2018 2019 2020 2021 2022 2023 2024
0%0
17600021600
$197,600
0%
00000
0
00
17600021600
$197,600
$0
00000
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$0 $20,267,384
0 $0 $0
0 $0.00
$0
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6.50 6.75 7.00 7.25 7.50 7.75 8.00 8.25
0000
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2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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8.50 8.75 9.00 9.25 9.50 9.75 10.00 10.25 10.50 10.75
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2035 2036 2037 2038 2039 2040 2041 2042 2043 2044
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11.00 11.25 11.50 11.75 12.00 12.25 12.50 12.75 13.00 13.25
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2045 2046 2047 2048 2049 2050 2051 2052 2053 2054
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13.50 13.75 14.00 14.25 14.50 14.75 15.00 15.25 15.50 15.75
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2055 2056 2057 2058 2059 2060 2061 2062 2063 2064
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16.00 16.25 16.50 16.75 17.00 17.25 17.50 17.75 18.00 18.25
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2065 2066 2067 2068 2069 2070 2071 2072 2073
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18.50 18.75 19.00 19.25 19.50 19.75 20.00 20.25 20.50
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Cash Flow Proforma For Residential ComponentLand PriceGFA in sqft 152,927Net Floor Area (Efficiency Factor 0.90) 137,634Other buildable Area (10% of NFA) 13,763Total buildable Area (sqft) 151,398Total saleable area 132,720
Total
INFLOWS:Residential % progress receivable 100%Residential Sales @ $psf $1,162 154,167,691 Service Charge $800 2,096,160
Nursing Charge 259200TOTAL INFLOW $156,523,051
Development Fee SummaryDevelopment progress 100%% of professional fees 100%% of land payment 100%OUTFLOWS:Land Price ($psf of GFA) 260 39,760,984GST (% of land purchase price) 7% 2,783,269Stamp Duty & Legal Fees 3.50% 1,391,634Submission/processing fee 500,000Building Costs ($psf of GFA) 410 62,700,013Professional Fees & mgmt fees @ % of bldg costs 8% 5,016,001Operating Expenses:
Marketing residential @ % sales, 6 periods 1.5% 2,312,515Property tax @ 5% of CV (land) 12% 238,566Agency fee @ % of sales 1% 1,541,677Legal fee @ % of sales 0.30% 462,503Maintance and services $800 2096160
Nursing fees 259200TOTAL OUTFLOWS $119,062,522
Net Cashflow Before Financing $37,460,530
Financing RequirementBalance Loan B/FDebt @ % of net cashflow 60% Effective interest payable @ % (quarterly) 1.47%Principal/ Interest repaymentOutstanding Loan C/F
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Net Cashflow After Financing $34,254,312 Cummulative Net CF after financing
Discounted Cashflow After Tax PositionNet CF Before Financing
Less: Taxation @ % payment arrears 17%Net CF befefore financing & after tax $33,738,738
Net CF After FinancingLess: Taxation @ % payment arrears 17%
Net CF after financing & after tax $31,994,792
Yearly QuarterlyDiscount Rate, ungeared 17.00% 4.00%Discount Rate, geared 26.46% 6.04%
Before Tax After TaxIRR ungeared 26.56% 24.16%IRR geared 42.64% 40.39%NPV (ungeared, discount rate @ %) 8,913,004 6,614,214 NPV (geared, discount rate @ %) 6,647,418 5,654,142
