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Private & Confidential
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
2 Valuation Report – Gardenia Project - 311 Apartments
Private & Confidential
Valuation Report
311 UNSOLD APARTMENTS - 3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH, KSA
SEMI-ANNUAL VALUATION, ALAHLI SEDCO RESIDENTIAL DEVELOPMENT FUND NCB CAPITAL
REPORT ISSUANCE – 18 JULY 2019
ValuStrat Consulting خبير التثمين العقاري 703 Palace Towers 6th Floor, South Tower 105 Jameel Square Dubai Silicon Oasis King Faisal Foundation Building Tahlia Road Dubai Al Faisaliiah Complex Jeddah United Arab Emirates Riyadh, Saudi Arabia Saudi Arabia Tel.: +971 4 326 2233 Tel.: +966 11 2935127 Tel.: +966 12 2831455 Fax: +971 4 326 2223 Fax: +966 11 2933683 Fax: +966 12 2831530
www.valustrat.com
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
3 Valuation Report – Gardenia Project - 311 Apartments
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TABLE OF CONTENTS
1 Executive Summary 4
1.1 THE CLIENT 4
1.2 THE PURPOSE OF VALUATION 4
1.3 INTEREST TO BE VALUED 4
1.4 VALUATION APPROACH 4
1.5 DATE OF VALUATION 5
1.6 OPINION OF VALUE 5
1.7 SALIENT POINTS (General Comments) 5
2 Valuation Report 7
2.1 INTRODUCTION 7
2.2 VALUATION INSTRUCTIONS/INTEREST TO BE VALUED 6
2.3 PURPOSE OF VALUATION 7
2.4 VALUATION REPORTING COMPLIANCE 7
2.5 BASIS OF VALUATION 7
2.6 EXTENT OF INVESTIGATION 10
2.7 SOURCES OF INFORMATION 10
2.8 PRIVACY/LIMITATION ON DISCLOSURE OF VALUATION 11
2.9 DETAILS AND GENERAL DESCRIPTION 12
2.10 ENVIRONMENT MATTERS 22
2.11 TENURE/TITLE 24
2.12 VALUATION METHODOLOGY & RATIONALE 24
2.13 VALUATION 38
2.14 MARKET CONDITIONS SNAPSHOT 38
2.15 VALUATION UNCERTAINTY 45
2.16 DISCLAIMER 46
2.17 CONCLUSION 46
APPENDIX 1 – EXTERNAL PHOTOGRAPHS
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1 EXECUTIVE SUMMARY
1.1 THE CLIENT
Mr. Mohammed Al Ali
Director, Head of Product Development and
Acting Head of Local Real Estate Business Development
NCB Capital
P.O. Box 886, Jeddah 21421, Kingdom of Saudi Arabia
1.2 THE PURPOSE OF VALUATION
This report is for the semi-annual valuation for AlAhli SEDCO Residential
Development Fund.
1.3 INTEREST TO BE VALUED
The below-mentioned property is the scope of this valuation exercise.
Source: Client 2019
*Refer to Section 2.9.2 for complete details of the apartment units.
1.4 VALUATION APPROACH
Comparative Approach to valuation.
1.5 DATE OF VALUATION
Unless stated to the contrary, our valuations have been assessed as at the date of
our report based on 30 June 2019.
The valuation reflects our opinion of value as at this date. Property values are
subject to fluctuation over time as market conditions may change.
THE EXECUTIVE
SUMMARY AND
VALUATION SHOULD NOT
BE CONSIDERED OTHER
THAN AS PART OF THE
ENTIRE REPORT.
Property Details Total GFA (m²) Owner Location Interest
*311 Apartment Units 62,336 NCB Capital Real Estate Investment
Salamah District, Jeddah Freehold
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1.6 OPINION OF VALUE
Summary of Values No. of Apartments Unsold Total GFA (sq. m) Total Value Per Block (SAR)
Gardenia 2 - A 31 6,064 30,322,250
Gardenia 2 - B 31 6,133 30,664,100
Gardenia 2 - C 31 6,064 30,322,250
Gardenia 2 - D 31 6,133 30,664,100
Gardenia 3 - A 27 5,362 26,811,750
Gardenia 3 - B 16 3,409 17,045,800
Gardenia 3 - C 13 2,952 14,760,750
Gardenia 3 - D 7 1,823 9,116,350
Gardenia 4 - A 31 6,064 30,322,250
Gardenia 4 - B 31 6,133 30,664,100
Gardenia 4 - C 31 6,064 30,322,250
Gardenia 4 - D 31 6,133 30,664,100
Aggregate Value (SAR) 311 62,336 311,680,050
The executive summary and valuation should not be considered other than as part of the entire report.
1.7 SALIENT POINTS (GENERAL COMMENTS)
In summary to date the fund has sold 61 apartments and we believe the remainder
311 apartments will be difficult to sell in the next 18-24 months due to continued
subdued market conditions. The eventual over supply in the surrounding areas will
lead to detrimental effect on values and eventual impact on sales of each property.
Valuation considered full figure and may not be easily achievable in the event of an
early re-sale.
In the event should it transpire that all of the apartments are to be sold to a single
purchaser/investor, we would assume a quantum discounting factor would be
applicable for the summation of the value. Accordingly, the values referred in this
report ignore any potential discounting factor resulting from the apartments forming
part of a portfolio or connected purchase.
We are unaware of planning or other proposals in the area or other matters which
would be of detriment to the subject apartments, although your legal representative
should make their usual searches and enquiries in this respect. `
We confirm that on-site measurement exercise was not conducted by ValuStrat
International, and we have relied on the site areas provided by the Client. In the event
that the areas of the property and site boundary prove erroneous, our opinion of
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Market Value may be materially affected, and we reserve the right to amend our
valuation and report.
We have assumed that the property is not subject to any unusual or especially
onerous restrictions, encumbrances or outgoings and good title can be shown. For
the avoidance of doubt, these items should be ascertained by the client’s legal
representatives.
ValuStrat 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.
We are unaware of any adverse conditions which may affect future marketability for
the subject apartment units.
It is assumed that the subject property is freehold and is not subject to any rights,
obligations, restrictions and covenants.
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 valuation opinions. If any of the assumptions on which the
valuation 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 the valuer.
Please note property values are subject to fluctuation over time as market conditions
may change. Valuation considered full figure and may not be easily achievable in the
event of an early re-sale.
It should be noted that the valuation provided is of the property (excluding any element
of value attributable to furnishings, removable fittings and sales incentives) as new. It
is possible that the valuation figure will not be subsequently attainable on a resale as
a’ second-hand apartment especially if comparable new properties are on offer at the
same time.
The valuation assumes that the freehold title should confirm arrangements for future
management of the building and maintenance provisions are adequate, and no
onerous obligations affecting the valuation. This should be confirmed by your legal
advisers.
The client is advised that whilst all reasonable measures have been taken to supply
an accurate valuation as possible as at the Valuation date, this figure should be
considered in the context of the volatility of today’s market place.
This executive summary and valuation should not be considered other than as part of the entire report.
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2 VALUATION REPORT
2.1 INTRODUCTION
Thank you for the instruction regarding the subject valuation services.
We (‘ValuStrat’, which implies our relevant legal entities) would be pleased to
undertake this assignment for NCB Capital (‘the client’) of providing valuation
services for the properties mentioned in this report subject to valuation assumptions,
reporting conditions and restrictions as stated hereunder.
2.2 VALUATION INSTRUCTIONS / PROPERTY INTEREST TO BE VALUED
Property Details Total GFA (m²) Owner Location Interest
*311 Apartment Units 62,336 NCB Capital Real Estate Investment
Salamah District, Jeddah
Freehold
Source: Client 2018
*Refer to Section 2.9.2 for complete details of the apartment units
2.3 PURPOSE OF VALUATION
This report is for the purpose of the semi-annual valuation for AlAhli SEDCO
Residential Development Fund.
2.4 VALUATION REPORTING COMPLIANCE
The valuation has been conducted in accordance with Taqeem Regulations (Saudi
Authority for Accredited Valuers) and in conformity with the International Valuation
Standards Council (IVSCs’) International Valuations Standards (January 2017).
It should be further noted that this valuation is undertaken in compliance with
generally accepted valuation concepts, principles and definitions as promulgated in
the IVSCs International Valuation Standards (IVS) as set out in the IVS General
Standards, IVS Asset Standards, and IVS Valuation Applications.
2.5 BASIS OF VALUATION
2.5.1 MARKET VALUE
The valuation of the subject property, and for the above stated purpose, has been
undertaken on the Market Value basis of valuation in compliance with the above-
mentioned Valuation Standards as promulgated by the IVSC and adopted by the
RICS. Market Value is defined as: -
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The estimated amount for which an asset or liability should exchange on the
valuation date between a willing buyer and a willing seller in an arm’s length
transaction, after proper marketing and where the parties have each acted
knowledgeably, prudently and without compulsion.
The definition of Market Value is applied in accordance with the following conceptual
framework:
“The estimated amount” refers to a price expressed in terms of money payable for
the asset in an arm’s length market transaction. Market value is the most probable
price reasonably obtainable in the market on the valuation date in keeping with the
market value definition. It is the best price reasonably obtainable by the seller and
the most advantageous price reasonably obtainable by the buyer. This estimate
specifically excludes an estimated price inflated or deflated by special terms or
circumstances such as atypical financing, sale and leaseback arrangements, special
considerations or concessions granted by anyone associated with the sale, or any
element of special value;
“an asset should exchange” refers to the fact that the value of an asset is an
estimated amount rather than a predetermined amount or actual sale price. It is the
price in a transaction that meets all the elements of the market value definition at the
valuation date;
“on the valuation date” requires that the value is time-specific as of a given date.
Because markets and market conditions may change, the estimated value may be
incorrect or inappropriate at another time. The valuation amount will reflect the
market state and circumstances as at the valuation date, not those at any other date;
“between a willing buyer” refers to one who is motivated, but not compelled to buy.
This buyer is neither over eager nor determined to buy at any price. This buyer is
also one who purchases in accordance with the realities of the current market and
with current market expectations, rather than in relation to an imaginary or
hypothetical market that cannot be demonstrated or anticipated to exist. The
assumed buyer would not pay a higher price than the market requires. The present
owner is included among those who constitute “the market”;
“and a willing seller” is neither an over eager nor a forced seller prepared to sell at
any price, nor one prepared to hold out for a price not considered reasonable in the
current market. The willing seller is motivated to sell the asset at market terms for
the best price attainable in the open market after proper marketing, whatever that
price may be. The factual circumstances of the actual owner are not a part of this
consideration because the willing seller is a hypothetical owner;
“in an arm’s-length transaction” is one between parties who do not have a
particular or special relationship, e.g. parent and subsidiary companies or landlord
and tenant, that may make the price level uncharacteristic of the market or inflated
because of an element of special value. The market value transaction is presumed
to be between unrelated parties, each acting independently;
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“after proper marketing” means that the asset would be exposed to the market in
the most appropriate manner to affect its disposal at the best price reasonably
obtainable in accordance with the market value definition. The method of sale is
deemed to be that most appropriate to obtain the best price in the market to which
the seller has access. The length of exposure time is not a fixed period but will vary
according to the type of asset and market conditions. The only criterion is that there
must have been sufficient time to allow the asset to be brought to the attention of an
adequate number of market participants. The exposure period occurs prior to the
valuation date;
‘where the parties had each acted knowledgeably, prudently’ presumes that
both the willing buyer and the willing seller are reasonably informed about the nature
and characteristics of the asset, its actual and potential uses and the state of the
market as of the valuation date. Each is further presumed to use that knowledge
prudently to seek the price that is most favourable for their respective positions in
the transaction. Prudence is assessed by referring to the state of the market at the
valuation date, not with benefit of hindsight at some later date. For example, it is not
necessarily imprudent for a seller to sell assets in a market with falling prices at a
price that is lower than previous market levels. In such cases, as is true for other
exchanges in markets with changing prices, the prudent buyer or seller will act in
accordance with the best market information available at the time;
‘and without compulsion’ establishes that each party is motivated to undertake the
transaction, but neither is forced or unduly coerced to complete it.
Market value is the basis of value that is most commonly required, being an
internationally recognized definition. It describes an exchange between parties that
are unconnected (acting at arm’s length) and are operating freely in the marketplace
and represents the figure that would appear in a hypothetical contract of sale, or
equivalent legal document, on the valuation date, reflecting all those factors that
would be taken into account in framing their bids by market participants at large and
reflecting the highest and best use of the asset. The highest and best use of an asset
is the use of an asset that maximizes its productivity and that is possible, legally
permissible and financially feasible.
Market value is the estimated exchange price of an asset without regard to the
seller’s costs of sale or the buyer’s costs of purchase and without adjustment for any
taxes payable by either party as a direct result of the transaction.
It should be further noted that the subject property is best described as a trade
related property that is a property that is trading and is commonly sold in the market
as an operating asset with trading potential, and for which ownership of such a
property normally passes with the sale of the business as an operational entity.
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2.5.2 VALUER(S):
The Valuer on behalf of ValuStrat, with responsibility of this report is Mr Ramez Al
Medlaj (Taqeem Member – Saudi Authority for Accredited Valuers).
We further confirm that either the Valuer or ValuStrat have no previous material
connection or involvement with the subject of the valuation assignment apart from
this same assignment undertaken.
2.5.3 STATUS OF VALUER
Status of Valuer Survey Date Valuation Date
External Valuer 30 June 2019 30 June 2019
2.6 EXTENT OF INVESTIGATION
In accordance to instructions received we have carried out an external and internal
inspection of the property. The subject of this valuation assignment is to produce a
valuation report and not a structural / building or building services survey, and hence
structural survey and detailed investigation of the services are outside the scope of
this assignment.
We have not carried out any structural survey, nor tested any services, checked
fittings of any parts of the property.
Our inspection was limited to the visual external assessment of the subject
apartment building. For the purpose of our report we have expressly assumed that
the condition of any un-seen areas of the property is commensurate with those which
were seen. We reserve the right to amend our report should this prove not to be the
case.
2.7 SOURCES OF INFORMATION
For the purpose of this report, it is assumed that written information provided to us
by the Client is up to date, complete and correct in relation to title, planning consent
and other relevant matters as set out in the report. Should this not be the case, we
reserve the right to amend our valuation and report.
