Finance (Final Final) Real Estate

Scenario analysis
Major assumptions
Land Price ($psf of GFA):
Building Costs ($psf of GFA):
260
410
Optimistic
Residential Sales @ $psf:
IRR ungeared
IRR geared
NPV (ungeared)
NPV (geared)
Pessimistic
IRR ungeared
IRR geared
NPV (ungeared)
NPV (geared)
Scenario analysis
Base ($1056)
Optimsitic ($1161.6) 10%
Pessimistic ($897.6) 15%
1161.6
Before Tax
26.56%
42.64%
$8,913,004
$6,647,418
After Tax
24.16%
40.39%
$6,614,214
$5,654,142
897.60
Before Tax
2.45%
-1.00%
($13,331,130)
($9,932,067)
After Tax
0.76%
-2.23%
($14,740,155)
($10,262,164)
IRR (ungeared)
17.02%
26.56%
2.45%
17.95%
(Average IRR)
Probability
65%
25%
10%
0%
0%
0%
0%
0%
0%
0%
0%
For Base
Discount Rate, ungeared:
Discount Rate, geared:
511505.28
484.38
17.00%
26.46%
Base
IRR ungeared
IRR geared
NPV (ungeared)
NPV (geared)
Base
Residential Sales @
IRR ungeared
IRR geared
NPV (ungeared)
NPV (geared)
1056.00
Before Tax
After Tax
17.02%
14.90%
26.50%
24.61%
$15,350 ($1,927,534)
$15,624
($712,380)
$ 1056 psf
Before Tax
After Tax
17.02%
14.90%
26.50%
24.61%
$15,350 ($1,927,534)
$15,624
($712,380)
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Cash Flow Proforma For Residential Component

Land Price
GFA in sqft
Net Floor Area (Efficiency Factor 0.90)
Other buildable Area (10% of NFA)
Total buildable Area (sqft)
Total saleable area
152,927
137,634
13,763
151,398
132,720
Total
INFLOWS:
Residential % progress receivable
Residential Sales @ $psf
Service Charge
Nursing Charge
TOTAL INFLOW
Development Fee Summary
Development progress
% of professional fees
% of land payment
OUTFLOWS:
Land Price ($psf of GFA)
GST (% of land purchase price)
Stamp Duty & Legal Fees
Submission/processing fee
Building Costs ($psf of GFA)
Professional Fees & mgmt fees @ % of bldg
costs
Operating Expenses:
Marketing residential @ % sales, 6 periods
Property tax @ 5% of CV (land)
Agency fee @ % of sales
Legal fee @ % of sales
Maintance and services
Nursing fees
TOTAL OUTFLOWS
100%
$1,056
$800
100%
100%
100%
260
7%
3.50%
410
39,760,984
2,783,269
1,391,634
500,000
62,700,013
8%
5,016,001
1.5%
12%
1%
0.30%
$800
Net Cashflow Before Financing

Financing Requirement
Balance Loan B/F
Debt @ % of net cashflow
Effective interest payable @ % (quarterly)
Principal/ Interest repayment
Outstanding Loan C/F
140,152,447
2096160
259200
$142,507,807
2,102,287
238,566
1,401,524
420,457
2096160
259200
$118,670,095
$23,837,712
60%
1.47%
Net Cashflow After Financing

Cummulative Net CF after financing
$20,267,384
Discounted Cashflow After Tax Position

Net CF Before Financing
Less: Taxation @ % payment arrears
Net CF befefore financing & after tax
17%
$20,660,833
Net CF After Financing

Net CF after financing & after tax
17%
$18,567,340
Yearly
Discount Rate, ungeared

Discount Rate, geared
IRR ungeared
IRR geared
NPV (ungeared, discount rate @ %)
NPV (geared, discount rate @ %)
Quarterly
17.00%
26.46%
Before Tax
After Tax
17.02%
26.50%
15,350
15,624
Projected Development Progress: Residential

Percentage of development progress
Cumulative
Average development progress
14.90%
24.61%
(1,927,534)
(712,380)
100%
Projected Residential Sales

Percentage of residential units sold
Units sold
Area sold (sq ft)
Cummulative units sold
% of progress sales receivable
Cummulative % of progress receivable
Unit breakdown
GFA (sqm)
Efficiency
NFA
4.00%
6.04%
100%
132,720
100%
14,239
1
12,815
Other saleable area (10% of NFA)

Total Saleable Area
1,282
14,097
Clubroom (5%) (Sqm)

Staff and Medical Outpost (2.5%) (Sqm)
One room units (Sqm)
2 room units space (Sqm)
Carehome (Sqm)
705
352
5,850
6,480
700
Left over space
0.25
IRR (ungeared) BTCF

IRR (ungeared) ATCF
IRR (geared) BTCF
IRR (geared) ATCF
9.36425
0.50
0.75
4.01%
3.53%
6.05%
5.66%
0
0
0
0
Other data
Average no. of health careservice users
assuming 10% additional NFA created due to good architectural practice from other s
Design
Q1 2013
Q2 2013
Possession & Piling

