Cash Flow Diagram

2012
3Q12
Possession
INFLOWS:
Sale processing
100%
0%
0%
58,554
14,041
0%
0
0
Hotel operating proress

Retail leasing progress
Hotel rental
Retail rental
Carpark rental
582
123,166
Hotel terminal value@$psm
Retailterminal value@$psm
Car park terminal value@$psm
Collection of Sales Proceeds after commission
Total Cash Inflow
196,343
0
-
OUTFLOWS:
Land Acquisition
Land Cost
(190,000)
GST @ 7%
Stamp & Legal @ 3.5%
3.50%
Submission / Processing Fee

Marketing show unit
(190,000)
(13,766)
(6,650)
(6,650)
(800)
(800)
(1,500)
(12)
Construction of Hotel Component
(25,654)
Construction of Residential Component
(31,760)
Construction of Retail Component
(21,256)
Demolition Fee
Construction of Carpark
Professional Fees (8% of construction cost)
(7,344)
Operating Expenses:
Admin Cost
Residential A&P (1.5% of Sales Revenue)
Marketing fee @1%
Agency fee@1%
Property Tax (10% of 5% of Land Cost per annum)
5%
(3,749)
1.50%
(1,847)
1%
(1,232)
1%
(1,232)
0.50%
(2,375)
10%
(2,669)
2.50%
(1,073)
(238)
Annual Value of retail

Property Tax (10% of annual rent for retail)
Preceeding Revenue
Property Tax (10% of 25% of hotel rent)
Annual Value of car park
Property Tax (10% of Carpark revenue)
10%
(79)
5%
(4,591)
GST - Net
(3,932)
(65)
GST
(7,243)
(65)
Contigency fee
GST refund
3,311
Total Cash Outflow
Net Cashflow before Financing
(322,874)
(211,518)
(126,531)
(211,518)
Drawdown/(Repayment) of Land Loan (70%)
70%
133,000
133,000
Drawdown/(Repayment) of Construction Loan
70%
64,756
166
Refinancing
47,756
Principal Payment
Financing Cost (4% pa)
4%
Refinancing Cost (2% pa)
2%
Net Cashflow after Financing
(15,887)
(1,332)
(4,779)
(91,808)
(79,683)
Equity Contribution
79,683
79,683
Cash c/f
Outstanding of Land Loan
133,000
Outstanding of Construction Loan
166
outstanding of refinancing loan