2.7.1 VALUATION ASSUMPTIONS / SPECIAL ASSUMPTIONS
This valuation assignment is undertaken on the following assumptions:
The subject property is valued under the assumption of property held on a Private
interest with the benefit of trading potential of existing operational entity in
possession;
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Written information provided to us by the Client is up to date, complete and correct
in relation to issues such as title, tenure, details of the operating entity, and other
relevant matters that are set out in the report;
That no contaminative or potentially contaminative use has ever been carried out on
the site;
We assume no responsibility for matters legal in character, nor do we render any
opinion as to the title of the property, which we assume to be good and free of any
undisclosed onerous burdens, outgoings, restrictions or other encumbrances.
Information regarding tenure and tenancy must be checked by your legal advisors;
This subject is a valuation report and not a structural/building survey, and hence a
building and structural survey is outside the scope of the subject assignment. We
have not carried out any structural survey, nor have we tested any services, checked
fittings or any parts of the structures which are covered, exposed or inaccessible,
and, therefore, such parts are assumed to be in good repair and condition and the
services are assumed to be in full working order;
We have not arranged for any investigation to be carried out to determine whether
or not any deleterious or hazardous material have been used in the construction of
the property, or have since been incorporated, and we are therefore unable to report
that the property is free from risk in this respect. For the purpose of this valuation we
have assumed that such investigations would not disclose the presence of any such
material to any significant extent;
That, unless we have been informed otherwise, the property complies with all
relevant statutory requirements (including, but not limited to, those of Fire
Regulations, Bye-Laws, Health and Safety at work);
We have made no investigation, and are unable to give any assurances, on the
combustibility risk of any cladding material that may have been used in construction
of the subject building. We would recommend that the client makes their own
enquiries in this regard; and the market value conclusion arrived at for the property
reflect the full contract value and no account is taken of any liability to taxation on
sale or of the costs involved in effecting the sale.
2.8 PRIVACY/LIMITATION ON DISCLOSURE OF VALUATION
This valuation is for the sole use of the named Client. This report is confidential to
the Client, and that of their advisors, and we accept no responsibility whatsoever to
any third party.
No responsibility is accepted to any third party who may use or rely upon the whole
or any part of the contents of this report. It should be noted that any subsequent
amendments or changes in any form thereto will only be notified to the Client to
whom it is authorised.
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2.9 DETAILS AND GENERAL DESCRIPTION
2.9.1 LOCATION OF PROPERTY
The subject property consists of 311 unsold apartment units located along the
southeast side of Umar Abdul Jabar Street within Salamah District, City of Jeddah,
Kingdom of Saudi Arabia.
It is situated about 150 meters west of Madinah Road, some 1.20 kilometers south
of Hera Street and approximately 1.25 kilometers east of Prince Sultan Street.
The property is located within a residential area of development (mostly apartment
buildings) and is well accessible to the rest of Jeddah City through Madinah Road
and Prince Sultan Street.
Salamah District is mainly a residential area except for some commercial
developments located along Madinah Road and Prince Sultan Street.
Some of the prominent landmarks within the vicinity of the property are Habitat Hotel,
Deaf Club, Mental Educational Institute, Ice Land Theme Park, Sultan Mall, Home
Plaza Center, etc.
For ease of reference, refer to the illustration below.
Source: Google Extract 2019 - For Illustrative Purposes Only
Habitat Hotel
Ice Land Theme Park
Sultan Mall
Deaf Club
Mental Educational Institute
SUBJECT PROPERTY
Home Plaza Center
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The illustration below further shows the location of the subject property and its
proximity to important landmarks in Jeddah.
Source: Google Extract 2019 - For Illustrative Purposes Only.
2.9.2 DESCRIPTION
As mentioned above, the subject property consists of 311 unsold apartment units
situated in 12 apartment buildings with each building consisting of ground floor
(services, parking and facilities), 4 typical upper apartment floors and rooftop
annexes. It has a total gross area of 62,336 square meters. The subject property
consists of (311 unsold units) which are part of a 372-unit newly built residential
community apartments complex. The total details of each apartment units are shown
on the table below:
# Unit Number Building # Floor # BD Type Balcony Terrace (Sqm) Total Gross (Sqm)
1 GR-G2-A-1-4BD-1-101 A 1 4BED 3.35 - 214.71
2 GR-G2-A-1-3BD-4-102 A 1 3BED 8.80 - 180.34
3 GR-G2-A -1-3BD-2-103 A 1 3BED 3.60 - 172.27
4 GR-G2-A-1 -3BD-3-104 A 1 3BED 2.91 - 163.44
5 GR-G2-A-1-3BD-1A-105 A 1 3BED 3.80 - 171.01
6 GR-G2-A-1-3BD-1-106 A 1 3BED 3.80 - 169.36
7 GR-G2-A-1-3BD-4A-107 A 1 3BED 8.80 - 166.20
8 GR-G2-A-2-4BD-1-201 A 2 4BED 3.35 - 214.71
9 GR-G2-A-2-3BD-4-202 A 2 3BED 8.80 - 180.34
10 GR-G2-A-2-3BD-2-203 A 2 3BED 3.60 - 172.27
Subject Property
King Abdul Aziz International
Airport
Kingdom Tower
Jeddah Islamic Port
R E D S E A
King Abdul Aziz University
Jeddah
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11 GR-G2-A-2-3BD-3-204 A 2 3BED 2.91 - 163.44
12 GR-G2-A-2-3BD-1A-205 A 2 3BED 3.80 - 171.01
13 GR-G2-A-2-3BD-1-206 A 2 3BED 3.80 - 169.36
14 GR-G2-A-2-3BD-4C-207 A 2 3BED 8.80 - 170.41
15 GR-G2-A-3-4BD-1-301 A 3 4BED 3.35 - 214.71
16 GR-G2-A-3-3BD-4-302 A 3 3BED 8.80 - 180.34
17 GR-G2-A-3-3BD-2-303 A 3 3BED 3.60 - 172.27
18 GR-G2-A-3-3BD-3-304 A 3 3BED 2.91 - 163.44
19 GR-G2-A-3-3BD-1A-305 A 3 3BED 3.80 - 171.01
20 GR-G2-A-3-3BD-1-306 A 3 3BED 3.80 - 169.36
21 GR-G2-A-3-3BD-4C-307 A 3 3BED 8.80 - 170.41
22 GR-G2 A-4-4BD-1-401 A 4 4BED 3.35 - 214.71
23 GR-G2-A-4-3BD-4-402 A 4 3BED 8.80 - 180.34
24 GR-G2-A-4-3BD-2-403 A 4 3BED 3.60 - 172.27
25 GR-G2-A-4-3BD-3-404 A 4 3BED 2.91 - 163.44
26 GR-G2-A-4-3BD-1A-405 A 4 3BED 3.80 - 171.01
27 GR-G2-A-4-3BD-1-406 A 4 3BED 3.80 - 169.36
28 GR-G2-A-4-3BD-4C-407 A 4 3BED 8.80 - 170.41
29 GR-G2-A -PH 4BD-4-
501 A PH 4BED 3.80 265.36 471.92
30 GR-G2-A-PH 4BD-3-502 A PH 4BED 0.00 144.34 337.03
31 GR-G2-A-PH 4BD-2-503 A PH 4BED 3.80 96.49 293.55
6,064
# Unit Number Building # Floor # BD Type Balcony Terrace (Sqm) Total Gross (Sqm)
32 GR-G2-B-1-3BD-1-101 B 1 3BED 3.80 169.27
33 GR -G2 -B -1- 3BD -1A -102 B 1 3BED 3.80 170.94
34 GR- G2- B -1 -3BD -3A -103 B 1 3BED 3.35 162.72
35 GR- G2- B -1 -3BD- 2A -104 B 1 3BED 3.60 171.20
36 GR -G2- B -1 -3BD -4- 105 B 1 3BED 8.90 181.58
37 GR -G2-B -1 -4BD -1A -106 B 1 4BED 3.45 219.31
38 GR -G2 -B -1- 3BD- 4B -107 B 1 3BED 9.00 166.59
39 GR- G2- B-2 -3BD -1- 201 B 2 3BED 3.80 169.27
40 GR -G2 -B -2 -3BD- 1A- 202 B 2 3BED 3.80 170.94
41 GR -G2 -B -2 -3BD- 3A -203 B 2 3BED 3.35 162.72
42 GR -G2- B -2 -3BD- 2A- 204 B 2 3BED 3.60 171.20
43 GR- G2- B -2- 3BD- 4 -205 B 2 3BED 8.90 181.58
44 GR- G2- B -2 -4BD -1A- 206 B 2 4BED 3.45 219.31
45 GR-G2-B-2-3BD-4D-207 B 2 3BED 9.00 170.80
46 GR-G2-B-3-3BD-1-301 B 3 3BED 3.80 169.27
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47 GR-G2-B-3-3BD-1A-302 B 3 3BED 3.80 170.94
48 GR-G2-B-3-3BD-3A-303 B 3 3BED 3.35 162.72
49 GR-G2-B-3-3BD-2A-304 B 3 3BED 3.60 171.20
50 GR-G2-B-3-3BD-4-305 B 3 3BED 8.90 181.58
51 GR-G2-B-3-4BD-1A-306 B 3 4BED 3.45 219.31
52 GR-G2-B-3-3BD-4D-307 B 3 3BED 9.00 170.80
53 GR-G2-B-4-3BD-1-401 B 4 3BED 3.80 169.27
54 GR-G2-B-4-3BD-1A-402 B 4 3BED 3.80 170.94
55 GR-G2-B-4-3BD-3A-403 B 4 3BED 3.35 162.72
56 GR-G2-B-4-3BD-2A-404 B 4 3BED 3.60 171.20
57 GR-G2-B-4-3BD-4-405 B 4 3BED 8.90 181.58
58 GR-G2-B-4-4BD-1A-406 B 4 4BED 3.45 219.31
59 GR-G2-B-4-3BD-4D-407 B 4 3BED 9.00 170.80
60 GR-G2-B-PH 4BD-2-501 B PH 4BED 3.80 123.43 321.39
61 GR-G2-B-PH 4BD-6-502 B PH 4BED 3.59 148.55 345.95
62 GR-G2-B-PH 4BD-5-503 B PH 4BED 3.79 280.73 486.41
6,132.82
# Unit Number Building # Floor # BD Type Balcony Terrace (Sqm) Total Gross (Sqm)
63 GR-G2-C-1-3BD-1A-101 C 1 3BED 3.80 - 171.01
64 GR-G2-C-1-3BD-1-102 C 1 3BED 3.80 - 169.36
65 GR-G2-C-1-3BD-4A-103 C 1 3BED 8.80 - 166.20
66 GR-G2-C-1-4BD-1-104 C 1 4BED 3.35 - 214.71
67 GR-G2-C-1-3BD-4-105 C 1 3BED 8.80 - 180.34
68 GR-G2-C-1-3BD-2-106 C 1 3BED 3.60 - 172.27
69 GR-G2-C-1-3BD-3-107 C 1 3BED 2.91 - 163.44
70 GR-G2-C-2-3BD-1A-201 C 2 3BED 3.80 - 171.01
71 GR-G2-C-2-3BD-1-202 C 2 3BED 3.80 - 169.36
72 GR-G2-C-2-3BD-4C-203 C 2 3BED 8.80 - 170.41
73 GR-G2-C-2-4BD-1-204 C 2 4BED 3.35 - 214.71
74 GR-G2-C-2-3BD-4-205 C 2 3BED 8.80 - 180.34
75 GR-G2-C-2-3BD-2-206 C 2 3BED 3.60 - 172.27
76 GR-G2-C-2-3BD-3-207 C 2 3BED 2.91 - 163.44
77 GR-G2-C-3-3BD-1A-301 C 3 3BED 3.80 - 171.01
78 GR-G2-C-3-3BD-1-302 C 3 3BED 3.80 - 169.36
79 GR-G2-C-3-3BD-4C-303 C 3 3BED 8.80 - 170.41
80 GR-G2-C-3-4BD-1-304 C 3 4BED 3.35 - 214.71
81 GR-G2-C-3-3BD-4-305 C 3 3BED 8.80 - 180.34
82 GR-G2-C-3-3BD-2-306 C 3 3BED 3.60 - 172.27
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
16 Valuation Report – Gardenia Project - 311 Apartments
Private & Confidential
83 GR-G2-C-3-3BD-3-307 C 3 3BED 2.91 - 163.44
84 GR-G2-C-4-3BD-1A-401 C 4 3BED 3.80 - 171.01
85 GR-G2-C-4-3BD-1-402 C 4 3BED 3.80 - 169.36
86 GR-G2-C-4-3BD-4C-403 C 4 3BED 8.80 - 170.41
87 GR-G2-C-4-4BD-1-404 C 4 4BED 3.35 - 214.71
88 GR-G2-C-4-3BD-4-405 C 4 3BED 8.80 - 180.34
89 GR-G2-C-4-3BD-2-406 C 4 3BED 3.60 - 172.27
90 GR-G2-C-4-3BD-3-407 C 4 3BED 2.91 - 163.44
91 GR-G2-C-PH 4BD-2-501 C PH 4BED 3.80 96.49 293.55
92 GR-G2-C-PH 4BD-4-502 C PH 4BED 3.80 265.36 471.92
93 GR-G2-C-PH 4BD-3-503 C PH 4BED 0.00 144.34 337.03
