al ahli sedco residential development fund, jeddah,...

July 18th 2019

Prepared by: Colliers International Prepared for: NCB Capital

Al Ahli SEDCO Residential Development Fund, Jeddah, KSAFinal Valuation Report

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Table of Contents

• Executive Summary 3

› Property Overview

› General Comments & Valuation

• Valuation Terms 6

› Introduction

› Applicable Standards

› Status of Valuer and Conflict of Interest

› Purpose of Valuation

› Date of Inspection

› Date of Valuation

› Basis of Valuation

› Sources of Information

• Disclaimers 8

› Liability and Publication

› Valuation Uncertainty

› Assumptions and Special Assumptions

• Site Location Assessment 10

› Macro & Micro Location Analysis

› Public Transportation

• Property Details 14

› Property Description

› Tenure & Risk Assessment

• Valuation 17

› Valuation Methodology

› Comparable Evidence

› Value Summary

› Opinion of Value

• Appendices 22

› Appendix 1: Property Photographs

› Appendix 2: Detailed Units Valuation

› Appendix 3: Jeddah Market Overview

› Appendix 4: Assumptions & Definitions

Executive Summary• Property Overview• General Comments & Valuation

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• The Subject of valuation comprises a residential apartment development, located within As Salama District, in the central west of Jeddah.

• The Property has been under construction since 2015 and completed in 2017.

• The Property features 372 apartments, offering 3 and 4 bedroom apartments and penthouses. Gardenia Residence is situated on a total land area of 25,934 Sqm, with a total Built Up Area (BUA) of 74,751 sqm.

• For the purposes of this valuation, we have only valued the units that are still unsold, which equates to 311 residential units, and a total net sellable area of 54,485 sqm.

• The surrounding area comprises a mix of commercial and residential developments, with the latter particularly geared towards mid to upper mid income housing.

Exhibit: Property Details

Sources: Colliers International, 2019; Client, 2019

Exhibit: Photograph of the Subject Property

Executive Summary

Property Overview

Property Details Information

District Al Salamah

Total Plot Area 25,934 sqm

Built Up Area 74,751 sqm

Permitted Use Residential (G+4)

Tenure Assumed Freehold

Owners Al Ahli Real Estate Investment Company

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• Colliers International draws your attention to any assumptions made within this report. We consider that the assumptions we have made accord with those that would be reasonable to expect a purchaser to make.

• Colliers has placed reliance on the information provided by the Client regarding plot details, costs and construction schedule, likely sales durations, etc. Should it transpire that the information provided is incorrect, Colliers reserves the right to review and amend the report and the result of the assessment accordingly.

• This report should be read in conjunction with all the information set out in this report, we would point out that we have made various assumptions as to tenure, town planning and associated opinions. If any of the assumptions on which the assessment is based is subsequently found to be incorrect then the figures presented in this report may also need revision and should be referred back to us.

• Please note property values are subject to fluctuation over time as market conditions may change.

• This report has been compiled and verified by Mansour Al Mubarak, who have the necessary qualifications, ability and relevant experience to conduct a value assessment of this property type in this location.

Exhibit: Valuation Details

Executive Summary

General Comments & Valuation

Purpose of Valuation Semi-annual valuation for Al Ahli SEDCO Residential Development Fund

Property Type Residential Complex

Plot size as per regulation area (sqm) 25,934 sqm

Interest Valued Freehold

Instruction Date 2019/07/01

Valuation Date 2019/07/09

Valuation Approach Comparative Approach

Currency Adopted Saudi Arabian Riyals

Valuation Terms

• Introduction• Applicable Standards• Status of Valuer and Conflict of

Interest• Purpose of Valuation• Date of Inspection• Date of Valuation• Basis of Valuation• Sources of Information

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• In accordance with email instructions dated 1st July 2019 from NCB Capital (or the “Client”), Professional Experts for Real Estate Valuation (trading as Colliers International) take pleasure in enclosing our Report and Market Valuation of the freehold interest in the Subject Property located within the Al Salamah District, Jeddah, KSA.

Applicable Standards• We confirm that this valuation report has been be prepared in accordance with

the Royal Institution of Chartered Surveyors Valuation – Professional Standards (2017 Global Edition) and incorporating and complying with the International Valuation Standards (IVS).

Status of Valuer and Conflict of Interest• We confirm that we are not aware of any existing or potential conflict of interest

in acting on your behalf in this matter. Our General Assumptions and Definitions to which our value assessment is subject, forms Appendix 2 to this report.

Purpose of Valuation• Colliers has been requested to provide our opinion of the Market Value for the

subject Properties for semi-annual valuation for AlAhli SEDCO Residential Development Fund.

Valuation TermsIntroduction

Date of Inspection• We confirm that the Property was inspected on July 7th 2019.

Date of Valuation• We confirm that the Property was valued on July 9th 2019.

Basis of Valuation• For the purposes of this report, the definition of Market Value is as follows:

• ‘Market value is the estimated amount for which an asset or liability should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.’

Sources of Information• We have relied upon the information provided to us, which is identified, together

with the source, in the relevant sections of this report.

• Unless stated otherwise, we have assumed that the information provided is accurate and that we have been supplied with all the information that has a material effect upon the value of the Property.

• We were provided with the following information by the Client:

Updated sale sheet as of June 30th 2019

Disclaimers• Liability and Publication• Valuation Uncertainty• Assumptions and Special Assumptions

• This report is issued for your own use, and that of your professional advisers, for the specific purpose to which it refers.

• Colliers do not accept any responsibility to any third party for the whole or any part of its contents.

• Neither the whole nor any part of this valuation or any reference thereto, may be included in any published document, circular or statement or disclosed in any way without Colliers’ prior written consent to the form and context in which it may appear.

Valuation Uncertainty• Market instability is one of the main causes of Valuation uncertainty (that is, the

probability that the valuer’s opinion would be the same as the price achieved by an actual sale at the valuation date) and it can arise when certain macroeconomic events cause a sudden and dramatic change on markets.

• We are currently experiencing a very uncertain property market and due to the reduced level of transactions, there is an acute shortage of comparable evidence upon which to base valuations. Due to this shortage it may be necessary at times for a Valuer to draw upon evidence which is of a historical nature.

• This evidence shortage, combined with a rapidly changing market only serves to highlight the unpredictability of the current market, which is subject to change on a day by day basis. The client is advised that whilst all reasonable measures have been taken to supply as accurate a valuation as possible as at the Valuation date, this figure should be considered in the context of the volatility of today’s market place.

• The client is also recommended to consider the benefits in such a market, of having more frequent valuations to monitor the value of the subject property.

• According to RICS Red Book VPS 1, Assumptions are matters that are reasonable to accept as fact in the context of the valuation assignment without specific investigation or verification. They are matters that, once stated, are to be accepted in understanding the valuation or other advice provided.

• A special assumption is an assumption that either assumes facts that differ from the actual facts existing at the valuation date or that would not be made by a typical market participant in a transaction on the valuation date. Special assumptions are often used to illustrate the effect of changed circumstances on value.

• Only assumptions that are reasonable and relevant having regard to the purpose for which the valuation assignment is required shall be made.

Disclaimers

Liability and Publication Assumptions and Special Assumptions

Site Location Analysis • Macro & Micro Location Analysis• Public Transportation

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Exhibit: Location of the Subject SiteThis section of the report describes the nature, location and accessibility of the Subject Site.

Location

• The Subject Site is located in central west of Jeddah, which is the capital of the Western Province of Saudi Arabia and the second largest city in the country after Riyadh.

• The Subject Site is located within Al Salamah District, east of King Abdulaziz Road.

• The Subject Property are located along Umar Abduljabar Road.

• The Subject Site boast a wide frontage of c. 335 along Umar Abduljabar Road.

• District features properties which mostly cater to middle to upper-middle income families.

• The building regulation for plots in the surrounding area is a residential use with 60% coverage, FAR 2.4 and G+4+R floors to the maximum.

• In terms of accessibility, the Subject Property can be accessed from the east via Al Madinah Al Munawarah Road and from the west off Prince Sultan Street and minor road networks.

• Al Madinah Al Munawarah Road is a primary business destination.

• The surrounding area hosts Jeddah Knowledge International School, Diyar As Salam Residential Compound, Dar Al Fursan School, Institute of Public Administration, and General Directorate of Education.

Source: Colliers International, 2019

Site Location Analysis

Macro & Micro Location Analysis


RED

SEA

South Jeddah

Expansion of City Centre

northJeddah

City Centre

SS

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Key Features of KAIA Expansion Plan:

• King Abdul Aziz Airport is the principal gateway to Jeddah for international visitors. The airport is currently undergoing expansion, with development divided into three phases.

1. Phase 1 of the expansion project is expected to be delayed until 2019, by which time, its handling capacity will increase from 13 million annual passengers (MAP) to 30 MAP. Due to delays in the expansion plans, the focus of the project is currently on phase 1 and uncertainty surrounds phase 2 and 3.

2. By the end of Phase 3, which is initially expected to be completed by 2035, the airport’s capacity will rise to 80 MAP.

3. All foreign flights are expected to be directed to the new terminal currently under construction, while the south terminal (primarily in use by Saudi Airlines & Nas Air) is expected to be transformed into a cargo hub.

4. The new terminal area will have a total gross floor area of 670,000 sqm and include a hospitality component.

5. The project includes an expressway that is directly connected to Al-Haramain Expressway. The current main access from Al Madinah Road will be changed to Prince Majid Road as the main access road to the Airport.

6. The Airport will have a 4-way road tunnel for ground service equipment which will run underneath the Airport’s central runway.

Exhibit: KAIA Expansion Renders


Public Transportation - King Abdulaziz International Airport


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• The Haramain High Speed Railway (HHSR) is currently developed and will significantly improve the city’s connectivity, when operated in full capacity. We provide some details regarding the project below:

Haramain High Speed Railway (HHRS)

Some key facts of HHSR are:

Maximum Annual Capacity: 20 million passengers

Maximum Speed: 300 km/hr

Jeddah-Madinah = 2.25 hours

Jeddah-Jeddah = 30 minutes

Obhur Creek Bridge

• Obhur Creek Bridge is an iconic bridge that will create a link between north and central Jeddah.

• Upon its completion, the proposed bridge will enhance accessibility and connectivity within Jeddah.

• However, development works have yet to begin and a completion date has not yet been set for the project.

Jeddah Metro (Currently On Hold)

Jeddah Metro will consist of four lines:

• Blue Line: (approximately 45km long): will run southeast cross the Haramain Railway Station before heading north towards the Airport.

• Orange Line: (approximately 42 km long): will run from southeast Jeddah to the north and along Madinah Road. The northern branch of the metro line will split between going to the Airport in one direction and to the upcoming Kingdom Masterplan in the other.

• Green Line: (approximately 30 km long): will run from the west to east while linking Jeddah along Palestine Street to Wadi Al Asla.

• Red Line: (approximately 58 km long) passing through King Abdulaziz Road and connecting to King Abdullah Sport City.

• Marine Transportation Line: A proposed transportation line featuring marine ferry services and water taxis running south north along Jeddah’s Corniche Strip.


Public Transportation


Property Details• Property Description• Tenure & Risk Assessment

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Exhibit: Masterplan Context

Exhibit: Property Overview & Snapshots


Property Details

Property Description

Subject Property

Total Land Area (Sqm) 25,934

Total Built-up Area (Sqm) 74,751

Number of apartment units 372

Property’s Age 2 Years

Masterplan Brief

The land is spanning over a total area of c. 25,923 Sqm. It contains 12 residential building, featuring 372 residential apartments and penthouses. The residential units are scattered across 3 blocks (2,3, and 4)

Masterplan Access

Each building can be directly accessed through the ground floor parking. The access to the facilities located in between buildings; is through the first floor of every building.

Parking

The parking is located in the ground floor of every building (Podium). The parking is shaded and the flooring is made of concrete.

Facilities & Amenities

The development has a provision for facilities & Amenities including; Greenery or garden, and kids play area.

Driver Accommodation

Driver accommodation is located on the ground floor inside the parking area. The development features 90 driver rooms, which equates to 30 rooms for each block.

Reception

Instead of a reception, Gardenia’s ground floor merely comprise a small hall that is only accessible through the podium parking and contains two elevators.

Building Access

The building contains one access points from the podium parking (which can be accessed by visitors and residents, and 2) through the first floor back yard.

Repetitive Floors

The development includes a ground floor, 4 repetitive floors and a roof.

Each floor contains 7 apartments, while the roof contains only 3 (penthouses).

The only feature offered by the corridors is a service room on each floor.

For the purposes of this valuation, we have only valued the unsold units, which equates

to 311 residential units with a total net sellable area of 54,485 sqm, in addition to

1,815 sqm of internal balcony areas, and the remaining 64 Driver Rooms.

Land Area: 25,934 Sqm | Built-up Area: 74,751 Sqm

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• Colliers have been provided with the title deed for the Subject Site with the salient details in the table on the right.

• For the purposes of this report, we have assumed the aforementioned information to be correct, however should there be any discrepancies then we reserve the right to amend our valuation.

• All aspects of tenure/title should be checked by the client’s legal representatives prior to any form of transaction and insofar as any assumption made within the body of this report to be incorrect then the matter should be referred back to the valuer to ensure the valuation is not adversely affected.

• We have been advised by the Client that all title deeds for Plots 2,3, and 4 have been issued.


• The Subject Property is located in the Al Salamah within the central precinct of Jeddah, ideally positioned to take advantage of the demand that exists for the mid income housing segment. Accessibility, aspect, infrastructure, amenities and the surrounding profile are all key elements in mitigating risk.