Q4 2013
Q3 2013
0
0
0
0
$0
0%
0
0
0
$0
0%
0
0
0
$0
0%
0
0
0
$0
0%
5%
25%
0%
5%
0%
0%
5%
0%
5%
5%
75%
9,940,246
695,817
347,909
500,000
0
0
0
0
0
0
0
0
0
0
0
29,820,738
2,087,452
1,043,726
0
3,135,001
250,800
250,800
250,800
250,800
0
0
0
0
0
0
$11,734,772
0
0
0
0
0
0
$250,800
0
0
0
0
0
0
$250,800
0
0
0
0
0
0
$36,337,716
($11,734,772)
($250,800)
($250,800)
($36,337,716)
0
7,040,863
103,317
0
7,144,180
7,144,180
150,480
107,041
0
7,401,700
7,401,700
150,480
110,820
0
7,663,000
7,663,000
21,802,630
432,374
0
29,898,004
($4,693,909)
($4,693,909)
($100,320)
($4,794,229)
($100,320)
($4,894,549)
($14,535,086)
($19,429,635)
(11,734,772)
0
($11,734,772)
(250,800)
0
($250,800)
(250,800)
0
($250,800)
(36,337,716)
0
($36,337,716)
(4,693,909)
0
($4,693,909)
(100,320)
0
($100,320)
(100,320)
0
($100,320)
(14,535,086)
0
($14,535,086)
Breakeven point (psf pr)

Residential: 894
0%
0%
0%
0%
0%
0%
5%
5%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
484.38
775.008
No. of units
Unit size (psft)

130
90
35
Total saleable
62969.4
69750.72
20
0
132720.12
1.00
1.25
1.50
1.75
-11,734,772
-11,734,772
-4,693,909
-4,693,909
-250,800
-250,800
-100,320
-100,320
-250,800
-250,800
-100,320
-100,320
-36,337,716
-36,337,716
-14,535,086
-14,535,086
30
FA created due to good architectural practice from other saleable area in sqft
Development Launch
Q2 2014
Q3 2014
Q1 2014
Q4 2014
0%
0
0
0
$0
20%
11,212,196
0
0
$11,212,196
5%
9,810,671
0
0
$9,810,671
5%
9,250,061
0
0
$9,250,061
10%
10%
0%
10%
5%
15%
10%
15%
5%
0
0
0
6,270,001
0
0
0
0
6,270,001
0
0
0
0
9,405,002
0
0
0
0
9,405,002
501,600
250,800
501,600
250,800
0
238,566
0
0
0
0
$7,010,167
350,381
112,122
33,637
0
0
$7,016,941
350,381
0
98,107
29,432
0
0
$10,384,522
350,381
0
92,501
27,750
0
0
$10,126,434
($7,010,167)
$4,195,255
($573,851)
($876,372)
30,855,509
0
461,190
573,851
31,890,549
31,890,549
0
480,817
876,372
33,247,738
29,898,004
4,206,100
500,438
0
34,604,542
34,604,542
0
446,221
4,195,255
30,855,509
($2,804,067)
($22,233,702)
$0
($22,233,702)
(7,010,167)
0
($7,010,167)
4,195,255
$167,810
$4,027,445
$0
($22,233,702)
$0
($22,233,702)
(573,851)
($22,954)
($550,897)
(876,372)
($35,055)
($841,317)
(2,804,067)
0
($2,804,067)
0
0
$0
0
0
$0
0
0
$0
10%
15%
10%
25%
15%
40%
15%
55%
0%
0%
0%
0%
0%
0%
40%
88
53,088
88
20%
20%
20%
44
26,544
132
5%
25%
12%
26
15,926
158
5%
30%
2.00
2.25
2.50
2.75
-7,010,167
-7,010,167
-2,804,067
-2,804,067
4,195,255
4,027,445
0
0
-573,851
-550,897
0
0
-876,372
-841,317
0
0
140,152,447
118,670,095
0.846721536
Q1 2015
130
90
Q2 2015
$511,505
$818,408
TOP
Q4 2015
Q3 2015
10%
16,818,294
0
0
$16,818,294
10%
16,678,141
0
0
$16,678,141
10%
16,117,531
0
0
$16,117,531
25%
35,668,798
167200
21600
$35,857,598
15%
10%
15%
5%
15%
10%
0%
10%
0
0
0
0
9,405,002
0
0
0
0
9,405,002
0
0
0
0
9,405,002
0
0
0
0
0
501,600
250,800
501,600
501,600
350,381
0
168,183
50,455
0
0
$10,475,621
350,381
0
166,781
50,034
0
0
$10,222,999
350,381
0
161,175
48,353
0
0
$10,466,511
$6,342,673
$6,455,142
$5,651,020
33,247,738
0
394,801
6,342,673
27,299,866
27,299,866
0
305,872
6,455,142
21,150,596
21,150,596
0
227,438
5,651,020
15,727,014
356,688
107,006
167200
21600
$1,154,094
$34,703,503
15,727,014
0
0
15,727,014
0
$0
($22,233,702)
$0
($22,233,702)
$0
($22,233,702)
$18,976,489
($3,257,213)
6,342,673
$253,707
$6,088,966
6,455,142
$258,206
$6,196,937
5,651,020
$226,041
$5,424,980
34,703,503
$1,388,140
$33,315,363
0
$0.00
$0
18,976,489
$759,059.56
$18,217,430
0
0
$0
0
0
$0
15%
70%
15%
85%
15%
100%
12%
26
15,926
185
10%
40%
7%
15
9,290
200
10%
50%
4%
9
5,309
209
10%
60%
2%
4
2,654
213
25%
85%
3.00
3.25
3.50
3.75
6,342,673
6,088,966
0
0
6,455,142
6,196,937
0
0
5,651,020
5,424,980
0
0
34,703,503
33,315,363
18,976,489
18,217,430
$66,495,686.40
$73,656,760.32
Q1 2016
Q2 2016
CSC
Q4 2016
Q3 2016
Q1 2017
0%
2,382,592
170720
21600
$2,574,912
0%
1,191,296
174240
21600
$1,387,136
0%
0
176000
21600
$197,600
10%
14,015,245
176000
21600
$14,212,845
0%
0
176000
21600
$197,600
0%
10%
0%
5%
0%
0%
0%
0%
0%
0%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
501,600
250,800
23,826
7,148
170720
21600
$724,894
11,913
3,574
174240
21600
$462,127
0
0
176000
21600
$197,600
140,152
42,046
176000
21600
$379,798
$1,850,018
0
0
0
0
0
$925,009
0
0
0
0
0
$0
0
0
0
0
0
$13,833,046
0
0
0
0
0
0
0
176000
21600
$197,600
$0
0
0
0
0
0
$1,850,018
($1,407,195)
$925,009
($482,186)
1,850,018
$74,001
$1,776,017
925,009
$37,000
$888,009
1,850,018
$74,000.71
$1,776,017
925,009
$37,000.36
$888,009
2%
4
2,654
218
1%
2
1,327
220
85%
85%
$0
($482,186)
$13,833,046
$13,350,860
$0
$13,350,860
0
$0
$0
13,833,046
$553,322
$13,279,725
0
$0
$0
0
$0.00
$0
13,833,046
$553,321.86
$13,279,725
0
$0.00
$0
85%
13%
98%
98%
4.00
4.25
4.50
4.75
5.00
1,850,018
1,776,017
1,850,018
1,776,017
925,009
888,009
925,009
888,009
0
0
0
0
13,833,046
13,279,725
13,833,046
13,279,725
0
0
0
0
Q2 2017
Residential Title
Q4 2017
Q3 2017
Q1 2018
Q2 2018
0%
0
176000
21600
$197,600
0%
0
176000
21600
$197,600
5%
7,007,622
176000
21600
$7,205,222
0%
0
176000
21600
$197,600
0%
0
176000
21600
$197,600
0%
0%
0%
0%
0%
0%
0%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
176000
21600
$197,600
0
0
176000
21600
$197,600
70,076
21,023
176000
21600
$288,699
0
0
176000
21600
$197,600
0
0
176000
21600
$197,600
$0
0
0
0
0
0
$0
0
0
0
0
0
$6,916,523
0
0
0
0
0
$0
0
0
0
0
0
$0
0
0
0
0
0
$0
$13,350,860
$0
$13,350,860
$6,916,523
$20,267,384
$0
$20,267,384
$0
$20,267,384
0
$0
$0
0
$0
$0
6,916,523
$276,661
$6,639,862
0
$0
$0
0
$0
$0
0
$0.00
$0
0
$0.00
$0
6,916,523
$276,660.93
$6,639,862
0
$0.00
$0
0
$0.00
$0
98%
98%
2%
100%
5.25
5.50
5.75
6.00
6.25
0
0
0
0
0
0
0
0
6,916,523
6,639,862
6,916,523
6,639,862
0
0
0
0
0
0
0
0
Q3 2018
Q4 2018
0%
0
176000
21600
$197,600
0%
0
0
0
0
0
0
0
0
176000
21600
$197,600
$0
0
0
0
0
0
2019
2020
2021
2022
2023
2024
$0
$20,267,384
0
$0
$0
0
$0.00
$0
6.50
0
0
0
0
6.75
7.00
7.25
7.50
7.75
8.00
8.25
2025
2026
2027
2028
2029
2030
2031
2032
2033
8.50
8.75
9.00
9.25
9.50
9.75
10.00
10.25
10.50
2034
2035
2036
2037
2038
2039
2040
2041
2042
10.75
11.00
11.25
11.50
11.75
12.00
12.25
12.50
12.75
2043
2044
2045
2046
2047
2048
2049
2050
2051
13.00
13.25
13.50
13.75
14.00
14.25
14.50
14.75
15.00
2052
2053
2054
2055
2056
2057
2058
2059
2060
15.25
15.50
15.75
16.00
16.25
16.50
16.75
17.00
17.25
2061
2062
2063
2064
2065
2066
2067
2068
2069
17.50
17.75
18.00
18.25
18.50
18.75
19.00
19.25
19.50
2070
2071
2072
2073
19.75
20.00
20.25
20.50