6,064.45
# Unit Number Building # Floor # BD Type Balcony Terrace (Sqm) Total Gross (Sqm)
94 GR+B102:B132-G2-D-1-
4BD-1A-101 D 1 4BED 3.45 - 219.31
95 GR-G2-D-1-3BD-4B-102 D 1 3BED 9.00 - 166.59
96 GR-G2-D-1-3BD-1-103 D 1 3BED 3.80 - 169.27
97 GR-G2-D-1-3BD-1A-104 D 1 3BED 3.80 - 170.94
98 GR-G2-D-1-3BD-3A-105 D 1 3BED 3.35 - 162.72
99 GR-G2-D-1-3BD-2A-106 D 1 3BED 3.60 - 171.20
100 GR-G2-D-1-3BD-4-107 D 1 3BED 8.90 - 181.58
101 GR-G2-D-2-4BD-1A-201 D 2 4BED 3.45 - 219.31
102 GR-G2-D-2-3BD-4D-202 D 2 3BED 9.00 - 170.80
103 GR-G2-D-2-3BD-1-203 D 2 3BED 3.80 - 169.27
104 GR-G2-D-2-3BD-1A-204 D 2 3BED 3.80 - 170.94
105 GR-G2-D-2-3BD-3A-205 D 2 3BED 3.35 - 162.72
106 GR-G2-D-2-3BD-2A-206 D 2 3BED 3.60 - 171.20
107 GR-G2-D-2-3BD-4-207 D 2 3BED 8.90 - 181.58
108 GR-G2-D-3-4BD-1A-301 D 3 4BED 3.45 - 219.31
109 GR-G2-D-3-3BD-4D-302 D 3 3BED 9.00 - 170.80
110 GR-G2-D-3-3BD-1-303 D 3 3BED 3.80 - 169.27
111 GR-G2-D-3-3BD-1A-304 D 3 3BED 3.80 - 170.94
112 GR-G2-D-3-3BD-3A-305 D 3 3BED 3.35 - 162.72
113 GR-G2-D-3-3BD-2A-306 D 3 3BED 3.60 - 171.20
114 GR-G2-D-3-3BD-4-307 D 3 3BED 8.90 - 181.58
115 GR-G2-D-4-4BD-1A-401 D 4 4BED 3.45 - 219.31
116 GR-G2-D-4-3BD-4D-402 D 4 3BED 9.00 - 170.80
117 GR-G2-D-4-3BD-1-403 D 4 3BED 3.80 - 169.27
118 GR-G2-D-4-3BD-1A-404 D 4 3BED 3.80 - 170.94
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
17 Valuation Report – Gardenia Project - 311 Apartments
Private & Confidential
119 GR-G2-D-4-3BD-3A-405 D 4 3BED 3.35 - 162.72
120 GR-G2-D-4-3BD-2A-406 D 4 3BED 3.60 - 171.20
121 GR-G2-D-4-3BD-4-407 D 4 3BED 8.90 - 181.58
122 GR-G2-D-PH 4BD-5-501 D PH 4BED 3.79 280.73 486.41
123 GR-G2-D-PH 4BD-2-502 D PH 4BED 3.80 123.43 321.39
124 GR-G2-D-PH 4BD-6-503 D PH 4BED 3.59 148.55 345.95
6,132.82
# Unit Number Building # Floor # BD Type Balcony Terrace (Sqm) Total Gross (Sqm)
125 GR-G3-A-1-4BD-1-101 A 1 4BED 3.35 - 214.71
127 GR-G3-A-1-3BD-2-103 A 1 3BED 3.60 - 172.27
128 GR-G3-A-1-3BD-3-104 A 1 3BED 2.91 - 163.44
129 GR-G3-A-1-3BD-1A-105 A 1 3BED 3.80 - 171.01
130 GR-G3-A-1-3BD 1-106 A 1 3BED 3.80 - 169.36
131 GR-G3-A-1-3BD-4A-107 A 1 3BED 8.80 - 166.20
132 GR-G3-A-2-4BD-1-201 A 2 4BED 3.35 - 214.71
134 GR-G3-A-2-3BD-2-203 A 2 3BED 3.60 - 172.27
135 GR-G3-A-2-3BD-3-204 A 2 3BED 2.91 - 163.44
137 GR-G3-A-2-3BD-1-206 A 2 3BED 3.80 - 169.36
138 GR-G3-A-2-3BD 4C-207 A 2 3BED 8.80 - 170.41
139 GR-G3-A-3-4BD-1-301 A 3 4BED 3.35 - 214.71
140 GR-G3-A-3-3BD-4-302 A 3 3BED 8.80 - 180.34
141 GR-G3-A-3-3BD-2-303 A 3 3BED 3.60 - 172.27
142 GR-G3-A-3-3BD-3-304 A 3 3BED 2.91 - 163.44
143 GR-G3-A-3-3BD-1A-305 A 3 3BED 3.80 - 171.01
144 GR-G3-A-3-3BD-1-306 A 3 3BED 3.80 - 169.36
145 GR-G3-A-3-3BD-4C-307 A 3 3BED 8.80 - 170.41
146 GR-G3-A-4-4BD-1-401 A 4 4BED 3.35 - 214.71
147 GR-G3-A-4-3BD-4-402 A 4 3BED 8.80 - 180.34
148 GR-G3-A-4-3BD-2-403 A 4 3BED 3.60 - 172.27
149 GR-G3-A-4-3BD-3-404 A 4 3BED 2.91 - 163.44
150 GR-G3-A-4-3BD-1A-405 A 4 3BED 3.80 - 171.01
151 GR-G3-A-4-3BD-1-406 A 4 3BED 3.80 - 169.36
153 GR-G3-A-PH 4BD-4-501 A PH 4BED 3.80 265.36 471.92
154 GR-G3-A-PH 4BD-3-502 A PH 4BED 0.00 144.34 337.03
155 GR-G3-A-PH 4BD-2-503 A PH 4BED 3.80 96.49 293.55
5,362.35
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
18 Valuation Report – Gardenia Project - 311 Apartments
Private & Confidential
# Unit Number Building # Floor # BD Type Balcony Terrace (Sqm) Total Gross (Sqm)
156 GR-G3-B-1-3BD-1-101 B 1 3BED 3.80 - 169.27
157 GR-G3-B-1-3BD-1A-102 B 1 3BED 3.80 - 170.94
158 GR-G3-B-1-3BD-3A-103 B 1 3BED 3.35 - 162.72
160 GR-G3-B-1-3BD-4-105 B 1 3BED 8.90 - 181.58
161 GR-G3-B-1-4BD-1A-106 B 1 4BED 3.45 - 219.31
162 GR-G3-B-1-3BD-4B-107 B 1 3BED 9.00 - 166.59
163 GR-G3-B-2-3BD-1-201 B 2 3BED 3.80 - 169.27
164 GR-G3-B-2-3BD-1A-202 B 2 3BED 3.80 - 170.94
169 GR-G3-B-2-3BD-4D-207 B 2 3BED 9.00 - 170.80
170 GR-G3-B-3-3BD-1-301 B 3 3BED 3.80 - 169.27
179 GR-G3-B-4-3BD-3A-403 B 4 3BED 3.35 - 162.72
180 GR-G3-B-4-3BD-2A-404 B 4 3BED 3.60 - 171.20
183 GR-G3-B-4-3BD-4D-407 B 4 3BED 9.00 - 170.80
184 GR-G3-B-PH 4BD-2-501 B PH 4BED 3.80 123.43 321.39
185 GR-G3-B-PH 4BD-6-502 B PH 4BED 3.59 148.55 345.95
186 GR-G3-B-PH 4BD-5-503 B PH 4BED 3.79 280.73 486.41
3,409.16
# Unit Number Building # Floor # BD Type Balcony Terrace (Sqm) Total Gross (Sqm)
188 GR-G3-C-1-3BD-1-102 C 1 3BED 3.80 - 169.36
197 GR-G3-C-2-4BD-1-204 C 2 4BED 3.35 - 214.71
198 GR-G3-C-2-3BD-4-205 C 2 3BED 8.80 - 180.34
202 GR-G3-C-3-3BD-1-302 C 3 3BED 3.80 - 169.36
203 GR-G3-C-3-3BD-4C-303 C 3 3BED 8.80 - 170.41
204 GR-G3-C-3-4BD-1-304 C 3 4BED 3.35 - 214.71
205 GR-G3-C-3-3BD-4-305 C 3 3BED 8.80 - 180.34
206 GR-G3-C-3-3BD-2-306 C 3 3BED 3.60 - 172.27
211 GR-G3-C-4-4BD-1-404 C 4 4BED 3.35 - 214.71
214 GR-G3-C-4-3BD-3-407 C 4 3BED 2.91 - 163.44
215 GR-G3-C-PH 4BD-2-501 C PH 4BED 3.80 96.49 293.55
216 GR-G3-C-PH 4BD-4-502 C PH 4BED 3.80 265.36 471.92
217 GR-G3-C-PH 4BD-3-503 C PH 4BED 0.00 144.34 337.03
2,952.15
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
19 Valuation Report – Gardenia Project - 311 Apartments
Private & Confidential
# Unit Number Building # Floor # BD Type Balcony Terrace (Sqm) Total Gross (Sqm)
219 GR-G3-D-1-3BD-4B-102 D 1 3BED 9.00 - 166.59
220 GR-G3-D-1-3BD-1-103 D 1 3BED 3.80 - 169.27
228 GR-G3-D-2-3BD-1A-204 D 2 3BED 3.80 - 170.94
243 GR-G3-D-4-3BD-3A-405 D 4 3BED 3.35 - 162.72
246 GR-G3-D-PH 4BD-5-501 D PH 4BED 3.79 280.73 486.41
247 GR-G3-D-PH 4BD-2-502 D PH 4BED 3.80 123.43 321.39
248 GR-G3-D-PH 4BD-6-503 D PH 4BED 3.59 148.55 345.95
1,823.27
# Unit Number Building # Floor # BD Type Balcony Terrace (Sqm) Total Gross (Sqm)
249 GR-G4-A-1-4BD-1-101 A 1 4BED 3.35 - 214.71
250 GR-G4-A-1-3BD-4-102 A 1 3BED 8.80 - 180.34
251 GR-G4-A-1-3BD-2-103 A 1 3BED 3.60 - 172.27
252 GR-G4-A-1-3BD-3-104 A 1 3BED 2.91 - 163.44
253 GR-G4-A-1-3BD-1A-105 A 1 3BED 3.80 - 171.01
254 GR-G4-A-1-3BD-1-106 A 1 3BED 3.80 - 169.36
255 GR-G4-A-1-3BD-4A-107 A 1 3BED 8.80 - 166.20
256 GR-G4-A-2-4BD-1-201 A 2 4BED 3.35 - 214.71
257 GR-G4-A-2-3BD-4-202 A 2 3BED 8.80 - 180.34
258 GR-G4-A-2-3BD-2-203 A 2 3BED 3.60 - 172.27
259 GR-G4-A-2-3BD-3-204 A 2 3BED 2.91 - 163.44
260 GR-G4-A-2-3BD-1A-205 A 2 3BED 3.80 - 171.01
261 GR-G4-A-2-3BD-1-206 A 2 3BED 3.80 - 169.36
262 GR-G4-A-2-3BD-4C-207 A 2 3BED 8.80 - 170.41
263 GR-G4-A-3-4BD-1-301 A 3 4BED 3.35 - 214.71
264 GR-G4-A-3-3BD-4-302 A 3 3BED 8.80 - 180.34
265 GR-G4-A-3-3BD-2-303 A 3 3BED 3.60 - 172.27
266 GR-G4-A-3-3BD-3-304 A 3 3BED 2.91 - 163.44
267 GR-G4-A-3-3BD-1A-305 A 3 3BED 3.80 - 171.01
268 GR-G4-A-3-3BD-1-306 A 3 3BED 3.80 - 169.36
269 GR-G4-A-3-3BD-4C-307 A 3 3BED 8.80 - 170.41
270 GR-G4-A-4-4BD-1-401 A 4 4BED 3.35 - 214.71
271 GR-G4-A-4-3BD-4-402 A 4 3BED 8.80 - 180.34
272 GR- G4 -A- 4-3BD- 2- 403 A 4 3BED 3.60 - 172.27
273 GR- G4 A- 4- 3BD- 3- 404 A 4 3BED 2.91 - 163.44
274 GR-G4-A-4-3BD-1A-405 A 4 3BED 3.80 - 171.01
275 GR-G4-A-4-3BD-1-406 A 4 3BED 3.80 - 169.36
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
20 Valuation Report – Gardenia Project - 311 Apartments
Private & Confidential
276 GR-G4-A-4-3BD-4C-407 A 4 3BED 8.80 - 170.41
277 GR-G4-A-PH 4BD-4-501 A PH 4BED 3.80 265.36 471.92
278 GR-G4-A-PH 4BD-3-502 A PH 4BED 0.00 144.34 337.03
279 GR-G4-A-PH 4BD-2-503 A PH 4BED 3.80 96.49 293.55
6,064.45
# Unit Number Building
# Floor # BD Type Balcony Terrace (Sqm) Total Gross (Sqm)
280 GR-G4-B-1-3BD-1-101 B 1 3BED 3.80 - 169.27
281 GR-G4-B-1-3BD-1A-102 B 1 3BED 3.80 - 170.94
282 GR-G4-B-1-3BD-3A-103 B 1 3BED 3.35 - 162.72
283 GR-G4-B-1-3BD-2A-104 B 1 3BED 3.60 - 171.20
284 GR-G4-B-1-3BD-4-105 B 1 3BED 8.90 - 181.58
285 GR-G4-B-1-4BD-1A-106 B 1 4BED 3.45 - 219.31
286 GR-G4-B-1-3BD-4B-107 B 1 3BED 9.00 - 166.59
287 GR-G4-B-2-3BD-1-201 B 2 3BED 3.80 - 169.27
288 GR-G4-B-2-3BD-1A-202 B 2 3BED 3.80 - 170.94
289 GR- G4 B -2 -3BD- 3A -203 B 2 3BED 3.35 - 162.72
290 GR -G4- B -2 -3BD -2A -204 B 2 3BED 3.60 - 171.20
291 GR -G4- B- 2- 3BD -4 -205 B 2 3BED 8.90 - 181.58
292 GR- G4 -B -2- 4BD- 1A- 206 B 2 4BED 3.45 - 219.31
293 GR -G4- B- 2 -3BD- 4D- 207 B 2 3BED 9.00 - 170.80
294 GR- G4- B -3 -3BD- 1 -301 B 3 3BED 3.80 - 169.27
295 GR -G4 -B- 3- 3BD- 1A -302 B 3 3BED 3.80 - 170.94
296 GR- G4- B -3- 3BD- 3A- 303 B 3 3BED 3.35 - 162.72
297 GR- G4- B- 3 -3BD -2A- 304 B 3 3BED 3.60 - 171.20
298 GR- G4 -B- 3- 3BD- 4 -305 B 3 3BED 8.90 - 181.58
299 GR -G4- B- 3- 4BD- 1A- 306 B 3 4BED 3.45 - 219.31
300 GR -G4 -B- 3 -3BD- 4D- 307 B 3 3BED 9.00 - 170.80
301 GR- G4 -B -4- 3BD- 1- 401 B 4 3BED 3.80 - 169.27
302 GR- G4- B -4- 3BD- 1A- 402 B 4 3BED 3.80 - 170.94
303 GR -G4- B- 4- 3BD- 3A -403 B 4 3BED 3.35 - 162.72
304 GR- G4- B- 4- 3BD- A -404 B 4 3BED 3.60 - 171.20
305 GR- G4 -B- 4-3BD- 4 -405 B 4 3BED 8.90 - 181.58
306 GR- G4- B- 4- 4BD -1A -406 B 4 4BED 3.45 - 219.31
307 GR- G4 -B- 4- 3BD- 4D -407 B 4 3BED 9.00 - 170.80
308 GR- G4- B- PH 4BD- 2- 501 B PH 4BED 3.80 123.43 321.39
309 GR -G4- B- PH 4BD -6 -502 B PH 4BED 3.59 148.55 345.95
310 GR- G4- B -PH 4BD- 5 -503 B PH 4BED 3.79 280.73 486.41
6,132.82
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
21 Valuation Report – Gardenia Project - 311 Apartments
Private & Confidential
# Unit Number Building # Floor # BD Type Balcony Terrace (Sqm) Total Gross (Sqm)
311 GR -G4- C -1 -3BD- 1A -101 C 1 3BED 3.80 - 171.01
312 GR -G4 -C -1 -3BD -1 -102 C 1 3BED 3.80 - 169.36
313 GR -G4 -C- 1 -3BD- 4A- 103 C 1 3BED 8.80 - 166.20
314 GR -G4 -C -1 -4BD- 1- 104 C 1 4BED 3.35 - 214.71
315 GR -G4- C -1 -3BD- 4 -105 C 1 3BED 8.80 - 180.34
316 GR -G4 -C -1- 3BD- 2 -106 C 1 3BED 3.60 - 172.27
317 GR- G4- C- 1- 3BD -3 -107 C 1 3BED 2.91 - 163.44
318 GR -G4- C- 2 -3BD -1A -201 C 2 3BED 3.80 - 171.01
319 GR-G4- C -2- 3BD- 1 -202 C 2 3BED 3.80 - 169.36
320 GR- G4- C- 2- 3BD -4C- 203 C 2 3BED 8.80 - 170.41
321 GR -G4 C- 2 -4BD -1-204 C 2 4BED 3.35 - 214.71
322 GR- G4 -C- 2 -3BD-4 -205 C 2 3BED 8.80 - 180.34
323 GR -G4- C -2 -3BD -2 -206 C 2 3BED 3.60 - 172.27
324 GR -G4 C- 2 -3BD -3 -207 C 2 3BED 2.91 - 163.44
325 GR -G4 C- 3 -3BD -1A- 301 C 3 3BED 3.80 - 171.01
326 GR -G4- C-3- 3BD- 1 -302 C 3 3BED 3.80 - 169.36
327 GR -G4- C- 3- 3BD- 4C -303 C 3 3BED 8.80 - 170.41
328 GR -G4- C -3- 4BD -1-304 C 3 4BED 3.35 - 214.71
329 GR -G4- C- 3- 3BD- 4-305 C 3 3BED 8.80 - 180.34