• The Subject Property like any other property investment is exposed to certain risks as follows:

› Interest Rate Risk (Cost of Finance);

› Economic Risk (Status and Performance of the Economy);

› Liquidity Risk (Availability of Finance);

› Location Risk (Local Market Conditions)

• The future uncertainties of rentals, occupancies, economic conditions all impact significantly when determining future cash flows and hence the inherent value of the property. Market forces of supply and demand dictate the level of success of the project. In boom times demand is greater than supply thus putting upward pressure on prices and rentals therefore price increases resulting in increased values. During periods of recession the converse is true.

• Changes in future municipal regulations (e.g. zoning regulations) of the Subject Property could adversely affect the market value of the Subject Property.

Property Details

Tenure

Description Detail

Plot DetailsPlot 2: 8,642 sqm/ Plot 3: 8,650 sqm/

Plot 4: 8,642 sqm

District Al Salamah District

Owner As Per Title Deed Al Ahli Real Estate Investment Company

Title Assumed Freehold

Exhibit: Tenure Details

Risk Assessment

Valuation• Valuation Methodology• Comparable Evidence • Value Summary• Opinion of Value

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Valuation

Valuation Methodology

• In determining our opinion of Market Value of the freehold interest in the Subject Site we have considered several applicable approaches - Direct Comparison Approach.

• The Direct Comparison Approach involves making adjustments to the sale prices of comparable properties to account for differences in, inter alia, location, plot area and shape, built-up area allowance, height allowance, date of sale, views, aspect and other individual characteristics.

• Due to the nature of the commercial property market within the Kingdom of Saudi Arabia, sales evidence is not readily available or transparent. Much if not all of the evidence is anecdotal and consequently we note the limitations this may place on the veracity of such information and the impact on values reported.


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Previous Sales

• In determining our opinion of Market Value of the freehold interest, we have looked on the previous sales record during 2019. Then, we have utilized the Direct Comparison Approach to valuation. We provide details of the previous sales within the Property below:

Exhibit: Subject Units Sales Record Summary Table:

Comparable Evidence

• The following table illustrates a sample of residential unit sale prices in the Subject Property.

Exhibit: Comparable Evidence Table:

• To support our calculations, we also reviewed the tone of prices in the immediate vicinity of the Site with local agents.

• In order to estimate the base prices of the apartments we considered necessary adjustments. We then took into the account the location, accessibility, frontages, size and negotiation.

• The table below shows the base price before applying any premiums or discount to each unit based on its situation.

Exhibit: Base Price For The Units:

• After we set the base price, we add premiums and discounts by assessing the key characteristics of each unit in terms of terraces, shape, and size, and then making reasonable adjustments in order to arrive at a price that represents the Market Value of the unit.

• The table below shows the average sales price overall the total net area:

Average Sales Price for the Subject Units Table:

Valuation

Comparable Evidence

No. Unit Size Price/BUA Ticket Price Comments

1 159 5,100 812,700 3BED

2 162 4,600 743,000 3BED

3 162 4,840 783,360 3BED

(Net SR/sqm)

Base Price 4,900

(Net SR/sqm)

Average Sales Price 5,000


Total Number of Sold Units (2019)

Total Units Net (Sqm) Avg. prices of Transactions

7 1,135 4,770

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Driver Rooms Value

We understand from the client that 26 Driver Rooms sold and we provide their price within previous sales section. The remaining 64 Driver Rooms are available with a total value of SR 1,600,000.

Valuation Summary

In assessing the prices for each unit within the properties we have analysed the market research and applied premiums and discount.

These premiums and discounts are typically calculated by assessing the key characteristics of each unit in terms of terraces, shape, and size, and then making reasonable adjustments in order to arrive at a price that represents the Market Value of the unit.

The following table illustrate the block by block values for the subject:

• It is of note that the above valuation of SAR 286.4m represents the aggregate value of the units assuming each is sold separately.

• The total property value of SAR 286.4m including the previous sales within the Property of SAR 60.54m would be SAR 346.9m, which represents the total value of the development.

Valuation

Value Summary


Components No. Units of 3 Bed Room Net Area (Sqm) Value of 3 Units (SAR) No. Units of 4 Bed Room Net Area (Sqm) Value of 4 Units

(SAR) Total Net Area (Sqm) Total Value (Rounded)

Value (SAR/Sqm)

Gardenia 2 96 16,410 81,752,201 28 5,867 31,238,350 22,277 112,990,000 5,072

Gardenia 3 43 7,312 36,457,475 20 4,117 22,327,087 11,429 58,780,000 5,143

Gardenia 4 96 16,410 81,752,201 28 5,867 31,238,350 22,277 112,990,000 5,072

Driver Rooms Value (Total 90/30 each block) 0 1,600,000

Total Unsold Units 235 40,132 199,961,878 76 15,851 84,803,787 55,982 286,400,000

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Valuation

Opinion of Value

• Aggregate Market value of 311 individual units (rounded and subject to details in the full report – please refer to Appendix 2 of this report for the information on the value of each of the 311 units):

• SAR 286,400,000 (Two Hundred Eighty Six Million Four Hundred Thousand Saudi Riyals)


Mansour Al MubarakTaqeem Member-Ship No. 1210000085

Real Estate ValuationProfessional Experts for Real Estate Valuation trading as Colliers International

Appendices

• Appendix 1: Property Photographs• Appendix 2: Detailed Units Valuation• Appendix 3: Jeddah Market Overview• Appendix 4: Assumptions & Definitions

Appendix 1:

Property Photographs

Appendix 1

Property Photographs


Appendix 2:

Detailed Units Valuation

Appendix 2

Detailed Valuation

# Unit Number Block #Building

#Floor # BD Type Unit Type Net (Sqm) Balcony Gross (Sqm)

Terrace (Sqm)

Total Gross (Sqm)

FINAL PRICE (SR) FINAL PRICE (SR) SITUATION View Base Value (SR/BUA) Premium Final Value (SR/BUA) Unit Value (SR)

A1 GR-G2-A-1-4BD-1-101 G2 A 1 4BED 1 211.36 3.35 214.71 214.71 1,338,750 1,338,750 UNSOLD Garden & Street 4,850 5% 5,093 1,093,411

2 GR-G2-A-1-3BD-4-102 G2 A 1 3BED 4 171.54 8.8 180.34 180.34 1,122,420 1,122,420 UNSOLD Street 4,850 3% 4,971 896,515

3 GR-G2-A -1-3BD-2-103 G2 A 1 3BED 2 168.67 3.6 172.27 172.27 1,101,600 1,101,600 UNSOLD Street 4,850 3% 4,971 856,3974 GR-G2-A-1 -3BD-3-104 G2 A 1 3BED 3 160.53 2.91 163.44 163.44 924,000 924,000 UNSOLD Corridor 4,850 -3% 4,729 772,8675 GR-G2-A-1-3BD-1A-105 G2 A 1 3BED 1-A 167.21 3.8 171.01 171.01 1,037,400 1,037,400 UNSOLD Garden 4,850 5% 5,093 870,8686 GR-G2-A-1-3BD-1-106 G2 A 1 3BED 1 165.56 3.8 169.36 169.36 1,049,880 1,049,880 UNSOLD Garden 4,850 5% 5,093 862,4667 GR-G2-A-1-3BD-4A-107 G2 A 1 3BED 4-A 157.4 8.8 166.2 166.20 1,062,600 1,062,600 UNSOLD Garden 4,850 5% 5,093 846,3748 GR-G2-A-2-4BD-1-201 G2 A 2 4BED 1 211.36 3.35 214.71 214.71 1,333,500 1,333,500 UNSOLD Garden & Street 4,850 5% 5,093 1,093,4119 GR-G2-A-2-3BD-4-202 G2 A 2 3BED 4 171.54 8.8 180.34 180.34 1,146,600 1,146,600 UNSOLD Street 4,850 3% 4,971 896,51510 GR-G2-A-2-3BD-2-203 G2 A 2 3BED 2 168.67 3.6 172.27 172.27 1,124,800 1,124,800 UNSOLD Street 4,850 3% 4,971 856,39711 GR-G2-A-2-3BD-3-204 G2 A 2 3BED 3 160.53 2.91 163.44 163.44 945,000 945,000 UNSOLD Corridor 4,850 -3% 4,729 772,86712 GR-G2-A-2-3BD-1A-205 G2 A 2 3BED 1-A 167.21 3.8 171.01 171.01 1,060,020 1,060,020 UNSOLD Garden 4,850 5% 5,093 870,86813 GR-G2-A-2-3BD-1-206 G2 A 2 3BED 1 165.56 3.8 169.36 169.36 1,072,500 1,072,500 UNSOLD Garden 4,850 5% 5,093 862,46614 GR-G2-A-2-3BD-4C-207 G2 A 2 3BED 4-C 161.61 8.8 170.41 170.41 968,250 968,250 UNSOLD Garden 4,850 5% 5,093 867,81315 GR-G2-A-3-4BD-1-301 G2 A 3 4BED 1 211.36 3.35 214.71 214.71 1,365,750 1,365,750 UNSOLD Garden & Street 4,850 5% 5,093 1,093,41116 GR-G2-A-3-3BD-4-302 G2 A 3 3BED 4 171.54 8.8 180.34 180.34 1,165,320 1,165,320 UNSOLD Street 4,850 3% 4,971 896,51517 GR-G2-A-3-3BD-2-303 G2 A 3 3BED 2 168.67 3.6 172.27 172.27 1,143,200 1,143,200 UNSOLD Street 4,850 3% 4,971 856,39718 GR-G2-A-3-3BD-3-304 G2 A 3 3BED 3 160.53 2.91 163.44 163.44 961,500 961,500 UNSOLD Corridor 4,850 -3% 4,729 772,86719 GR-G2-A-3-3BD-1A-305 G2 A 3 3BED 1-A 167.21 3.8 171.01 171.01 1,077,960 1,077,960 UNSOLD Garden 4,850 5% 5,093 870,86820 GR-G2-A-3-3BD-1-306 G2 A 3 3BED 1 165.56 3.8 169.36 169.36 1,090,440 1,090,440 UNSOLD Garden 4,850 5% 5,093 862,46621 GR-G2-A-3-3BD-4C-307 G2 A 3 3BED 4-C 161.61 8.8 170.41 170.41 985,500 985,500 UNSOLD Garden 4,850 5% 5,093 867,81322 GR-G2 A-4-4BD-1-401 G2 A 4 4BED 1 211.36 3.35 214.71 214.71 1,383,000 1,383,000 UNSOLD Garden & Street 4,850 5% 5,093 1,093,41123 GR-G2-A-4-3BD-4-402 G2 A 4 3BED 4 171.54 8.8 180.34 180.34 1,184,820 1,184,820 UNSOLD Street 4,850 3% 4,971 896,51524 GR-G2-A-4-3BD-2-403 G2 A 4 3BED 2 168.67 3.6 172.27 172.27 1,161,600 1,161,600 UNSOLD Street 4,850 3% 4,971 856,39725 GR-G2-A-4-3BD-3-404 G2 A 4 3BED 3 160.53 2.91 163.44 163.44 978,000 978,000 UNSOLD Corridor 4,850 -3% 4,729 772,86726 GR-G2-A-4-3BD-1A-405 G2 A 4 3BED 1-A 167.21 3.8 171.01 171.01 1,095,900 1,095,900 UNSOLD Garden 4,850 5% 5,093 870,86827 GR-G2-A-4-3BD-1-406 G2 A 4 3BED 1 165.56 3.8 169.36 169.36 1,108,380 1,108,380 UNSOLD Garden 4,850 5% 5,093 862,46628 GR-G2-A-4-3BD-4C-407 G2 A 4 3BED 4-C 161.61 8.8 170.41 170.41 1,002,750 1,002,750 UNSOLD Garden 4,850 5% 5,093 867,81329 GR-G2-A -PH 4BD-4-501 G2 A PH 4BED 4 202.76 3.8 206.56 265.36 471.92 2,046,890 2,046,890 UNSOLD Garden 4,850 20% 5,820 1,202,17930 GR-G2-A-PH 4BD-3-502 G2 A PH 4BED 3 192.69 0 192.69 144.34 337.03 1,884,150 1,884,150 UNSOLD Corridor 4,850 15% 5,578 1,074,72831 GR-G2-A-PH 4BD-2-503 G2 A PH 4BED 2 193.26 3.8 197.06 96.49 293.55 1,982,900 1,982,900 UNSOLD Garden 4,850 15% 5,578 1,099,102

Gardenia 2

Appendix 2

Detailed Valuation



Terrace (Sqm)

Total Gross (Sqm)


