The document proposes developing 26' x 80' double-storey shop/office lots, 22' x 75' double-storey terrace houses, and 20' x 60' low-cost houses on a 10-acre land beside Taylor's University. It includes details of the proposed development such as the number and size of units, land size calculations, percentage allocation for each type of development, and a financial appraisal of the development costs and projected profits. The development is estimated to cost RM38.2 million and projected to generate a gross profit of RM16.3 million, representing a 30% return on the RM54.5 million estimated gross development value.

1. PROPOSED DEVELOPMENT OF 26' x 80' D/S SHOP/ OFFICE LOTS, 22' x 75'
D/S TERRACE HOUSES AND 20' x 60' LOW COST HOUSE BESIDE TAYLOR'S UNIVERSITY
1 Double storey shop/ office 26' x 80' 2,080 10
2 Double storey Terrace house 22' x 75' 1,650 12
3 Double storey Low cost house 20' x 60' 1,200 15
Land Size (Area)
1 arce = 43,560 sq.ft 10 arces 435,600 sq.ft
1 rood = 10,890 sq.ft 1 rood 10,890 sq.ft
1 pole = 272.25 sq.ft 10 pole 2,723 sq.ft
449,213 sq.ft
Developmemt area = 60% of Land area 269,528 sq.ft
Double Storey Shop (26' x 80')
Intermediate 26' x 80' 2,080 sq.ft
10 units / block
Corner add 20'/26' = 0.769 10.769 lots/10 units 1.077 multiplier
Required area per lot 2,240 sq.ft
15% of Development for shop 40,429 sq.ft
40,429 / 2,240 18.049
18 units
18units/ 10per block = 1.8 say 2 blocks
Double Story Terrace House (22' x 75')
Intermediate 22' x 75' 1,650 sq.ft
Corner 12 units / block
add 20'/22' = 0.909 12.909 lots/12 units 1.076 multiplier
Required area per lot 1,775 sq.ft
55% of Development for Terrace 148,240 sq.ft
148,240 / 1,800 83 units
83units/ 12 per block = 6.91 say 7 blocks
Double Story Low cost House (20' x 60')
Intermediate 20' x 60' 1,200 sq.ft
Corner 15 units / block
add 15'/20' = 0.75 15.75 lots/ 15 units 1.050 multiplier
Required area per lot 1,260 sq.ft
30% of Development for Low cost House 80,858 sq.ft
80,858 / 1,260 64.17
64 units
64units / 15 per block = 4.27 say 5 blocks
Max per
block
Item Type Lot Size
Lot Size
(sq.ft)
% of Development area
15%
55%
30%
69

2. 2.0 Financial Appraisal
In this section, financial appraisal approach adopted is Residue Method of Valuation, laid out as below.
(RM) (RM)
Double Storey Shop/Office
Intermediate 14 units RM850,000 / units 11,900,000
Corner 2 units RM1,600,000 / units 3,200,000
End 2 units RM1,000,000 / units 2,000,000
17,100,000
less 7% bumiputra 30% registration -359,100.00
16,740,900
Double Storey Terrace
Intermediate 69 units RM400,000 / units 27,600,000
Corner 7 units RM650,000 / units 4,550,000
End 7 units RM500,000 / units 3,500,000
35,650,000
less 7% bumiputra 30% registration -748,650.00
34,901,350
Double Storey Low Cost
Intermediate 54 units RM45,000 / units 2,430,000
Corner 5 units RM45,000 / units 225,000
End 5 units RM45,000 / units 225,000
2,880,000
less 7% bumiputra 30% registration -60,480.00
2,819,520
Total Gross Development Value 54,461,770
A) Gross Development Value
70

3. Land size 449,212.50 sq. ft.
Cost RM15 / sq. ft.
Total Land Cost 449,212.5 sq.ft.x RM 15 6,738,187.5
Nos. of units Build-up Area Building Cost
Double Storey Shop/Office (sq. ft.) (RM / sq. ft.)
Intermediate 14 3,600 70 3,528,000
Corner 2 6,500 80 1,040,000
End 2 3,600 80 576,000
5,144,000
Double Storey Terrace
Intermediate 69 1,500 75 7,762,500
Corner 7 1,500 85 892,500
End 7 1,500 85 892,500
9,547,500
Double Storey Low Cost
Intermediate 54 900 35 1,701,000
Corner 5 900 40 180,000
End 5 900 40 180,000
2,061,000
Total Building Cost 16,752,500
Earth works (5% of building costs) 16,752,500 x 5% 837,625
Infrastructure costs (10% of building costs) 16,752,500 x 10% 1,675,250
Total Construction Cost 19,265,375
2) Construction Cost
B) Gross Development Cost
1) Land Cost
70