330 GR-G4 C- 3- 3BD -2 -306 C 3 3BED 3.60 - 172.27
331 GR -G4 -C 3 -3BD- 3 -307 C 3 3BED 2.91 - 163.44
332 GR -G4 -C -4- 3BD -1A-401 C 4 3BED 3.80 - 171.01
333 GR- G4- C- 4- 3BD -1 -402 C 4 3BED 3.80 - 169.36
334 GR -G4 -C- 4 -3BD -4C -403 C 4 3BED 8.80 - 170.41
335 GR -G4 C- 4 -4BD- 1 -404 C 4 4BED 3.35 - 214.71
336 GR -G4 -C -4- 3BD -4-405 C 4 3BED 8.80 - 180.34
337 GR -G4- C- 4 -3BD- 2 -406 C 4 3BED 3.60 - 172.27
338 GR -G4 -C -4 -3BD- 3- 407 C 4 3BED 2.91 - 163.44
339 GR -G4 -C -PH 4BD- 2 -501 C PH 4BED 3.80 96.49 293.55
340 GR- G4-C -PH 4BD -4- 502 C PH 4BED 3.80 265.36 471.92
341 GR -G4 -C -PH 4BD- 3- 503 C PH 4BED 0.00 144.34 337.03
6,064.45
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
22 Valuation Report – Gardenia Project - 311 Apartments
Private & Confidential
# Unit Number Building # Floor # BD Type Balcony Terrace (Sqm) Total Gross (Sqm)
342 GR -G4 -D- 1 -4BD -1A -101 D 1 4BED 3.45 - 219.31
343 GR -G4 D- 1 -3BD- 4B- 102 D 1 3BED 9.00 - 166.59
344 GR- G4 -D -1- 3BD -1 -103 D 1 3BED 3.80 - 169.27
345 GR -G4 D-1- 3BD -1A- 104 D 1 3BED 3.80 - 170.94
346 GR- G4- D -1- 3BD -3A-105 D 1 3BED 3.35 - 162.72
347 GR- G4- D- 1- 3BD- 2A- 106 D 1 3BED 3.60 - 171.20
348 GR- G4- D- 1 -3BD- 4 -107 D 1 3BED 8.90 - 181.58
349 GR- G4 -D- 2- 4BD- 1A -201 D 2 4BED 3.45 - 219.31
350 GR- G4- D- 2- 3BD- 4D -202 D 2 3BED 9.00 - 170.80
351 GR- G4- D- 2- 3BD -1 -203 D 2 3BED 3.80 - 169.27
352 GR- G4- D- 2- 3BD- 1A -204 D 2 3BED 3.80 - 170.94
353 GR -G4 -D -2 -3BD- 3A- 205 D 2 3BED 3.35 - 162.72
354 GR -G4- D -2 -3BD -2A- 206 D 2 3BED 3.60 - 171.20
355 GR -G4- D- 2- 3BD -4 -207 D 2 3BED 8.90 - 181.58
356 GR -G4- D -3 -4BD- 1A -301 D 3 4BED 3.45 - 219.31
357 GR -G4- D -3- 3BD -4D -302 D 3 3BED 9.00 - 170.80
358 GR- G4 D- 3 -3BD- 1- 303 D 3 3BED 3.80 - 169.27
359 GR- G4- D -3- 3BD -1A- 304 D 3 3BED 3.80 - 170.94
360 GR -G4- D -3- 3BD -3A -305 D 3 3BED 3.35 - 162.72
361 GR- G4 -D -3 -3BD -2A- 306 D 3 3BED 3.60 - 171.20
362 GR-G4-D--3-3BD-4-307 D 3 3BED 8.90 - 181.58
363 GR-G4-D-4-4BD-1A-401 D 4 4BED 3.45 - 219.31
364 GR-G4-D-4-3BD-4D-402 D 4 3BED 9.00 - 170.80
365 GR-G4-D-4-3BD-1-403 D 4 3BED 3.80 - 169.27
366 GR-G4-D-4-3BD-1A-404 D 4 3BED 3.80 - 170.94
367 GR-G4-D-4-3BD-3A-405 D 4 3BED 3.35 - 162.72
368 GR-G4-D-4-3BD-2A-406 D 4 3BED 3.60 - 171.20
369 GR-G4-D-4-3BD-4-407 D 4 3BED 8.90 - 181.58
370 GR-G4-D-PH 4BD-5-501 D PH 4BED 3.79 280.73 486.41
371 GR-G4-D-PH4BD-2-502 D PH 4BED 3.80 123.43 321.39
372 GR-G4-D-PH 4BD-6-503 D PH 4BED 3.59 148.55 345.95
6,132.82
Source: Client 2019
2.10 ENVIRONMENT MATTERS
We are not aware of the content of any environmental audit or other environmental
investigation or soil survey which may have been carried out on the property and
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
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which may draw attention to any contamination or the possibility of any such
contamination. In undertaking our work, we have been instructed to assume that no
contaminative or potentially contaminative use has ever been carried out on the
property.
We have not carried out any investigation into past or present use, either of the
property or of any neighbouring land, to establish whether there is any contamination
or potential for contamination to the subject property from the use or site and have
therefore assumed that none exists.
However, should it be established subsequently that contamination exists at the
property or on any neighbouring land, or that the premises has been or is being put
to any contaminative use, this might reduce the value now reported.
Details
Area Based on the information provided by the client, the total gross area of the 311 apartment units is 62,336 square meters.
Topography Generally, the land of the apartment buildings appears to be level and regular in shape
Drainage Assumed available and connected.
Flooding
ValuStrat’s verbal inquiries with local authorities were unable to confirm whether flooding is a point of concern at the subject property. For the purposes of this valuation, ValuStrat has assumed that the subject property is not flood prone. A formal written submission will be required for any further investigation which is outside of this report’s scope of work. Note that it was understood that there is no known flooding in this area.
Landslip
ValuStrat’s’ verbal inquiries with local authorities were unable to confirm whether land slip is a point of concern at the subject property. For the purposes of this valuation, ValuStrat has assumed that the subject property is not within a landslip designated area. A formal written submission will be required for any further investigation which is outside of this report’s scope of work.
2.10.1 TOWN PLANNING
Neither from our knowledge nor as a result of our inspection are, we aware of any
planning proposals which are likely to directly adversely affect this property.
In the absence of any information to the contrary, it is assumed that the existing use
is lawful, has valid planning consent and the planning consent is not personal to the
existing occupiers and there are no particularly onerous or adverse conditions which
would affect our valuation.
In arriving at our valuation, it has been assumed that each and every building enjoys
permanent planning consent for their existing use or enjoys, or would be entitled to
enjoy, the benefit of a “Lawful Development” Certificate under the Town & Country
Planning Acts, or where it is reasonable to make such an assumption with continuing
user rights for their existing use purposes, subject to specific comments.
We are not aware of any potential development or change of use of the property or
properties in the locality which would materially affect our valuation. For the purpose
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
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of this valuation, we have assumed that all necessary consents have been obtained
for the subject apartments referred within this report. Should this not be the case, we
reserve the right to amend our valuation and report.
2.10.2 SERVICES
The property referred within this report is assumed to be connected to mains
electricity, water, drainage, and other municipality services.
2.11 TENURE/TITLE
Unless otherwise stated we have assumed the freehold title is free from
encumbrances and that Solicitors’ local searches and usual enquiries would not
reveal the existence of statutory notices or other matters which would materially
affect our valuation.
We are unaware of any rights of way, easements or restrictive covenants which
affect the property; however, we would recommend that the solicitors investigate the
title in order to ensure this is correct.
The valuation assumes that the freehold title should confirm arrangements for future
management of the building and maintenance provisions are adequate, and no
onerous obligations affecting the valuation. This should be confirmed by your legal
advisers.
We were not provided with the individual title deeds of the subject apartment units
although the title deeds of the lands were provided as shown below, which we had
assumed them to be on freehold basis. Should this not be the case we reserve the
right to amend our valuation and this report.
Plot No. Title Deed No. Title Deed Date Land Area (m²) Owner Interest
2 320205015177 13-08-1435 HD 8,642 NCB Capital Real Estate Investment
Freehold 3 920205015176 13-08-1435 HD 8,650
4 320205015178 13-08-1435 HD 8,642
Total 25,934
NB: All aspects of tenure/title should be checked by the client’s legal representatives
prior to exchange of contract/drawdown and insofar as any assumption made within
the body of this report is proved to be incorrect then the matter should be referred
back to the valuer in order to ensure the valuation is not adversely affected.
2.12 METHODOLOGY & APPROACH
In determining our opinion of Market Value for the freehold interest in the subject
apartments we have utilized the Comparative Approach to valuation.
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2.12.1 COMPARATIVE APPROACH
This method requires the collection of comparative market transactions that have
occurred within the location of the subject site. Upon analysis and subsequent
subjective adjustments, such evidence has then been applied to the subject
property.
Due to the nature of the property market within the Kingdom of Saudi Arabia, sales
for similar properties are not readily available or transparent. Much if not all of the
evidence is anecdotal and consequently in most circumstances this can place
limitations on the veracity of such information and subsequently impact on values
reported.
Accordingly, the valuation has been prepared in accordance with normal practice
taking into account our usual research and enquiries and our discussions with
leading local commercial agents.
We have analysed existing market commentaries and data in determining our
opinion as to the applicable values. Information has also been sought from internal
records and internet-based property intelligence sites.
We draw your attention to any assumptions made within this report. We consider
that the assumptions we have made accord with those that it would be reasonable
to expect a purchaser to make.
2.12.2 MARKET PRICES
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.
We discussed the tone of the property values in the immediate vicinity of the subject
property with local agents/sellers. The following comparable evidence was compiled
and analysed.
No. of Bedroom Area (m²) Year Constructed Selling Price (SAR) Price/m² (SAR)
4 217 2017 1,350,000 6,221
5 250 2015 1,500,000 6,000
4 105 - 580,000 5,524
4 107 2016 500,000 4,673
5 190 2015 850,000 4,474
4 125 2017 580,000 4,640
4 180 - 800,000 4,444
Average per m² (SAR) 4,959
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Based from the above historic information, the prevailing selling prices of apartment
units in the vicinity of the subject property ranges from SAR 4,500 to SAR 6,220 per
square meter or an average flat rate of approximately SAR 5,000 per square meter.
