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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%
0%0%
0%0%0%0%0%0%
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
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%
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
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
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
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
($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%
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
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
($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%
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
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
$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%
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
$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
$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%
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
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
$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%
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
Q3 2018 Q4 2018 2019 2020 2021 2022 2023 2024
0%0
17600021600
$197,600
0%
00000
0
00
17600021600
$197,600
$0
00000
$0 $20,267,384
0 $0 $0
0 $0.00
$0
6.50 6.75 7.00 7.25 7.50 7.75 8.00 8.25
0000
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
8.50 8.75 9.00 9.25 9.50 9.75 10.00 10.25 10.50 10.75
2035 2036 2037 2038 2039 2040 2041 2042 2043 2044
11.00 11.25 11.50 11.75 12.00 12.25 12.50 12.75 13.00 13.25
2045 2046 2047 2048 2049 2050 2051 2052 2053 2054
13.50 13.75 14.00 14.25 14.50 14.75 15.00 15.25 15.50 15.75
2055 2056 2057 2058 2059 2060 2061 2062 2063 2064
16.00 16.25 16.50 16.75 17.00 17.25 17.50 17.75 18.00 18.25
2065 2066 2067 2068 2069 2070 2071 2072 2073
18.50 18.75 19.00 19.25 19.50 19.75 20.00 20.25 20.50
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
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
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
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
($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%
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
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
($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%
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
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
$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%
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
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
$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%
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
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
$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%
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
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
2040 2041 2042 2043 2044 2045 2046 2047 2048 2049
2050 2051 2052 2053 2054 2055 2056 2057 2058 2059
2060 2061 2062 2063 2064 2065 2066 2067 2068 2069
2070 2071 2072 2073
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
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
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
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
($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%
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
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
$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%
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
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
$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%
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
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
$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%
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
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
$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
6.00 6.25 6.50 6.75 7.00 7.25 7.50
0 0 00 0 00 0 00 0 0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
7.75 8.00 8.25 8.50 8.75 9.00 9.25 9.50 9.75 10.00
2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
10.25 10.50 10.75 11.00 11.25 11.50 11.75 12.00 12.25 12.50
2042 2043 2044 2045 2046 2047 2048 2049 2050 2051
12.75 13.00 13.25 13.50 13.75 14.00 14.25 14.50 14.75 15.00
2052 2053 2054 2055 2056 2057 2058 2059 2060 2061
15.25 15.50 15.75 16.00 16.25 16.50 16.75 17.00 17.25 17.50
2062 2063 2064 2065 2066 2067 2068 2069 2070 2071
17.75 18.00 18.25 18.50 18.75 19.00 19.25 19.50 19.75 20.00
2072 2073
20.25 20.50
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
0% 0%0% 0%
0% 0%0% 0%0% 0%0% 0%0% 0%0% 0%
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
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%
Tender submission in NOV 2012, start design only on jan
Avoid hungry ghost festival on 10 AUG 2014
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
0%0%
0%0%0%0%0%0%
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%
0% 0%0% 0%
0% 0%0% 0%0% 0%0% 0%0% 0%0% 0%
($57,034,478)($22,813,791.16) ($22,233,702)
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
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
2047 2047 2073Q1 Q2
$91,684,454.40 $99,710,348.92
Assumption madeDiscount Rate: 5%Average turnover rate: 12 years