B32 GR-G2-B-1-3BD-1-101 G2 B 1 3BED 1 165.47 3.8 169.27 169.27 1,016,340 1,016,340 UNSOLD Garden & Street & Corridor 4,850 5% 5,093 862,00733 GR -G2 -B -1- 3BD -1A -102 G2 B 1 3BED 1-A 167.14 3.8 170.94 170.94 1,014,780 1,014,780 UNSOLD Corridor 4,850 -3% 4,729 808,33334 GR- G2- B -1 -3BD -3A -103 G2 B 1 3BED 3-A 159.37 3.35 162.72 162.72 921,000 921,000 UNSOLD Street 4,850 3% 4,971 808,92235 GR- G2- B -1 -3BD- 2A -104 G2 B 1 3BED 2-A 167.6 3.6 171.2 171.20 1,015,200 1,015,200 UNSOLD Street 4,850 3% 4,971 851,07836 GR -G2- B -1 -3BD -4- 105 G2 B 1 3BED 4 172.68 8.9 181.58 181.58 1,042,080 1,042,080 UNSOLD Street 4,850 3% 4,971 902,68037 GR -G2-B -1 -4BD -1A -106 G2 B 1 4BED 1-A 215.86 3.45 219.31 219.31 1,420,440 1,420,440 UNSOLD Garden & Street 4,850 5% 5,093 1,116,83638 GR -G2 -B -1- 3BD- 4B -107 G2 B 1 3BED 4-B 157.59 9 166.59 166.59 1,004,640 1,004,640 UNSOLD Garden 4,850 5% 5,093 848,36039 GR- G2- B-2 -3BD -1- 201 G2 B 2 3BED 1 165.47 3.8 169.27 169.27 1,038,180 1,038,180 UNSOLD Garden & Street & Corridor 4,850 5% 5,093 862,00740 GR -G2 -B -2 -3BD- 1A- 202 G2 B 2 3BED 1-A 167.14 3.8 170.94 170.94 1,036,620 1,036,620 UNSOLD Corridor 4,850 -3% 4,729 808,33341 GR -G2 -B -2 -3BD- 3A -203 G2 B 2 3BED 3-A 159.37 3.35 162.72 162.72 941,250 941,250 UNSOLD Street 4,850 3% 4,971 808,92242 GR -G2- B -2 -3BD- 2A- 204 G2 B 2 3BED 2-A 167.6 3.6 171.2 171.20 1,037,600 1,037,600 UNSOLD Street 4,850 3% 4,971 851,07843 GR- G2- B -2- 3BD- 4 -205 G2 B 2 3BED 4 172.68 8.9 181.58 181.58 1,064,700 1,064,700 UNSOLD Street 4,850 3% 4,971 902,68044 GR- G2- B -2 -4BD -1A- 206 G2 B 2 4BED 1-A 215.86 3.45 219.31 219.31 1,450,680 1,450,680 UNSOLD Garden & Street 4,850 5% 5,093 1,116,83645 GR-G2-B-2-3BD-4D-207 G2 B 2 3BED 4-D 161.8 9 170.8 170.80 942,000 942,000 UNSOLD Garden 4,850 5% 5,093 869,79946 GR-G2-B-3-3BD-1-301 G2 B 3 3BED 1 165.47 3.8 169.27 169.27 1,055,340 1,055,340 UNSOLD Garden & Street & Corridor 4,850 5% 5,093 862,00747 GR-G2-B-3-3BD-1A-302 G2 B 3 3BED 1-A 167.14 3.8 170.94 170.94 1,053,780 1,053,780 UNSOLD Corridor 4,850 -3% 4,729 808,33348 GR-G2-B-3-3BD-3A-303 G2 B 3 3BED 3-A 159.37 3.35 162.72 162.72 957,000 957,000 UNSOLD Street 4,850 3% 4,971 808,92249 GR-G2-B-3-3BD-2A-304 G2 B 3 3BED 2-A 167.6 3.6 171.2 171.20 1,056,000 1,056,000 UNSOLD Street 4,850 3% 4,971 851,07850 GR-G2-B-3-3BD-4-305 G2 B 3 3BED 4 172.68 8.9 181.58 181.58 1,083,420 1,083,420 UNSOLD Street 4,850 3% 4,971 902,68051 GR-G2-B-3-4BD-1A-306 G2 B 3 4BED 1-A 215.86 3.45 219.31 219.31 1,474,200 1,474,200 UNSOLD Garden & Street 4,850 5% 5,093 1,116,83652 GR-G2-B-3-3BD-4D-307 G2 B 3 3BED 4-D 161.8 9 170.8 170.80 958,500 958,500 UNSOLD Garden 4,850 5% 5,093 869,79953 GR-G2-B-4-3BD-1-401 G2 B 4 3BED 1 165.47 3.8 169.27 169.27 1,072,500 1,072,500 UNSOLD Garden & Street & Corridor 4,850 5% 5,093 862,00754 GR-G2-B-4-3BD-1A-402 G2 B 4 3BED 1-A 167.14 3.8 170.94 170.94 1,071,720 1,071,720 UNSOLD Corridor 4,850 -3% 4,729 808,33355 GR-G2-B-4-3BD-3A-403 G2 B 4 3BED 3-A 159.37 3.35 162.72 162.72 972,750 972,750 UNSOLD Street 4,850 3% 4,971 808,92256 GR-G2-B-4-3BD-2A-404 G2 B 4 3BED 2-A 167.6 3.6 171.2 171.20 1,073,600 1,073,600 UNSOLD Street 4,850 3% 4,971 851,07857 GR-G2-B-4-3BD-4-405 G2 B 4 3BED 4 172.68 8.9 181.58 181.58 1,102,140 1,102,140 UNSOLD Street 4,850 3% 4,971 902,68058 GR-G2-B-4-4BD-1A-406 G2 B 4 4BED 1-A 215.86 3.45 219.31 219.31 1,498,560 1,498,560 UNSOLD Garden & Street 4,850 5% 5,093 1,116,83659 GR-G2-B-4-3BD-4D-407 G2 B 4 3BED 4-D 161.8 9 170.8 170.80 975,000 975,000 UNSOLD Garden 4,850 5% 5,093 869,79960 GR-G2-B-PH 4BD-2-501 G2 B PH 4BED 2 194.16 3.8 197.96 123.43 321.39 1,873,880 1,873,880 UNSOLD Garden 4,850 15% 5,578 1,104,12261 GR-G2-B-PH 4BD-6-502 G2 B PH 4BED 6 193.81 3.59 197.4 148.55 345.95 1,887,310 1,887,310 UNSOLD Street 4,850 15% 5,578 1,100,99962 GR-G2-B-PH 4BD-5-503 G2 B PH 4BED 5 201.89 3.79 205.68 280.73 486.41 1,987,640 1,987,640 UNSOLD Garden 4,850 20% 5,820 1,197,058

Gardenia 2

Appendix 2

Detailed Valuation



Terrace (Sqm)

Total Gross (Sqm)


C63 GR-G2-C-1-3BD-1A-101 G2 C 1 3BED 1-A 167.21 3.8 171.01 171.01 960,960 960,960 UNSOLD Garden 4,850 5% 5,093 870,86864 GR-G2-C-1-3BD-1-102 G2 C 1 3BED 1 165.56 3.8 169.36 169.36 939,120 939,120 UNSOLD Garden 4,850 5% 5,093 862,46665 GR-G2-C-1-3BD-4A-103 G2 C 1 3BED 4-A 157.4 8.8 166.2 166.20 936,600 936,600 UNSOLD Garden 4,850 5% 5,093 846,37466 GR-G2-C-1-4BD-1-104 G2 C 1 4BED 1 211.36 3.35 214.71 214.71 1,169,250 1,169,250 UNSOLD Garden & Street 4,850 5% 5,093 1,093,41167 GR-G2-C-1-3BD-4-105 G2 C 1 3BED 4 171.54 8.8 180.34 180.34 960,180 960,180 UNSOLD Street 4,850 3% 4,971 896,51568 GR-G2-C-1-3BD-2-106 G2 C 1 3BED 2 168.67 3.6 172.27 172.27 968,000 968,000 UNSOLD Street 4,850 3% 4,971 856,39769 GR-G2-C-1-3BD-3-107 G2 C 1 3BED 3 160.53 2.91 163.44 163.44 824,250 824,250 UNSOLD Corridor 4,850 -3% 4,729 772,86770 GR-G2-C-2-3BD-1A-201 G2 C 2 3BED 1-A 167.21 3.8 171.01 171.01 982,020 982,020 UNSOLD Garden 4,850 5% 5,093 870,86871 GR-G2-C-2-3BD-1-202 G2 C 2 3BED 1 165.56 3.8 169.36 169.36 960,180 960,180 UNSOLD Garden 4,850 5% 5,093 862,46672 GR-G2-C-2-3BD-4C-203 G2 C 2 3BED 4-C 161.61 8.8 170.41 170.41 878,250 878,250 UNSOLD Garden 4,850 5% 5,093 867,81373 GR-G2-C-2-4BD-1-204 G2 C 2 4BED 1 211.36 3.35 214.71 214.71 1,195,500 1,195,500 UNSOLD Garden & Street 4,850 5% 5,093 1,093,41174 GR-G2-C-2-3BD-4-205 G2 C 2 3BED 4 171.54 8.8 180.34 180.34 982,020 982,020 UNSOLD Street 4,850 3% 4,971 896,51575 GR-G2-C-2-3BD-2-206 G2 C 2 3BED 2 168.67 3.6 172.27 172.27 989,600 989,600 UNSOLD Street 4,850 3% 4,971 856,39776 GR-G2-C-2-3BD-3-207 G2 C 2 3BED 3 160.53 2.91 163.44 163.44 843,750 843,750 UNSOLD Corridor 4,850 -3% 4,729 772,86777 GR-G2-C-3-3BD-1A-301 G2 C 3 3BED 1-A 167.21 3.8 171.01 171.01 999,180 999,180 UNSOLD Garden 4,850 5% 5,093 870,86878 GR-G2-C-3-3BD-1-302 G2 C 3 3BED 1 165.56 3.8 169.36 169.36 976,560 976,560 UNSOLD Garden 4,850 5% 5,093 862,46679 GR-G2-C-3-3BD-4C-303 G2 C 3 3BED 4-C 161.61 8.8 170.41 170.41 894,000 894,000 UNSOLD Garden 4,850 5% 5,093 867,81380 GR-G2-C-3-4BD-1-304 G2 C 3 4BED 1 211.36 3.35 214.71 214.71 1,215,750 1,215,750 UNSOLD Garden & Street 4,850 5% 5,093 1,093,41181 GR-G2-C-3-3BD-4-305 G2 C 3 3BED 4 171.54 8.8 180.34 180.34 999,960 999,960 UNSOLD Street 4,850 3% 4,971 896,51582 GR-G2-C-3-3BD-2-306 G2 C 3 3BED 2 168.67 3.6 172.27 172.27 1,007,200 1,007,200 UNSOLD Street 4,850 3% 4,971 856,39783 GR-G2-C-3-3BD-3-307 G2 C 3 3BED 3 160.53 2.91 163.44 163.44 859,500 859,500 UNSOLD Corridor 4,850 -3% 4,729 772,86784 GR-G2-C-4-3BD-1A-401 G2 C 4 3BED 1-A 167.21 3.8 171.01 171.01 1,016,340 1,016,340 UNSOLD Garden 4,850 5% 5,093 870,86885 GR-G2-C-4-3BD-1-402 G2 C 4 3BED 1 165.56 3.8 169.36 169.36 993,720 993,720 UNSOLD Garden 4,850 5% 5,093 862,46686 GR-G2-C-4-3BD-4C-403 G2 C 4 3BED 4-C 161.61 8.8 170.41 170.41 910,500 910,500 UNSOLD Garden 4,850 5% 5,093 867,81387 GR-G2-C-4-4BD-1-404 G2 C 4 4BED 1 211.36 3.35 214.71 214.71 1,236,750 1,236,750 UNSOLD Garden & Street 4,850 5% 5,093 1,093,41188 GR-G2-C-4-3BD-4-405 G2 C 4 3BED 4 171.54 8.8 180.34 180.34 1,017,900 1,017,900 UNSOLD Street 4,850 3% 4,971 896,51589 GR-G2-C-4-3BD-2-406 G2 C 4 3BED 2 168.67 3.6 172.27 172.27 1,024,800 1,024,800 UNSOLD Street 4,850 3% 4,971 856,39790 GR-G2-C-4-3BD-3-407 G2 C 4 3BED 3 160.53 2.91 163.44 163.44 874,500 874,500 UNSOLD Corridor 4,850 -3% 4,729 772,86791 GR-G2-C-PH 4BD-2-501 G2 C PH 4BED 2 193.26 3.8 197.06 96.49 293.55 1,809,890 1,809,890 UNSOLD Garden 4,850 15% 5,578 1,099,10292 GR-G2-C-PH 4BD-4-502 G2 C PH 4BED 4 202.76 3.8 206.56 265.36 471.92 1,888,100 1,888,100 UNSOLD Garden 4,850 20% 5,820 1,202,17993 GR-G2-C-PH 4BD-3-503 G2 C PH 4BED 3 192.69 0 192.69 144.34 337.03 1,717,460 1,717,460 UNSOLD Corridor 4,850 15% 5,578 1,074,728

Gardenia 2

Appendix 2

Detailed Valuation



Terrace (Sqm)

Total Gross (Sqm)