Projected Development Progress: ResidentialPercentage of development progress 100%CumulativeAverage development progress
Projected Residential SalesPercentage of residential units sold 100%Units soldArea sold (sq ft) 132,720Cummulative units sold% of progress sales receivable 100%Cummulative % of progress receivable
Unit breakdownGFA (sqm) 14,239Efficiency 1NFA 12,815Other saleable area (10% of NFA) 1,282
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Total Saleable Area 14,097
Clubroom (5%) (Sqm) 705Staff and Medical Outpost (2.5%) (Sqm) 352One room units (Sqm) 5,8502 room units space (Sqm) 6,480Carehome (Sqm) 700
Left over space 9.36425
0.25 0.50 0.75
IRR (ungeared) BTCF 6.07% 0IRR (ungeared) ATCF 5.56% 0IRR (geared) BTCF 9.28% 0IRR (geared) ATCF 8.85% 0
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Other dataAverage no. of health careservice users
assuming 10% additional NFA created due to good architectural practice from other saleable area in sqft
Design Possession & PilingQ1 2013 Q2 2013 Q3 2013 Q4 2013
0% 0% 0%0 0 0
0 0 0 0
0 0 0 0$0 $0 $0 $0
0% 0% 0% 5%5% 5% 5% 5%
25% 0% 0% 75%
9,940,246 0 0 29,820,738695,817 0 0 2,087,452347,909 0 0 1,043,726500,000 0 0 0
0 0 0 3,135,001250,800 250,800 250,800 250,800
0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0
$11,734,772 $250,800 $250,800 $36,337,716
($11,734,772) ($250,800) ($250,800) ($36,337,716)
0 7,144,180 7,401,700 7,663,0007,040,863 150,480 150,480 21,802,630
103,317 107,041 110,820 432,3740 0 0 0
7,144,180 7,401,700 7,663,000 29,898,004
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($4,693,909) ($100,320) ($100,320) ($14,535,086)($4,693,909) ($4,794,229) ($4,894,549) ($19,429,635)
(11,734,772) (250,800) (250,800) (36,337,716)0 0 0 0
($11,734,772) ($250,800) ($250,800) ($36,337,716)
(4,693,909) (100,320) (100,320) (14,535,086)0 0 0 0
($4,693,909) ($100,320) ($100,320) ($14,535,086)
Breakeven point (psf pr)Residential: 897
0% 0% 0% 5%0% 0% 0% 5%
0% 0% 0% 0%0% 0% 0% 0%0% 0% 0% 0%0% 0% 0% 0%0% 0% 0% 0%0% 0% 0% 0%
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No. of units Sqm130 45
90 7235 20
1.00 1.25 1.50 1.75
-11,734,772 -250,800 -250,800 -36,337,716-11,734,772 -250,800 -250,800 -36,337,716
-4,693,909 -100,320 -100,320 -14,535,086-4,693,909 -100,320 -100,320 -14,535,086
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Other dataAverage no. of health careservice users 30
assuming 10% additional NFA created due to good architectural practice from other saleable area in sqft
Development LaunchQ1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
0% 20% 5% 5% 10%0 12,333,415 10,791,738 10,175,068 18,500,1230 0 0 0 0
0 0 0 0 0%$0 $12,333,415 $10,791,738 $10,175,068 $18,500,123
10% 10% 15% 15% 15%10% 5% 10% 5% 10%
0%
0 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 0
6,270,001 6,270,001 9,405,002 9,405,002 9,405,002501,600 250,800 501,600 250,800 501,600
0 385,419 385,419 385,419 385,419238,566 0 0 0 0
0 123,334 107,917 101,751 185,0010 37,000 32,375 30,525 55,5000 0 0 0 00 0 0 0 0
$7,010,167 $7,066,555 $10,432,314 $10,173,497 $10,532,523
($7,010,167) $5,266,860 $359,425 $1,571 $7,967,600
29,898,004 34,604,542 29,768,179 29,840,293 30,276,5724,206,100 0 0 0 0
500,438 430,497 431,540 437,849 327,3580 5,266,860 359,425 1,571 7,967,600
34,604,542 29,768,179 29,840,293 30,276,572 22,636,330