4. i Professional fees (9% of construction costs) 19,265,375 x 9% 1,733,883.75
ii Administrative fees (2% of GDV) 54,461,770 x 2% 1,089,235.40
iii Plan fees (RM 2,000 per unit) RM2,000 x 165 units 330,000.00
iv Contributions & fees (2% of construction costs) 19,265,375 x 2% 385,307.50
v Advertisement & marketing (1% of GDV) 54,461,770 x 1% 544,617.70
vi Conversion premium
Commercial (20% of land value of commercial lots)
Double Storey Shop/Office
(Nos. of units = 18 units)
(Land size = 2,240 sq. ft.)
(Land cost = RM 15 / sq. ft.) RM 15 x 2,240 x 18 x 20% 120,960.00
Residential (15% of land value of residential lots)
Double Storey Terrace
(Nos. of units = 83 units)
(Land size = 1,775 sq. ft.)
(Land cost = RM 15 / sq. ft.) RM 15 x 1,775 x 83 x 15% 331,481.25
Double Storey Low Cost
(Nos. of units = 64 units)
(Land size = 1,260 sq. ft.)
(Land cost = RM 15 / sq. ft.) RM 15 x 1,260 x 64 x 15% 181,440.00
vii Subdivision (RM 1,500 per unit) RM1,500 x 165 units 247,500.00
viii Legal fees (RM 2,500 per unit) RM2,500 x 165 units 412,500.00
Total Administrative Cost 5,376,925.60
3) Administrative Cost
70

5. i Financing Cost for Land
(Loan = RM 6,500,000)
(Interest = 2.5% p.a. + 6.5% BLR)
(Compound interest = [(1 + i)ⁿ - 1]) [(1+0.09)⁵-1] x RM 6,500,000 3,501,055.71
ii Bridging Finance
(Construction cost = RM 19,265,375)
(Interest = 5.5% p.a. + 6.5% BLR)
(Assuming loan of 50%) (RM 19,265,375 x 50%) x 12% x 2 2,311,845.00
Total Finance Cost 5,812,900.71
Contigencies (5% of construction costs) 19,265,375 x 5% 963,268.75
TOTAL GROSS DEVELOPMENT COST 38,156,657.56
5) Contigencies
4) Finance Cost
70

6. Summary of Gross Development Cost (RM)
1 Land cost 6,738,187.50
2 Construction cost 19,265,375.00
3 Administrative cost 5,376,925.60
4 Finance cost 5,812,900.71
5 Contigencies 963,268.75
38,156,657.56
GROSS DEVELOPER'S PROFITS EXCLUDING TAXATION
Gross Development Value 54,461,770.00
(Less)
Gross Development Cost (38,156,657.56)
TOTAL GROSS PROFIT 16,305,112.44
% of Gross Profit (Profit / GDV) (RM 16,305,112.44 / RM54,461,770) x100% = 29.94%
70