D94 GR-G2-D-1-4BD-1A-101 G2 D 1 4BED 1-A 215.86 3.45 219.31 219.31 1,355,760 1,355,760 UNSOLD Garden & Street 4,850 5% 5,093 1,116,83695 GR-G2-D-1-3BD-4B-102 G2 D 1 3BED 4-B 157.59 9 166.59 166.59 929,880 929,880 UNSOLD Garden 4,850 5% 5,093 848,36096 GR-G2-D-1-3BD-1-103 G2 D 1 3BED 1 165.47 3.8 169.27 169.27 924,300 924,300 UNSOLD Garden 4,850 5% 5,093 862,00797 GR-G2-D-1-3BD-1A-104 G2 D 1 3BED 1-A 167.14 3.8 170.94 170.94 900,120 900,120 UNSOLD Corridor 4,850 -3% 4,729 808,33398 GR-G2-D-1-3BD-3A-105 G2 D 1 3BED 3-A 159.37 3.35 162.72 162.72 831,750 831,750 UNSOLD Street 4,850 3% 4,971 808,92299 GR-G2-D-1-3BD-2A-106 G2 D 1 3BED 2-A 167.6 3.6 171.2 171.20 960,000 960,000 UNSOLD Street 4,850 3% 4,971 851,078100 GR-G2-D-1-3BD-4-107 G2 D 1 3BED 4 172.68 8.9 181.58 181.58 1,002,300 1,002,300 UNSOLD Street 4,850 3% 4,971 902,680101 GR-G2-D-2-4BD-1A-201 G2 D 2 4BED 1-A 215.86 3.45 219.31 219.31 1,384,320 1,384,320 UNSOLD Garden & Street 4,850 5% 5,093 1,116,836102 GR-G2-D-2-3BD-4D-202 G2 D 2 3BED 4-D 161.8 9 170.8 170.80 872,250 872,250 UNSOLD Garden 4,850 5% 5,093 869,799103 GR-G2-D-2-3BD-1-203 G2 D 2 3BED 1 165.47 3.8 169.27 169.27 945,360 945,360 UNSOLD Garden 4,850 5% 5,093 862,007104 GR-G2-D-2-3BD-1A-204 G2 D 2 3BED 1-A 167.14 3.8 170.94 170.94 921,960 921,960 UNSOLD Corridor 4,850 -3% 4,729 808,333105 GR-G2-D-2-3BD-3A-205 G2 D 2 3BED 3-A 159.37 3.35 162.72 162.72 851,250 851,250 UNSOLD Street 4,850 3% 4,971 808,922106 GR-G2-D-2-3BD-2A-206 G2 D 2 3BED 2-A 167.6 3.6 171.2 171.20 981,600 981,600 UNSOLD Street 4,850 3% 4,971 851,078107 GR-G2-D-2-3BD-4-207 G2 D 2 3BED 4 172.68 8.9 181.58 181.58 1,024,920 1,024,920 UNSOLD Street 4,850 3% 4,971 902,680108 GR-G2-D-3-4BD-1A-301 G2 D 3 4BED 1-A 215.86 3.45 219.31 219.31 1,407,840 1,407,840 UNSOLD Garden & Street 4,850 5% 5,093 1,116,836109 GR-G2-D-3-3BD-4D-302 G2 D 3 3BED 4-D 161.8 9 170.8 170.80 888,750 888,750 UNSOLD Garden 4,850 5% 5,093 869,799110 GR-G2-D-3-3BD-1-303 G2 D 3 3BED 1 165.47 3.8 169.27 169.27 961,740 961,740 UNSOLD Garden 4,850 5% 5,093 862,007111 GR-G2-D-3-3BD-1A-304 G2 D 3 3BED 1-A 167.14 3.8 170.94 170.94 938,340 938,340 UNSOLD Corridor 4,850 -3% 4,729 808,333112 GR-G2-D-3-3BD-3A-305 G2 D 3 3BED 3-A 159.37 3.35 162.72 162.72 867,000 867,000 UNSOLD Street 4,850 3% 4,971 808,922113 GR-G2-D-3-3BD-2A-306 G2 D 3 3BED 2-A 167.6 3.6 171.2 171.20 999,200 999,200 UNSOLD Street 4,850 3% 4,971 851,078114 GR-G2-D-3-3BD-4-307 G2 D 3 3BED 4 172.68 8.9 181.58 181.58 1,042,860 1,042,860 UNSOLD Street 4,850 3% 4,971 902,680115 GR-G2-D-4-4BD-1A-401 G2 D 4 4BED 1-A 215.86 3.45 219.31 219.31 1,430,520 1,430,520 UNSOLD Garden & Street 4,850 5% 5,093 1,116,836116 GR-G2-D-4-3BD-4D-402 G2 D 4 3BED 4-D 161.8 9 170.8 170.80 905,250 905,250 UNSOLD Garden 4,850 5% 5,093 869,799117 GR-G2-D-4-3BD-1-403 G2 D 4 3BED 1 165.47 3.8 169.27 169.27 978,900 978,900 UNSOLD Garden 4,850 5% 5,093 862,007118 GR-G2-D-4-3BD-1A-404 G2 D 4 3BED 1-A 167.14 3.8 170.94 170.94 955,500 955,500 UNSOLD Corridor 4,850 -3% 4,729 808,333119 GR-G2-D-4-3BD-3A-405 G2 D 4 3BED 3-A 159.37 3.35 162.72 162.72 882,750 882,750 UNSOLD Street 4,850 3% 4,971 808,922120 GR-G2-D-4-3BD-2A-406 G2 D 4 3BED 2-A 167.6 3.6 171.2 171.20 1,016,800 1,016,800 UNSOLD Street 4,850 3% 4,971 851,078121 GR-G2-D-4-3BD-4-407 G2 D 4 3BED 4 172.68 8.9 181.58 181.58 1,060,800 1,060,800 UNSOLD Street 4,850 3% 4,971 902,680122 GR-G2-D-PH 4BD-5-501 G2 D PH 4BED 5 201.89 3.79 205.68 280.73 486.41 1,868,350 1,868,350 UNSOLD Garden 4,850 20% 5,820 1,197,058123 GR-G2-D-PH 4BD-2-502 G2 D PH 4BED 2 194.16 3.8 197.96 123.43 321.39 1,807,520 1,807,520 UNSOLD Garden 4,850 15% 5,578 1,104,122124 GR-G2-D-PH 4BD-6-503 G2 D PH 4BED 6 193.81 3.59 197.4 148.55 345.95 1,813,050 1,813,050 UNSOLD Street 4,850 15% 5,578 1,100,999

Gardenia 2

Appendix 2

Detailed Valuation



Terrace (Sqm)

Total Gross (Sqm)


A125 GR-G3-A-1-4BD-1-101 G3 A 1 4BED 1 211.36 3.35 214.71 214.71 1,137,750 1,137,750 UNSOLD Garden & Street 4,850 5% 5,093 1,093,411126 GR-G3-A-1-3BD-4-102 G3 A 1 3BED 4 171.54 8.8 180.34 180.34 1,160,900 1,185,900 SOLD 4,850127 GR-G3-A-1-3BD-2-103 G3 A 1 3BED 2 168.67 3.6 172.27 172.27 911,040 911,040 UNSOLD Street 4,850 3% 4,971 856,397128 GR-G3-A-1-3BD-3-104 G3 A 1 3BED 3 160.53 2.91 163.44 163.44 751,680 751,680 UNSOLD Corridor 4,850 -3% 4,729 772,867129 GR-G3-A-1-3BD-1A-105 G3 A 1 3BED 1-A 167.21 3.8 171.01 171.01 846,000 846,000 UNSOLD Garden 4,850 5% 5,093 870,868130 GR-G3-A-1-3BD 1-106 G3 A 1 3BED 1 165.56 3.8 169.36 169.36 856,500 856,500 UNSOLD Garden 4,850 5% 5,093 862,466131 GR-G3-A-1-3BD-4A-107 G3 A 1 3BED 4-A 157.4 8.8 166.2 166.20 906,100 906,100 UNSOLD Garden 4,850 5% 5,093 846,374132 GR-G3-A-2-4BD-1-201 G3 A 2 4BED 1 211.36 3.35 214.71 214.71 1,161,750 1,161,750 UNSOLD Garden & Street 4,850 5% 5,093 1,093,411133 GR-G3-A-2-3BD-4-202 G3 A 2 3BED 4 171.54 8.8 180.34 180.34 1,185,600 1,185,600 SOLD 4,850134 GR-G3-A-2-3BD-2-203 G3 A 2 3BED 2 168.67 3.6 172.27 172.27 931,320 931,320 UNSOLD Street 4,850 3% 4,971 856,397135 GR-G3-A-2-3BD-3-204 G3 A 2 3BED 3 160.53 2.91 163.44 163.44 768,960 768,960 UNSOLD Corridor 4,850 -3% 4,729 772,867136 GR-G3-A-2-3BD-1A-205 G3 A 2 3BED 1-A 167.21 3.8 171.01 171.01 864,750 891,738 SOLD 4,850137 GR-G3-A-2-3BD-1-206 G3 A 2 3BED 1 165.56 3.8 169.36 169.36 875,250 875,250 UNSOLD Garden 4,850 5% 5,093 862,466138 GR-G3-A-2-3BD 4C-207 G3 A 2 3BED 4-C 161.61 8.8 170.41 170.41 783,360 783,360 UNSOLD Garden 4,850 5% 5,093 867,813139 GR-G3-A-3-4BD-1-301 G3 A 3 4BED 1 211.36 3.35 214.71 214.71 1,180,500 1,180,500 UNSOLD Garden & Street 4,850 5% 5,093 1,093,411140 GR-G3-A-3-3BD-4-302 G3 A 3 3BED 4 171.54 8.8 180.34 180.34 977,900 977,900 UNSOLD Street 4,850 3% 4,971 896,515141 GR-G3-A-3-3BD-2-303 G3 A 3 3BED 2 168.67 3.6 172.27 172.27 946,920 946,920 UNSOLD Street 4,850 3% 4,971 856,397142 GR-G3-A-3-3BD-3-304 G3 A 3 3BED 3 160.53 2.91 163.44 163.44 782,640 782,640 UNSOLD Corridor 4,850 -3% 4,729 772,867143 GR-G3-A-3-3BD-1A-305 G3 A 3 3BED 1-A 167.21 3.8 171.01 171.01 880,500 880,500 UNSOLD Garden 4,850 5% 5,093 870,868144 GR-G3-A-3-3BD-1-306 G3 A 3 3BED 1 165.56 3.8 169.36 169.36 890,250 890,250 UNSOLD Garden 4,850 5% 5,093 862,466145 GR-G3-A-3-3BD-4C-307 G3 A 3 3BED 4-C 161.61 8.8 170.41 170.41 797,760 797,760 UNSOLD Garden 4,850 5% 5,093 867,813146 GR-G3-A-4-4BD-1-401 G3 A 4 4BED 1 211.36 3.35 214.71 214.71 1,199,250 1,199,250 UNSOLD Garden & Street 4,850 5% 5,093 1,093,411147 GR-G3-A-4-3BD-4-402 G3 A 4 3BED 4 171.54 8.8 180.34 180.34 994,070 994,070 UNSOLD Street 4,850 3% 4,971 896,515148 GR-G3-A-4-3BD-2-403 G3 A 4 3BED 2 168.67 3.6 172.27 172.27 963,300 963,300 UNSOLD Street 4,850 3% 4,971 856,397149 GR-G3-A-4-3BD-3-404 G3 A 4 3BED 3 160.53 2.91 163.44 163.44 797,040 797,040 UNSOLD Corridor 4,850 -3% 4,729 772,867150 GR-G3-A-4-3BD-1A-405 G3 A 4 3BED 1-A 167.21 3.8 171.01 171.01 895,500 895,500 UNSOLD Garden 4,850 5% 5,093 870,868151 GR-G3-A-4-3BD-1-406 G3 A 4 3BED 1 165.56 3.8 169.36 169.36 905,250 905,250 UNSOLD Garden 4,850 5% 5,093 862,466152 GR-G3-A-4-3BD-4C-407 G3 A 4 3BED 4-C 161.61 8.8 170.41 170.41 812,160 812,160 UNSOLD Garden 4,850 5% 5,093 867,813153 GR-G3-A-PH 4BD-4-501 G3 A PH 4BED 4 202.76 3.8 206.56 265.36 471.92 1,665,000 1,665,000 UNSOLD Garden 4,850 20% 5,820 1,202,179154 GR-G3-A-PH 4BD-3-502 G3 A PH 4BED 3 192.69 0 192.69 144.34 337.03 1,532,250 1,532,250 UNSOLD Corridor 4,850 15% 5,578 1,074,728155 GR-G3-A-PH 4BD-2-503 G3 A PH 4BED 2 193.26 3.8 197.06 96.49 293.55 1,613,250 1,613,250 UNSOLD Garden 4,850 15% 5,578 1,099,102

Gardenia 3

Appendix 2

Detailed Valuation



Terrace (Sqm)

Total Gross (Sqm)