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($2,804,067) $0 $0 $0 $0 ($22,233,702) ($22,233,702) ($22,233,702) ($22,233,702) ($22,233,702)
(7,010,167) 5,266,860 359,425 1,571 7,967,600 0 $210,674 $14,377 $63 $318,704
($7,010,167) $5,056,186 $345,048 $1,508 $7,648,896
(2,804,067) 0 0 0 0 0 0 0 0 0
($2,804,067) $0 $0 $0 $0
10% 10% 15% 15% 15%15% 25% 40% 55% 70%
0% 40% 20% 12% 12%0% 88 44 26 260% 53,088 26,544 15,926 15,9260% 88 132 158 1850% 20% 5% 5% 10%0% 20% 25% 30% 40%
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2.00 2.25 2.50 2.75 3.00
-7,010,167 5,266,860 359,425 1,571 7,967,600-7,010,167 5,056,186 345,048 1,508 7,648,896-2,804,067 0 0 0 0-2,804,067 0 0 0 0
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TOPQ2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
10% 10% 25% 0% 0%18,345,955 17,729,285 39,235,677 2,620,851 1,310,425
0 0 167200 170720 174240
0 0 21600 21600 21600$18,345,955 $17,729,285 $39,424,477 $2,813,171 $1,506,265
15% 15% 0% 0% 0%5% 10% 10% 10% 5%
0 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 0
9,405,002 9,405,002 0 0 0250,800 501,600 501,600 501,600 250,800
385,419 385,419 0 0 00 0
183,460 177,293 392,357 26,209 13,10455,038 53,188 117,707 7,863 3,931
0 0 167200 170720 1742400 0 21600 21600 21600
$10,279,719 $10,522,502 $1,200,464 $727,991 $463,676
$8,066,237 $7,206,783 $38,224,014 $2,085,180 $1,042,590
22,636,330 14,783,893 7,688,295 0 00 0 0 0 0
213,799 111,185 0 0 08,066,237 7,206,783 7,688,295 0 0
14,783,893 7,688,295 0 0 0
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$0 $0 $30,535,718 $2,085,180 $1,042,590 ($22,233,702) ($22,233,702) $8,302,016 $10,387,196 $11,429,786
8,066,237 7,206,783 38,224,014 2,085,180 1,042,590 $322,649 $288,271 $1,528,961 $83,407 $41,704
$7,743,587 $6,918,511 $36,695,053 $2,001,772 $1,000,886
0 0 30,535,718 2,085,180 1,042,590 0 $0.00 $1,221,428.73 $83,407.18 $41,703.59
$0 $0 $29,314,289 $2,001,772 $1,000,886
15% 15%85% 100%
7% 4% 2% 2% 1%15 9 4 4 2
9,290 5,309 2,654 2,654 1,327200 209 213 218 22010% 10% 25%50% 60% 85% 85% 85%
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3.25 3.50 3.75 4.00 4.25
8,066,237 7,206,783 38,224,014 2,085,180 1,042,5907,743,587 6,918,511 36,695,053 2,001,772 1,000,886
0 0 30,535,718 2,085,180 1,042,5900 0 29,314,289 2,001,772 1,000,886
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CSCQ3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017
0% 10% 0% 0% 0%0 15,416,769 0 0 0
176000 176000 176000 176000 176000
21600 21600 21600 21600 21600$197,600 $15,614,369 $197,600 $197,600 $197,600
0% 0% 0% 0% 0%0% 0% 0% 0% 0%
0 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 0
0 0
0 154,168 0 0 00 46,250 0 0 0
176000 176000 176000 176000 17600021600 21600 21600 21600 21600
$197,600 $398,018 $197,600 $197,600 $197,600
$0 $15,216,351 $0 $0 $0
0 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 0
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$0 $15,216,351 $0 $0 $0 $11,429,786 $26,646,137 $26,646,137 $26,646,137 $26,646,137
0 15,216,351 0 0 0 $0 $608,654 $0 $0 $0 $0 $14,607,697 $0 $0 $0
0 15,216,351 0 0 0 $0.00 $608,654.05 $0.00 $0.00 $0.00
$0 $14,607,697 $0 $0 $0
13%85% 98% 98% 98% 98%
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4.50 4.75 5.00 5.25 5.50
0 15,216,351 0 0 00 14,607,697 0 0 00 15,216,351 0 0 00 14,607,697 0 0 0