Total Loan Outstanding
133,166
Cumulative principle repayment

Loan outstanding after principal repayment
133,166
Annaul taxable income

Captial allowance
Annaul taxable income after capital allowance
Corperate tax
17%
Cash flow after tax position
(79,683)
MARR
PW @ MARR-9%
9.16%
11
(849,087)
200,000
150,000
100,000
50,000
0
(50,000)
3Q12
(100,000)
(150,000)
(200,000)
(211,518)
(250,000)
4Q12
2012
2013
4Q12
1Q13
2Q13
2014
3Q13
4Q13
1Q14
Design
2Q14
3Q14
Construction, Sales & Rental
0%
0%
7%
10%
15%
15%
18%
19%
0%
0
0
0%
0
0
0%
0
0
0%
0
0
0%
0
0
60%
0
0
5,138
7,340
11,010
11,010
13,212
13,946
5,138
7,340
11,010
11,010
13,212
13,946
0%
0
0
0%
0
0
13,766
(1,500)
(12)
(3,848)
(5,131)
(7,696)
(7,696)
(1,283)
(5,717)
(5,717)
(5,717)
(5,717)
(3,188)
(5,314)
(6,377)
(6,377)
(1,970)
(1,970)
(1,970)
(2,627)
(2,627)
(1,970)
(413)
(891)
(1,536)
(1,793)
(1,283)
(718)
(64)
(92)
(138)
(138)
(165)
(174)
(77)
(110)
(165)
(165)
(198)
(209)
(176)
(176)
(176)
(176)
(176)
(176)
(51)
(73)
(110)
(110)
(132)
(139)
(238)
(238)
(238)
(238)
(238)
(238)
(259)
(557)
(960)
(1,121)
(802)
(448)
(179)
(440)
(798)
(923)
(409)
(130)
(179)
(601)
(1,378)
(1,634)
(1,356)
(799)
(238)
30
30
(238)
160
580
711
947
669
13,558
(238)
(8,127)
(13,708)
(23,314)
(27,080)
(19,443)
(11,202)
13,558
(238)
(2,989)
(6,368)
(12,304)
(16,070)
(6,231)
2,745
166
5,382
8,898
15,090
17,525
12,762
(1,402)
(1,530)
(1,530)
5,002
1,215
(20,000)
(20,000)
(1,332)
(1,333)
(1,187)
(1,076)
(1,227)
12,226
(1,405)
(18,794)
(18,546)
1,559
53
12,226
10,821
(26,519)
(24,960)
(24,907)
(19,905)
(18,691)
133,000
133,000
133,000
133,000
133,000
133,000
133,000
133,000
166
333
5,715
14,613
29,702
47,228
59,990
59,990
133,166
133,333
138,715
147,613
162,702
180,228
192,990
192,990
(20,000)
(40,000)
(40,000)
(40,000)
(40,000)
(40,000)
118,715
107,613
122,702
140,228
152,990
152,990
(7,972)
133,166
133,333
(67,457)
(37,186)
(67,457)
(37,186)
1,244
12,226
(1,405)
(18,794)
(18,546)
315
53
5,002
1,215
130,278
(14,967)
(200,262)
(197,627)
3,357
565
53,296
12,945
Option
30,545
29,809
6,055
3,952
5,872
5,872
13,946
13,212
11,010
11,010
7,340
5,138
13,558
0
4Q15
(760)
3Q15
(1,008)
2Q15
(989)
1Q15
(11)
4Q14
(4,652)
3Q14
(7,660)
2Q14
(11,202)
1Q14
(19,443)
4Q13
(27,080)
3Q13
(23,314)
2Q13
(13,708)
1Q13
(8,127)
(238)
4Q12
1Q16
2Q16
2014
2015
4Q14
1Q15
2Q15
2016
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
al
8%
8%
0%
0%
0%
0%
0%
0%
50%
80%
0%
60%
60%
60%
60%
0%
0
0
0%
0
0
55%
3,471
467
85%
4,196
710
85%
4,932
710
85%
5,324
710
85%
5,364
710
85%
5,404
710
85%
1,556
525
15
21
21
21
21
21
21
5,872
5,872
24,882
24,882
106,993
17,418
5,872
5,872
3,952
29,809
30,545
6,055
6,095
113,129
19,519
(5,717)
(3,176)
(457)
(254)
(73)
(73)
(49)
(373)
(382)
(76)
(76)
(88)
(88)
(373)
(373)
(59)
(249)
(249)
(1,414)
(244)
(176)
(59)
(238)
(3,480)
(3,585)
(348)
(359)
(12,600)
(315)
(114)
117
(3)
(12)
(286)
(159)
(566)
(492)
38
(4)
(0)
(0)
(686)
(501)
(27)
(8)
(8)
(3)
(1)
(1)
(1)
65
13
(11)
(989)
120
(7,660)
(4,652)
(1,787)
1,221
3,941
28,820
29,538
4,765
(1,008)
(760)
5,296
(76)
6,019
(1,414)
111,715
1
(244)
19,275
47,756
(1,578)
(80,000)
(20,000)
(5,000)
(5,000)
(778)
(578)
(528)
(478)
(79,557)
(16,636)
(1,700)
955
1,401
23,293
24,060
54,006
(921)
3,398
(1,700)
(887)
109,127
(1,700)
(853)
16,722
(17,290)
(96,847)
(113,484)
(90,191)
(66,131)
(12,124)
(8,726)
133,000
133,000
133,000
133,000
133,000
133,000
100,401
-
117,123
-
64,756
64,756
64,756
64,756
64,756
64,756
47,756
197,756
197,756
197,756
197,756
197,756
197,756
47,756
47,756
(40,000)
(120,000)
(140,000)
(145,000)
(150,000)
(102,244)
(1,700)
(3,400)
(5,100)
157,756
77,756
57,756
52,756
47,756
(47,756)
46,056
44,356
42,656
7,670
(48,841)
420
183,254
204
7,250
204
(49,044)
1,401
(79,557)
(16,636)
23,293
19,064
54,006
3,398
109,127
14,170
14,923
(847,744)
(177,275)
248,202
203,140
575,481
36,209
1,162,840
150,996
183,050
4,996
2,552
Option-1 Mixed Residential, Retail & Hotel