Land Price
GFA in sqft
Total saleable area
152,927
137,634
13,763
151,398
132,720
Total
INFLOWS:
Service Charge
100%
$1,162
$800
Nursing Charge
TOTAL INFLOW
% of land payment
OUTFLOWS:
Professional Fees & mgmt fees @ % of bldg costs
Operating Expenses:
Nursing fees
TOTAL OUTFLOWS
259200
$156,523,051
100%
100%
100%
260
7%
3.50%
410
8%
1.5%
12%
1%
0.30%
$800

Balance Loan B/F

154,167,691
2,096,160
39,760,984
2,783,269
1,391,634
500,000
62,700,013
5,016,001
2,312,515
238,566
1,541,677
462,503
2096160
259200
$119,062,522
$37,460,530
60%
1.47%
$34,254,312

17%
$33,738,738

17%
$31,994,792
Yearly
Quarterly

17.00%
26.46%
Before Tax
IRR ungeared
IRR geared
After Tax
26.56%
42.64%
8,913,004
6,647,418

Cumulative
Clubroom (5%) (Sqm)
24.16%
40.39%
6,614,214
5,654,142
100%

Units sold
Area sold (sq ft)
Unit breakdown
GFA (sqm)
Efficiency
NFA
Total Saleable Area
4.00%
6.04%
100%
132,720
100%
14,239
1
12,815
1,282
14,097
705