B156 GR-G3-B-1-3BD-1-101 G3 B 1 3BED 1 165.47 3.8 169.27 169.27 837,750 837,750 UNSOLD Garden & Street & Corridor 4,850 5% 5,093 862,007157 GR-G3-B-1-3BD-1A-102 G3 B 1 3BED 1-A 167.14 3.8 170.94 170.94 836,250 836,250 UNSOLD Corridor 4,850 -3% 4,729 808,333158 GR-G3-B-1-3BD-3A-103 G3 B 1 3BED 3-A 159.37 3.35 162.72 162.72 757,440 757,440 UNSOLD Street 4,850 3% 4,971 808,922159 GR-G3-B-1-3BD-2A-104 G3 B 1 3BED 2-A 167.6 3.6 171.2 171.20 1,010,910 1,010,910 SOLD 4,850160 GR-G3-B-1-3BD-4-105 G3 B 1 3BED 4 172.68 8.9 181.58 181.58 880,110 880,110 UNSOLD Street 4,850 3% 4,971 902,680161 GR-G3-B-1-4BD-1A-106 G3 B 1 4BED 1-A 215.86 3.45 219.31 219.31 1,231,650 1,231,650 UNSOLD Garden & Street 4,850 5% 5,093 1,116,836162 GR-G3-B-1-3BD-4B-107 G3 B 1 3BED 4-B 157.59 9 166.59 166.59 864,450 864,450 UNSOLD Garden 4,850 5% 5,093 848,360163 GR-G3-B-2-3BD-1-201 G3 B 2 3BED 1 165.47 3.8 169.27 169.27 855,750 855,750 UNSOLD Garden & Street & Corridor 4,850 5% 5,093 862,007164 GR-G3-B-2-3BD-1A-202 G3 B 2 3BED 1-A 167.14 3.8 170.94 170.94 854,250 854,250 UNSOLD Corridor 4,850 -3% 4,729 808,333165 GR-G3-B-2-3BD-3A-203 G3 B 2 3BED 3-A 159.37 3.35 162.72 162.72 774,000 812,700 SOLD.19 4,850166 GR-G3-B-2-3BD-2A-204 G3 B 2 3BED 2-A 167.6 3.6 171.2 171.20 1,033,230 1,033,230 SOLD 4,850167 GR-G3-B-2-3BD-4-205 G3 B 2 3BED 4 172.68 8.9 181.58 181.58 900,130 902,637 SOLD 4,850168 GR-G3-B-2-4BD-1A-206 G3 B 2 4BED 1-A 215.86 3.45 219.31 219.31 1,377,330 1,377,330 SOLD 4,850169 GR-G3-B-2-3BD-4D-207 G3 B 2 3BED 4-D 161.8 9 170.8 170.80 769,680 769,680 SOLD 4,850170 GR-G3-B-3-3BD-1-301 G3 B 3 3BED 1 165.47 3.8 169.27 169.27 870,750 870,750 UNSOLD Garden & Street & Corridor 4,850 5% 5,093 862,007171 GR-G3-B-3-3BD-1A-302 G3 B 3 3BED 1-A 167.14 3.8 170.94 170.94 869,250 869,250 SOLD 4,850172 GR-G3-B-3-3BD-3A-303 G3 B 3 3BED 3-A 159.37 3.35 162.72 162.72 787,680 787,680 SOLD 4,850173 GR-G3-B-3-3BD-2A-304 G3 B 3 3BED 2-A 167.6 3.6 171.2 171.20 927,450 927,450 SOLD.19 4,850174 GR-G3-B-3-3BD-4-305 G3 B 3 3BED 4 172.68 8.9 181.58 181.58 1,106,700 1,106,700 SOLD 4,850175 GR-G3-B-3-4BD-1A-306 G3 B 3 4BED 1-A 215.86 3.45 219.31 219.31 1,400,580 1,400,580 SOLD 4,850176 GR-G3-B-3-3BD-4D-307 G3 B 3 3BED 4-D 161.8 9 170.8 170.80 783,360 783,360 SOLD.19 4,850177 GR-G3-B-4-3BD-1-401 G3 B 4 3BED 1 165.47 3.8 169.27 169.27 1,097,400 1,097,400 SOLD 4,850178 GR-G3-B-4-3BD-1A-402 G3 B 4 3BED 1-A 167.14 3.8 170.94 170.94 1,096,470 1,096,470 SOLD 4,850179 GR-G3-B-4-3BD-3A-403 G3 B 4 3BED 3-A 159.37 3.35 162.72 162.72 801,360 801,360 UNSOLD Street 4,850 3% 4,971 808,922180 GR-G3-B-4-3BD-2A-404 G3 B 4 3BED 2-A 167.6 3.6 171.2 171.20 943,820 943,820 UNSOLD Street 4,850 3% 4,971 851,078181 GR-G3-B-4-3BD-4-405 G3 B 4 3BED 4 172.68 8.9 181.58 181.58 932,470 932,470 SOLD 4,850182 GR-G3-B-4-4BD-1A-406 G3 B 4 4BED 1-A 215.86 3.45 219.31 219.31 1,469,760 1,469,760 SOLD 4,850183 GR-G3-B-4-3BD-4D-407 G3 B 4 3BED 4-D 161.8 9 170.8 170.80 797,760 797,760 UNSOLD Garden 4,850 5% 5,093 869,799184 GR-G3-B-PH 4BD-2-501 G3 B PH 4BED 2 194.16 3.8 197.96 123.43 321.39 1,539,000 1,539,000 UNSOLD Garden 4,850 15% 5,578 1,104,122185 GR-G3-B-PH 4BD-6-502 G3 B PH 4BED 6 193.81 3.59 197.4 148.55 345.95 1,550,250 1,550,250 UNSOLD Street 4,850 15% 5,578 1,100,999186 GR-G3-B-PH 4BD-5-503 G3 B PH 4BED 5 201.89 3.79 205.68 280.73 486.41 1,632,750 1,632,750 UNSOLD Garden 4,850 20% 5,820 1,197,058

Gardenia 3

Appendix 2

Detailed Valuation



Terrace (Sqm)

Total Gross (Sqm)


C187 GR-G3-C-1-3BD-1A-101 G3 C 1 3BED 1-A 167.21 3.8 171.01 171.01 981,150 981,150 SOLD 4,850188 GR-G3-C-1-3BD-1-102 G3 C 1 3BED 1 165.56 3.8 169.36 169.36 772,500 772,500 UNSOLD Garden 4,850 5% 5,093 862,466189 GR-G3-C-1-3BD-4A-103 G3 C 1 3BED 4-A 157.4 8.8 166.2 166.20 880,710 880,710 SOLD 4,850190 GR-G3-C-1-4BD-1-104 G3 C 1 4BED 1 211.36 3.35 214.71 214.71 1,241,550 1,241,550 SOLD 4,850191 GR-G3-C-1-3BD-4-105 G3 C 1 3BED 4 171.54 8.8 180.34 180.34 978,360 978,360 SOLD 4,850192 GR-G3-C-1-3BD-2-106 G3 C 1 3BED 2 168.67 3.6 172.27 172.27 962,550 962,550 SOLD 4,850193 GR-G3-C-1-3BD-3-107 G3 C 1 3BED 3 160.53 2.91 163.44 163.44 676,080 676,080 SOLD.19 4,850194 GR-G3-C-2-3BD-1A-201 G3 C 2 3BED 1-A 167.21 3.8 171.01 171.01 1,003,470 1,003,470 SOLD 4,850195 GR-G3-C-2-3BD-1-202 G3 C 2 3BED 1 165.56 3.8 169.36 169.36 980,220 980,220 SOLD 4,850196 GR-G3-C-2-3BD-4C-203 G3 C 2 3BED 4-C 161.61 8.8 170.41 170.41 716,400 716,400 SOLD 4,850197 GR-G3-C-2-4BD-1-204 G3 C 2 4BED 1 211.36 3.35 214.71 214.71 1,023,750 1,023,750 UNSOLD Garden & Street 4,850 5% 5,093 1,093,411198 GR-G3-C-2-3BD-4-205 G3 C 2 3BED 4 171.54 8.8 180.34 180.34 829,290 829,290 UNSOLD Street 4,850 3% 4,971 896,515199 GR-G3-C-2-3BD-2-206 G3 C 2 3BED 2 168.67 3.6 172.27 172.27 984,870 1,009,870 SOLD 4,850200 GR-G3-C-2-3BD-3-207 G3 C 2 3BED 3 160.53 2.91 163.44 163.44 894,660 894,660 SOLD 4,850201 GR-G3-C-3-3BD-1A-301 G3 C 3 3BED 1-A 167.21 3.8 171.01 171.01 1,021,140 1,021,140 SOLD 4,850202 GR-G3-C-3-3BD-1-302 G3 C 3 3BED 1 165.56 3.8 169.36 169.36 804,750 804,750 UNSOLD Garden 4,850 5% 5,093 862,466203 GR-G3-C-3-3BD-4C-303 G3 C 3 3BED 4-C 161.61 8.8 170.41 170.41 730,080 730,080 UNSOLD Garden 4,850 5% 5,093 867,813204 GR-G3-C-3-4BD-1-304 G3 C 3 4BED 1 211.36 3.35 214.71 214.71 1,042,500 1,042,500 UNSOLD Garden & Street 4,850 5% 5,093 1,093,411205 GR-G3-C-3-3BD-4-305 G3 C 3 3BED 4 171.54 8.8 180.34 180.34 844,690 844,690 UNSOLD Street 4,850 3% 4,971 896,515206 GR-G3-C-3-3BD-2-306 G3 C 3 3BED 2 168.67 3.6 172.27 172.27 841,620 841,620 UNSOLD Street 4,850 3% 4,971 856,397207 GR-G3-C-3-3BD-3-307 G3 C 3 3BED 3 160.53 2.91 163.44 163.44 911,400 911,400 SOLD 4,850208 GR-G3-C-4-3BD-1A-401 G3 C 4 3BED 1-A 167.21 3.8 171.01 171.01 837,750 837,750 SOLD 4,850209 GR-G3-C-4-3BD-1-402 G3 C 4 3BED 1 165.56 3.8 169.36 169.36 1,015,560 1,015,560 SOLD 4,850210 GR-G3-C-4-3BD-4C-403 G3 C 4 3BED 4-C 161.61 8.8 170.41 170.41 743,000 743,000 SOLD.19 4,850211 GR-G3-C-4-4BD-1-404 G3 C 4 4BED 1 211.36 3.35 214.71 214.71 1,060,500 1,060,500 UNSOLD Garden & Street 4,850 5% 5,093 1,093,411212 GR-G3-C-4-3BD-4-405 G3 C 4 3BED 4 171.54 8.8 180.34 180.34 1,039,740 1,039,740 SOLD 4,850213 GR-G3-C-4-3BD-2-406 G3 C 4 3BED 2 168.67 3.6 172.27 172.27 856,440 856,440 SOLD 4,850214 GR-G3-C-4-3BD-3-407 G3 C 4 3BED 3 160.53 2.91 163.44 163.44 718,560 718,560 UNSOLD Corridor 4,850 -3% 4,729 772,867215 GR-G3-C-PH 4BD-2-501 G3 C PH 4BED 2 193.26 3.8 197.06 96.49 293.55 1,486,500 1,486,500 UNSOLD Garden 4,850 15% 5,578 1,099,102216 GR-G3-C-PH 4BD-4-502 G3 C PH 4BED 4 202.76 3.8 206.56 265.36 471.92 1,550,250 1,550,250 UNSOLD Garden 4,850 20% 5,820 1,202,179217 GR-G3-C-PH 4BD-3-503 G3 C PH 4BED 3 192.69 0 192.69 144.34 337.03 1,410,000 1,410,000 UNSOLD Corridor 4,850 15% 5,578 1,074,728

Gardenia 3

Appendix 2

Detailed Valuation



Terrace (Sqm)

Total Gross (Sqm)


D218 GR-G3-D-1-4BD-1A-101 G3 D 1 4BED 1-A 215.86 3.45 219.31 219.31 1,175,550 1,175,550 SOLD 4,850219 GR-G3-D-1-3BD-4B-102 G3 D 1 3BED 4-B 157.59 9 166.59 166.59 802,400 802,400 UNSOLD Garden 4,850 5% 5,093 848,360220 GR-G3-D-1-3BD-1-103 G3 D 1 3BED 1 165.47 3.8 169.27 169.27 760,500 760,500 UNSOLD Garden 4,850 5% 5,093 862,007221 GR-G3-D-1-3BD-1A-104 G3 D 1 3BED 1-A 167.14 3.8 170.94 170.94 916,980 916,980 SOLD 4,850222 GR-G3-D-1-3BD-3A-105 G3 D 1 3BED 3-A 159.37 3.35 162.72 162.72 881,640 906,640 SOLD 4,850223 GR-G3-D-1-3BD-2A-106 G3 D 1 3BED 2-A 167.6 3.6 171.2 171.20 954,180 979,180 SOLD 4,850224 GR-G3-D-1-3BD-4-107 G3 D 1 3BED 4 172.68 8.9 181.58 181.58 1,023,000 1,048,000 SOLD 4,850225 GR-G3-D-2-4BD-1A-201 G3 D 2 4BED 1-A 215.86 3.45 219.31 219.31 1,343,300 1,343,300 SOLD 4,850226 GR-G3-D-2-3BD-4D-202 G3 D 2 3BED 4-D 161.8 9 170.8 170.80 918,840 918,840 SOLD 4,850227 GR-G3-D-2-3BD-1-203 G3 D 2 3BED 1 165.47 3.8 169.27 169.27 964,410 964,410 SOLD 4,850228 GR-G3-D-2-3BD-1A-204 G3 D 2 3BED 1-A 167.14 3.8 170.94 170.94 757,500 757,500 UNSOLD Corridor 4,850 -3% 4,729 808,333229 GR-G3-D-2-3BD-3A-205 G3 D 2 3BED 3-A 159.37 3.35 162.72 162.72 699,120 699,120 SOLD 4,850230 GR-G3-D-2-3BD-2A-206 G3 D 2 3BED 2-A 167.6 3.6 171.2 171.20 976,500 1,001,500 SOLD 4,850231 GR-G3-D-2-3BD-4-207 G3 D 2 3BED 4 172.68 8.9 181.58 181.58 1,046,250 1,046,250 SOLD 4,850232 GR-G3-D-3-4BD-1A-301 G3 D 3 4BED 1-A 215.86 3.45 219.31 219.31 1,366,100 1,366,100 SOLD 4,850233 GR-G3-D-3-3BD-4D-302 G3 D 3 3BED 4-D 161.8 9 170.8 170.80 725,040 725,040 SOLD.19 4,850234 GR-G3-D-3-3BD-1-303 G3 D 3 3BED 1 165.47 3.8 169.27 169.27 982,080 982,080 SOLD 4,850235 GR-G3-D-3-3BD-1A-304 G3 D 3 3BED 1-A 167.14 3.8 170.94 170.94 957,900 957,900 SOLD 4,850236 GR-G3-D-3-3BD-3A-305 G3 D 3 3BED 3-A 159.37 3.35 162.72 162.72 919,770 919,770 SOLD 4,850237 GR-G3-D-3-3BD-2A-306 G3 D 3 3BED 2-A 167.6 3.6 171.2 171.20 994,170 1,019,170 SOLD 4,850238 GR-G3-D-3-3BD-4-307 G3 D 3 3BED 4 172.68 8.9 181.58 181.58 1,064,850 1,064,850 SOLD 4,850239 GR-G3-D-4-4BD-1A-401 G3 D 4 4BED 1-A 215.86 3.45 219.31 219.31 1,242,700 1,262,335 SOLD 4,850240 GR-G3-D-4-3BD-4D-402 G3 D 4 3BED 4-D 161.8 9 170.8 170.80 739,440 739,440 SOLD.19 4,850241 GR-G3-D 4-3BD-1-403 G3 D 4 3BED 1 165.47 3.8 169.27 169.27 999,750 999,750 SOLD 4,850242 GR-G3-D-4-3BD-1A-404 G3 D 4 3BED 1-A 167.14 3.8 170.94 170.94 975,570 975,570 SOLD 4,850243 GR-G3-D-4-3BD-3A-405 G3 D 4 3BED 3-A 159.37 3.35 162.72 162.72 725,040 725,040 UNSOLD Street 4,850 3% 4,971 808,922244 GR-G3-D-4-3BD-2A-406 G3 D 4 3BED 2-A 167.6 3.6 171.2 171.20 1,012,770 1,012,770 SOLD 4,850245 GR-G3-D-4-3BD-4-407 G3 D 4 3BED 4 172.68 8.9 181.58 181.58 1,084,380 1,084,380 SOLD 4,850246 GR-G3-D-PH 4BD-5-501 G3 D PH 4BED 5 201.89 3.79 205.68 280.73 486.41 1,533,750 1,533,750 UNSOLD Garden 4,850 20% 5,820 1,197,058247 GR-G3-D-PH 4BD-2-502 G3 D PH 4BED 2 194.16 3.8 197.96 123.43 321.39 1,484,250 1,484,250 UNSOLD Garden 4,850 15% 5,578 1,104,122248 GR-G3-D-PH 4BD-6-503 G3 D PH 4BED 6 193.81 3.59 197.4 148.55 345.95 1,488,750 1,488,750 UNSOLD Street 4,850 15% 5,578 1,100,999