Scenario-1
113,129
19,519
2Q19
(29)
(28)
1Q19
2,287
2,275
4Q18
(597)
(28)
3Q18
2,262
2,250
2Q18
(28)
1Q17
(28)
(579)
4Q17
2,238
2,226
2,193
3Q17
(27)
(27)
2Q17
2,149
2,137
1Q17
(27)
4Q16
(849)
(244)
(1,414)
(76)
3Q16
2,125
2,113
6,095
2Q16
3Q19
2017
1Q17
2Q17
2018
3Q17
4Q17
1Q17
2Q18
2019
3Q18
4Q18
1Q19
Sales & Rental
60%
60%
60%
60%
60%
60%
60%
60%
60%
85%
1,567
525
85%
1,579
525
85%
1,591
525
85%
1,603
525
85%
1,615
556
85%
1,627
570
85%
1,639
570
85%
1,652
570
85%
1,664
570
21
21
21
21
22
28
28
28
28
2,113
2,125
2,137
2,149
2,193
2,226
2,238
2,250
2,262
(26)
(27)
(27)
(27)
(27)
(28)
(28)
(28)
(28)
(3,694)
(369)
(3,806)
(381)
(17,649)
(441)
(392)
(6,340)
-
(159)
121
(12)
(3,922)
(6,533)
-
(163)
124
-
(12)
128
(13)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(27)
(27)
(27)
(28)
(28)
(28)
(849)
(579)
1,264
2,099
2,110
2,122
1,614
(1,700)
(1,700)
(1,700)
(1,700)
(35,856)
(819)
(785)
(751)
(717)
(1,255)
(387)
(341)
(295)
0
(34,242)
2,198
2,210
2,222
1
(597)
1,666
2,198
2,210
2,222
1,666
115,868
80,604
82,802
85,012
87,234
88,899
115,482
-
115,141
-
114,846
-
47,756
47,756
47,756
47,756
47,756
(6,800)
(8,500)
(10,200)
(11,900)
(47,756)
40,956
39,256
37,556
35,856
(2,277)
(27,612)
2,009
-
2,009
(4,286)
13
583
(1,255)
(387)
(341)
(308)
(34,242)
2,198
2,210
1,639
1,666
(13,371)
(4,119)
(3,632)
(3,287)
(364,872)
23,419
23,547
17,461
17,751
134,999
2,352
2,339
2,326
2,313
2,300
(2,008)
(30)
(30)
(30)
(615)
(29)
(29)
Total Cash Inflow
Total Cash Outflow

3Q19
(29,621)
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2019
2Q19
2020
3Q19
4Q19
1Q20
2Q20
2021
3Q20
4Q20
1Q21
60%
60%
60%
60%
60%
60%
60%
60%
85%
1,676
570
85%
1,689
570
85%
1,702
570
85%
1,714
570
85%
1,727
570
85%
1,740
570
85%
1,753
570
85%
1,766
570
28
28
28
28
28
28
28
25
94,456
36,200
1,981
2,275
2,287
2,300
2,313
2,326
2,339
2,352
(28)
(29)
(29)
(29)
(29)
(29)
(29)
(4,041)
(404)
(168)
(416)
6,935
173
132
-
(13)
(1,687)
(4,163)
(6,731)
-
134,999
136
(14)
(0)
(0)
(0)
(1)
(1)
(1)
(1)
(64)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(65)
(28)
(29)
(29)
(30)
(30)
(30)
2,246
2,259
2,271
(615)
1,698
2,296
2,309
2,322
1
(2,008)
132,990
2,246
2,259
2,271
1,698
2,296
2,309
2,322
132,990
91,146
93,405
95,676
97,374
99,670
101,979
-
8,443
-
6,434
8,624
2,009
-
104,300
237,291
132,990
53
-
1,333
8,571
132,990
1,708
22,660
2,246
2,259
938
1,698
2,296
2,309
614
110,331
23,938
24,070
10,000
18,091
24,465
24,602
6,541
1,175,660
2012
3Q12
Possession
INFLOWS:
Sale processing
100%
0%
0%
68,887
15,601
0%
0
0

Hotel rental
Retail rental
Carpark rental
582
123,167
Total Cash Inflow
208,237
0
-
OUTFLOWS:
Land Acquisition
Land Cost
(190,000)
GST @ 7%
3.50%

Marketing show unit
(190,000)
(13,766)
(6,650)
(6,650)
(800)
(800)
(1,500)
(12)
(25,654)
(31,760)
(21,256)
Demolition Fee
(7,344)
Operating Expenses:
Admin Cost
Marketing fee @1%
Agency fee@1%
5%
(3,857)
1.50%
(1,848)
1%
(1,232)
1%
(1,232)
0.50%
(2,375)
10%
(2,669)
2.50%
(1,262)
(238)