Carehome (Sqm)
352
5,850
6,480
700
Left over space
0.25
IRR (ungeared) BTCF

IRR (ungeared) ATCF
IRR (geared) BTCF
IRR (geared) ATCF
9.36425
0.50
0.75
6.07%
5.56%
9.28%
8.85%
0
0
0
0
Other data
assuming 10% additional NFA created due to good architectural practice from other saleable area in sqft
Design
Q1 2013
Q2 2013
Possession & Piling

Q4 2013
Q3 2013
0%
0
0
0%
0
0
0%
0
0
0
$0
0
$0
0
$0
0
$0
0%
5%
25%
0%
5%
0%
0%
5%
0%
5%
5%
75%
9,940,246
695,817
347,909
500,000
0
250,800
0
0
0
0
0
250,800
0
0
0
0
0
250,800
29,820,738
2,087,452
1,043,726
0
3,135,001
250,800
0
0
0
0
0
0
$11,734,772
0
0
0
0
0
0
$250,800
0
0
0
0
0
0
$250,800
0
0
0
0
0
0
$36,337,716
($11,734,772)
($250,800)
($250,800)
($36,337,716)
0
7,040,863
103,317
0
7,144,180
7,144,180
150,480
107,041
0
7,401,700
7,401,700
150,480
110,820
0
7,663,000
7,663,000
21,802,630
432,374
0
29,898,004
($4,693,909)
($4,693,909)
($100,320)
($4,794,229)
($100,320)
($4,894,549)
($14,535,086)
($19,429,635)
(11,734,772)
0
($11,734,772)
(250,800)
0
($250,800)
(250,800)
0
($250,800)
(36,337,716)
0
($36,337,716)
(4,693,909)
0
($4,693,909)
(100,320)
0
($100,320)
(100,320)
0
($100,320)
(14,535,086)
0
($14,535,086)