Gardenia 3

Appendix 2

Detailed Valuation



Terrace (Sqm)

Total Gross (Sqm)


A249 GR-G4-A-1-4BD-1-101 G4 A 1 4BED 1 211.36 3.35 214.71 214.71 1,254,750 1,254,750 UNSOLD Garden & Street 4,850 5% 5,093 1,093,411250 GR-G4-A-1-3BD-4-102 G4 A 1 3BED 4 171.54 8.8 180.34 180.34 1,052,220 1,052,220 UNSOLD Street 4,850 3% 4,971 896,515251 GR-G4-A-1-3BD-2-103 G4 A 1 3BED 2 168.67 3.6 172.27 172.27 1,032,000 1,032,000 UNSOLD Street 4,850 3% 4,971 856,397252 GR-G4-A-1-3BD-3-104 G4 A 1 3BED 3 160.53 2.91 163.44 163.44 866,250 866,250 UNSOLD Corridor 4,850 -3% 4,729 772,867253 GR-G4-A-1-3BD-1A-105 G4 A 1 3BED 1-A 167.21 3.8 171.01 171.01 972,660 972,660 UNSOLD Garden 4,850 5% 5,093 870,868254 GR-G4-A-1-3BD-1-106 G4 A 1 3BED 1 165.56 3.8 169.36 169.36 984,360 984,360 UNSOLD Garden 4,850 5% 5,093 862,466255 GR-G4-A-1-3BD-4A-107 G4 A 1 3BED 4-A 157.4 8.8 166.2 166.20 993,720 993,720 UNSOLD Garden 4,850 5% 5,093 846,374256 GR-G4-A-2-4BD-1-201 G4 A 2 4BED 1 211.36 3.35 214.71 214.71 1,249,500 1,249,500 UNSOLD Garden & Street 4,850 5% 5,093 1,093,411257 GR-G4-A-2-3BD-4-202 G4 A 2 3BED 4 171.54 8.8 180.34 180.34 1,074,060 1,074,060 UNSOLD Street 4,850 3% 4,971 896,515258 GR-G4-A-2-3BD-2-203 G4 A 2 3BED 2 168.67 3.6 172.27 172.27 1,053,600 1,053,600 UNSOLD Street 4,850 3% 4,971 856,397259 GR-G4-A-2-3BD-3-204 G4 A 2 3BED 3 160.53 2.91 163.44 163.44 885,750 885,750 UNSOLD Corridor 4,850 -3% 4,729 772,867260 GR-G4-A-2-3BD-1A-205 G4 A 2 3BED 1-A 167.21 3.8 171.01 171.01 993,720 993,720 UNSOLD Garden 4,850 5% 5,093 870,868261 GR-G4-A-2-3BD-1-206 G4 A 2 3BED 1 165.56 3.8 169.36 169.36 1,004,640 1,004,640 UNSOLD Garden 4,850 5% 5,093 862,466262 GR-G4-A-2-3BD-4C-207 G4 A 2 3BED 4-C 161.61 8.8 170.41 170.41 905,250 905,250 UNSOLD Garden 4,850 5% 5,093 867,813263 GR-G4-A-3-4BD-1-301 G4 A 3 4BED 1 211.36 3.35 214.71 214.71 1,300,500 1,300,500 UNSOLD Garden & Street 4,850 5% 5,093 1,093,411264 GR-G4-A-3-3BD-4-302 G4 A 3 3BED 4 171.54 8.8 180.34 180.34 1,092,000 1,092,000 UNSOLD Street 4,850 3% 4,971 896,515265 GR-G4-A-3-3BD-2-303 G4 A 3 3BED 2 168.67 3.6 172.27 172.27 1,071,200 1,071,200 UNSOLD Street 4,850 3% 4,971 856,397266 GR-G4-A-3-3BD-3-304 G4 A 3 3BED 3 160.53 2.91 163.44 163.44 900,750 900,750 UNSOLD Corridor 4,850 -3% 4,729 772,867267 GR-G4-A-3-3BD-1A-305 G4 A 3 3BED 1-A 167.21 3.8 171.01 171.01 1,010,100 1,010,100 UNSOLD Garden 4,850 5% 5,093 870,868268 GR-G4-A-3-3BD-1-306 G4 A 3 3BED 1 165.56 3.8 169.36 169.36 1,021,800 1,021,800 UNSOLD Garden 4,850 5% 5,093 862,466269 GR-G4-A-3-3BD-4C-307 G4 A 3 3BED 4-C 161.61 8.8 170.41 170.41 921,000 921,000 UNSOLD Garden 4,850 5% 5,093 867,813270 GR-G4-A-4-4BD-1-401 G4 A 4 4BED 1 211.36 3.35 214.71 214.71 1,320,750 1,320,750 UNSOLD Garden & Street 4,850 5% 5,093 1,093,411271 GR-G4-A-4-3BD-4-402 G4 A 4 3BED 4 171.54 8.8 180.34 180.34 1,109,940 1,109,940 UNSOLD Street 4,850 3% 4,971 896,515272 GR- G4 -A- 4-3BD- 2- 403 G4 A 4 3BED 2 168.67 3.6 172.27 172.27 1,088,800 1,088,800 UNSOLD Street 4,850 3% 4,971 856,397273 GR- G4 A- 4- 3BD- 3- 404 G4 A 4 3BED 3 160.53 2.91 163.44 163.44 916,500 916,500 UNSOLD Corridor 4,850 -3% 4,729 772,867274 GR-G4-A-4-3BD-1A-405 G4 A 4 3BED 1-A 167.21 3.8 171.01 171.01 1,027,260 1,027,260 UNSOLD Garden 4,850 5% 5,093 870,868275 GR-G4-A-4-3BD-1-406 G4 A 4 3BED 1 165.56 3.8 169.36 169.36 1,038,180 1,038,180 UNSOLD Garden 4,850 5% 5,093 862,466276 GR-G4-A-4-3BD-4C-407 G4 A 4 3BED 4-C 161.61 8.8 170.41 170.41 917,250 917,250 UNSOLD Garden 4,850 5% 5,093 867,813277 GR-G4-A-PH 4BD-4-501 G4 A PH 4BED 4 202.76 3.8 206.56 265.36 471.92 1,915,750 1,915,750 UNSOLD Garden 4,850 20% 5,820 1,202,179278 GR-G4-A-PH 4BD-3-502 G4 A PH 4BED 3 192.69 0 192.69 144.34 337.03 1,763,280 1,763,280 UNSOLD Corridor 4,850 15% 5,578 1,074,728279 GR-G4-A-PH 4BD-2-503 G4 A PH 4BED 2 193.26 3.8 197.06 96.49 293.55 1,855,710 1,855,710 UNSOLD Garden 4,850 15% 5,578 1,099,102

Gardenia 4

Appendix 2

Detailed Valuation



Terrace (Sqm)

Total Gross (Sqm)


B280 GR-G4-B-1-3BD-1-101 G4 B 1 3BED 1 165.47 3.8 169.27 169.27 946,140 946,140 UNSOLD Garden & Street & Corridor 4,850 5% 5,093 862,007281 GR-G4-B-1-3BD-1A-102 G4 B 1 3BED 1-A 167.14 3.8 170.94 170.94 943,800 943,800 UNSOLD Corridor 4,850 -3% 4,729 808,333282 GR-G4-B-1-3BD-3A-103 G4 B 1 3BED 3-A 159.37 3.35 162.72 162.72 856,500 856,500 UNSOLD Street 4,850 3% 4,971 808,922283 GR-G4-B-1-3BD-2A-104 G4 B 1 3BED 2-A 167.6 3.6 171.2 171.20 944,000 944,000 UNSOLD Street 4,850 3% 4,971 851,078284 GR-G4-B-1-3BD-4-105 G4 B 1 3BED 4 172.68 8.9 181.58 181.58 968,760 968,760 UNSOLD Street 4,850 3% 4,971 902,680285 GR-G4-B-1-4BD-1A-106 G4 B 1 4BED 1-A 215.86 3.45 219.31 219.31 1,321,320 1,321,320 UNSOLD Garden & Street 4,850 5% 5,093 1,116,836286 GR-G4-B-1-3BD-4B-107 G4 B 1 3BED 4-B 157.59 9 166.59 166.59 931,560 931,560 UNSOLD Garden 4,850 5% 5,093 848,360287 GR-G4-B-2-3BD-1-201 G4 B 2 3BED 1 165.47 3.8 169.27 169.27 966,420 966,420 UNSOLD Garden & Street & Corridor 4,850 5% 5,093 862,007288 GR-G4-B-2-3BD-1A-202 G4 B 2 3BED 1-A 167.14 3.8 170.94 170.94 964,860 964,860 UNSOLD Corridor 4,850 -3% 4,729 808,333289 GR- G4 B -2 -3BD- 3A -203 G4 B 2 3BED 3-A 159.37 3.35 162.72 162.72 875,250 875,250 UNSOLD Street 4,850 3% 4,971 808,922290 GR -G4- B -2 -3BD -2A -204 G4 B 2 3BED 2-A 167.6 3.6 171.2 171.20 965,600 965,600 UNSOLD Street 4,850 3% 4,971 851,078291 GR -G4- B- 2- 3BD -4 -205 G4 B 2 3BED 4 172.68 8.9 181.58 181.58 990,600 990,600 UNSOLD Street 4,850 3% 4,971 902,680292 GR- G4 -B -2- 4BD- 1A- 206 G4 B 2 4BED 1-A 215.86 3.45 219.31 219.31 1,349,880 1,349,880 UNSOLD Garden & Street 4,850 5% 5,093 1,116,836293 GR -G4- B- 2 -3BD- 4D- 207 G4 B 2 3BED 4-D 161.8 9 170.8 170.80 873,750 873,750 UNSOLD Garden 4,850 5% 5,093 869,799294 GR- G4- B -3 -3BD- 1 -301 G4 B 3 3BED 1 165.47 3.8 169.27 169.27 982,800 982,800 UNSOLD Garden & Street & Corridor 4,850 5% 5,093 862,007295 GR -G4 -B- 3- 3BD- 1A -302 G4 B 3 3BED 1-A 167.14 3.8 170.94 170.94 981,240 981,240 UNSOLD Corridor 4,850 -3% 4,729 808,333296 GR- G4- B -3- 3BD- 3A- 303 G4 B 3 3BED 3-A 159.37 3.35 162.72 162.72 890,250 890,250 UNSOLD Street 4,850 3% 4,971 808,922297 GR- G4- B- 3 -3BD -2A- 304 G4 B 3 3BED 2-A 167.6 3.6 171.2 171.20 982,400 982,400 UNSOLD Street 4,850 3% 4,971 851,078298 GR- G4 -B- 3- 3BD- 4 -305 G4 B 3 3BED 4 172.68 8.9 181.58 181.58 1,007,760 1,007,760 UNSOLD Street 4,850 3% 4,971 902,680299 GR -G4- B- 3- 4BD- 1A- 306 G4 B 3 4BED 1-A 215.86 3.45 219.31 219.31 1,372,560 1,372,560 UNSOLD Garden & Street 4,850 5% 5,093 1,116,836300 GR -G4 -B- 3 -3BD- 4D- 307 G4 B 3 3BED 4-D 161.8 9 170.8 170.80 889,500 889,500 UNSOLD Garden 4,850 5% 5,093 869,799301 GR- G4 -B -4- 3BD- 1- 401 G4 B 4 3BED 1 165.47 3.8 169.27 169.27 999,180 999,180 UNSOLD Garden & Street & Corridor 4,850 5% 5,093 862,007302 GR- G4- B -4- 3BD- 1A- 402 G4 B 4 3BED 1-A 167.14 3.8 170.94 170.94 997,620 997,620 UNSOLD Corridor 4,850 -3% 4,729 808,333303 GR -G4- B- 4- 3BD- 3A -403 G4 B 4 3BED 3-A 159.37 3.35 162.72 162.72 905,250 905,250 UNSOLD Street 4,850 3% 4,971 808,922304 GR- G4- B- 4- 3BD- A -404 G4 B 4 3BED 2-A 167.6 3.6 171.2 171.20 999,200 999,200 UNSOLD Street 4,850 3% 4,971 851,078305 GR- G4 -B- 4-3BD- 4 -405 G4 B 4 3BED 4 172.68 8.9 181.58 181.58 1,025,700 1,025,700 UNSOLD Street 4,850 3% 4,971 902,680306 GR- G4- B- 4- 4BD -1A -406 G4 B 4 4BED 1-A 215.86 3.45 219.31 219.31 1,395,240 1,395,240 UNSOLD Garden & Street 4,850 5% 5,093 1,116,836307 GR- G4 -B- 4- 3BD- 4D -407 G4 B 4 3BED 4-D 161.8 9 170.8 170.80 905,250 905,250 UNSOLD Garden 4,850 5% 5,093 869,799308 GR- G4- B- PH 4BD- 2- 501 G4 B PH 4BED 2 194.16 3.8 197.96 123.43 321.39 1,752,220 1,752,220 UNSOLD Garden 4,850 15% 5,578 1,104,122309 GR -G4- B- PH 4BD -6 -502 G4 B PH 4BED 6 193.81 3.59 197.4 148.55 345.95 1,764,070 1,764,070 UNSOLD Street 4,850 15% 5,578 1,100,999310 GR- G4- B -PH 4BD- 5 -503 G4 B PH 4BED 5 201.89 3.79 205.68 280.73 486.41 1,858,080 1,858,080 UNSOLD Garden 4,850 20% 5,820 1,197,058