It appears the rate has not changed since the last exercise in December 2018. The
client has also provided us below the details of the 61 sold apartment units as
follows:
# Unit Number Block # Building # BD Type Areas (sq. m) Price (SAR) Rate per sq. m
126 GR-G3-A-1-3BD-4-102 G3 A 3BED 180 1,185,900 6,575.91
133 GR-G3-A-2-3BD-4-202 G3 A 3BED 180 1,185,600 6,574.25
136 GR-G3-A-2-3BD-1A-205 G3 A 3BED 171 891,738 5,214.54
152 GR-G3-A-4-3BD-4C-407 G3 A 3BED 170 812,160 4,765.92
159 GR-G3-B-1-3BD-2A-104 G3 B 3BED 171 1,010,910 5,904.85
165 GR-G3-B-2-3BD-3A-203 G3 B 3BED 163 812,700 4,994.47
166 GR-G3-B-2-3BD-2A-204 G3 B 3BED 171 1,033,230 6,035.22
167 GR-G3-B-2-3BD-4-205 G3 B 3BED 182 902,637 4,971.02
168 GR-G3-B-2-4BD-1A-206 G3 B 4BED 219 1,377,330 6,280.29
171 GR-G3-B-3-3BD-1A-302 G3 B 3BED 171 869,250 5,085.12
172 GR-G3-B-3-3BD-3A-303 G3 B 3BED 163 787,680 4,840.71
173 GR-G3-B-3-3BD-2A-304 G3 B 3BED 171 927,450 5,417.35
174 GR-G3-B-3-3BD-4-305 G3 B 3BED 182 1,106,700 6,094.83
175 GR-G3-B-3-4BD-1A-306 G3 B 4BED 219 1,400,580 6,386.30
176 GR-G3-B-3-3BD-4D-307 G3 B 3BED 171 783,360 4,586.42
177 GR-G3-B-4-3BD-1-401 G3 B 3BED 169 1,097,400 6,483.13
178 GR-G3-B-4-3BD-1A-402 G3 B 3BED 171 1,096,470 6,414.36
181 GR-G3-B-4-3BD-4-405 G3 B 3BED 182 932,470 5,135.31
182 GR-G3-B-4-4BD-1A-406 G3 B 4BED 219 1,469,760 6,701.75
187 GR-G3-C-1-3BD-1A-101 G3 C 3BED 171 981,150 5,737.38
189 GR-G3-C-1-3BD-4A-103 G3 C 3BED 166 880,710 5,299.10
190 GR-G3-C-1-4BD-1-104 G3 C 4BED 215 1,241,550 5,782.45
191 GR-G3-C-1-3BD-4-105 G3 C 3BED 180 978,360 5,425.09
192 GR-G3-C-1-3BD-2-106 G3 C 3BED 172 962,550 5,587.45
193 GR-G3-C-1-3BD-3-107 G3 C 3BED 163 676,080 4,136.56
194 GR-G3-C-2-3BD-1A-201 G3 C 3BED 171 1,003,470 5,867.90
195 GR-G3-C-2-3BD-1-202 G3 C 3BED 169 980,220 5,787.79
196 GR-G3-C-2-3BD-4C-203 G3 C 3BED 170 716,400 4,203.98
199 GR-G3-C-2-3BD-2-206 G3 C 3BED 172 1,009,870 5,862.14
200 GR-G3-C-2-3BD-3-207 G3 C 3BED 163 894,660 5,473.94
201 GR-G3-C-3-3BD-1A-301 G3 C 3BED 171 1,021,140 5,971.23
207 GR-G3-C-3-3BD-3-307 G3 C 3BED 163 911,400 5,576.36
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208 GR-G3-C-4-3BD-1A-401 G3 C 3BED 171 837,750 4,898.84
209 GR-G3-C-4-3BD-1-402 G3 C 3BED 169 1,015,560 5,996.46
210 GR-G3-C-4-3BD-4C-403 G3 C 3BED 170 743,000 4,360.07
212 GR-G3-C-4-3BD-4-405 G3 C 3BED 180 1,039,740 5,765.44
213 GR-G3-C-4-3BD-2-406 G3 C 3BED 172 856,440 4,971.50
218 GR-G3-D-1-4BD-1A-101 G3 D 4BED 219 1,175,550 5,360.22
221 GR-G3-D-1-3BD-1A-104 G3 D 3BED 171 916,980 5,364.34
222 GR-G3-D-1-3BD-3A-105 G3 D 3BED 163 906,640 5,571.78
223 GR-G3-D-1-3BD-2A-106 G3 D 3BED 171 979,180 5,719.51
224 GR-G3-D-1-3BD-4-107 G3 D 3BED 182 1,048,000 5,771.56
225 GR-G3-D-2-4BD-1A-201 G3 D 4BED 219 1,343,300 6,125.12
226 GR-G3-D-2-3BD-4D-202 G3 D 3BED 171 918,840 5,379.63
227 GR-G3-D-2-3BD-1-203 G3 D 3BED 169 964,410 5,697.47
229 GR-G3-D-2-3BD-3A-205 G3 D 3BED 163 699,120 4,296.46
230 GR-G3-D-2-3BD-2A-206 G3 D 3BED 171 1,001,500 5,849.88
231 GR-G3-D-2-3BD-4-207 G3 D 3BED 182 1,046,250 5,761.92
232 GR-G3-D-3-4BD-1A-301 G3 D 4BED 219 1,366,100 6,229.08
233 GR-G3-D-3-3BD-4D-302 G3 D 3BED 171 725,040 4,244.96
234 GR-G3-D-3-3BD-1-303 G3 D 3BED 169 982,080 5,801.86
235 GR-G3-D-3-3BD-1A-304 G3 D 3BED 171 957,900 5,603.72
236 GR-G3-D-3-3BD-3A-305 G3 D 3BED 163 919,770 5,652.47
237 GR-G3-D-3-3BD-2A-306 G3 D 3BED 171 1,019,170 5,953.10
238 GR-G3-D-3-3BD-4-307 G3 D 3BED 182 1,064,850 5,864.36
239 GR-G3-D-4-4BD-1A-401 G3 D 4BED 219 1,262,335 5,755.94
240 GR-G3-D-4-3BD-4D-402 G3 D 3BED 171 739,440 4,329.27
241 GR-G3-D 4-3BD-1-403 G3 D 3BED 169 999,750 5,906.24
242 GR-G3-D-4-3BD-1A-404 G3 D 3BED 171 975,570 5,707.09
244 GR-G3-D-4-3BD-2A-406 G3 D 3BED 171 1,012,770 5,915.71
245 GR-G3-D-4-3BD-4-407 G3 D 3BED 182 1,084,380 5,971.91
Average Price Rate (SAR) / sq. m 5,557.4
Source: Client 2019
Based upon the preceding information and as a result taking into account the
prevailing market prices of comparable apartment units in the vicinity of the subject
property, as well as the previously sold apartment units provided by the client and
considering the current market conditions in KSA; we are of the opinion that the
subject apartments are reasonably priced at an average of SAR 5,000 per sq. m.
We can accurately reflect the Market Value of the subject apartments as follows:
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
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Gardenia 2 - A
# Unit Number BD
Type Balcony
Total Gross (Sqm)
Adjusted Rate per sq. m
Adjusted Price (SAR)
1 GR-G2-A-1-4BD-1-101 4BED 3.35 214.71 5,000.00 1,073,550
2 GR-G2-A-1-3BD-4-102 3BED 8.80 180.34 5,000.00 901,700
3 GR-G2-A -1-3BD-2-103 3BED 3.60 172.27 5,000.00 861,350
4 GR-G2-A-1 -3BD-3-104 3BED 2.91 163.44 5,000.00 817,200
5 GR-G2-A-1-3BD-1A-105 3BED 3.80 171.01 5,000.00 855,050
6 GR-G2-A-1-3BD-1-106 3BED 3.80 169.36 5,000.00 846,800
7 GR-G2-A-1-3BD-4A-107 3BED 8.80 166.20 5,000.00 831,000
8 GR-G2-A-2-4BD-1-201 4BED 3.35 214.71 5,000.00 1,073,550
9 GR-G2-A-2-3BD-4-202 3BED 8.80 180.34 5,000.00 901,700
10 GR-G2-A-2-3BD-2-203 3BED 3.60 172.27 5,000.00 861,350
11 GR-G2-A-2-3BD-3-204 3BED 2.91 163.44 5,000.00 817,200
12 GR-G2-A-2-3BD-1A-205 3BED 3.80 171.01 5,000.00 855,050
13 GR-G2-A-2-3BD-1-206 3BED 3.80 169.36 5,000.00 846,800
14 GR-G2-A-2-3BD-4C-207 3BED 8.80 170.41 5,000.00 852,050
15 GR-G2-A-3-4BD-1-301 4BED 3.35 214.71 5,000.00 1,073,550
16 GR-G2-A-3-3BD-4-302 3BED 8.80 180.34 5,000.00 901,700
17 GR-G2-A-3-3BD-2-303 3BED 3.60 172.27 5,000.00 861,350
18 GR-G2-A-3-3BD-3-304 3BED 2.91 163.44 5,000.00 817,200
19 GR-G2-A-3-3BD-1A-305 3BED 3.80 171.01 5,000.00 855,050
20 GR-G2-A-3-3BD-1-306 3BED 3.80 169.36 5,000.00 846,800
21 GR-G2-A-3-3BD-4C-307 3BED 8.80 170.41 5,000.00 852,050
22 GR-G2 A-4-4BD-1-401 4BED 3.35 214.71 5,000.00 1,073,550
23 GR-G2-A-4-3BD-4-402 3BED 8.80 180.34 5,000.00 901,700
24 GR-G2-A-4-3BD-2-403 3BED 3.60 172.27 5,000.00 861,350
25 GR-G2-A-4-3BD-3-404 3BED 2.91 163.44 5,000.00 817,200
26 GR-G2-A-4-3BD-1A-405 3BED 3.80 171.01 5,000.00 855,050
27 GR-G2-A-4-3BD-1-406 3BED 3.80 169.36 5,000.00 846,800
28 GR-G2-A-4-3BD-4C-407 3BED 8.80 170.41 5,000.00 852,050
29 GR-G2-A -PH 4BD-4-501 4BED 3.80 471.92 5,000.00 2,359,600
30 GR-G2-A-PH 4BD-3-502 4BED 0.00 337.03 5,000.00 1,685,150
31 GR-G2-A-PH 4BD-2-503 4BED 3.80 293.55 5,000.00 1,467,750
6,064 30,322,250
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
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Gardenia 2 - B
# Unit Number BD Type Balcony Total Gross
(Sqm) Adjusted Price
(SAR) Adjusted Price
(SAR)
32 GR-G2-B-1-3BD-1-101 3BED 3.80 169.27 5,000 846,350
33 GR -G2 -B -1- 3BD -1A -102 3BED 3.80 170.94 5,000 854,700
34 GR- G2- B -1 -3BD -3A -103 3BED 3.35 162.72 5,000 813,600
35 GR- G2- B -1 -3BD- 2A -104 3BED 3.60 171.20 5,000 856,000
36 GR -G2- B -1 -3BD -4- 105 3BED 8.90 181.58 5,000 907,900
37 GR -G2-B -1 -4BD -1A -106 4BED 3.45 219.31 5,000 1,096,550
38 GR -G2 -B -1- 3BD- 4B -107 3BED 9.00 166.59 5,000 832,950
39 GR- G2- B-2 -3BD -1- 201 3BED 3.80 169.27 5,000 846,350
40 GR -G2 -B -2 -3BD- 1A- 202 3BED 3.80 170.94 5,000 854,700
41 GR -G2 -B -2 -3BD- 3A -203 3BED 3.35 162.72 5,000 813,600
42 GR -G2- B -2 -3BD- 2A- 204 3BED 3.60 171.20 5,000 856,000
43 GR- G2- B -2- 3BD- 4 -205 3BED 8.90 181.58 5,000 907,900
44 GR- G2- B -2 -4BD -1A- 206 4BED 3.45 219.31 5,000 1,096,550
45 GR-G2-B-2-3BD-4D-207 3BED 9.00 170.80 5,000 854,000
46 GR-G2-B-3-3BD-1-301 3BED 3.80 169.27 5,000 846,350
47 GR-G2-B-3-3BD-1A-302 3BED 3.80 170.94 5,000 854,700
48 GR-G2-B-3-3BD-3A-303 3BED 3.35 162.72 5,000 813,600
49 GR-G2-B-3-3BD-2A-304 3BED 3.60 171.20 5,000 856,000
50 GR-G2-B-3-3BD-4-305 3BED 8.90 181.58 5,000 907,900
51 GR-G2-B-3-4BD-1A-306 4BED 3.45 219.31 5,000 1,096,550
52 GR-G2-B-3-3BD-4D-307 3BED 9.00 170.80 5,000 854,000
53 GR-G2-B-4-3BD-1-401 3BED 3.80 169.27 5,000 846,350
54 GR-G2-B-4-3BD-1A-402 3BED 3.80 170.94 5,000 854,700
55 GR-G2-B-4-3BD-3A-403 3BED 3.35 162.72 5,000 813,600
56 GR-G2-B-4-3BD-2A-404 3BED 3.60 171.20 5,000 856,000
57 GR-G2-B-4-3BD-4-405 3BED 8.90 181.58 5,000 907,900
58 GR-G2-B-4-4BD-1A-406 4BED 3.45 219.31 5,000 1,096,550
59 GR-G2-B-4-3BD-4D-407 3BED 9.00 170.80 5,000 854,000
60 GR-G2-B-PH 4BD-2-501 4BED 3.80 321.39 5,000 1,606,950
61 GR-G2-B-PH 4BD-6-502 4BED 3.59 345.95 5,000 1,729,750
62 GR-G2-B-PH 4BD-5-503 4BED 3.79 486.41 5,000 2,432,050
6,132.82 30,664,100
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
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Gardenia 2 - C
# Unit Number BD
Type Balcony
Total Gross (Sqm)
Adjusted Price (SAR)
Adjusted Price (SAR)
63 GR-G2-C-1-3BD-1A-101 3BED 3.80 171.01 5,000 855,050
64 GR-G2-C-1-3BD-1-102 3BED 3.80 169.36 5,000 846,800
65 GR-G2-C-1-3BD-4A-103 3BED 8.80 166.20 5,000 831,000
66 GR-G2-C-1-4BD-1-104 4BED 3.35 214.71 5,000 1,073,550
67 GR-G2-C-1-3BD-4-105 3BED 8.80 180.34 5,000 901,700
68 GR-G2-C-1-3BD-2-106 3BED 3.60 172.27 5,000 861,350
69 GR-G2-C-1-3BD-3-107 3BED 2.91 163.44 5,000 817,200
70 GR-G2-C-2-3BD-1A-201 3BED 3.80 171.01 5,000 855,050
71 GR-G2-C-2-3BD-1-202 3BED 3.80 169.36 5,000 846,800
72 GR-G2-C-2-3BD-4C-203 3BED 8.80 170.41 5,000 852,050
73 GR-G2-C-2-4BD-1-204 4BED 3.35 214.71 5,000 1,073,550
74 GR-G2-C-2-3BD-4-205 3BED 8.80 180.34 5,000 901,700
75 GR-G2-C-2-3BD-2-206 3BED 3.60 172.27 5,000 861,350
76 GR-G2-C-2-3BD-3-207 3BED 2.91 163.44 5,000 817,200
77 GR-G2-C-3-3BD-1A-301 3BED 3.80 171.01 5,000 855,050
78 GR-G2-C-3-3BD-1-302 3BED 3.80 169.36 5,000 846,800
79 GR-G2-C-3-3BD-4C-303 3BED 8.80 170.41 5,000 852,050
80 GR-G2-C-3-4BD-1-304 4BED 3.35 214.71 5,000 1,073,550
81 GR-G2-C-3-3BD-4-305 3BED 8.80 180.34 5,000 901,700
82 GR-G2-C-3-3BD-2-306 3BED 3.60 172.27 5,000 861,350