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Residential TitleQ4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 2019
5% 0% 0% 0%7,708,385 0 0 0
176000 176000 176000 176000
21600 21600 21600 21600$7,905,985 $197,600 $197,600 $197,600
0% 0% 0% 0%
0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0
77,084 0 0 023,125 0 0 0
176000 176000 176000 17600021600 21600 21600 21600
$297,809 $197,600 $197,600 $197,600
$7,608,176 $0 $0 $0
0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0
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$7,608,176 $0 $0 $0 $34,254,312 $34,254,312 $34,254,312 $34,254,312
7,608,176 0 0 0 $304,327 $0 $0 $0
$7,303,849 $0 $0 $0
7,608,176 0 0 0 $304,327.02 $0.00 $0.00 $0.00
$7,303,849 $0 $0 $0
2%100%
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5.75 6.00 6.25 6.50
7,608,176 0 0 07,303,849 0 0 07,608,176 0 0 07,303,849 0 0 0
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2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
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2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
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2040 2041 2042 2043 2044 2045 2046 2047 2048 2049
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2050 2051 2052 2053 2054 2055 2056 2057 2058 2059
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2060 2061 2062 2063 2064 2065 2066 2067 2068 2069
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2070 2071 2072 2073
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Cash Flow Proforma For Residential ComponentLand PriceGFA in sqft 152,927Net Floor Area (Efficiency Factor 0.90) 137,634Other buildable Area (10% of NFA) 13,763Total buildable Area (sqft) 151,398Total saleable area 132,720
Total
INFLOWS:Residential % progress receivable 100%Residential Sales @ $psf $898 119,129,580 Service Charge $800 2,096,160
Nursing Charge 259200TOTAL INFLOW $121,484,940
Development Fee SummaryDevelopment progress 100%% of professional fees 100%% of land payment 100%OUTFLOWS:Land Price ($psf of GFA) 260 39,760,984GST (% of land purchase price) 7% 2,783,269Stamp Duty & Legal Fees 3.50% 1,391,634Submission/processing fee 500,000Building Costs ($psf of GFA) 410 62,700,013Professional Fees & mgmt fees @ % of bldg costs 8% 5,016,001Operating Expenses:
Marketing residential @ % sales, 6 periods 1.5% 1,786,944Property tax @ 5% of CV (land) 12% 238,566Agency fee @ % of sales 1% 1,191,296Legal fee @ % of sales 0.30% 357,389Maintance and services $800 2096160
Nursing fees 259200TOTAL OUTFLOWS $118,081,455
Net Cashflow Before Financing $3,403,485
Financing RequirementBalance Loan B/FDebt @ % of net cashflow 60% Effective interest payable @ % (quarterly) 1.47%Principal/ Interest repaymentOutstanding Loan C/F
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Net Cashflow After Financing ($713,010)Cummulative Net CF after financing
Discounted Cashflow After Tax PositionNet CF Before Financing
Less: Taxation @ % payment arrears 17%Net CF befefore financing & after tax $1,043,975
Net CF After FinancingLess: Taxation @ % payment arrears 17%
Net CF after financing & after tax ($1,573,837)
Yearly QuarterlyDiscount Rate, ungeared 17.00% 4.00%Discount Rate, geared 26.46% 6.04%