Preceeding Revenue
10%
(79)
5%
(4,591)
GST - Net
(3,932)
(65)
GST
(7,243)
(65)
Contigency fee
GST refund
3,311
Total Cash Outflow
(323,212)
(211,518)
(114,975)
(211,518)
70%
133,000
133,000
70%
65,808
166
Refinancing
48,808
Principal Payment
4%
2%
(15,965)
(1,332)
(4,905)
(86,407)
(79,683)
Equity Contribution
79,683
79,683
Cash c/f
133,000
166

133,166

133,166

Captial allowance
Corperate tax
17%
(79,683)
MARR
PW @ MARR-9%
9.00%
11
(849,087)
200,000
150,000
100,000
50,000
0
3Q12
(50,000)
(100,000)
(150,000)
(200,000)
(250,000)
4Q12
1Q13
2Q13
2012
2013
4Q12
1Q13
2Q13
2014
3Q13
4Q13
1Q14
Design
2Q14
3Q14
Construction & Sales
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
13,766
(1,500)
(12)
(3,848)
(5,131)
(7,696)
(7,696)
(1,283)
(5,717)
(5,717)
(5,717)
(5,717)
(3,188)
(5,314)
(6,377)
(6,377)
(1,970)
(1,970)
(1,970)
(2,627)
(2,627)
(1,970)
(413)
(891)
(1,536)
(1,793)
(1,283)
(718)
(176)
-
(238)
30
30
(238)
(176)
-
(176)
-
(176)
-
(176)
-
(176)
-
(238)
(238)
(238)
(238)
(238)
(238)
(259)
(557)
(960)
(1,121)
(802)
(448)
(179)
(440)
(798)
(923)
(409)
(130)
(179)
(601)
(1,378)
(1,634)
(1,356)
(799)
160
580
711
947
669
13,558
(238)
(7,934)
(13,433)
(22,901)
(26,667)
(18,948)
(10,679)
13,558
(238)
(7,934)
(13,433)
(22,901)
(26,667)
(18,948)
(10,679)
166
5,248
8,705
14,800
17,236
12,415
7,070
(20,000)
(20,000)
(1,332)
(1,333)
(1,186)
(1,073)
(1,221)
(1,393)
(1,517)
(1,588)
12,226
(1,405)
(23,873)
(25,801)
(9,322)
(10,824)
(8,050)
(5,196)
12,226
10,821
(13,051)
(38,852)
(48,174)
(58,998)
(67,048)
(72,244)
133,000
133,000
133,000
133,000
133,000
133,000
133,000
133,000
166
333
5,580
14,285
29,086
46,322
58,738
65,808
133,166
133,333
138,580
147,285
162,086
179,322
191,738
198,808
(20,000)
(40,000)
(40,000)
(40,000)
(40,000)
(40,000)
118,580
107,285
122,086
139,322
151,738
158,808
133,166
133,333
(67,457)
(60,400)
(67,457)
(60,400)
1,244
2Q13
12,226
(1,405)
(23,873)
(25,801)
(10,565)
(10,824)
(8,050)
(5,196)
130,278
(14,967)
(254,383)
(274,928)
(112,581)
(115,342)
(85,775)
(55,372)
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
2014
2015
4Q14
1Q15
48%
0%
0
0
2Q15
52%
0%
0
0
2016
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
0%
0%
0%
0%
0%
0%
0%
65%
95%
95%
75%
75%
75%
75%
65%
4,083
518
95%
4,937
789
95%
5,803
789
95%
6,264
789
95%
6,311
789
95%
6,358
789
95%
1,830
584
15
21
21
21
21
21
21
35,233
38,169
24,882
24,882
106,993
17,418
35,233
38,169
4,617
30,629
31,495
7,074
7,121
114,161
19,852
(5,717)
(3,176)
(457)
(254)
(440)
(477)
(58)
(383)
(394)
(88)
(89)
(528)
(573)
(373)
(373)
(382)
(249)
(249)
(1,427)
(248)
(176)
(352)
(238)
(3,480)
(3,585)
(348)
(359)
(14,823)
(371)
(114)
117
(3)
(12)
(286)
(159)
(566)
(492)
38
(4)
(0)
(0)
(686)
(501)
(27)
(8)
(8)
(3)
(1)
(1)
(1)
65
13
(20)
(999)
120
(8,761)
(5,863)
(1,020)
26,473
32,306
4,597
29,629
30,475
(828)
6,246
(89)
7,032
(1,427)
112,734
1
(248)
19,604
48,808
(1,588)
(80,000)
(20,000)
(5,000)
(5,000)
(788)
(588)
(538)
(488)
(48,482)
(15,991)
(1,700)
976
24,884
24,091
24,987
56,030
(942)
4,390
(1,700)
(908)
110,126
(1,700)
(874)
17,030
(47,360)
(95,841)
(111,832)
(87,741)
(62,754)
133,000
133,000
133,000
133,000
133,000
133,000
(6,724)
(2,334)
-
107,792
-
124,822
-
65,808
65,808
65,808
65,808
65,808
65,808
48,808
198,808
198,808
198,808
198,808
198,808
198,808
48,808
48,808
(40,000)
(120,000)
(140,000)
(145,000)
(150,000)
(101,192)
(1,700)
(3,400)
(5,100)
158,808
78,808
58,808
53,808
48,808
(48,808)
47,108
45,408
43,708
814
(15,394)
420
394
187,576
204
-
(15,598)
24,884
(48,482)
(15,991)
24,091
265,164
(516,611)
(170,397)
256,713
204
-
187,372
19,991
56,030
4,390
110,126
14,478
213,017
597,044
46,776
1,173,482
154,274
4,996
2,552
Option-1 Mixed Residential, Retail & Hotel