83 GR-G2-C-3-3BD-3-307 3BED 2.91 163.44 5,000 817,200
84 GR-G2-C-4-3BD-1A-401 3BED 3.80 171.01 5,000 855,050
85 GR-G2-C-4-3BD-1-402 3BED 3.80 169.36 5,000 846,800
86 GR-G2-C-4-3BD-4C-403 3BED 8.80 170.41 5,000 852,050
87 GR-G2-C-4-4BD-1-404 4BED 3.35 214.71 5,000 1,073,550
88 GR-G2-C-4-3BD-4-405 3BED 8.80 180.34 5,000 901,700
89 GR-G2-C-4-3BD-2-406 3BED 3.60 172.27 5,000 861,350
90 GR-G2-C-4-3BD-3-407 3BED 2.91 163.44 5,000 817,200
91 GR-G2-C-PH 4BD-2-501 4BED 3.80 293.55 5,000 1,467,750
92 GR-G2-C-PH 4BD-4-502 4BED 3.80 471.92 5,000 2,359,600
93 GR-G2-C-PH 4BD-3-503 4BED 0.00 337.03 5,000 1,685,150
6,064.45 30,322,250
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
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Gardenia 2 - D
# Unit Number BD Type Balcony Total Gross
(Sqm) Adjusted Price
(SAR) Adjusted Price
(SAR)
94 GR+B102:B132-G2-D-1-
4BD-1A-101 4BED 3.45 219.31 5,000 1,096,550
95 GR-G2-D-1-3BD-4B-102 3BED 9.00 166.59 5,000 832,950
96 GR-G2-D-1-3BD-1-103 3BED 3.80 169.27 5,000 846,350
97 GR-G2-D-1-3BD-1A-104 3BED 3.80 170.94 5,000 854,700
98 GR-G2-D-1-3BD-3A-105 3BED 3.35 162.72 5,000 813,600
99 GR-G2-D-1-3BD-2A-106 3BED 3.60 171.20 5,000 856,000
100 GR-G2-D-1-3BD-4-107 3BED 8.90 181.58 5,000 907,900
101 GR-G2-D-2-4BD-1A-201 4BED 3.45 219.31 5,000 1,096,550
102 GR-G2-D-2-3BD-4D-202 3BED 9.00 170.80 5,000 854,000
103 GR-G2-D-2-3BD-1-203 3BED 3.80 169.27 5,000 846,350
104 GR-G2-D-2-3BD-1A-204 3BED 3.80 170.94 5,000 854,700
105 GR-G2-D-2-3BD-3A-205 3BED 3.35 162.72 5,000 813,600
106 GR-G2-D-2-3BD-2A-206 3BED 3.60 171.20 5,000 856,000
107 GR-G2-D-2-3BD-4-207 3BED 8.90 181.58 5,000 907,900
108 GR-G2-D-3-4BD-1A-301 4BED 3.45 219.31 5,000 1,096,550
109 GR-G2-D-3-3BD-4D-302 3BED 9.00 170.80 5,000 854,000
110 GR-G2-D-3-3BD-1-303 3BED 3.80 169.27 5,000 846,350
111 GR-G2-D-3-3BD-1A-304 3BED 3.80 170.94 5,000 854,700
112 GR-G2-D-3-3BD-3A-305 3BED 3.35 162.72 5,000 813,600
113 GR-G2-D-3-3BD-2A-306 3BED 3.60 171.20 5,000 856,000
114 GR-G2-D-3-3BD-4-307 3BED 8.90 181.58 5,000 907,900
115 GR-G2-D-4-4BD-1A-401 4BED 3.45 219.31 5,000 1,096,550
116 GR-G2-D-4-3BD-4D-402 3BED 9.00 170.80 5,000 854,000
117 GR-G2-D-4-3BD-1-403 3BED 3.80 169.27 5,000 846,350
118 GR-G2-D-4-3BD-1A-404 3BED 3.80 170.94 5,000 854,700
119 GR-G2-D-4-3BD-3A-405 3BED 3.35 162.72 5,000 813,600
120 GR-G2-D-4-3BD-2A-406 3BED 3.60 171.20 5,000 856,000
121 GR-G2-D-4-3BD-4-407 3BED 8.90 181.58 5,000 907,900
122 GR-G2-D-PH 4BD-5-501 4BED 3.79 486.41 5,000 2,432,050
123 GR-G2-D-PH 4BD-2-502 4BED 3.80 321.39 5,000 1,606,950
124 GR-G2-D-PH 4BD-6-503 4BED 3.59 345.95 5,000 1,729,750
6,132.82 30,664,100
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
32 Valuation Report – Gardenia Project - 311 Apartments
Private & Confidential
Gardenia 3 - A
# Unit Number BD
Type Balcony
Total Gross (Sqm)
Adjusted Price (SAR)
Adjusted Price (SAR)
125 GR-G3-A-1-4BD-1-101 4BED 3.35 214.71 5,000 1,073,550
127 GR-G3-A-1-3BD-2-103 3BED 3.60 172.27 5,000 861,350
128 GR-G3-A-1-3BD-3-104 3BED 2.91 163.44 5,000 817,200
129 GR-G3-A-1-3BD-1A-105 3BED 3.80 171.01 5,000 855,050
130 GR-G3-A-1-3BD 1-106 3BED 3.80 169.36 5,000 846,800
131 GR-G3-A-1-3BD-4A-107 3BED 8.80 166.20 5,000 831,000
132 GR-G3-A-2-4BD-1-201 4BED 3.35 214.71 5,000 1,073,550
134 GR-G3-A-2-3BD-2-203 3BED 3.60 172.27 5,000 861,350
135 GR-G3-A-2-3BD-3-204 3BED 2.91 163.44 5,000 817,200
137 GR-G3-A-2-3BD-1-206 3BED 3.80 169.36 5,000 846,800
138 GR-G3-A-2-3BD 4C-207 3BED 8.80 170.41 5,000 852,050
139 GR-G3-A-3-4BD-1-301 4BED 3.35 214.71 5,000 1,073,550
140 GR-G3-A-3-3BD-4-302 3BED 8.80 180.34 5,000 901,700
141 GR-G3-A-3-3BD-2-303 3BED 3.60 172.27 5,000 861,350
142 GR-G3-A-3-3BD-3-304 3BED 2.91 163.44 5,000 817,200
143 GR-G3-A-3-3BD-1A-305 3BED 3.80 171.01 5,000 855,050
144 GR-G3-A-3-3BD-1-306 3BED 3.80 169.36 5,000 846,800
145 GR-G3-A-3-3BD-4C-307 3BED 8.80 170.41 5,000 852,050
146 GR-G3-A-4-4BD-1-401 4BED 3.35 214.71 5,000 1,073,550
147 GR-G3-A-4-3BD-4-402 3BED 8.80 180.34 5,000 901,700
148 GR-G3-A-4-3BD-2-403 3BED 3.60 172.27 5,000 861,350
149 GR-G3-A-4-3BD-3-404 3BED 2.91 163.44 5,000 817,200
150 GR-G3-A-4-3BD-1A-405 3BED 3.80 171.01 5,000 855,050
151 GR-G3-A-4-3BD-1-406 3BED 3.80 169.36 5,000 846,800
153 GR-G3-A-PH 4BD-4-501 4BED 3.80 471.92 5,000 2,359,600
154 GR-G3-A-PH 4BD-3-502 4BED 0.00 337.03 5,000 1,685,150
155 GR-G3-A-PH 4BD-2-503 4BED 3.80 293.55 5,000 1,467,750
5,362.35 26,811,750
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
33 Valuation Report – Gardenia Project - 311 Apartments
Private & Confidential
Gardenia 3 - B
# Unit Number BD
Type Balcony
Total Gross (Sqm)
Adjusted Price (SAR)
Adjusted Price (SAR)
156 GR-G3-B-1-3BD-1-101 3BED 3.80 169.27 5,000 846,350
157 GR-G3-B-1-3BD-1A-102 3BED 3.80 170.94 5,000 854,700
158 GR-G3-B-1-3BD-3A-103 3BED 3.35 162.72 5,000 813,600
160 GR-G3-B-1-3BD-4-105 3BED 8.90 181.58 5,000 907,900
161 GR-G3-B-1-4BD-1A-106 4BED 3.45 219.31 5,000 1,096,550
162 GR-G3-B-1-3BD-4B-107 3BED 9.00 166.59 5,000 832,950
163 GR-G3-B-2-3BD-1-201 3BED 3.80 169.27 5,000 846,350
164 GR-G3-B-2-3BD-1A-202 3BED 3.80 170.94 5,000 854,700
169 GR-G3-B-2-3BD-4D-207 3BED 9.00 170.80 5,000 854,000
170 GR-G3-B-3-3BD-1-301 3BED 3.80 169.27 5,000 846,350
179 GR-G3-B-4-3BD-3A-403 3BED 3.35 162.72 5,000 813,600
180 GR-G3-B-4-3BD-2A-404 3BED 3.60 171.20 5,000 856,000
183 GR-G3-B-4-3BD-4D-407 3BED 9.00 170.80 5,000 854,000
184 GR-G3-B-PH 4BD-2-501 4BED 3.80 321.39 5,000 1,606,950
185 GR-G3-B-PH 4BD-6-502 4BED 3.59 345.95 5,000 1,729,750
186 GR-G3-B-PH 4BD-5-503 4BED 3.79 486.41 5,000 2,432,050
3,409.16 17,045,800
Gardenia 3 - C
# Unit Number BD
Type Balcony
Total Gross (Sqm)
Adjusted Price (SAR)
Adjusted Price (SAR)
188 GR-G3-C-1-3BD-1-102 3BED 3.80 169.36 5,000 846,800
197 GR-G3-C-2-4BD-1-204 4BED 3.35 214.71 5,000 1,073,550
198 GR-G3-C-2-3BD-4-205 3BED 8.80 180.34 5,000 901,700
202 GR-G3-C-3-3BD-1-302 3BED 3.80 169.36 5,000 846,800
203 GR-G3-C-3-3BD-4C-303 3BED 8.80 170.41 5,000 852,050
204 GR-G3-C-3-4BD-1-304 4BED 3.35 214.71 5,000 1,073,550
205 GR-G3-C-3-3BD-4-305 3BED 8.80 180.34 5,000 901,700
206 GR-G3-C-3-3BD-2-306 3BED 3.60 172.27 5,000 861,350
211 GR-G3-C-4-4BD-1-404 4BED 3.35 214.71 5,000 1,073,550
214 GR-G3-C-4-3BD-3-407 3BED 2.91 163.44 5,000 817,200
215 GR-G3-C-PH 4BD-2-501 4BED 3.80 293.55 5,000 1,467,750
216 GR-G3-C-PH 4BD-4-502 4BED 3.80 471.92 5,000 2,359,600
217 GR-G3-C-PH 4BD-3-503 4BED 0.00 337.03 5,000 1,685,150
2,952.15 14,760,750
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
34 Valuation Report – Gardenia Project - 311 Apartments
Private & Confidential
Gardenia 3 - D
# Unit Number BD
Type Balcony
Total Gross (Sqm)
Adjusted Price (SAR)
Adjusted Price (SAR)
219 GR-G3-D-1-3BD-4B-102 3BED 9.00 166.59 5,000 832,950
220 GR-G3-D-1-3BD-1-103 3BED 3.80 169.27 5,000 846,350
228 GR-G3-D-2-3BD-1A-204 3BED 3.80 170.94 5,000 854,700
243 GR-G3-D-4-3BD-3A-405 3BED 3.35 162.72 5,000 813,600
246 GR-G3-D-PH 4BD-5-501 4BED 3.79 486.41 5,000 2,432,050
247 GR-G3-D-PH 4BD-2-502 4BED 3.80 321.39 5,000 1,606,950
248 GR-G3-D-PH 4BD-6-503 4BED 3.59 345.95 5,000 1,729,750
1,823.27 9,116,350
Gardenia 4 - A
# Unit Number BD
Type Balcony
Total Gross (Sqm)
Adjusted Price (SAR)
Adjusted Price (SAR)
249 GR-G4-A-1-4BD-1-101 4BED 3.35 214.71 5,000 1,073,550
250 GR-G4-A-1-3BD-4-102 3BED 8.80 180.34 5,000 901,700
251 GR-G4-A-1-3BD-2-103 3BED 3.60 172.27 5,000 861,350
252 GR-G4-A-1-3BD-3-104 3BED 2.91 163.44 5,000 817,200
253 GR-G4-A-1-3BD-1A-105 3BED 3.80 171.01 5,000 855,050
254 GR-G4-A-1-3BD-1-106 3BED 3.80 169.36 5,000 846,800
255 GR-G4-A-1-3BD-4A-107 3BED 8.80 166.20 5,000 831,000
256 GR-G4-A-2-4BD-1-201 4BED 3.35 214.71 5,000 1,073,550
257 GR-G4-A-2-3BD-4-202 3BED 8.80 180.34 5,000 901,700
258 GR-G4-A-2-3BD-2-203 3BED 3.60 172.27 5,000 861,350
259 GR-G4-A-2-3BD-3-204 3BED 2.91 163.44 5,000 817,200
260 GR-G4-A-2-3BD-1A-205 3BED 3.80 171.01 5,000 855,050
261 GR-G4-A-2-3BD-1-206 3BED 3.80 169.36 5,000 846,800
262 GR-G4-A-2-3BD-4C-207 3BED 8.80 170.41 5,000 852,050
263 GR-G4-A-3-4BD-1-301 4BED 3.35 214.71 5,000 1,073,550
264 GR-G4-A-3-3BD-4-302 3BED 8.80 180.34 5,000 901,700
265 GR-G4-A-3-3BD-2-303 3BED 3.60 172.27 5,000 861,350
266 GR-G4-A-3-3BD-3-304 3BED 2.91 163.44 5,000 817,200
267 GR-G4-A-3-3BD-1A-305 3BED 3.80 171.01 5,000 855,050
268 GR-G4-A-3-3BD-1-306 3BED 3.80 169.36 5,000 846,800
269 GR-G4-A-3-3BD-4C-307 3BED 8.80 170.41 5,000 852,050
270 GR-G4-A-4-4BD-1-401 4BED 3.35 214.71 5,000 1,073,550
271 GR-G4-A-4-3BD-4-402 3BED 8.80 180.34 5,000 901,700
272 GR- G4 -A- 4-3BD- 2- 403 3BED 3.60 172.27 5,000 861,350
273 GR- G4 A- 4- 3BD- 3- 404 3BED 2.91 163.44 5,000 817,200
274 GR-G4-A-4-3BD-1A-405 3BED 3.80 171.01 5,000 855,050
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
35 Valuation Report – Gardenia Project - 311 Apartments
Private & Confidential
275 GR-G4-A-4-3BD-1-406 3BED 3.80 169.36 5,000 846,800
276 GR-G4-A-4-3BD-4C-407 3BED 8.80 170.41 5,000 852,050
277 GR-G4-A-PH 4BD-4-501 4BED 3.80 471.92 5,000 2,359,600
278 GR-G4-A-PH 4BD-3-502 4BED 0.00 337.03 5,000 1,685,150
279 GR-G4-A-PH 4BD-2-503 4BED 3.80 293.55 5,000 1,467,750
6,064.45 30,322,250
Gardenia 4 - B
# Unit Number BD
Type Balcony
Total Gross (Sqm)
Adjusted Price (SAR)
Adjusted Price (SAR)
280 GR-G4-B-1-3BD-1-101 3BED 3.80 169.27 5,000 846,350
281 GR-G4-B-1-3BD-1A-102 3BED 3.80 170.94 5,000 854,700
282 GR-G4-B-1-3BD-3A-103 3BED 3.35 162.72 5,000 813,600
283 GR-G4-B-1-3BD-2A-104 3BED 3.60 171.20 5,000 856,000
284 GR-G4-B-1-3BD-4-105 3BED 8.90 181.58 5,000 907,900
285 GR-G4-B-1-4BD-1A-106 4BED 3.45 219.31 5,000 1,096,550
286 GR-G4-B-1-3BD-4B-107 3BED 9.00 166.59 5,000 832,950
287 GR-G4-B-2-3BD-1-201 3BED 3.80 169.27 5,000 846,350