Before Tax After TaxIRR ungeared 2.45% 0.76%IRR geared Err:523 Err:523NPV (ungeared, discount rate @ %) (13,331,130) (14,740,155)NPV (geared, discount rate @ %) (9,932,067) (10,262,164)
Projected Development Progress: ResidentialPercentage of development progress 100%CumulativeAverage development progress
Projected Residential SalesPercentage of residential units sold 100%Units soldArea sold (sq ft) 132,720Cummulative units sold% of progress sales receivable 100%Cummulative % of progress receivable
Unit breakdownGFA (sqm) 14,239Efficiency 1NFA 12,815Other saleable area (10% of NFA) 1,282
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Total Saleable Area 14,097
Clubroom (5%) (Sqm) 705Staff and Medical Outpost (2.5%) (Sqm) 352One room units (Sqm) 5,8502 room units space (Sqm) 6,480Carehome (Sqm) 700
Left over space 9.36425
0.25 0.50 0.75
IRR (ungeared) BTCF 0.61% 0IRR (ungeared) ATCF 0.19% 0IRR (geared) BTCF Err:523 0IRR (geared) ATCF Err:523 0
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Other dataAverage no. of health careservice users
assuming 10% additional NFA created due to good architectural practice from other saleable area in sqft
Design Possession & PilingQ1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014
0% 0% 0% 0%0 0 0 0
0 0 0 0 0
0 0 0 0 0$0 $0 $0 $0 $0
0% 0% 0% 5% 10%5% 5% 5% 5% 10%
25% 0% 0% 75% 0%
9,940,246 0 0 29,820,738 0695,817 0 0 2,087,452 0347,909 0 0 1,043,726 0500,000 0 0 0 0
0 0 0 3,135,001 6,270,001250,800 250,800 250,800 250,800 501,600
0 0 0 0 00 0 0 0 238,5660 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 0
$11,734,772 $250,800 $250,800 $36,337,716 $7,010,167
($11,734,772) ($250,800) ($250,800) ($36,337,716) ($7,010,167)
0 7,144,180 7,401,700 7,663,000 29,898,0047,040,863 150,480 150,480 21,802,630 4,206,100
103,317 107,041 110,820 432,374 500,4380 0 0 0 0
7,144,180 7,401,700 7,663,000 29,898,004 34,604,542
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($4,693,909) ($100,320) ($100,320) ($14,535,086) ($2,804,067)($4,693,909) ($4,794,229) ($4,894,549) ($19,429,635) ($22,233,702)
(11,734,772) (250,800) (250,800) (36,337,716) (7,010,167)0 0 0 0 0
($11,734,772) ($250,800) ($250,800) ($36,337,716) ($7,010,167)
(4,693,909) (100,320) (100,320) (14,535,086) (2,804,067)0 0 0 0 0
($4,693,909) ($100,320) ($100,320) ($14,535,086) ($2,804,067)
Breakeven point (psf pr)Residential: 890
0% 0% 0% 5% 10%0% 0% 0% 5% 15%
0% 0% 0% 0% 0%0% 0% 0% 0% 0%0% 0% 0% 0% 0%0% 0% 0% 0% 0%0% 0% 0% 0% 0%0% 0% 0% 0% 0%
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No. of units Sqm130 45
90 7235 20
1.00 1.25 1.50 1.75 2.00
-11,734,772 -250,800 -250,800 -36,337,716 -7,010,167-11,734,772 -250,800 -250,800 -36,337,716 -7,010,167
-4,693,909 -100,320 -100,320 -14,535,086 -2,804,067-4,693,909 -100,320 -100,320 -14,535,086 -2,804,067
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Other dataAverage no. of health careservice users 30
assuming 10% additional NFA created due to good architectural practice from other saleable area in sqft
Development LaunchQ2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
20% 5% 5% 10% 10%9,530,366 8,339,071 7,862,552 14,295,550 14,176,420
0 0 0 0 0
0 0 0 0% 0$9,530,366 $8,339,071 $7,862,552 $14,295,550 $14,176,420
10% 15% 15% 15% 15%5% 10% 5% 10% 5%
0 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 0