Gardenia 4

Appendix 2

Detailed Valuation



Terrace (Sqm)

Total Gross (Sqm)


C311 GR -G4- C -1 -3BD- 1A -101 G4 C 1 3BED 1-A 167.21 3.8 171.01 171.01 893,880 893,880 UNSOLD Garden 4,850 5% 5,093 870,868312 GR -G4 -C -1 -3BD -1 -102 G4 C 1 3BED 1 165.56 3.8 169.36 169.36 872,820 872,820 UNSOLD Garden 4,850 5% 5,093 862,466313 GR -G4 -C- 1 -3BD- 4A- 103 G4 C 1 3BED 4-A 157.4 8.8 166.2 166.20 867,720 867,720 UNSOLD Garden 4,850 5% 5,093 846,374314 GR -G4 -C -1 -4BD- 1- 104 G4 C 1 4BED 1 211.36 3.35 214.71 214.71 1,087,500 1,087,500 UNSOLD Garden & Street 4,850 5% 5,093 1,093,411315 GR -G4- C -1 -3BD- 4 -105 G4 C 1 3BED 4 171.54 8.8 180.34 180.34 891,540 891,540 UNSOLD Street 4,850 3% 4,971 896,515316 GR -G4 -C -1- 3BD- 2 -106 G4 C 1 3BED 2 168.67 3.6 172.27 172.27 900,000 900,000 UNSOLD Street 4,850 3% 4,971 856,397317 GR- G4- C- 1- 3BD -3 -107 G4 C 1 3BED 3 160.53 2.91 163.44 163.44 765,750 765,750 UNSOLD Corridor 4,850 -3% 4,729 772,867318 GR -G4- C- 2 -3BD -1A -201 G4 C 2 3BED 1-A 167.21 3.8 171.01 171.01 913,380 913,380 UNSOLD Garden 4,850 5% 5,093 870,868319 GR-G4- C -2- 3BD- 1 -202 G4 C 2 3BED 1 165.56 3.8 169.36 169.36 893,100 893,100 UNSOLD Garden 4,850 5% 5,093 862,466320 GR- G4- C- 2- 3BD -4C- 203 G4 C 2 3BED 4-C 161.61 8.8 170.41 170.41 813,750 813,750 UNSOLD Garden 4,850 5% 5,093 867,813321 GR -G4 C- 2 -4BD -1-204 G4 C 2 4BED 1 211.36 3.35 214.71 214.71 1,112,250 1,112,250 UNSOLD Garden & Street 4,850 5% 5,093 1,093,411322 GR- G4 -C- 2 -3BD-4 -205 G4 C 2 3BED 4 171.54 8.8 180.34 180.34 913,380 913,380 UNSOLD Street 4,850 3% 4,971 896,515323 GR -G4- C -2 -3BD -2 -206 G4 C 2 3BED 2 168.67 3.6 172.27 172.27 920,800 920,800 UNSOLD Street 4,850 3% 4,971 856,397324 GR -G4 C- 2 -3BD -3 -207 G4 C 2 3BED 3 160.53 2.91 163.44 163.44 783,750 783,750 UNSOLD Corridor 4,850 -3% 4,729 772,867325 GR -G4 C- 3 -3BD -1A- 301 G4 C 3 3BED 1-A 167.21 3.8 171.01 171.01 929,760 929,760 UNSOLD Garden 4,850 5% 5,093 870,868326 GR -G4- C-3- 3BD- 1 -302 G4 C 3 3BED 1 165.56 3.8 169.36 169.36 908,700 908,700 UNSOLD Garden 4,850 5% 5,093 862,466327 GR -G4- C- 3- 3BD- 4C -303 G4 C 3 3BED 4-C 161.61 8.8 170.41 170.41 828,750 828,750 UNSOLD Garden 4,850 5% 5,093 867,813328 GR -G4- C -3- 4BD -1-304 G4 C 3 4BED 1 211.36 3.35 214.71 214.71 1,131,750 1,131,750 UNSOLD Garden & Street 4,850 5% 5,093 1,093,411329 GR -G4- C- 3- 3BD- 4-305 G4 C 3 3BED 4 171.54 8.8 180.34 180.34 929,760 929,760 UNSOLD Street 4,850 3% 4,971 896,515330 GR-G4 C- 3- 3BD -2 -306 G4 C 3 3BED 2 168.67 3.6 172.27 172.27 936,800 936,800 UNSOLD Street 4,850 3% 4,971 856,397331 GR -G4 -C 3 -3BD- 3 -307 G4 C 3 3BED 3 160.53 2.91 163.44 163.44 798,750 798,750 UNSOLD Corridor 4,850 -3% 4,729 772,867332 GR -G4 -C -4- 3BD -1A-401 G4 C 4 3BED 1-A 167.21 3.8 171.01 171.01 945,360 945,360 UNSOLD Garden 4,850 5% 5,093 870,868333 GR- G4- C- 4- 3BD -1 -402 G4 C 4 3BED 1 165.56 3.8 169.36 169.36 925,080 925,080 UNSOLD Garden 4,850 5% 5,093 862,466334 GR -G4 -C- 4 -3BD -4C -403 G4 C 4 3BED 4-C 161.61 8.8 170.41 170.41 844,500 844,500 UNSOLD Garden 4,850 5% 5,093 867,813335 GR -G4 C- 4 -4BD- 1 -404 G4 C 4 4BED 1 211.36 3.35 214.71 214.71 1,150,500 1,150,500 UNSOLD Garden & Street 4,850 5% 5,093 1,093,411336 GR -G4 -C -4- 3BD -4-405 G4 C 4 3BED 4 171.54 8.8 180.34 180.34 946,920 946,920 UNSOLD Street 4,850 3% 4,971 896,515337 GR -G4- C- 4 -3BD- 2 -406 G4 C 4 3BED 2 168.67 3.6 172.27 172.27 953,600 953,600 UNSOLD Street 4,850 3% 4,971 856,397338 GR -G4 -C -4 -3BD- 3- 407 G4 C 4 3BED 3 160.53 2.91 163.44 163.44 813,750 813,750 UNSOLD Corridor 4,850 -3% 4,729 772,867339 GR -G4 -C -PH 4BD- 2 -501 G4 C PH 4BED 2 193.26 3.8 197.06 96.49 293.55 1,691,390 1,691,390 UNSOLD Garden 4,850 15% 5,578 1,099,102340 GR- G4-C -PH 4BD -4- 502 G4 C PH 4BED 4 202.76 3.8 206.56 265.36 471.92 1,764,860 1,764,860 UNSOLD Garden 4,850 20% 5,820 1,202,179341 GR -G4 -C -PH 4BD- 3- 503 G4 C PH 4BED 3 192.69 0 192.69 144.34 337.03 1,605,280 1,605,280 UNSOLD Corridor 4,850 15% 5,578 1,074,728

Gardenia 4

Appendix 2

Detailed Valuation



Terrace (Sqm)

Total Gross (Sqm)


D342 GR -G4 -D- 1 -4BD -1A -101 G4 D 1 4BED 1-A 215.86 3.45 219.31 219.31 1,283,520 1,283,520 UNSOLD Garden & Street 4,850 5% 5,093 1,116,836343 GR -G4 D- 1 -3BD- 4B- 102 G4 D 1 3BED 4-B 157.59 9 166.59 166.59 877,800 877,800 UNSOLD Garden 4,850 5% 5,093 848,360344 GR- G4 -D -1- 3BD -1 -103 G4 D 1 3BED 1 165.47 3.8 169.27 169.27 875,160 875,160 UNSOLD Garden 4,850 5% 5,093 862,007345 GR -G4 D-1- 3BD -1A- 104 G4 D 1 3BED 1-A 167.14 3.8 170.94 170.94 852,540 852,540 UNSOLD Corridor 4,850 -3% 4,729 808,333346 GR- G4- D -1- 3BD -3A-105 G4 D 1 3BED 3-A 159.37 3.35 162.72 162.72 787,500 787,500 UNSOLD Street 4,850 3% 4,971 808,922347 GR- G4- D- 1- 3BD- 2A- 106 G4 D 1 3BED 2-A 167.6 3.6 171.2 171.20 908,800 908,800 UNSOLD Street 4,850 3% 4,971 851,078348 GR- G4- D- 1 -3BD- 4 -107 G4 D 1 3BED 4 172.68 8.9 181.58 181.58 949,260 949,260 UNSOLD Street 4,850 3% 4,971 902,680349 GR- G4 -D- 2- 4BD- 1A -201 G4 D 2 4BED 1-A 215.86 3.45 219.31 219.31 1,310,400 1,310,400 UNSOLD Garden & Street 4,850 5% 5,093 1,116,836350 GR- G4- D- 2- 3BD- 4D -202 G4 D 2 3BED 4-D 161.8 9 170.8 170.80 823,500 823,500 UNSOLD Garden 4,850 5% 5,093 869,799351 GR- G4- D- 2- 3BD -1 -203 G4 D 2 3BED 1 165.47 3.8 169.27 169.27 894,660 894,660 UNSOLD Garden 4,850 5% 5,093 862,007352 GR- G4- D- 2- 3BD- 1A -204 G4 D 2 3BED 1-A 167.14 3.8 170.94 170.94 872,820 872,820 UNSOLD Corridor 4,850 -3% 4,729 808,333353 GR -G4 -D -2 -3BD- 3A- 205 G4 D 2 3BED 3-A 159.37 3.35 162.72 162.72 806,250 806,250 UNSOLD Street 4,850 3% 4,971 808,922354 GR -G4- D -2 -3BD -2A- 206 G4 D 2 3BED 2-A 167.6 3.6 171.2 171.20 928,800 928,800 UNSOLD Street 4,850 3% 4,971 851,078355 GR -G4- D- 2- 3BD -4 -207 G4 D 2 3BED 4 172.68 8.9 181.58 181.58 970,320 970,320 UNSOLD Street 4,850 3% 4,971 902,680356 GR -G4- D -3 -4BD- 1A -301 G4 D 3 4BED 1-A 215.86 3.45 219.31 219.31 1,332,240 1,332,240 UNSOLD Garden & Street 4,850 5% 5,093 1,116,836357 GR -G4- D -3- 3BD -4D -302 G4 D 3 3BED 4-D 161.8 9 170.8 170.80 839,250 839,250 UNSOLD Garden 4,850 5% 5,093 869,799358 GR- G4 D- 3 -3BD- 1- 303 G4 D 3 3BED 1 165.47 3.8 169.27 169.27 910,260 910,260 UNSOLD Garden 4,850 5% 5,093 862,007359 GR- G4- D -3- 3BD -1A- 304 G4 D 3 3BED 1-A 167.14 3.8 170.94 170.94 888,420 888,420 UNSOLD Corridor 4,850 -3% 4,729 808,333360 GR -G4- D -3- 3BD -3A -305 G4 D 3 3BED 3-A 159.37 3.35 162.72 162.72 820,500 820,500 UNSOLD Street 4,850 3% 4,971 808,922361 GR- G4 -D -3 -3BD -2A- 306 G4 D 3 3BED 2-A 167.6 3.6 171.2 171.20 945,600 945,600 UNSOLD Street 4,850 3% 4,971 851,078362 GR-G4-D--3-3BD-4-307 G4 D 3 3BED 4 172.68 8.9 181.58 181.58 987,480 987,480 UNSOLD Street 4,850 3% 4,971 902,680363 GR-G4-D-4-4BD-1A-401 G4 D 4 4BED 1-A 215.86 3.45 219.31 219.31 1,354,080 1,354,080 UNSOLD Garden & Street 4,850 5% 5,093 1,116,836364 GR-G4-D-4-3BD-4D-402 G4 D 4 3BED 4-D 161.8 9 170.8 170.80 854,250 854,250 UNSOLD Garden 4,850 5% 5,093 869,799365 GR-G4-D-4-3BD-1-403 G4 D 4 3BED 1 165.47 3.8 169.27 169.27 926,640 926,640 UNSOLD Garden 4,850 5% 5,093 862,007366 GR-G4-D-4-3BD-1A-404 G4 D 4 3BED 1-A 167.14 3.8 170.94 170.94 904,800 904,800 UNSOLD Corridor 4,850 -3% 4,729 808,333367 GR-G4-D-4-3BD-3A-405 G4 D 4 3BED 3-A 159.37 3.35 162.72 162.72 835,500 835,500 UNSOLD Street 4,850 3% 4,971 808,922368 GR-G4-D-4-3BD-2A-406 G4 D 4 3BED 2-A 167.6 3.6 171.2 171.20 962,400 962,400 UNSOLD Street 4,850 3% 4,971 851,078369 GR-G4-D-4-3BD-4-407 G4 D 4 3BED 4 172.68 8.9 181.58 181.58 1,003,860 1,003,860 UNSOLD Street 4,850 3% 4,971 902,680370 GR-G4-D-PH 4BD-5-501 G4 D PH 4BED 5 201.89 3.79 205.68 280.73 486.41 1,765,650 1,765,650 UNSOLD Garden 4,850 20% 5,820 1,197,058371 GR-G4-D-PH4BD-2-502 G4 D PH 4BED 2 194.16 3.8 197.96 123.43 321.39 1,708,770 1,708,770 UNSOLD Garden 4,850 15% 5,578 1,104,122372 GR-G4-D-PH 4BD-6-503 G4 D PH 4BED 6 193.81 3.59 197.4 148.55 345.95 1,779,080 1,779,080 UNSOLD Street 4,850 15% 5,578 1,100,999

Gardenia 4

Appendix 3:

Jeddah Market

Overview

39

RED SEA HOUSING INTERNATIONALDRAFT WIP REPORT – For Discussion

Legend ▲ Positive ▼ Negative ▬ Neutral

FACTOR

Prices

Demand

Supply

Trend Indicator

• The typical sales price ranges between c. SAR 2,600 – 4,000/sqm for residential apartments.