Scenario-2
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q17
2Q18
3Q18
4Q18
1Q19
2017
1Q17
2Q17
2018
3Q17
4Q17
1Q17
2Q18
2019
3Q18
4Q18
1Q19
Sales & Rental
0%
0%
0%
75%
75%
75%
75%
75%
75%
75%
75%
75%
95%
1,844
584
95%
1,858
584
95%
1,872
584
95%
1,886
584
95%
1,900
618
95%
1,914
634
95%
1,929
634
95%
1,943
634
95%
1,958
634
21
21
21
21
22
28
28
28
28
2,448
2,462
2,476
2,490
2,540
2,576
2,590
2,605
2,619
(31)
(31)
(31)
(31)
(32)
(32)
(32)
(33)
(33)
(3,694)
(369)
(3,806)
(381)
(20,763)
(519)
(392)
(7,459)
-
(186)
121
(12)
(3,922)
(7,686)
-
(192)
124
-
(12)
128
(13)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(31)
(31)
(31)
(32)
(32)
(33)
(931)
(611)
1,517
2,431
2,445
2,459
1,928
(1,700)
(1,700)
(1,700)
(1,700)
(36,908)
(840)
(806)
(772)
(738)
(1,023)
(75)
(27)
21
0
(34,980)
2,544
2,558
2,572
1
(630)
1,990
2,544
2,558
2,572
1,990
123,799
88,738
91,282
93,840
96,412
98,402
123,724
-
123,697
-
123,718
-
48,808
48,808
48,808
48,808
48,808
(6,800)
(8,500)
(10,200)
(11,900)
(48,808)
42,008
40,308
38,608
36,908
(1,104)
(27,306)
2,009
-
(3,113)
2,009
-
13
1Q19
(29,314)
583
(1,023)
(75)
(27)
(34,980)
2,544
2,558
1,989
1,990
(10,901)
(797)
(288)
79
(372,737)
27,106
27,258
21,194
21,200
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
Total Cash Inflow

Total Cash Outflow
2019
2Q19
2020
3Q19
4Q19
1Q20
2Q20
2021
3Q20
4Q20
1Q21
75%
75%
75%
75%
75%
75%
75%
75%
95%
1,972
634
95%
1,987
634
95%
2,002
634
95%
2,017
634
95%
2,032
634
95%
2,047
634
95%
2,063
634
95%
2,078
634
28
28
28
28
28
28
28
25
94,456
36,200
1,981
2,634
2,649
2,664
2,679
2,694
2,709
2,725
(33)
(33)
(33)
(33)
(34)
(34)
(34)
(4,041)
(404)
(198)
(416)
8,159
204
132
-
(13)
(1,692)
(4,163)
(7,919)
-
135,374
136
(14)
(0)
(0)
(0)
(1)
(1)
(1)
(1)
(64)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(65)
(33)
(33)
(33)
(34)
(35)
(35)
2,601
2,616
2,630
(649)
2,029
2,660
2,675
2,690
1
(1,982)
133,391
2,601
2,616
2,630
2,029
2,660
2,675
2,690
133,391
101,003
103,619
106,249
108,279
110,938
113,613
116,303
249,694
9,837
2,009
-
7,828
10,053
133,391
53
-
1,333
10,000
133,391
1,708
22,660
2,601
2,616
1,298
2,029
2,660
2,675
982
110,731
27,718
27,873
13,826
21,624
28,340
28,500
10,463
1,179,933
2012
1Q12
Possession
INFLOWS:
Sale processing
100%
0%
0%
75,216
17,501
0%
0
0