6,270,001 9,405,002 9,405,002 9,405,002 9,405,002250,800 501,600 250,800 501,600 250,800
297,824 297,824 297,824 297,824 297,8240 0 0 0 0
95,304 83,391 78,626 142,955 141,76428,591 25,017 23,588 42,887 42,529
0 0 0 0 00 0 0 0 0
$6,942,520 $10,312,834 $10,055,839 $10,390,268 $10,137,919
$2,587,846 ($1,973,763) ($2,193,287) $3,905,281 $4,038,501
34,604,542 32,486,504 34,965,932 37,704,487 34,295,1700 0 0 0 0
469,808 505,665 545,269 495,964 443,9822,587,846 1,973,763 2,193,287 3,905,281 4,038,501
32,486,504 34,965,932 37,704,487 34,295,170 30,700,651
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$0 $0 $0 $0 $0 ($22,233,702) ($22,233,702) ($22,233,702) ($22,233,702) ($22,233,702)
2,587,846 (1,973,763) (2,193,287) 3,905,281 4,038,501 $103,514 ($78,951) ($87,731) $156,211 $161,540
$2,484,333 ($1,894,813) ($2,105,555) $3,749,070 $3,876,961
0 0 0 0 0 0 0 0 0 0
$0 $0 $0 $0 $0
10% 15% 15% 15% 15%25% 40% 55% 70% 85%
40% 20% 12% 12% 7%88 44 26 26 15
53,088 26,544 15,926 15,926 9,29088 132 158 185 200
20% 5% 5% 10% 10%20% 25% 30% 40% 50%
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2.25 2.50 2.75 3.00 3.25
2,587,846 -1,973,763 -2,193,287 3,905,281 4,038,5012,484,333 -1,894,813 -2,105,555 3,749,070 3,876,961
0 0 0 0 00 0 0 0 0
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TOPQ3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
10% 25% 0% 0% 0%13,699,902 30,318,478 2,025,203 1,012,601 0
0 167200 170720 174240 176000
0 21600 21600 21600 21600$13,699,902 $30,507,278 $2,217,523 $1,208,441 $197,600
15% 0% 0% 0% 0%10% 10% 10% 5% 0%
0 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 0
9,405,002 0 0 0 0501,600 501,600 501,600 250,800 0
297,824 0 0 0 00
136,999 303,185 20,252 10,126 041,100 90,955 6,076 3,038 0
0 167200 170720 174240 1760000 21600 21600 21600 21600
$10,382,525 $1,084,540 $720,248 $459,804 $197,600
$3,317,377 $29,422,738 $1,497,275 $748,638 $0
30,700,651 27,785,092 0 0 00 0 0 0 0
401,818 0 0 0 03,317,377 27,785,092 0 0 0
27,785,092 0 0 0 0
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$0 $1,637,645 $1,497,275 $748,638 $0 ($22,233,702) ($20,596,057) ($19,098,781) ($18,350,144) ($18,350,144)
3,317,377 29,422,738 1,497,275 748,638 0 $132,695 $1,176,910 $59,891 $29,946 $0
$3,184,682 $28,245,828 $1,437,384 $718,692 $0
0 1,637,645 1,497,275 748,638 0 0 $65,505.82 $59,891.00 $29,945.50 $0.00
$0 $1,572,140 $1,437,384 $718,692 $0
15%100%
4% 2% 2% 1%9 4 4 2
5,309 2,654 2,654 1,327209 213 218 22010% 25%60% 85% 85% 85% 85%
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3.50 3.75 4.00 4.25 4.50
3,317,377 29,422,738 1,497,275 748,638 03,184,682 28,245,828 1,437,384 718,692 0
0 1,637,645 1,497,275 748,638 00 1,572,140 1,437,384 718,692 0
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CSC Residential TitleQ4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017
10% 0% 0% 0% 5%11,912,958 0 0 0 5,956,479
176000 176000 176000 176000 176000
21600 21600 21600 21600 21600$12,110,558 $197,600 $197,600 $197,600 $6,154,079
0% 0% 0% 0% 0%0% 0% 0% 0%
0 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 0
0
119,130 0 0 0 59,56535,739 0 0 0 17,869
176000 176000 176000 176000 17600021600 21600 21600 21600 21600
$352,468 $197,600 $197,600 $197,600 $275,034
$11,758,090 $0 $0 $0 $5,879,045
0 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 0