288 GR-G4-B-2-3BD-1A-202 3BED 3.80 170.94 5,000 854,700
289 GR- G4 B -2 -3BD- 3A -203 3BED 3.35 162.72 5,000 813,600
290 GR -G4- B -2 -3BD -2A -204 3BED 3.60 171.20 5,000 856,000
291 GR -G4- B- 2- 3BD -4 -205 3BED 8.90 181.58 5,000 907,900
292 GR- G4 -B -2- 4BD- 1A- 206 4BED 3.45 219.31 5,000 1,096,550
293 GR -G4- B- 2 -3BD- 4D- 207 3BED 9.00 170.80 5,000 854,000
294 GR- G4- B -3 -3BD- 1 -301 3BED 3.80 169.27 5,000 846,350
295 GR -G4 -B- 3- 3BD- 1A -302 3BED 3.80 170.94 5,000 854,700
296 GR- G4- B -3- 3BD- 3A- 303 3BED 3.35 162.72 5,000 813,600
297 GR- G4- B- 3 -3BD -2A- 304 3BED 3.60 171.20 5,000 856,000
298 GR- G4 -B- 3- 3BD- 4 -305 3BED 8.90 181.58 5,000 907,900
299 GR -G4- B- 3- 4BD- 1A- 306 4BED 3.45 219.31 5,000 1,096,550
300 GR -G4 -B- 3 -3BD- 4D- 307 3BED 9.00 170.80 5,000 854,000
301 GR- G4 -B -4- 3BD- 1- 401 3BED 3.80 169.27 5,000 846,350
302 GR- G4- B -4- 3BD- 1A- 402 3BED 3.80 170.94 5,000 854,700
303 GR -G4- B- 4- 3BD- 3A -403 3BED 3.35 162.72 5,000 813,600
304 GR- G4- B- 4- 3BD- A -404 3BED 3.60 171.20 5,000 856,000
305 GR- G4 -B- 4-3BD- 4 -405 3BED 8.90 181.58 5,000 907,900
306 GR- G4- B- 4- 4BD -1A -406 4BED 3.45 219.31 5,000 1,096,550
307 GR- G4 -B- 4- 3BD- 4D -407 3BED 9.00 170.80 5,000 854,000
308 GR- G4- B- PH 4BD- 2- 501 4BED 3.80 321.39 5,000 1,606,950
309 GR -G4- B- PH 4BD -6 -502 4BED 3.59 345.95 5,000 1,729,750
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
36 Valuation Report – Gardenia Project - 311 Apartments
Private & Confidential
310 GR- G4- B -PH 4BD- 5 -503 4BED 3.79 486.41 5,000 2,432,050
6,132.82 30,664,100
Gardenia 4 - C
# Unit Number BD
Type Balcony
Total Gross (Sqm)
Adjusted Price (SAR)
Adjusted Price (SAR)
311 GR -G4- C -1 -3BD- 1A -101 3BED 3.80 171.01 5,000 855,050
312 GR -G4 -C -1 -3BD -1 -102 3BED 3.80 169.36 5,000 846,800
313 GR -G4 -C- 1 -3BD- 4A- 103 3BED 8.80 166.20 5,000 831,000
314 GR -G4 -C -1 -4BD- 1- 104 4BED 3.35 214.71 5,000 1,073,550
315 GR -G4- C -1 -3BD- 4 -105 3BED 8.80 180.34 5,000 901,700
316 GR -G4 -C -1- 3BD- 2 -106 3BED 3.60 172.27 5,000 861,350
317 GR- G4- C- 1- 3BD -3 -107 3BED 2.91 163.44 5,000 817,200
318 GR -G4- C- 2 -3BD -1A -201 3BED 3.80 171.01 5,000 855,050
319 GR-G4- C -2- 3BD- 1 -202 3BED 3.80 169.36 5,000 846,800
320 GR- G4- C- 2- 3BD -4C- 203 3BED 8.80 170.41 5,000 852,050
321 GR -G4 C- 2 -4BD -1-204 4BED 3.35 214.71 5,000 1,073,550
322 GR- G4 -C- 2 -3BD-4 -205 3BED 8.80 180.34 5,000 901,700
323 GR -G4- C -2 -3BD -2 -206 3BED 3.60 172.27 5,000 861,350
324 GR -G4 C- 2 -3BD -3 -207 3BED 2.91 163.44 5,000 817,200
325 GR -G4 C- 3 -3BD -1A- 301 3BED 3.80 171.01 5,000 855,050
326 GR -G4- C-3- 3BD- 1 -302 3BED 3.80 169.36 5,000 846,800
327 GR -G4- C- 3- 3BD- 4C -303 3BED 8.80 170.41 5,000 852,050
328 GR -G4- C -3- 4BD -1-304 4BED 3.35 214.71 5,000 1,073,550
329 GR -G4- C- 3- 3BD- 4-305 3BED 8.80 180.34 5,000 901,700
330 GR-G4 C- 3- 3BD -2 -306 3BED 3.60 172.27 5,000 861,350
331 GR -G4 -C 3 -3BD- 3 -307 3BED 2.91 163.44 5,000 817,200
332 GR -G4 -C -4- 3BD -1A-401 3BED 3.80 171.01 5,000 855,050
333 GR- G4- C- 4- 3BD -1 -402 3BED 3.80 169.36 5,000 846,800
334 GR -G4 -C- 4 -3BD -4C -403 3BED 8.80 170.41 5,000 852,050
335 GR -G4 C- 4 -4BD- 1 -404 4BED 3.35 214.71 5,000 1,073,550
336 GR -G4 -C -4- 3BD -4-405 3BED 8.80 180.34 5,000 901,700
337 GR -G4- C- 4 -3BD- 2 -406 3BED 3.60 172.27 5,000 861,350
338 GR -G4 -C -4 -3BD- 3- 407 3BED 2.91 163.44 5,000 817,200
339 GR -G4 -C -PH 4BD- 2 -501 4BED 3.80 293.55 5,000 1,467,750
340 GR- G4-C -PH 4BD -4- 502 4BED 3.80 471.92 5,000 2,359,600
341 GR -G4 -C -PH 4BD- 3- 503 4BED 0.00 337.03 5,000 1,685,150
6,064.45 30,322,250
3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH – JUNE 19
37 Valuation Report – Gardenia Project - 311 Apartments
Private & Confidential
Gardenia 4 - D
# Unit Number BD
Type Balcony
Total Gross (Sqm)
Adjusted Price (SAR)
Adjusted Price (SAR)
342 GR -G4 -D- 1 -4BD -1A -101 4BED 3.45 219.31 5,000 1,096,550
343 GR -G4 D- 1 -3BD- 4B- 102 3BED 9.00 166.59 5,000 832,950
344 GR- G4 -D -1- 3BD -1 -103 3BED 3.80 169.27 5,000 846,350
345 GR -G4 D-1- 3BD -1A- 104 3BED 3.80 170.94 5,000 854,700
346 GR- G4- D -1- 3BD -3A-105 3BED 3.35 162.72 5,000 813,600
347 GR- G4- D- 1- 3BD- 2A- 106 3BED 3.60 171.20 5,000 856,000
348 GR- G4- D- 1 -3BD- 4 -107 3BED 8.90 181.58 5,000 907,900
349 GR- G4 -D- 2- 4BD- 1A -201 4BED 3.45 219.31 5,000 1,096,550
350 GR- G4- D- 2- 3BD- 4D -202 3BED 9.00 170.80 5,000 854,000
351 GR- G4- D- 2- 3BD -1 -203 3BED 3.80 169.27 5,000 846,350
352 GR- G4- D- 2- 3BD- 1A -204 3BED 3.80 170.94 5,000 854,700
353 GR -G4 -D -2 -3BD- 3A- 205 3BED 3.35 162.72 5,000 813,600
354 GR -G4- D -2 -3BD -2A- 206 3BED 3.60 171.20 5,000 856,000
355 GR -G4- D- 2- 3BD -4 -207 3BED 8.90 181.58 5,000 907,900
356 GR -G4- D -3 -4BD- 1A -301 4BED 3.45 219.31 5,000 1,096,550
357 GR -G4- D -3- 3BD -4D -302 3BED 9.00 170.80 5,000 854,000
358 GR- G4 D- 3 -3BD- 1- 303 3BED 3.80 169.27 5,000 846,350
359 GR- G4- D -3- 3BD -1A- 304 3BED 3.80 170.94 5,000 854,700
360 GR -G4- D -3- 3BD -3A -305 3BED 3.35 162.72 5,000 813,600
361 GR- G4 -D -3 -3BD -2A- 306 3BED 3.60 171.20 5,000 856,000
362 GR-G4-D--3-3BD-4-307 3BED 8.90 181.58 5,000 907,900
363 GR-G4-D-4-4BD-1A-401 4BED 3.45 219.31 5,000 1,096,550
364 GR-G4-D-4-3BD-4D-402 3BED 9.00 170.80 5,000 854,000
365 GR-G4-D-4-3BD-1-403 3BED 3.80 169.27 5,000 846,350
366 GR-G4-D-4-3BD-1A-404 3BED 3.80 170.94 5,000 854,700
367 GR-G4-D-4-3BD-3A-405 3BED 3.35 162.72 5,000 813,600
368 GR-G4-D-4-3BD-2A-406 3BED 3.60 171.20 5,000 856,000
369 GR-G4-D-4-3BD-4-407 3BED 8.90 181.58 5,000 907,900
370 GR-G4-D-PH 4BD-5-501 4BED 3.79 486.41 5,000 2,432,050
371 GR-G4-D-PH4BD-2-502 4BED 3.80 321.39 5,000 1,606,950
372 GR-G4-D-PH 4BD-6-503 4BED 3.59 345.95 5,000 1,729,750
6,132.82 30,664,100
2.12.3 SUMMARY & ANALYSIS
In summary to date the fund has sold 61 apartments and we believe the remainder
311 apartments will be difficult to sell in the next 18-24 months due to continued
subdued market conditions. The eventual over supply in the surrounding areas will
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lead to detrimental effect on values and eventual impact on sales of each property.
Valuation considered full figure and may not be easily achievable in the event of an
early re-sale.
Summary of Values No. of Apartments Unsold Total GFA (sq. m) Total Value Per Block (SAR)
Gardenia 2 - A 31 6,064 30,322,250
Gardenia 2 - B 31 6,133 30,664,100
Gardenia 2 - C 31 6,064 30,322,250
Gardenia 2 - D 31 6,133 30,664,100
Gardenia 3 - A 27 5,362 26,811,750
Gardenia 3 - B 16 3,409 17,045,800
Gardenia 3 - C 13 2,952 14,760,750
Gardenia 3 - D 7 1,823 9,116,350
Gardenia 4 - A 31 6,064 30,322,250
Gardenia 4 - B 31 6,133 30,664,100
Gardenia 4 - C 31 6,064 30,322,250
Gardenia 4 - D 31 6,133 30,664,100
Aggregate Value (SAR) 311 62,336 311,680,000
2.13 VALUATION
2.13.1 MARKET VALUE
ValuStrat is of the opinion that the Market Value of the freehold interest in the subject
apartments (Unsold Units) referred within this report, as of the date of valuation,
based upon the Comparative Approach assumptions expressed within this report,
may be fairly stated as follows; Market Value (rounded and subject to details in the
full report):
Aggregate Value: SAR 311,680,000 (Three Hundred Eleven Million Six Hundred
Eighty Thousand Saudi Arabian Riyals).
The client is advised that whilst all reasonable measures have been taken to supply an accurate valuation as possible as at the Valuation date, this figure should be considered in the context of the volatility of today’s market place. 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.’ In the event should it transpire that all of the apartments are to be sold to a single
purchaser/investor, we would assume a quantum discounting factor would be applicable for the summation of the value.
Valuation considered full figure and may not be easily achievable in the event of an early re-sale.
2.14 MARKET CONDITIONS SNAPSHOT
The Kingdom of Saudi Arabia (KSA) - world's largest exporter of crude oil, embarked
three years (2016) ago on an ambitious economic transformation plan, “Saudi Arabia
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Vision 2030”. In a hope to reduce its reliance on revenue from hydrocarbons, given
the plummeting oil price revenues from 2014.
Through the current vision and in a post oil economy, KSA is adapting to times of
both austerity measures and a grand ambitious strategy. With an overdue
diversification plan Saudi Arabia’s economic remodelling is about fiscal sustainability
to become a non-dependent nation of oil. This is supported by current energy
reforms, cutting subsidies, creating jobs, privatising state-controlled assets and
increasing private sector contribution to the country’s economy.
Despite economic headwinds, across the region, KSA has shown resilience through
a period of subdued real estate market activity. The real estate sector generally
follows the fortunes of the greater economy and whilst Saudi Arabia is undergoing
structural reforms politically, economically and socially will transform the Kingdom
towards a service economy post-oil era. These changes along with significant
amounts of investment - estimated to soon be over 1 trillion US dollars will create
vast amounts of opportunities for the public and private sectors across all businesses
segments.
The KSA economy in the first quarter of 2018 has relied on the current oil price rise
to pull it out of recession; however, the previous 18-24 months, KSA faced a
protracted spell of economic stress, much of which can be attributed to the falling oil
prices coupled with regional political issues.