Hotel rental
Retail rental
Carpark rental
657
247,577
Total Cash Inflow
340,951
0
-
OUTFLOWS:
Land Acquisition
Land Cost
(190,000)
GST @ 7%
3.50%

Marketing show unit
(190,000)
(13,766)
(6,650)
(6,650)
(800)
(800)
(1,500)
(12)
(25,654)
(31,760)
(21,256)
Demolition Fee
(7,344)
Operating Expenses:
Admin Cost
Marketing fee @1%
Agency fee@1%
5%
(3,956)
1.50%
(3,714)
1%
(2,476)
1%
(2,476)
0.50%
(2,375)
10%
(2,669)
2.50%
(1,410)
(238)

Preceeding Revenue
10%
(79)
5%
(4,591)
GST - Net
(3,932)
(65)
GST
(7,243)
(65)
Contigency fee
GST refund
3,311
Total Cash Outflow
(327,818)
(211,518)
13,133
(211,518)
70%
133,000
133,000
70%
45,293
166
Refinancing
28,293
Principal Payment
4%
(13,971)
2%
(2,443)
8,688
(1,332)
(79,683)
Equity Contribution
79,683
Cash c/f
79,683
-
133,000
166

133,166

133,166

Captial allowance
Corperate tax
17%
(79,683)
MARR
9.16%
PW @ MARR-9%
11
(849,087)
400,000
300,000
200,000
100,000
0
1Q12
(100,000)
(200,000)
(300,000)
2Q12
3Q12
4Q12
2012
2Q12
2013
3Q12
4Q12
1Q13
2Q13
Design
0%
2014
3Q13
4Q13
1Q14
Construction, Sales & Rental
0%
48%
52%
0%
0%
0%
0%
65%
0%
0
0
0%
0
0
0%
0
0
0%
0
0
15
35,233
38,169
24,882
24,882
35,233
38,169
24,882
24,882
4,617
0%
0
0
60%
0
0
60%
0
0
65%
4,083
518
13,766
(1,500)
(12)
(3,848)
(5,131)
(7,696)
(7,696)
(1,283)
(5,717)
(5,717)
(5,717)
(5,717)
(3,188)
(5,314)
(6,377)
(6,377)
(1,970)
(1,970)
(1,970)
(2,627)
(2,627)
(1,970)
(413)
(891)
(1,536)
(1,793)
(1,283)
(718)
(440)
(477)
(311)
(311)
(58)
(528)
(573)
(373)
(373)
(354)
(354)
(354)
(354)
(352)
(382)
(249)
(249)
(238)
(238)
(238)
(238)
(238)
(238)
(259)
(557)
(960)
(1,121)
(802)
(448)
(179)
(440)
(798)
(923)
(409)
(130)
(179)
(601)
(1,378)
(1,634)
(1,356)
(799)
(238)
30
30
(238)
160
(354)
-
580
711
947
(354)
-
669
13,558
(238)
(9,433)
(15,042)
(23,079)
(27,778)
(20,059)
(10,914)
13,558
(238)
25,800
23,127
(23,079)
(2,896)
4,824
(6,297)
14,925
18,014
(1,083)
(1,263)
(1,263)
(9,237)
13,855
3,561
0
0
166
(20,000)
(20,000)
(1,332)
(1,333)
(1,133)
(933)
12,226
(1,405)
4,666
2,194
7,235
(1,335)
(397)
12,226
10,821
15,488
17,681
8,445
22,300
25,861
25,464
133,000
133,000
133,000
133,000
133,000
133,000
133,000
133,000
166
333
333
333
15,257
33,271
33,271
40,507
133,166
133,333
133,333
133,333
148,257
166,271
166,271
173,507
(20,000)
(40,000)
(40,000)
(40,000)
(40,000)
(40,000)
113,333
93,333
108,257
126,271
126,271
133,507
133,166
133,333
(67,457)
(67,457)
(3,781)
-
(3,781)
1,244
4Q12
12,226
(1,405)
4,666
2,194
(10,480)
13,855
3,561
(397)
130,278
(14,967)
49,724
23,374
(111,676)
147,637
37,944
(4,232)
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2014
2Q14
2015
3Q14
4Q14
1Q15
2Q15
2016
3Q15
4Q15
1Q16
2Q16
al
0%
0%
0%
0%
0%
0%
75%
75%
75%
75%
75%
75%
75%
75%
75%
95%
4,937
789
95%
5,803
789
95%
6,264
789
95%
6,311
789
95%
6,358
789
95%
1,830
584
95%
1,844
584
95%
1,858
584
95%
1,872
584
21
21
21
21
21
21
106,993
17,418
21
21
21
5,747
113,606
24,491
7,121
7,168
2,435
2,448
2,462
2,476
(5,717)
(3,176)
(457)
(254)
(72)
(1,420)
(306)
(89)
(90)
(30)
(31)
(31)
(31)
(1,605)
(261)
(1,070)
(174)
(354)
(238)
(3,480)
(3,585)
(348)
(359)
(9,020)
(24,736)
(226)
(618)
(114)
117
(3)
(12)
(286)
(159)
(566)
(492)
38
(4)
(0)
(0)
(686)
(501)
(27)
(8)
(8)
(3)
(1)
(1)
(1)
65
13
(704)
(83)
(94)
(30)
(31)
(31)
120
(7,689)
(1,942)
4,786
9
(8,752)
104,854
23,788
7,037
7,075
(1,018)
1,417
2,418
2,431
2,445
(1,700)
(1,700)
(1,700)
(532)
(498)
(464)
186
234
281
28,293
(1,383)
(80,000)
(20,000)
(5,000)
(5,000)
(583)
(383)
(333)
(283)
566
1,461
24,271
3,405
1,704
1,792
30,275
26,924
51,196
54,600
56,305
58,096
88,371
88,557
88,791
89,072
133,000
133,000
133,000
133,000
133,000
133,000
45,293
45,293
45,293
45,293
45,293
45,293
28,293
178,293
178,293
178,293
178,293
178,293
178,293
28,293
28,293
(40,000)
(120,000)
(140,000)
(145,000)
(150,000)
(121,707)
(1,700)
(3,400)
(5,100)
138,293
58,293
38,293
33,293
28,293
(28,293)
26,593
24,893
23,193
18,480
31,172
420
204
18,060
30,968
1,461
24,271
3,405
1,704
(3,205)
15,566
258,628
36,280
18,161
(34,149)
30,976
204
-
30,773
30,275
186
234
(2,271)
322,606
1,982
2,489
(24,195)
4,996
2,552
Option-1- Mixed Residential, Retail & Hotel