Residential: 897
0%
0%
0%
0%
0%
0%
5%
5%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
No. of units
Sqm
130
90
35
45
72
20
1.00
1.25
1.50
1.75
-11,734,772
-11,734,772
-4,693,909
-4,693,909
-250,800
-250,800
-100,320
-100,320
-250,800
-250,800
-100,320
-100,320
-36,337,716
-36,337,716
-14,535,086
-14,535,086
30
good architectural practice from other saleable area in sqft
Development Launch
Q2 2014
Q3 2014
Q1 2014
Q4 2014
0%
0
0
20%
12,333,415
0
5%
10,791,738
0
5%
10,175,068
0
0
$0
0
$12,333,415
0
$10,791,738
0
$10,175,068
10%
10%
0%
10%
5%
15%
10%
15%
5%
0
0
0
0
6,270,001
501,600
0
0
0
0
6,270,001
250,800
0
0
0
0
9,405,002
501,600
0
0
0
0
9,405,002
250,800
0
238,566
0
0
0
0
$7,010,167
385,419
0
123,334
37,000
0
0
$7,066,555
385,419
0
107,917
32,375
0
0
$10,432,314
385,419
0
101,751
30,525
0
0
$10,173,497
($7,010,167)
$5,266,860
$359,425
$1,571
29,898,004
4,206,100
500,438
0
34,604,542
34,604,542
0
430,497
5,266,860
29,768,179
29,768,179
0
431,540
359,425
29,840,293
29,840,293
0
437,849
1,571
30,276,572
($2,804,067)
($22,233,702)
$0
($22,233,702)
$0
($22,233,702)
$0
($22,233,702)
(7,010,167)
0
($7,010,167)
5,266,860
$210,674
$5,056,186
359,425
$14,377
$345,048
1,571
$63
$1,508
(2,804,067)
0
($2,804,067)
0
0
$0
0
0
$0
0
0
$0
10%
15%
10%
25%
15%
40%
15%
55%
0%
0%
0%
0%
0%
0%
40%
88
53,088
88
20%
20%
20%
44
26,544
132
5%
25%
12%
26
15,926
158
5%
30%
2.00
2.25
2.50
2.75
-7,010,167
-7,010,167
-2,804,067
-2,804,067
5,266,860
5,056,186
0
0
359,425
345,048
0
0
1,571
1,508
0
0
Q1 2015
Q2 2015
TOP
Q4 2015
Q3 2015
10%
18,500,123
0
10%
18,345,955
0
10%
17,729,285
0
25%
39,235,677
167200
0%
$18,500,123
0
$18,345,955
0
$17,729,285
21600
$39,424,477
15%
10%
15%
5%
15%
10%
0%
10%
0
0
0
0
9,405,002
501,600
0
0
0
0
9,405,002
250,800
0
0
0
0
9,405,002
501,600
0
0
0
0
0
501,600
385,419
0
185,001
55,500
0
0
$10,532,523
385,419
0
183,460
55,038
0
0
$10,279,719
385,419
0
177,293
53,188
0
0
$10,522,502
$7,967,600
$8,066,237
$7,206,783
30,276,572
0
327,358
7,967,600
22,636,330
22,636,330
0
213,799
8,066,237
14,783,893
14,783,893
0
111,185
7,206,783
7,688,295
$0
($22,233,702)
$0
($22,233,702)
$0
($22,233,702)
392,357
117,707
167200
21600
$1,200,464
$38,224,014
7,688,295
0
0
7,688,295
0
$30,535,718
$8,302,016
7,967,600
$318,704
$7,648,896
8,066,237
$322,649
$7,743,587
7,206,783
$288,271
$6,918,511
38,224,014
$1,528,961
$36,695,053
0
$0.00
$0
30,535,718
$1,221,428.73
$29,314,289
0
0
$0
0
0
$0
15%
70%
15%
85%
15%
100%
12%
26
15,926
185
10%
40%
7%
15
9,290
200
10%
50%
4%
9
5,309
209
10%
60%
2%
4
2,654
213
25%
85%
3.00
3.25
3.50
3.75
7,967,600
7,648,896
0
0
8,066,237
7,743,587
0
0
7,206,783
6,918,511
0
0
38,224,014
36,695,053
30,535,718
29,314,289
Q1 2016
Q2 2016
CSC
Q4 2016
Q3 2016
Q1 2017
0%
2,620,851
170720
0%
1,310,425
174240
0%
0
176000
10%
15,416,769
176000
0%
0
176000
21600
$2,813,171
21600
$1,506,265
21600
$197,600
21600
$15,614,369
21600
$197,600
0%
10%
0%
5%
0%
0%
0%
0%
0%
0%
0
0
0
0
0
501,600
0
0
0
0
0
250,800
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
26,209
7,863
170720
21600
$727,991
13,104
3,931
174240
21600
$463,676
0
0
176000
21600
$197,600
154,168
46,250
176000
21600
$398,018
$2,085,180
0
0
0
0
0
$2,085,180
$10,387,196
$1,042,590
0
0
0
0
0
$1,042,590
$11,429,786
$0
0
0
0
0
0
$0
$11,429,786
$15,216,351
0
0
0
0
0
$15,216,351
$26,646,137
0
0
176000
21600
$197,600
$0
0
0
0
0
0
$0
$26,646,137
2,085,180
$83,407
$2,001,772
1,042,590
$41,704
$1,000,886
0
$0
$0
15,216,351
$608,654
$14,607,697
0
$0
$0
2,085,180
$83,407.18
$2,001,772
1,042,590
$41,703.59
$1,000,886
0
$0.00
$0
15,216,351
$608,654.05
$14,607,697
0
$0.00
$0
2%
4
2,654
218
1%
2
1,327
220
85%
85%
85%
13%
98%
98%
4.00
4.25
4.50
4.75
5.00
2,085,180
2,001,772
2,085,180
2,001,772
1,042,590
1,000,886
1,042,590
1,000,886
0
0
0
0
15,216,351
14,607,697
15,216,351
14,607,697
0
0
0
0
Q2 2017
Residential Title
Q4 2017
Q3 2017
Q1 2018
Q2 2018
0%
0
176000
0%
0
176000
5%
7,708,385
176000
0%
0
176000
0%
0
176000
21600
$197,600
21600
$197,600
21600
$7,905,985
21600
$197,600
21600
$197,600
0%
0%
0%
0%
0%
0%
0%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
176000
21600
$197,600
0
0
176000
21600
$197,600
77,084
23,125
176000
21600
$297,809
0
0
176000
21600
$197,600
0
0
176000
21600
$197,600
$0
0
0
0
0
0
$0
$26,646,137
$0
0
0
0
0
0
$0
$26,646,137
$7,608,176
0
0
0
0
0
$7,608,176
$34,254,312
$0
0
0
0
0
0
$0
$34,254,312
$0
0
0
0
0
0
$0
$34,254,312
0
$0
$0
0
$0
$0
7,608,176
$304,327
$7,303,849
0
$0
$0
0
$0
$0
0
$0.00
$0
0
$0.00
$0
7,608,176
$304,327.02
$7,303,849
0
$0.00
$0
0
$0.00
$0
98%
98%
2%
100%
5.25
5.50
5.75
6.00
6.25
0
0
0
0
0
0
0
0
7,608,176
7,303,849
7,608,176
7,303,849
0
0
0
0
0
0
0
0
Q3 2018
Q4 2018
0%
0
176000
21600
$197,600
0%
0
0
0
0
0
0
0
0
176000
21600
$197,600
$0
0
0
0
0
0
$0
$34,254,312
2019
2020
2021
2022
2023
2024
0
$0
$0
0
$0.00
$0
6.50
0
0
0
0
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073

Land Price
GFA in sqft
Total saleable area
152,927
137,634
13,763
151,398
132,720
Total
INFLOWS:
Service Charge
100%
$898
$800
119,129,580
2,096,160
Nursing Charge
TOTAL INFLOW
% of land payment
OUTFLOWS:
Professional Fees & mgmt fees @ % of bldg costs
Operating Expenses:
Nursing fees
TOTAL OUTFLOWS
259200
$121,484,940
100%
100%
100%
260
7%
3.50%
410
8%
1.5%
12%
1%
0.30%
$800

Balance Loan B/F

39,760,984
2,783,269
1,391,634
500,000
62,700,013
5,016,001
1,786,944
238,566
1,191,296
357,389
2096160
259200
$118,081,455
$3,403,485
60%
1.47%
($713,010)

17%
$1,043,975

17%
($1,573,837)
Yearly

Quarterly
17.00%
26.46%
Before Tax
IRR ungeared
IRR geared
After Tax
2.45%
-1.00%
(13,331,130)
(9,932,067)

Cumulative
Clubroom (5%) (Sqm)
0.76%
-2.23%
(14,740,155)
(10,262,164)
100%

Units sold
Area sold (sq ft)
Unit breakdown
GFA (sqm)
Efficiency
NFA
Total Saleable Area
4.00%
6.04%
100%
132,720
100%
14,239
1
12,815
1,282
14,097
705