Oil prices are starting to surge again around 80 dollars a barrel currently from under
30 dollars a barrel in early in 2016 which resulted in a crash in prices and the
economy dipped into negative territory in 2017 for the first time since 2009, a year
after the global financial crisis.
General consensus anticipates a piercing improvement in the Saudi economy in the
period ahead (2019-2020), supported by both the oil and non-oil sector. So ultimately
it appears the economy will still need to rely on oil revenues to bridge the gap in the
short term with a budget deficit over the past 3 years and the Kingdom borrowing
from domestic and international markets along with hiking fuel and energy prices to
finance the shortfall.
The economy slipped into recession in 2018 but returned to growth this year 2019,
albeit at the fairly modest level of 1.7%, according to estimates from the
International Monetary Fund (IMF). However, the return to growth is mainly due to
a return to increase in oil prices again and output which, in turn, is enabling an
increase in government spending. Accordingly, in the short term needs to rely on
the oil revenue and this reliance is being channelled into public spending.
The non-oil economy is growing, but at a slow place. Analysts are forecasting non-
oil GDP to grow by 1.4% this year, compared to 1% in 2017. Even here, the non-
government sector is coping relatively poorly. Analysts are forecasting non-oil
private sector growth of 1.1%, this year, up from 0.7% last year. The reforms that
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have been pushed through to date have led to important changes aiding the
economy. The opening up of the entertainment industry will create jobs for young
locals and women driving makes it easier for millions more people to enter the
workforce. Reforms to the financial markets have led indexing firms to bring the
Saudi Stock Market (Tadawul) into the mainstream of the emerging markets
universe which now assists to draw in many billions of investment dollars. A due
enactment of law will encourage public-private partnerships to herald more foreign
investment.
The economic transformation that the KSA has embarked upon is complex and
multidimensional and will certainly take time to turn around a non-oil serviced
economy, although there have been recent positive signs, but it will remain in the
short term with the support of oil revenues. On the other hand, the KSA was resilient
in the previous recession in 2007/2008 on strong oil reserves and not only can the
Saudi government be relied upon to step in to rescue troubled lenders, reliable
institutions for procedural reasons but crucially, it can also afford to do so, although
has suffered due to previous oil price declines and it has meant increased spending.
Vision 2030 to diversify the economy from reliance on oil, has only just commenced
and with a young and increasingly well-educated population, together with its own
sovereign wealth fund, the Kingdom has many favourable factors to become a
leading service sector economy in the region. Reform efforts include a reduction of
subsidies on fuel and electricity and the implementation of a 5 per cent VAT from 1st
January 2018. The government is also striving to get women to play a greater role
in the economy including recently allowing them to drive. Wider reforms have been
initiated by the government allowing for the entertainment industry to flourish with
the opening of the first cinema in King Abdullah Financial District (KAFD) along with
4 VOX screens opening at Riyadh Park Mall. The cinema entertainment is spurred
on by Public Investment Fund (PIF) in collaboration with AMC Cinemas and led by
the Development and Investment Entertainment Company (DIEC), a wholly owned
subsidiary of PIF. With an objective of 30 to 40 cinemas in approximately 15 cities in
Saudi Arabia over the next five years, and 50 to 100 cinemas in about 25 Saudi cities
by 2030.
As part of wider reforms to overhaul the economy and to allow for deep rooted
diversification, the PIF have initiated plans to bolster the entertainment industry by
forming ambitious plans such as the following:
Red Sea Tourism Project
To transform 50 islands consisting of 34,000 square kilometres along the Red Sea
coastline into a global tourism destination. For ease of reference to illustration below
showing the location in relation to the Kingdom of Saudi Arabia.
Al Faisaliyah Project
The project will consist of 2,450 square kilometres of residential units, entertainment
facilities, an airport and a seaport. Refer to the below illustration for the location.
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Qiddiya Entertainment City
Qiddiya Entertainment City will be a key project within the Kingdom’s entertainment
sector located 40 kilometres away from the center of Riyadh. Currently alleged for
“The First Six Flags-branded theme park”. The 334 square kilometre entertainment
city will include a Safari park too. The project will be mixed use facility with parks,
adventure, sports, events and wild-life activities in addition to shopping malls,
restaurants and hotels. The project will also consist around 4,000 vacation houses
to be built by 2025 and up to 11,000 units by 2030. Again, for ease of reference refer
to the below illustration for the location.
Neom City
The NEOM city project will operate independently from the “existing governmental
framework” backed by Saudi government along with local and international
investors. The project will be part of a ‘new generation of cities’ powered by clean
energy. The ambitious plan includes a bridge spanning the Red Sea, connecting the
proposed city to Egypt and stretch into Jordan too.
Economic Cities
The overall progress with the Economic Cities has been slow and projects on hold
over the past 7-10 years, although KAFD has recently given the go ahead to
complete by 2020.
Within the Saudi Vision 2030 the governed referenced that they will work to “salvage”
and “revamp”.
N
KSA Cities Moving Beyond Oil
NEOM City
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Real Estate Growth
Overall ValuStrat research reveals that real estate sectors have continued to decline
in both sales and rental values. We expect demand to remain stable due to
fundamentals of a growing young population, reducing family size, increasing
middle-class and a sizeable affluent population – all of which keeps the long-term
growth potential intact. Despite short term challenges, both investors and buyers
remaining cautious, the Saudi economy has shown signs of ambition with the
government unveiling a number of reforms, including full foreign ownership of retail
and wholesale operations along with opening up of the Tadawul Stock Market to
foreign investment as well as the reforms mentioned in the previous section referred
above. As mentioned earlier, KSA experienced positive growth by oil price rise in the
first quarter of 2018; hence the main driver of the recovery remains oil. Over 2018
we envisage the Kingdom’s consumer outlook to be more favorable in economic
conditions.
Moreover, tax on development land implemented in 2017 has kept the construction
sector afloat, encouraging real estate developers. Adapting to a new KSA economic
reality has been inevitable, although the Kingdom’s oil dynamics remain pivotal for
future development within the KSA 2030 economic vision plan. In latter part of 2017,
the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund set up a real
estate refinancing company aimed at advancing home ownership in the Kingdom,
which suffers from a shortage of affordable housing. This initiative will create stability
and growth in the Kingdom’s housing sector by injecting liquidity and capital into the
market. Another plan to help kick start the real estate market by boosting the
contribution of real estate finance to the non-oil GDP part.
The real estate sector has played an increasingly important role in the Saudi Arabian
economy. Growing demand across all sectors combined with a generally limited
supply has forced real estate prices to accelerate over the past (2008-2016). The
close ties with the construction, financing institutions and many others have provided
crucial resources that contributed to the development of the Saudi economy.
The real estate market performance in 2018 and the general trend in KSA for most
sectors have remained subdued given lower activity levels and prices have been
under pressure across most asset classes leading to a gradual softening of rental
and sale prices quarter on quarter. The real estate sector remains subdued and
prices may have bottomed out across sectors and we expect in the medium to long
term for the market to pick-up further growth given the reforms and transformation in
KSA, although we expect the growth to be slow and steady subject to a stable
political environment in KSA and across the region. The outlook remains optimistic
for the longer term due to the various KSA initiatives aimed at stimulating the real
estate market whilst encouraging the private sector to play a key role in the
transformation.
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All in all, market volatility remains currently, and prices are likely to witness further
deterioration in the short term. A watching brief should be kept on the economy,
although we expect the economy to gather some pace later in 2020.
Property values are subject to fluctuation over time as market conditions may
change. Valuation considered full figure and may not be easily achievable in the
event of an early re-sale. It must be borne in mind that both rental and capital values
can fall as well as rise.
2.14.1 SUPPLY & DEMAND OVERVIEW
KSA Real Estate Market is facing challenging times amid slowdown and currently
subdued conditions in the economy since the oil price crash; however continued
efforts by the government to diversify the economy will result in positive impact over
the medium / long term.
General consensus reveals slowdown in the rate of decline in several real estate
indicators, hinting at stabilizing of the market in coming periods. To ramp up
investment in real estate sector, the government has taken various measures such
as rules for exchange-listed real estate funds, creating a separate refinancing
company and easing property loans; however, cancellation of projects and delayed
payments by government have exerted downward pressure on the sector and
therefore investors have taken a cautious stance, although recently slightly improved
circumstances when they lifted easing of payments for labourer’s and also re-
engaging government extended salaries and benefits.
In the Jeddah residential market, apartment capital and rental rates remain
suppressed as rental rates declined by QoQ in 2018 respectively to date by up to -
15-25%. Weak demand from potential buyers has resulted in decline in prices across
all major cities. During the period, apartment sale prices continued their downward
trend. On account of weak market sentiments, cautious approach by investors &
buyers and cut in government’s austerity measures. Investors and developers wait
for market to reach an equilibrium point where land prices are viable for development
of housing projects. Demand for housing remains high; however, introduction of new
reforms put downward pressure on house prices. Therefore, home buyers and
investors have recently taken a cautious position in the expectation of falling prices.
Equally, the Gardenia project referred within this report are in an area of much growth
whereby, it appears from our research on the one hand prices remain fairly well
sustained from the growth of 2013 and 2014 and on the other hand the many market
analysts and the Ministry of Justice is recording declined sales in and around Jeddah
suggesting that Jeddah is lacking purchasing power at the moment. We suspect the
subject project referred in this report will suffer from selling power and will struggle
to dispose of the stock due to mainly economic conditions.
The increased supply across all sectors will always affect markets at a local level.
Equally sectors such as residential show individual resilience due to underlying
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demand in the population and at local level. Also, on the other hand, the supply of
good quality stock(s) are not available and buyers hold on to stock due to stable
income generating property. Investors have also chosen to consider public and
private funds as a route to divest and obtain liquidity. In summary, the apartment
assets hold a distinct market position with a moderate/high risk profile due to overall
market condition coinciding with current and future supply.
We believe that a reasonable period in which to negotiate a sale at our opinion of is
12- 18 months so ultimately will take longer to sell the apartments referred in this
report. It should be noted, however, that if credit conditions substantially worsen or
any other change were to occur to the investment market then the liquidity of the
investment and the value, may change. Valuation considered full figure and may not
be easily achievable in the event of an early re-sale.
2.14.2 RISK ASSESSMENT
The residential market has for some time been dominated by a shortage of suitable
units and a constrained development pipeline.
In turn the sales market has shown weaker performance as a lack of affordability
and limited access to finance has focused demand towards the rental market.
This current dynamic may prevail in the short term while stimulus packages and
sector reform work through the system. Below are some of the factors that currently
restrain the residential market.
• Lack of alternative investments
• High land prices
• Financing schemes to ease home ownership
• Affordability of the housing units
• Size of the housing units
• Suitability of stocks that meets the requirements of home buyers
• Potential taxation under consideration by the government
• The quality of construction, though it has been improved recently
• Sustainable zoning to ensure that future developments meet the needs of the
market.
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2.14.3 PRINCIPAL GAINS AND RISK (SWOT ANALYSIS)
Strengths Weaknesses
• Located in Salamah District, west of Jeddah City
where residential demands are mostly
concentrated.
• Growing infrastructure in surrounding areas.
• Good visibility of the subject site provides good
exposure for any potential development;
• The site’s surrounding infrastructure, and future
plans will further enhance the connectivity of the
property within Jeddah city center and the
upcoming sub-centers.
• The private sector is dependent on expat
labor, reflecting a shortage of marketable
skills among nationals and a fairly high
unemployment rate among locals.
Opportunities Threats
• Due to the great number of upcoming
developments in the area, the subject
development can be developed to benefit from this
uplift and establishment in the market.
• Continued investment in the economy by the
government will help maintain growth and
business.
• Various regulatory efforts by the government
aimed to ease accessibility and affordability of real
estate assets.
• Perceptions of high security risks deter some
investors and the possibility of change in
governmental policies causing an effect on
investment value and general business
activity.
• Vacant Lands/Undeveloped land have the
recent threat of land tax levy which may
affect land prices in the near future
• Lower family disposable income due to the
effects of the government’s subsidy reform
and impending VAT implementation.
• Threat of a potential KSA recession in
2019/2020.
2.15 VALUATION UNCERTAINTY
This valuation has been undertaken against a background of significant levels of
Market volatility is one of the main reasons of Valuation uncertainty in the real estate
market in the Kingdom and within the GCC region given the dramatic changes in
markets in current oil price slump and other factors too.
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. Given the current uncertainties it may be necessary
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at times for a Valuer to draw upon evidence which is of a historical nature. The
current shortage of transaction, 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 RICS valuation standards consider it essential to draw
attention to foreseen valuation uncertainties that could have a material effect on
valuations, and further advises to indicate the cause of the uncertainty and the
degree to which this is reflected in reported valuations.
We further state that given the valuation uncertainty stated above our valuation
represents our impartial calculated opinion / judgement of the properties, based on
relevant market data and perceptions as at the date of valuation.
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.
2.16 DISCLAIMER
In undertaking and executing this assignment, an extreme care and precaution has
been exercised. This report is based on information provided by the Client. Values
will differ or vary periodically due to various unforeseen factors beyond our control
such as supply and demand, inflation, local policies and tariffs, poor maintenance,
variation in costs of various inputs, etc.
It is beyond the scope of our services to ensure the consistency in values due to
changing scenarios.
2.17 CONCLUSION
This report is compiled based on the information received to the best of our belief,
knowledge and understanding. The information revealed in this report is strictly
confidential and issued for the consideration of the Client. No part of this report may
be reproduced either electronically or otherwise for further distribution without our
prior and written consent. We trust that this report and valuation fulfils the
requirement of your instruction. This report is issued without any prejudice and
personal liability.
For and on Behalf of, ValuStrat
Ramez Al Medlaj (Taqeem Member No. 1210000320) Senior Associate Real Estate, KSA
Yousuf Siddiki (Taqeem Member No. 1210001039) Director – Real Estate, KSA
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APPENDIX 1 - EXTERNAL PHOTOGRAPHS ONLY
Dubai, United Arab EmiratesOffice 703, Palace TowersDubai Silicon Oasis, Emirates RoadP.O.Box 341234Dubai, United Arab Emirates
Phone +971 4 326 2233Fax +971 4 326 2223email [email protected]
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Phone + 966 1 293 5127Fax +966 1 293 3683email [email protected]
Jeddah, Saudi ArabiaOffice 105, Jameel SquareTahlia RoadJeddah, Kingdom of Saudi Arabia
Phone +966 12 2831455Fax +966 12 2831530email [email protected]
Doha, QatarOffice 404, QFC Tower 2West BayDohaQatar
Phone +974 4 496 8121email [email protected]