Scenario-3
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2016
2017
3Q16
4Q16
1Q17
2Q17
2018
3Q17
4Q17
1Q18
2Q18
3Q18
Sales & Rental
75%
75%
75%
75%
75%
75%
75%
75%
75%
95%
1,886
584
95%
1,900
618
95%
1,914
634
95%
1,929
634
95%
1,943
634
95%
1,958
634
95%
1,972
634
95%
1,987
634
95%
2,002
634
21
22
28
28
28
28
28
28
28
2,490
2,540
2,576
2,590
2,605
2,619
2,634
2,649
2,664
(31)
(32)
(32)
(32)
(33)
(33)
(33)
(33)
(33)
(3,694)
(369)
(3,806)
(381)
(7,404)
(185)
(392)
(7,628)
-
(191)
121
(12)
(3,922)
(7,860)
-
(196)
124
-
(12)
128
(13)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(32)
(32)
(32)
(33)
(33)
(33)
(598)
(616)
1,892
2,508
2,544
2,558
1,989
(1,700)
(1,700)
(1,700)
(1,700)
(16,393)
(430)
(396)
(362)
(328)
(237)
412
482
530
0
(14,404)
2,587
2,601
2,616
1
(635)
2,029
2,587
2,601
2,616
2,029
88,835
89,247
89,729
90,259
75,855
78,442
81,043
83,659
85,688
28,293
28,293
28,293
28,293
28,293
(6,800)
(8,500)
(10,200)
(11,900)
(28,293)
21,493
19,793
18,093
16,393
1,187
(6,600)
2,009
-
(822)
2,009
-
(8,609)
13
583
(237)
412
482
517
(14,404)
2,587
2,601
2,033
2,029
(2,530)
4,391
5,136
5,506
(153,487)
27,563
27,718
21,658
21,621
3Q17
4Q17
2Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
2018
2019
4Q18
1Q19
2Q19
2020
3Q19
4Q19
1Q20
2Q20
3Q20
75%
75%
75%
75%
75%
75%
75%
75%
95%
2,017
634
95%
2,032
634
95%
2,047
634
95%
2,063
634
95%
2,078
634
95%
2,094
634
95%
2,109
634
95%
2,125
634
28
28
28
28
25
25
25
25
94,456
36,200
1,981
2,679
2,694
2,709
2,725
2,736
2,752
2,768
(33)
(34)
(34)
(34)
(34)
(34)
(35)
(4,041)
(404)
(202)
(416)
8,344
209
132
-
(13)
(1,693)
(4,163)
(8,098)
-
135,421
136
(14)
(0)
(0)
(0)
(1)
(1)
(1)
(1)
(64)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(65)
(33)
(34)
(34)
(35)
(35)
(35)
2,645
2,660
2,675
(655)
2,070
2,701
2,717
2,732
1
(1,978)
133,443
2,645
2,660
2,675
2,070
2,701
2,717
2,732
133,443
88,333
90,993
93,669
95,739
98,440
101,157
-
10,010
-
10,221
2,009
-
103,889
237,332
133,443
53
8,001
1,333
10,168
133,443
1,708
22,660
2,645
2,660
1,342
2,070
2,701
2,717
1,025
110,783
28,188
28,347
14,304
22,058
28,786
28,951
10,918
1,180,478
Total Cash Inflow