Carehome (Sqm)
352
5,850
6,480
700
Left over space
0.25
IRR (ungeared) BTCF

IRR (ungeared) ATCF
IRR (geared) BTCF
IRR (geared) ATCF
9.36425
0.50
0.75
0.61%
0.19%
-0.25%
-0.56%
0
0
0
0
Other data
assuming 10% additional NFA created due to good architectural practice from other saleable area in sqft
Design
Q1 2013
Q2 2013
Possession & Piling

Q4 2013
Q3 2013
Q1 2014
0%
0
0
0%
0
0
0%
0
0
0%
0
0
0
$0
0
$0
0
$0
0
$0
0
$0
0%
5%
25%
0%
5%
0%
0%
5%
0%
5%
5%
75%
10%
10%
0%
9,940,246
695,817
347,909
500,000
0
250,800
0
0
0
0
0
250,800
0
0
0
0
0
250,800
29,820,738
2,087,452
1,043,726
0
3,135,001
250,800
0
0
0
0
6,270,001
501,600
0
0
0
0
0
0
$11,734,772
0
0
0
0
0
0
$250,800
0
0
0
0
0
0
$250,800
0
0
0
0
0
0
$36,337,716
0
238,566
0
0
0
0
$7,010,167
($11,734,772)
($250,800)
($250,800)
($36,337,716)
($7,010,167)
0
7,040,863
103,317
0
7,144,180
7,144,180
150,480
107,041
0
7,401,700
7,401,700
150,480
110,820
0
7,663,000
7,663,000
21,802,630
432,374
0
29,898,004
29,898,004
4,206,100
500,438
0
34,604,542
($4,693,909)
($4,693,909)
($100,320)
($4,794,229)
($100,320)
($4,894,549)
($14,535,086)
($19,429,635)
($2,804,067)
($22,233,702)
(11,734,772)
0
($11,734,772)
(250,800)
0
($250,800)
(250,800)
0
($250,800)
(36,337,716)
0
($36,337,716)
(7,010,167)
0
($7,010,167)
(4,693,909)
0
($4,693,909)
(100,320)
0
($100,320)
(100,320)
0
($100,320)
(14,535,086)
0
($14,535,086)
(2,804,067)
0
($2,804,067)