• Large supply from upcoming masterplans in the north and central Jeddah, in addition to MoH supply, is expected to lead to a further drop in prices/rentals.

• Strong demand for affordable housing i.e. offerings below SAR 550,000 ticket price.

• Smaller- townhouse units preferred by the market within the above price range (due to large target market).

• Upcoming supply will be in the form of upgraded conventional housing, masterplan communities, apartment complexes and MoH projects.

• Forthcoming supply may not be adequate to meet the full shortfall in the affordable housing segment.

• Half of Saudis earn less than SAR 8,000 / month and cannot purchase residential units over SAR 550,000. Only up to 18% of households in Jeddah city can afford duplex units priced at SAR 1.4m.

• Apartments account for the bulk (c.69% of the supply).

• Apartment complexes reflect the growing desire for community living.

• There is still a gap in the residential market –particularly in the affordable housing segment.

Residential Market Overview

Sector Summary

▲

Future OutlookCURRENT SITUATION

Take-Up

• There has been a considerable drop in occupancy levels across various residential asset classes.

• Take-up levels for moderately priced units (i.e. under SAR 1.4m) expected to perform reasonably.

• Drop in expatriate population.

• Higher level of decrease in sales absorption for villas located outside of central boundaries and above SAR 1.4m.

▲

▲ Positive ▼ Negative ▬ Neutral

▲

▬

Appendix 4:

Assumptions and Definitions

Assumptions & Definitions

The valuation has been prepared by a suitably qualified valuer, as defined by the Valuation - Professional Standards 2014, on the basis set out below unless any variations have been specifically

referred to under the heading “Special Remarks”:

1. Market Value

Where we have been instructed to value the property on the basis of Market Value, we have done so in accordance with the Valuation - Professional Standards

issued by The Royal Institution of Chartered Surveyors, which is defined as follows:

‘The estimated amount for which an asset or liability should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length

transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.’

The interpretative commentary on Market Value, as published in International Valuation Standards 1, has been applied.

2. Depreciated Replacement Cost (DRC)

If we have provided a valuation based on Depreciated Replacement Cost, as set out in the Valuation Standards, this has been arrived at in accordance with the definition settled by the International Valuation Standards Committee as follows:

‘DRC is based on an estimate of the Market Value for the existing use of the land, plus the current gross replacement (reproduction) costs of the improvements, less allowances for physical deterioration and all relevant forms of obsolescence and optimization.’

International Accounting Standards stipulate that DRC may be used as a basis for reporting the value of Specialised Property in Financial Statements. DRC is recognised as a basis only for this purpose. For other purposes DRC may be used as a method to support a valuation reported on another basis.

3. Worth and Investment Value

Where we have been instructed provide valuations based on worth, or investment value, we have done so in accordance with the Valuation Standards issued by the Royal

Institution of Chartered Surveyors, which is defined as follows:

The value of property to a particular owner, investor or class of investors for identified investment or operational objectives’.


Although under some circumstances worth may be the same as the amount that could be realised from the sale of the asset, this value is specific to a particular party and essentially reflects the benefits received by holding the asset and therefore does not necessarily involve hypothetical exchange. It may differ from market value. Statements. DRC is recognised as a basis only for this purpose. For other purposes DRC may be used as a method to support a valuation reported on another basis.

4. Fair Value

Where we have been instructed to value the property on the basis of Fair Value, we have done so in accordance with the Valuation Standards issued by the Royal Institution of

Chartered Surveyors which is defined as follows:

‘The amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties, in an arms length transaction’

The above definition has been settled by the International Valuation Standards Committee.

Fair Value represents the price that would be reasonably agreed between two specific parties for the exchange of an asset. Although the parties may be unconnected and negotiating at arm’s length, the asset is not necessarily exposed in the wider market and the price agreed may be one that reflects specific advantages (or disadvantages) of ownership to the parties involved rather than the market at large.

5. Existing Use Value (EUV)

If we have provided an opinion of Existing Use Value this has been arrived at in accordance with the Valuation Standards, which is defined as follows:

‘The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction,

after proper marketing wherein the parties had acted knowledgeably, prudently and without compulsion, assuming that the buyer is granted vacant possession of all

parts of the property required by the business and disregarding potential alternative uses and any other characteristics of the property that would cause its Market

Value to differ from that needed to replace the remaining service potential at least cost.’

This basis ignores any element of hope value for an alternative use, any value attributable to goodwill and any possible increase in value due to special investment or financial

transactions (such as sale and leaseback) which would leave the owner with a different interest from the one which is valued. However, it includes any value attributable to

any possibilities of extensions or further buildings on undeveloped land or redevelopment of existing buildings (all for the existing planning use) providing such construction can

be undertaken without major interruption to the continuing business.


6. Market Rent (MR)

Valuations based on Market Rent (MR), as set out in the Valuation Standards, adopt the definition as settled by the International Valuation Standards Committee which is as

follows:

‘The estimated amount for which a property, or space within a property, should lease (let) on the date of valuation between a willing lessor and a willing lessee on

appropriate lease terms in an arm’s-length transaction after proper marketing wherein the parties had acted knowledgeably, prudently and without compulsion.’

MR will vary significantly according to the terms of the assumed lease contract. The appropriate lease terms will normally reflect current practice in the market in which the

property is situated, although for certain purposes unusual terms may need to be stipulated. Matters such as the duration of the lease, the frequency of rent reviews, and the

responsibilities of the parties for maintenance and outgoings, will all impact on MR. In certain States, statutory factors may either restrict the terms that may be agreed, or

influence the impact of terms in the contract. These need to be taken into account where appropriate. The principal lease terms that are assumed when providing MR will be

clearly stated in the report. Rental values are provided for the purpose described in this report and are not to be relied upon by any third party for any other purpose.

7. Rental Assessment

Unless stated otherwise within the report, our valuation has been based upon the assumption that the rent is to be assessed upon the premises as

existing at the date of our inspection.

8. Reinstatement Valuation

If we have prepared a Reinstatement Valuation we will not have carried out a detailed cost appraisal and the figure should therefore be considered for guidance purposes only.


9. Purchase and Sale Cost

No allowance has been made for legal fees or any other costs or expenses which would be incurred on the sale of the property. We have, however, made deductions to reflect

purchasers’ acquisition costs. These are based on appropriate tax rates. It should be noted, however, that for properties of an unusually large lot size it is common market

practice that a purchaser would not expect to pay the standard agents and solicitors costs. Accordingly, we may consider in these instances that it is appropriate to adopt a

reduced rate.

10. Measurements

We have not undertaken measurement surveys during the course of our valuation and have relied upon information provided by the client. We reserve the right to review our

valuation should the areas prove to be other than provided to Colliers.

11. Condition

Unless otherwise stated within the report, we have not carried out a building survey, nor have we inspected the woodwork or other parts of the structure which are covered,

unexposed or inaccessible and we are, therefore, unable to report that such parts of the property are free from rot, beetle or other defects. Where we have noticed items of

disrepair during the course of our inspections, they have been reflected in our valuations, unless otherwise stated. We have assumed that none of the materials commonly

considered deleterious are included within the properties. These include, inter alia, the following:

• High aluminium cement concrete

• Asbestos

• Calcium chloride as a drying agent

• Wood wool slabs on permanent shuttering

• Polystyrene and polyurethane used as insulation in cladding

None of the services, drainage or service installations was tested and we are, therefore, unable to report upon their condition.


12. Environmental Matters

Unless otherwise stated within the report, we have not carried out soil, geological or other tests or surveys in order to ascertain the site conditions or other environmental

conditions of the property. Unless stated to the contrary within the report, our valuation assumes that there are no unusual ground conditions, contamination, pollutants or any

other substances that may be environmentally harmful.

13. Fixtures and Fittings

In arriving at our opinions of value we have disregarded the value of all process related plant, machinery, fixtures and fittings and those items which are in the nature of

tenants’ trade fittings and equipment. We have had regard to landlords’ fixtures such as lifts, escalators, central heating and air conditioning forming an integral part of the

buildings. Where the property is valued as an operational entity and includes the fixtures and fittings, it is assumed that these are not subject to any hire purchase or lease

agreements or any other claim on title. No equipment or fixtures and fittings have been tested in respect of Electrical Equipment Regulations and Gas Safety Regulations and

we assume that where appropriate all such equipment meets the necessary legislation. Unless otherwise specifically mentioned the valuation excludes any value attributable to

plant and machinery.

14. Tenure, Lettings and Reports on Title and/or Tenancies

Unless otherwise stated, we have not inspected the title deeds, leases and related legal documents and, unless otherwise disclosed to us, we have

assumed that there are no onerous or restrictive covenants in the titles or leases which would affect the value. Where we have not been supplied with leases, unless we have

been advised to the contrary, we have assumed that all the leases are on a full repairing and insuring basis and that all rents are reviewed in an upwards direction only, at the

intervals notified to us, to the full open market value. We have assumed that no questions of doubt arise as to the interpretation of the provisions within the leases giving effect

to the rent reviews. We have disregarded any inter-company lettings and have arrived at our valuations of such accommodation on the basis of vacant possession. If a

solicitors’ Report on Title and/or Tenancies has been provided to us, our valuation will have regard to the matters therein. In the event that a Report on Title and/or Tenancies

is to be prepared, we recommend that a copy is provided to us in order that we may consider whether any of the matters therein have an effect upon our opinion of value.


15. Taxation

Whilst we have had regard to the general effects of taxation on market value, we have not taken into account any liability for tax which may arise on a disposal, whether actual

or notional, and neither have we made any deduction for Capital Gains Tax, Valued Added Tax or any other tax.

16. Mortgages

We have disregarded the existence of any mortgages, debentures or other charges to which the property may be subject.

17. Operational Entities

Where the property is valued as an operational entity and reference has been made to the trading history or trading potential of the property, reliance has been placed on

information supplied to us. Should this information subsequently prove to be inaccurate or unreliable, the valuation reported could be adversely affected. Our valuation does

not make any allowance for goodwill.

18. Local Authorities, Statutory Undertakers and Legal Searches

We have not made any formal searches or enquiries in respect of the property and are therefore unable to accept any responsibility in this connection. We have, however,

made informal enquiries of the local planning authority in whose areas the property is situated as to whether or not they are affected by planning proposals. We have not

received a written reply and, accordingly, have had to rely upon information obtained verbally. We have assumed that all consents, licences and permissions including, inter alia,

fire certificates, enabling the property to be put to the uses ascertained at the date of our inspection have been obtained and that there are no outstanding works or

conditions required by lessors or statutory, local or other competent authorities.


19. Energy Performance Certificates

We have assumed that where Energy Performance Certificates are required they will be provided without undue delay and at reasonable cost. Ratings will not simply reflect a

building's age, and some modern air-conditioned buildings may receive a low rating. We are not currently aware of any market evidence to suggest that a building's energy

efficiency rating will impact upon its market value but this could be the case in future.

20. Arrears

We have assumed that all rents and other payments payable by virtue of the leases have been paid to date. If there is rent or other arrears, we recommend that we should be

informed in order that we may consider whether our valuation should be revised.

21. Defective Premises Act, Health & Safety at Work

Unless advised to the contrary, we have assumed that the properties comply with, and will continue to comply with, the current Health & Safety and Disability legislation.

22. Insurance

In arriving at our valuation we have assumed that the building is capable of being insured by reputable insurers at reasonable market rates. If, for any reason, insurance would

be difficult to obtain or would be subject to an abnormally high premium, it may have an effect on value.

23. Standard Terms of Business

We confirm that this valuation report has been provided in accordance with our Standard Terms of Business.

CONTACT DETAILS

Tel: +966 (11) 273 7775

Fax: +966 (11) 273 7776

Colliers InternationalAl Faisaliah TowerPrince Sultan RoadP.O. Box 5678Riyadh 11432Saudi Arabiawww.colliers.com

All information, analysis and recommendations made for clients by Colliers International are made in good faith and represent Colliers’ professional judgement on the basis of information obtained from the client and elsewhere during the course of the assignment. However, since the achievement of recommendations, forecasts and valuations depends on factors outside Colliers’ control, no statement made by Colliers may be deemed in any circumstances to be a representation, undertaking or warranty, and Colliers cannot accept any liability should such statements prove to be inaccurate or based on incorrect premises. In particular, and without limiting the generality of the foregoing, any projections, financial and otherwise, in this report are intended only to illustrate particular points of argument and do not constitute forecasts of actual performance.

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