Total Cash Outflow
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
Total Cash Inflow

Total Cash Outflow
End of Quarter Q1
Residential
Hotel
Retail
Q11
Residential
Hotel
Retail
Q21
Residential
Hotel
70%
Retail
95%
Q31
Residential
Hotel
90%
Retail
100%
Q2
End of Quarter Q1
Residential
Hotel
Retail
Q11
Residential
Hotel
Retail
Q21
Residential
Hotel
70%
Retail
95%
Q31
Residential
Hotel
90%
Retail
100%
Q2
Q12
Q22
75%
100%
Q32
90%
100%
Q12
Q22
75%
100%
Q32
90%
100%
Q3
Q4
Q5
Q6
5%
Q13
Q14
45%
65%
Q23
Q15
45%
70%
Q24
75%
100%
Q33
Q25
Q34
90%
100%
Q3
Q16
50%
70%
75%
100%
90%
100%
Q26
Q24
Q33
Q19
65%
80%
Q28
80%
100%
Q20
65%
85%
Q29
85%
100%
80%
100%
95%
100%
Q8
25%
Q17
50%
75%
Q26
Q35
90%
100%
10%
50%
70%
75%
100%
Q7
Q16
Q25
Q34
90%
100%
Q27
Q6
Q15
45%
70%
75%
100%
Q18
Q10
30%
70%
90%
Q30
85%
100%
85%
100%
95%
100%
Q5
Q14
Q23
Q9
30%
65%
75%
80%
100%
5%
45%
65%
Q17
50%
75%
80%
100%
Q8
25%
Q35
Q4
Q13
Q7
10%
30%
Q18
65%
75%
Q27
80%
100%
Q9
30%
Q19
65%
80%
Q28
80%
100%
Q10
Q20
65%
85%
Q29
85%
100%
70%
90%
Q30
85%
100%
85%
100%

Cash Flow Diagram

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Cash Flow Diagram

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2012

Hotel operating proress

Hotel terminal value@$psm

Car park terminal value@$psm

Collection of Sales Proceeds after commission

Total Cash Inflow

Submission / Processing Fee

Construction of Hotel Component

Construction of Residential Component

Construction of Retail Component

Professional Fees (8% of construction cost)

Annual Value of retail

Net Cashflow before Financing

Drawdown/(Repayment) of Land Loan (70%)

Drawdown/(Repayment) of Construction Loan

Financing Cost (4% pa)

Refinancing Cost (2% pa)

Net Cashflow after Financing

Outstanding of Land Loan

Outstanding of Construction Loan

outstanding of refinancing loan

Cumulative principle repayment

Annaul taxable income

Cash flow after tax position

Construction, Sales & Rental

Option-1 Mixed Residential, Retail & Hotel

Sales & Rental

Total Cash Inflow

Total Cash Outflow

Hotel operating proress

Hotel terminal value@$psm

Car park terminal value@$psm

Collection of Sales Proceeds after commission

Total Cash Inflow

Submission / Processing Fee

Construction of Hotel Component

Construction of Residential Component

Construction of Retail Component

Professional Fees (8% of construction cost)

Annual Value of retail

Net Cashflow before Financing

Drawdown/(Repayment) of Land Loan (70%)

Drawdown/(Repayment) of Construction Loan

Financing Cost (4% pa)

Refinancing Cost (2% pa)

Net Cashflow after Financing

Outstanding of Land Loan

Outstanding of Construction Loan

outstanding of refinancing loan

Cumulative principle repayment

Annaul taxable income

Cash flow after tax position

Construction & Sales

Option-1 Mixed Residential, Retail & Hotel

Sales & Rental

Total Cash Inflow

Hotel operating proress

Hotel terminal value@$psm

Car park terminal value@$psm

Collection of Sales Proceeds after commission

Total Cash Inflow

Submission / Processing Fee

Construction of Hotel Component

Construction of Residential Component