Residential: 890
0%
0%
0%
0%
0%
0%
5%
5%
10%
15%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
No. of units
Sqm
130
90
35
45
72
20
1.00
1.25
1.50
1.75
2.00
-11,734,772
-11,734,772
-4,693,909
-4,693,909
-250,800
-250,800
-100,320
-100,320
-250,800
-250,800
-100,320
-100,320
-36,337,716
-36,337,716
-14,535,086
-14,535,086
-7,010,167
-7,010,167
-2,804,067
-2,804,067
careservice users
30
actice from other saleable area in sqft
Development Launch
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
20%
9,530,366
0
5%
8,339,071
0
5%
7,862,552
0
10%
14,295,550
0
10%
14,176,420
0
0
$9,530,366
0
$8,339,071
0
$7,862,552
0%
$14,295,550
0
$14,176,420
10%
5%
15%
10%
15%
5%
15%
10%
15%
5%
0
0
0
0
6,270,001
250,800
0
0
0
0
9,405,002
501,600
0
0
0
0
9,405,002
250,800
0
0
0
0
9,405,002
501,600
0
0
0
0
9,405,002
250,800
297,824
0
95,304
28,591
0
0
$6,942,520
297,824
0
83,391
25,017
0
0
$10,312,834
297,824
0
78,626
23,588
0
0
$10,055,839
297,824
0
142,955
42,887
0
0
$10,390,268
297,824
0
141,764
42,529
0
0
$10,137,919
$2,587,846
($1,973,763)
($2,193,287)
$3,905,281
$4,038,501
34,604,542
0
469,808
2,587,846
32,486,504
32,486,504
0
505,665
1,973,763
34,965,932
34,965,932
0
545,269
2,193,287
37,704,487
37,704,487
0
495,964
3,905,281
34,295,170
34,295,170
0
443,982
4,038,501
30,700,651
$0
($22,233,702)
$0
($22,233,702)
$0
($22,233,702)
$0
($22,233,702)
$0
($22,233,702)
2,587,846
$103,514
$2,484,333
(1,973,763)
($78,951)
($1,894,813)
(2,193,287)
($87,731)
($2,105,555)
3,905,281
$156,211
$3,749,070
4,038,501
$161,540
$3,876,961
0
0
$0
0
0
$0
0
0
$0
0
0
$0
0
0
$0
10%
25%
15%
40%
15%
55%
15%
70%
15%
85%
40%
88
53,088
88
20%
20%
20%
44
26,544
132
5%
25%
12%
26
15,926
158
5%
30%
12%
26
15,926
185
10%
40%
7%
15
9,290
200
10%
50%
2.25
2.50
2.75
3.00
3.25
2,587,846
2,484,333
0
0
-1,973,763
-1,894,813
0
0
-2,193,287
-2,105,555
0
0
3,905,281
3,749,070
0
0
4,038,501
3,876,961
0
0
TOP
Q4 2015
Q3 2015
Q1 2016
Q2 2016
Q3 2016
10%
13,699,902
0
25%
30,318,478
167200
0%
2,025,203
170720
0%
1,012,601
174240
0%
0
176000
0
$13,699,902
21600
$30,507,278
21600
$2,217,523
21600
$1,208,441
21600
$197,600
15%
10%
0%
10%
0%
10%
0%
5%
0%
0%
0
0
0
0
9,405,002
501,600
0
0
0
0
0
501,600
0
0
0
0
0
501,600
0
0
0
0
0
250,800
0
0
0
0
0
0
297,824
0
136,999
41,100
0
0
$10,382,525
303,185
90,955
167200
21600
$1,084,540
20,252
6,076
170720
21600
$720,248
10,126
3,038
174240
21600
$459,804
0
0
176000
21600
$197,600
$3,317,377
$29,422,738
$1,497,275
$748,638
$0
30,700,651
0
401,818
3,317,377
27,785,092
27,785,092
0
0
27,785,092
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$0
($22,233,702)
$1,637,645
($20,596,057)
$1,497,275
($19,098,781)
$748,638
($18,350,144)
$0
($18,350,144)
3,317,377
$132,695
$3,184,682
0
0
$0
29,422,738
$1,176,910
$28,245,828
1,497,275
$59,891
$1,437,384
748,638
$29,946
$718,692
0
$0
$0
1,637,645
$65,505.82
$1,572,140
1,497,275
$59,891.00
$1,437,384
748,638
$29,945.50
$718,692
0
$0.00
$0
15%
100%
4%
9
5,309
209
10%
60%
2%
4
2,654
213
25%
85%
2%
4
2,654
218
1%
2
1,327
220
85%
85%
85%
3.50
3.75
4.00
4.25
4.50
3,317,377
3,184,682
0
0
29,422,738
28,245,828
1,637,645
1,572,140
1,497,275
1,437,384
1,497,275
1,437,384
748,638
718,692
748,638
718,692
0
0
0
0
CSC
Q4 2016
Q1 2017
Q2 2017
Residential Title
Q4 2017
Q3 2017
10%
11,912,958
176000
0%
0
176000
0%
0
176000
0%
0
176000
5%
5,956,479
176000
21600
$12,110,558
21600
$197,600
21600
$197,600
21600
$197,600
21600
$6,154,079
0%
0%
0%
0%
0%
0%
0%
0%
0%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
176000
21600
$197,600
0
0
176000
21600
$197,600
0
0
176000
21600
$197,600
59,565
17,869
176000
21600
$275,034
0
119,130
35,739
176000
21600
$352,468
$11,758,090
$0
$0
$0
$5,879,045
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$11,758,090
($6,592,054)
$0
($6,592,054)
$0
($6,592,054)
$0
($6,592,054)
$5,879,045
($713,010)
11,758,090
$470,324
$11,287,766
0
$0
$0
0
$0
$0
0
$0
$0
5,879,045
$235,162
$5,643,883
11,758,090
$470,323.58
$11,287,766
0
$0.00
$0
0
$0.00
$0
0
$0.00
$0
5,879,045
$235,161.79
$5,643,883
13%
98%
98%
98%
98%
2%
100%
4.75
5.00
5.25
5.50
5.75
11,758,090
11,287,766
11,758,090
11,287,766
0
0
0
0
0
0
0
0
0
0
0
0
5,879,045
5,643,883
5,879,045
5,643,883
Q1 2018
Q2 2018
Q3 2018
Q4 2018
0%
0
176000
0%
0
176000
0%
0
176000
21600
$197,600
21600
$197,600
21600
$197,600
0%
0%
0%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
176000
21600
$197,600
0
0
176000
21600
$197,600
0
0
176000
21600
$197,600
$0
$0
$0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$0
($713,010)
$0
($713,010)
$0
($713,010)
2019
2020
2021
0
$0
$0
0
$0
$0
0
$0
$0
0
$0.00
$0
0
$0.00
$0
0
$0.00
$0
6.00
6.25
6.50
0
0
0
0
0
0
0
0
0
0
0
0
6.75
7.00
7.25
7.50
2022
2023
2024
2025
2026
2027
2028
2029
2030
7.75
8.00
8.25
8.50
8.75
9.00
9.25
9.50
9.75
2031
2032
2033
2034
2035
2036
2037
2038
2039
10.00
10.25
10.50
10.75
11.00
11.25
11.50
11.75
12.00
2040
2041
2042
2043
2044
2045
2046
2047
2048
12.25
12.50
12.75
13.00
13.25
13.50
13.75
14.00
14.25
2049
2050
2051
2052
2053
2054
2055
2056
2057
14.50
14.75
15.00
15.25
15.50
15.75
16.00
16.25
16.50
2058
2059
2060
2061
2062
2063
2064
2065
2066
16.75
17.00
17.25
17.50
17.75
18.00
18.25
18.50
18.75
2067
2068
2069
2070
2071
2072
2073
19.00
19.25
19.50
19.75
20.00
20.25
20.50
Target Take-up Rate of Residential Units & Progress Payments

Year
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Major Milestones
Design
Possession & Piling

Launch residential
TOP
CSC
Residential Title
Percentage of
Units Sold
0%
0%
0%
0%
0%
40%
20%
12%
12%
7%
4%
2%
2%
1%
0%
0%
0%
0%
0%
0%
Total= 100%
Area Sold (Sqft)

53,088
26,544
15,926
15,926
9,290
5,309
2,654
2,654
1,327
Total= 132,720 sqm
2%
Units Sold
88
44
26
26
15
9
4
4
2
-
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Cumulative
Units Sold
88
132
158
185
200
209
213
218
220
-
% of Progress
Sales
Recievables
20%
5%
5%
10%
10%
10%
25%
0%
0%
0%
10%
0%
0%
0%
5%
Cumulative % of
Progress Sales
Recievables
20%
25%
30%
40%
50%
60%
85%
85%
85%
85%
95%
95%
95%
95%
100%
Tender submission in NOV 2012, start design only on jan

