26 Maret 2019 - Real Estate (Real Estate Development) Capital Structure Debt Wd 65.00% Equity We 35.00% Taxes 0% Damodaran Unlevered Beta DER Relevered Beta 0.55 164.9% 1.56 1.45 Cost of Debt3 10.11% Cost of Equity Risk Free Rate Market Risk Premium Relevered Beta RBDS Cost of Equity 7.76% 8.60% 1.56 2.64% 18.55% Discount Rate 13.06% COST OF DEBT ( Kd = i x (1-T)) COST OF EQUITY ( Ke = Rf + (( Rm-Rf ) * Beta) BOIM = (KE x WE) + (KD x WD ) WACC = (ke x We) + ((Kd x (1-t)) x Wd) BL = BU x ( 1+ ( 1 - t ) x ( Kd/Ke )) FOR PROPERTY FOR BUSINESS No. 1 2 3 4 Name of Estate Madison Avenue Bess Mansion Apartemen Bale Hinggil Gunawangsa MERR Apt Price Lokasi 14,065,000 15,367,601 15,079,091 16,105,828 1 Quality Rating No. Name of Hausing Estate 1 2 3 4 Price / sqm Madison Avenue Bess Mansion Apartemen Bale Hinggil Gunawangsa MERR Apt Location 14,065,000 15,367,601 15,079,091 16,105,828 4.0 4.0 4.0 4.2 5.37 0.75 Parameter 1 2 3 4 5 6 Bobot 14% 14% 18% 18% 18% 18% Development Quality Development Konsep Estate Management Price / sqm 3.0 4.2 4.2 4.5 3.5 4.2 4.2 4.5 3.5 4.2 4.2 4.5 3.5 4.2 4.2 4.5 14,065,000 15,367,601 15,079,091 16,105,828 0.94 14% 14% 4.0 4.0 3.0 3.5 3.5 3.5 Bess Mansion Apartemen 4.0 4.0 4.2 4.2 4.2 4.2 Madison Avenue Location Accessibility Developer Image Development Quality Development Konsep Estate Management Developer Image 4.0 4.0 4.0 4.2 0.75 100% No. Accessibility 0.97 18% Bale Hinggil 4.0 4.0 4.2 4.2 4.2 4.2 0.97 18% Gunawangsa MERR Apt 4.2 4.2 4.5 4.5 4.5 4.5 0.97 18% 18% Properti 4.2 4.2 4.0 4.0 4.2 4.0 100% No. Parameter 1 2 3 4 5 6 Bobot Madison Avenue Location Accessibility Developer Image Development Quality Development Konsep Estate Management 14% 14% 18% 18% 18% 18% 100% 2 Point Estimated Method No. Hotel 1 Madison Avenue 2 Bess Mansion Apartemen 3 Bale Hinggil 4 Gunawangsa MERR Apt 0.56 0.56 0.53 0.64 0.64 0.64 3.55 Price Score 14,065,000 15,367,601 15,079,091 16,105,828 3.55 4.14 4.14 4.42 Properti Bess Mansion Apartemen 0.56 0.56 0.74 0.76 0.76 0.76 4.14 Bale Hinggil 0.56 0.56 0.74 0.76 0.76 0.76 4.14 Gunawangsa MERR Apt 0.59 0.59 0.79 0.82 0.82 0.82 4.42 Properti 0.59 0.59 0.70 0.73 0.76 0.73 4.09 Point Estimate 3,959,904 3,708,330 3,638,710 3,647,059 4.09 Mean σ Variant Coef. 15,154,380 845,209 17.9 3,738,501 150,830 24.8 Price Min. Price Max. Price 15,298,775 14,681,544 15,916,007 15,300,000 14,700,000 15,900,000 Madison Avenue Bess Mansion Apartemen Bale Hinggil Gunawangsa MERR Apt Properti 14,065,000 15,367,601 15,079,091 16,105,828 15,300,000 3.55 4.14 4.14 4.42 4.09 luas 5 4 1 2 3 4.50 Sahid Kondotel 4.40 4.30 4.20 Properti 4.10 4.00 The Alana Jogya Sun Primera Kondotel 3.90 3.80 12,000,000 13,000,000 14,000,000 15,000,000 16,000,000 17,000,000 I BR 2 BR 3 BR 4 BR /Suite Retail 42 76 105 176 10 15,300,000 15,500,000 15,500,000 20,300,000 22,900,000 1.01 1.01 1.32 1.50 A. Land For Development Type of Development Market Segmentation Land Area (Sqm) KLB KDB Maximum Height Restriction Maximum GFA base on KLB Maximum GFA base on KDB Maximum GFA base on GS Maximum GFA ME Adjusment GFA to Build Apartment Middle Quality 33,097 8 50% 24 floor 264,776 sqm 397,164 sqm sqm 264,776 sqm 13,239 278,015 sqm Date of Valuation Select Item Input Manuals 25 April 2019 5% B. Devlopement Type 