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$11,758,090 $0 $0 $0 $5,879,045 ($6,592,054) ($6,592,054) ($6,592,054) ($6,592,054) ($713,010)
11,758,090 0 0 0 5,879,045 $470,324 $0 $0 $0 $235,162
$11,287,766 $0 $0 $0 $5,643,883
11,758,090 0 0 0 5,879,045 $470,323.58 $0.00 $0.00 $0.00 $235,161.79 $11,287,766 $0 $0 $0 $5,643,883
13% 2%98% 98% 98% 98% 100%
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4.75 5.00 5.25 5.50 5.75
11,758,090 0 0 0 5,879,04511,287,766 0 0 0 5,643,88311,758,090 0 0 0 5,879,04511,287,766 0 0 0 5,643,883
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Q1 2018 Q2 2018 Q3 2018 Q4 2018 2019 2020 2021
0% 0% 0%0 0 0
176000 176000 176000
21600 21600 21600$197,600 $197,600 $197,600
0% 0% 0%
0 0 00 0 00 0 00 0 00 0 00 0 0
0 0 00 0 0
176000 176000 17600021600 21600 21600
$197,600 $197,600 $197,600
$0 $0 $0
0 0 00 0 00 0 00 0 00 0 0
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$0 $0 $0 ($713,010) ($713,010) ($713,010)
0 0 0 $0 $0 $0 $0 $0 $0
0 0 0 $0.00 $0.00 $0.00
$0 $0 $0
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6.00 6.25 6.50 6.75 7.00 7.25 7.50
0 0 00 0 00 0 00 0 0
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2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
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7.75 8.00 8.25 8.50 8.75 9.00 9.25 9.50 9.75 10.00
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2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
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10.25 10.50 10.75 11.00 11.25 11.50 11.75 12.00 12.25 12.50
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2042 2043 2044 2045 2046 2047 2048 2049 2050 2051
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12.75 13.00 13.25 13.50 13.75 14.00 14.25 14.50 14.75 15.00
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2052 2053 2054 2055 2056 2057 2058 2059 2060 2061
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15.25 15.50 15.75 16.00 16.25 16.50 16.75 17.00 17.25 17.50
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2062 2063 2064 2065 2066 2067 2068 2069 2070 2071
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17.75 18.00 18.25 18.50 18.75 19.00 19.25 19.50 19.75 20.00
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2072 2073
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20.25 20.50
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Target Take-up Rate of Residential Units & Progress Payments
Year Major Milestones Area Sold (Sqft) Units Sold
Q1 2013 Design 0% - -Q2 2013 0% - -Q3 2013 0% - -Q4 2013 Possession & Piling 0% - -Q1 2014 0% - -Q2 2014 Launch residential 40% 53,088 88Q3 2014 20% 26,544 44Q4 2014 12% 15,926 26Q1 2015 12% 15,926 26Q2 2015 7% 9,290 15Q3 2015 4% 5,309 9Q4 2015 TOP 2% 2,654 4Q1 2016 2% 2,654 4Q2 2016 1% 1,327 2Q3 2016 0% - -Q4 2016 CSC 0% - -Q1 2017 0% - -Q2 2017 0% - -Q3 2017 0% - -Q4 2017 Residential Title 0% - -
Total= 100% Total= 132,720 sqm
2%
Percentage of Units Sold
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0% 0%0% 0%
0% 0%0% 0%0% 0%0% 0%0% 0%0% 0%
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Target Take-up Rate of Residential Units & Progress Payments
- - - Tender submission in NOV 2012, start design only on jan- - -- - - Design takes 9 months- - -- - -88 20% 20% Avoid hungry ghost festival on 10 AUG 2014 132 5% 25%158 5% 30%185 10% 40%200 10% 50%209 10% 60%213 25% 85%218 0% 85%220 0% 85%- 0% 85%- 10% 95%- 0% 95%- 0% 95%- 0% 95%- 5% 100%