Design takes 9 months
Avoid hungry ghost festival on 10 AUG 2014
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
ion in NOV 2012, start design only on jan
host festival on 10 AUG 2014
With and without financing

Year
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Major Milestones
Design
Possession & Piling

Launch residential
TOP
CSC
Residential Title
Total inflows
Total outflows
$0
$0
$0
$0
$0
$11,212,196
$9,810,671
$9,250,061
$16,818,294
$16,678,141
$16,117,531
$35,857,598
$2,574,912
$1,387,136
$197,600
$14,212,845
$197,600
$197,600
$197,600
$7,205,222
$197,600
$197,600
$197,600
$11,734,772
$250,800
$250,800
$36,337,716
$7,010,167
$7,016,941
$10,384,522
$10,126,434
$10,475,621
$10,222,999
$10,466,511
$1,154,094
$724,894
$462,127
$197,600
$379,798
$197,600
$197,600
$197,600
$288,699
$197,600
$197,600
$197,600
Development
revenue:
$142,507,807
Development cost:
$118,670,095
$142,507,807
$23,837,712
$118,670,095
0%
0%
0%
0%
0%
0%
0%
0%
Net Cashflow(w/o
financing)
Net Cashflow after

60% debt
($11,734,772)
($250,800)
($250,800)
($36,337,716)
($7,010,167)
$4,195,255
($573,851)
($876,372)
$6,342,673
$6,455,142
$5,651,020
$34,703,503
$1,850,018
$925,009
$0
$13,833,046
$0
$0
$0
$6,916,523
$0
$0
$0
($4,693,909)
($100,320)
($100,320)
($14,535,086)
($2,804,067)
$0
$0
$0
$0
$0
$0
$18,976,489
$1,850,018
$925,009
$0
$13,833,046
$0
$0
$0
$6,916,523
$0
$0
$0
NPV
(ungeared,17%):
$15,350
IRR: 17.02%
NPV
(geared,26.46%):
$15,624
IRR:26.5%
$15,350.19
17.02%
$15,624.07
26.50%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
($57,034,478)
($22,813,791.16)
($22,233,702)
TOP
2013
2014
2015
2023
2023
Q1
Q2
$140,152,320.00 $112,121,856.00 $133,410,816.00
Inflow
$472,799,372.92
Outflow
Net CF
$410,593,075.20
$62,206,297.72 $ 13,054,997.24
2015
$140,152,320.00
2035
2055
2031
2031
Q2
$106,728,652.80 $125,072,640.00
Q1
Description
Development Phase
Close to full sold out rate
1st cycle
2nd cycle
3rd cycle
4th cycle
End of Land tenure
Year
Period
Q1
Q4
Q4
Q1
Q3
2039 Q1
Q3
2051 Q1
Q3
2063 Q1
Q3
2073
Total Inflow
Total Outflow
Net CF
NPV
2013
2014
2015
2027
2039
Q1
$100,058,112.00
Cashflow
$140,152,320.00
($112,121,856.00)
$128,443,392.00
($102,754,713.60)
$113,008,896.00
($90,407,116.80)
$90,123,264.00
($72,098,611.20)
$53,222,400.00
$384,797,952.00
($377,382,297.60)
$7,415,654.40
$646,672.70
2039
Q2
Q1
$114,605,568.00
2047
2047
Q2
$91,684,454.40 $99,710,348.92
Assumption made
Discount Rate: 5%
Average turnover rate: 12 years
2073

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Scenario analysis

Cash Flow Proforma For Residential Component

Net Cashflow Before Financing

Net Cashflow After Financing

Discounted Cashflow After Tax Position

Net CF After Financing

Discount Rate, ungeared

Projected Development Progress: Residential

Projected Residential Sales

Other saleable area (10% of NFA)

Clubroom (5%) (Sqm)

Left over space

IRR (ungeared) BTCF

Possession & Piling

Breakeven point (psf pr)

Unit size (psft)

Average no. of health careservice users

Cash Flow Proforma For Residential Component

Net Cashflow Before Financing

Net Cashflow After Financing

Discounted Cashflow After Tax Position

Net CF After Financing

Discount Rate, ungeared

Projected Development Progress: Residential

Clubroom (5%) (Sqm)

Projected Residential Sales

Staff and Medical Outpost (2.5%) (Sqm)

Left over space

IRR (ungeared) BTCF

Possession & Piling

Breakeven point (psf pr)

Average no. of health careservice users

good architectural practice from other saleable area in sqft

Cash Flow Proforma For Residential Component

Net Cashflow Before Financing

Net Cashflow After Financing

Discounted Cashflow After Tax Position

Net CF After Financing

Discount Rate, ungeared

Projected Development Progress: Residential

Clubroom (5%) (Sqm)

Projected Residential Sales

Staff and Medical Outpost (2.5%) (Sqm)

Left over space

IRR (ungeared) BTCF

Possession & Piling

Breakeven point (psf pr)

actice from other saleable area in sqft

Target Take-up Rate of Residential Units & Progress Payments

Possession & Piling

Area Sold (Sqft)

Tender submission in NOV 2012, start design only on jan

Avoid hungry ghost festival on 10 AUG 2014

ion in NOV 2012, start design only on jan

host festival on 10 AUG 2014

With and without financing

Possession & Piling

Net Cashflow after

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