1 BR 2 BR 3 BR 4 BR Retail Composition % 60% 20% 20% 0% 0% GFA 166,809 55,603 55,603 - OK!!!! Ratio to SGA 85% 85% 85% 0% 0% SGA 141,788 47,263 47,263 - Total 236,313 Noted : for Office 85% to 90%, for Mall 65% to 70%, for Apartment 75% to 85% Type of Parking a. Rasio Parking Indoor b. Rasio Parking Outdoor Parking Analysis Number of Parking Units Parking Space - Area Indoor / Basement 30 sqm / 1 unit 25 sqm / 1 unit Parking Ratio - 1 to 70 NLA or 1 to 100 SGA (Office and Apartement), 1 to 70 NLA or 1 to 50 NLA (Mall) 2,363 units 70,894 sqm B. Development Cost Basic Cost - Main Building - Apartement - Office - Retail - Car Parking Increase Cost per annum C. Sales Projection Development Type 1 BR 2 BR 3 BR 4 BR Retail Total Basic Cost / GFA / IDR GFA 278,015 70,894 348,909 5.0% Sales Price 16,065,000 15,300,000 16,065,000 - sqm sqm sqm sqm 6,885,000 8,000,000 7,400,000 4,165,000 SGA (Sqm) 141,788 47,263 47,263 236,313 SGA (sqm) / unit 30 40 80 120 30 APT TOTAL UNIT Fair take up per annum Sales years Projection Total Cost Qulity Adjusment 1,914,131,898,000 295,272,568,710 2,209,404,466,710 Number of Units 4,726 1,182 591 6,499 Office 6,499 500 13 -15% 0% 0% -15% 9,349,500 Retail 3,000 - 1,500 - 1 year 1 2 year 2 3 year 3 4 year 4 5 year 5 6 year 6 7 year 7 8 year 8 9 year 9 10 year 10 A. Take Up 1 BR 2 BR 3 BR 4 BR Retail Cost to Finish Rp Take Up ( Units or sqm ) 1 BR 2 BR 3 BR 4 BR Retail B. Cost To Completed C.1 TOTAL COST to Completed 141,788 47,263 47,263 2,209,404,466,710 141,788 47,263 47,263 - Rp 2,209,404,466,710 C. Price ( Units / sqm ) 1 BR 2 BR 3 BR 4 BR Retail 16,065,000 15,300,000 16,065,000 - 100% 100% 100% 0% 0% 100% sqm sqm sqm sqm units 5% OK!!!! OK!!!! OK!!!! CEK LAGI !!!! CEK LAGI !!!! OK!!!! 10% 10% 10% 0% 0% 10% 10% 10% 10% 0% 0% 10% 10% 10% 10% 0% 0% 10% 10% 10% 10% 0% 0% 10% 10% 10% 10% 0% 0% 10% 10% 10% 10% 0% 0% 10% 10% 10% 10% 0% 0% 10% 10% 10% 10% 0% 0% 10% 10% 10% 10% 0% 0% 10% 10% 10% 10% 0% 0% 10% 14,179 4,726 4,726 - 14,179 4,726 4,726 - 14,179 4,726 4,726 - 14,179 4,726 4,726 - 14,179 4,726 4,726 - 14,179 4,726 4,726 - 14,179 4,726 4,726 - 14,179 4,726 4,726 - 14,179 4,726 4,726 - 14,179 4,726 4,726 - 220,940,446,671 220,940,446,671 231,987,469,005 231,987,469,005 243,586,842,455 243,586,842,455 255,766,184,578 255,766,184,578 268,554,493,806 268,554,493,806 281,982,218,497 281,982,218,497 296,081,329,422 296,081,329,422 310,885,395,893 310,885,395,893 326,429,665,687 326,429,665,687 342,751,148,972 342,751,148,972 9% 16,065,000 15,300,000 16,065,000 - 9% 17,510,850 16,677,000 17,510,850 - 9% 19,086,827 18,177,930 19,086,827 - 9% 20,804,641 19,813,944 20,804,641 - 10% 22,677,059 21,597,199 22,677,059 - 10% 24,944,764 23,756,918 24,944,764 - 10% 27,439,241 26,132,610 27,439,241 - 9% 30,183,165 28,745,871 30,183,165 - 9% 32,899,650 31,333,000 32,899,650 - 9% 35,860,618 34,152,970 35,860,618 - Subject Property Location Valuation Methodology Land for Development Land Residual Analysis 1 Description 1.1 REVENUE Sales (sqm / units ) 1 BR 2 BR 3 BR 4 BR Retail Selling Price (Rp./sqm) 1 BR 2 BR 3 BR 4 BR Retail year 1 236,313 141,788 47,263 47,263 - 16,065,000 15,300,000 16,065,000 - sqm sqm sqm sqm sqm IDR / sqm IDR / sqm IDR / sqm IDR / sqm IDR / units TOTAL REVENUE 2 year 