Cumulative Units Sold
% of Progress Sales
Recievables
Cumulative % of Progress Sales
Recievables
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0% 0%0% 0%
0% 0% 0% 0%0% 0% 0% 0%0% 0% 0% 0%0% 0% 0% 0%0% 0% 0% 0%0% 0% 0% 0%
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Tender submission in NOV 2012, start design only on jan
Avoid hungry ghost festival on 10 AUG 2014
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With and without financing
Year Major Milestones Total inflows Total outflows
Q1 2013 Design $0 $11,734,772 Q2 2013 $0 $250,800 Q3 2013 $0 $250,800 Q4 2013 Possession & Piling $0 $36,337,716 Q1 2014 $0 $7,010,167 Q2 2014 Launch residential $11,212,196 $7,016,941 Q3 2014 $9,810,671 $10,384,522 Q4 2014 $9,250,061 $10,126,434 Q1 2015 $16,818,294 $10,475,621 Q2 2015 $16,678,141 $10,222,999 Q3 2015 $16,117,531 $10,466,511 Q4 2015 TOP $35,857,598 $1,154,094 Q1 2016 $2,574,912 $724,894 Q2 2016 $1,387,136 $462,127 Q3 2016 $197,600 $197,600 Q4 2016 CSC $14,212,845 $379,798 Q1 2017 $197,600 $197,600 Q2 2017 $197,600 $197,600 Q3 2017 $197,600 $197,600 Q4 2017 Residential Title $7,205,222 $288,699 Q1 2018 $197,600 $197,600 Q2 2018 $197,600 $197,600 Q3 2018 $197,600 $197,600
$142,507,807 $118,670,095 $23,837,712
Development revenue: $142,507,807
Development cost: $118,670,095
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0%0%
0%0%0%0%0%0%
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With and without financing
($11,734,772) ($4,693,909)($250,800) ($100,320)($250,800) ($100,320)($36,337,716) ($14,535,086)($7,010,167) ($2,804,067)$4,195,255 $0 ($573,851) $0 ($876,372) $0 $6,342,673 $0 $6,455,142 $0 $5,651,020 $0 $34,703,503 $18,976,489 $1,850,018 $1,850,018 $925,009 $925,009 $0 $0 $13,833,046 $13,833,046 $0 $0 $0 $0 $0 $0 $6,916,523 $6,916,523 $0 $0 $0 $0 $0 $0
$15,350.19 $15,624.07 17.02% 26.50%
Net Cashflow(w/o financing)
Net Cashflow after 60% debt
NPV (ungeared,17%): $15,350
NPV (geared,26.46%): $15,624
IRR: 17.02% IRR:26.5%
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0% 0%0% 0%
0% 0%0% 0%0% 0%0% 0%0% 0%0% 0%
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($57,034,478)($22,813,791.16) ($22,233,702)
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TOP2013 2014 2015 2023 2023
Q1 Q2$140,152,320.00 $112,121,856.00 $133,410,816.00
Inflow $472,799,372.92
Outflow $410,593,075.20Net CF $62,206,297.72 $ 13,054,997.24
2015 2035 2055
$140,152,320.00
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2031 2031 2039 2039Q1 Q2 Q1 Q2
$106,728,652.80 $125,072,640.00 $100,058,112.00 $114,605,568.00
Description Year Period Cashflow
Development Phase 2013 Q12014 Q4
Close to full sold out rate 2015 Q4 $140,152,320.001st cycle 2027 Q1 ($112,121,856.00)
Q3 $128,443,392.00 2nd cycle 2039 Q1 ($102,754,713.60)
Q3 $113,008,896.00 3rd cycle 2051 Q1 ($90,407,116.80)
Q3 $90,123,264.00 4th cycle 2063 Q1 ($72,098,611.20)
Q3 $53,222,400.00 End of Land tenure 2073
Total Inflow $384,797,952.00 Total Outflow ($377,382,297.60)Net CF $7,415,654.40 NPV $646,672.70
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2047 2047 2073Q1 Q2
$91,684,454.40 $99,710,348.92
Assumption madeDiscount Rate: 5%Average turnover rate: 12 years