2 3 year 3 4 year 4 5 year 5 6 year 6 7 year 7 8 year 8 9 year 9 10 year 10 14,179 4,726 4,726 - 14,179 4,726 4,726 - 14,179 4,726 4,726 - 14,179 4,726 4,726 - 14,179 4,726 4,726 - 14,179 4,726 4,726 - 14,179 4,726 4,726 - 14,179 4,726 4,726 - 14,179 4,726 4,726 - 14,179 4,726 4,726 - 16,065,000 15,300,000 16,065,000 - 17,510,850 16,677,000 17,510,850 - 19,086,827 18,177,930 19,086,827 - 20,804,641 19,813,944 20,804,641 - 22,677,059 21,597,199 22,677,059 - 24,944,764 23,756,918 24,944,764 - 27,439,241 26,132,610 27,439,241 - 30,183,165 28,745,871 30,183,165 - 32,899,650 31,333,000 32,899,650 - 35,860,618 34,152,970 35,860,618 - 376,020,577,296 409,862,429,253 446,750,047,885 486,957,552,195 530,783,731,893 583,862,105,082 642,248,315,590 706,473,147,149 770,055,730,392 839,360,746,128 220,940,446,671 6,628,213,400 14,519,101,453 37,602,057,730 231,987,469,005 6,959,624,070 15,245,056,526 40,986,242,925 243,586,842,455 7,307,605,274 16,007,309,352 44,675,004,789 255,766,184,578 7,672,985,537 16,807,674,820 48,695,755,220 268,554,493,806 8,056,634,814 17,648,058,560 53,078,373,189 281,982,218,497 8,459,466,555 18,530,461,489 58,386,210,508 296,081,329,422 8,882,439,883 19,456,984,563 64,224,831,559 310,885,395,893 9,326,561,877 20,429,833,791 70,647,314,715 326,429,665,687 9,792,889,971 21,451,325,481 77,005,573,039 342,751,148,972 10,282,534,469 22,523,891,755 83,936,074,613 279,689,819,254 295,178,392,526 311,576,761,869 328,942,600,154 347,337,560,370 367,358,357,048 388,645,585,426 411,289,106,275 434,679,454,178 459,493,649,808 9,400,514,432 9,400,514,432 3,760,205,773 22,561,234,638 10,246,560,731 10,246,560,731 4,098,624,293 24,591,745,755 11,168,751,197 11,168,751,197 4,467,500,479 26,805,002,873 12,173,938,805 12,173,938,805 4,869,575,522 29,217,453,132 13,269,593,297 13,269,593,297 5,307,837,319 31,847,023,914 14,596,552,627 14,596,552,627 5,838,621,051 35,031,726,305 16,056,207,890 16,056,207,890 6,422,483,156 38,534,898,935 17,661,828,679 17,661,828,679 7,064,731,471 42,388,388,829 19,251,393,260 19,251,393,260 7,700,557,304 46,203,343,824 20,984,018,653 20,984,018,653 8,393,607,461 50,361,644,768 302,251,053,891 319,770,138,281 338,381,764,742 358,160,053,286 379,184,584,284 402,390,083,353 427,180,484,362 453,677,495,104 480,882,798,001 509,855,294,576 73,769,523,405 90,092,290,972 108,368,283,143 128,797,498,909 151,599,147,609 181,472,021,729 215,067,831,229 252,795,652,045 289,172,932,391 329,505,451,552 13.06% 13.06% 0.8845 0.7823 65,246,672,929 70,477,488,175 836,506,149,130 836,500,000,000 25,274,194 /Sqm 13.06% 0.6919 74,980,161,729 13.06% 0.5413 82,054,749,849 13.06% 0.4787 86,875,644,066 13.06% 0.3745 94,671,824,383 13.06% 0.3312 95,783,384,466 2.1 DEVELOPMENT COST Cost to Completed Consultan fee Contingencies IDC Developer Profit 3% 0% 10% 10% 2,778,965,194,984 of total cost of total cost of total cost finish of total revenue Development Cost Oprational Cost Marketing Adm & Promotion Legal Operational Cost 2.5% of total revenue 2.5% of total revenue 1.0% of total revenue TOTAL COST NOI Discount Rate Discount Factor Nilai Ralisasi Bersih MARKET VALUE Rounded Land of Value (Rp./Sqm) 13.06% 33,097 13.06% 0.6120 78,819,377,900 13.06% 0.4234 91,063,682,499 13.06% 0.2930 96,533,163,133