7. 3.0 Cash Flow for Project
The cash flow for this project is based on ‘Sell-then-Build’ concept. The analysis is divided into three sections, which are cash inflow, cash outflow and quarter-yearly cashflow.
3.1 PROJECTED CASH INFLOW FOR 2013-2016
Item Sales percentage
M1 M2 M3 M4 M5 M6 M7 M8 M9 M10
1 5.18% 50.0%
2 64.08% 30.00% 20.0% 20.0%
3 30.74% 10.00% 10.0% 10.0%
100.00% 0.00% 22.30% 0.00% 0.00% 0.00% 0.00% 15.9% 0.0% 0.0% 18.5%
0.00% 22.30% 22.30% 22.30% 22.30% 22.30% 38.19% 38.19% 38.19% 56.67%
Months
1 1 22.30% 15.89% 18.48%
2 3 7.43% 7.43% 7.43% 15.89% 18.48%
3 9 2.48% 2.48% 2.48% 5.13% 5.13% 5.13% 11.29%
4 7 5.46% 5.46% 9.15%
5 7 8.10%
6 8
7 5
8 6
9 2
10 6
22.30% 15.89% 18.48%
1 10.00% 1,214,449.50 865,436.00 1,006,412.00
22.30% 15.89% 18.48%
2 3.91% 475,219.37 338,648.87 393,813.39
7.43% 7.43% 7.43% 15.89% 18.48%
3 7.83% 316,812.91 316,812.91 316,812.91 677,297.74 787,626.78
2.48% 2.48% 2.48% 5.13% 5.13% 5.13% 11.29%
4 19.57% 264,010.76 264,010.76 264,010.76 546,218.15 546,218.15 546,218.15 1,202,573.80
5.46% 5.46% 9.15%
5 11.74% 348,800.67 348,800.67 585,088.71
8.10%
6 11.74% 517,577.84
7 11.74%
8 3.91%
9 3.91%
10 7.83%
11 7.83%
100.00% - 2,006,481.78 316,812.91 580,823.67 264,010.76 264,010.76 2,427,600.76 895,018.83 895,018.83 4,493,092.53
- 2,006,481.78 2,323,294.70 2,904,118.37 3,168,129.13 3,432,139.89 5,859,740.65 6,754,759.48 7,649,778.30 12,142,870.83
2,323,294.70 1,108,845.20 4,217,638.41
Quarterly Cummulative Cash Inflow 2,323,294.70 3,432,139.89 7,649,778.30
Infrastructure 4,262,225.48
Monthly Total Cash Flow 54,461,770.00
Monthly Cummulative Cash Inflow
Drainage works 2,131,112.74
Roadworks 4,262,225.48
Sewerage works 2,131,112.74
Roofing, Electrical wiring & plumbing 6,393,338.22
Internal &External plastering 6,393,338.22
Walls, Doors & Window frame 6,393,338.22
Foundation 4,262,225.48
R.C. Framwork 10,655,563.70
Signing of S&P Agreement (Clause 5) 5,446,177.00
Earthwork 2,131,112.74
Sales Proceeds
INFRASTRUCTURE WORKS 100.00%
SEWERAGE WORKS 100.00%
DRAINAGE WORKS 100.00%
ROADWORKS 100.00%
WALLS, DOORS & WINDOW FRAME 100.00%
ROOFING, ELEC WIRING & PLUMBING 100.00%
INTERNAL &EXTERNAL PLASTERING 100.00%
EARTHWORKS 100.00%
FOUNDATION 100.00%
R.C. FRAMEWORK 100.00%
% of Cumulative Sales
D/S Terrace 34,901,350.00
D/S Shop/Office 16,740,900.00
Monthly Total 54,461,770.00
Sale Projection
D/S Low Cost 2,819,520.00
Quarterly Total Cash Inflow 54,461,770.00
Q1 Q2 Q3
Description Amount (RM) 2013
71

8. M11 M12 M13 M14 M15 M16 M17 M18 M19 M20 M21 M22 M23 M24 M25
50.0%
10.0% 20.0%
10.0% 10.0% 20.0% 30.0%
0.0% 0.0% 9.5% 0.0% 0.0% 18.5% 0.0% 0.0% 6.1% 0.0% 0.0% 9.2% 0.0% 0.0%
56.67% 56.67% 66.15% 66.15% 66.15% 84.63% 84.63% 84.63% 90.78% 90.78% 90.78% 100.00% 100.00% 100.00% 100.00%
9.48% 18.48% 6.15% 9.22%
9.48% 18.48% 6.15% 9.22%
11.29% 11.29% 9.48% 18.48% 6.15% 9.22%
9.15% 9.15% 13.89% 13.89% 18.48% 6.15% 9.22%
8.10% 8.10% 10.47% 10.47% 10.47% 28.95% 6.15% 9.22%
7.08% 8.44% 8.44% 8.44% 13.06% 13.06% 13.06% 19.21% 9.22%
18.16% 18.16% 21.23% 21.23% 21.23%
14.11% 15.33% 15.33% 15.33% 19.95% 19.95%
50.00% 50.00%
14.11% 14.11% 15.64% 15.64% 15.64% 24.86%
9.48% 18.48% 6.15% 9.22%
516,422.50 1,006,412.00 334,818.00 502,227.00
9.48% 18.48% 6.15% 9.22%
202,078.37 393,813.39 131,015.74 196,523.61
9.48% 18.48% 6.15% 9.22%
404,156.74 787,626.78 262,031.48 393,047.22
11.29% 11.29% 9.48% 18.48% 6.15% 9.22%
1,202,573.80 1,202,573.80 1,010,391.85 1,969,066.96 655,078.70 982,618.04
9.15% 9.15% 13.89% 13.89% 18.48% 6.15% 9.22%
585,088.71 585,088.71 888,206.26 888,206.26 1,181,440.17 393,047.22 589,570.83
8.10% 8.10% 10.47% 10.47% 10.47% 28.95% 6.15% 9.22%
517,577.84 517,577.84 669,136.62 669,136.62 669,136.62 1,850,576.79 393,047.22 589,570.83
7.08% 8.44% 8.44% 8.44% 13.06% 13.06% 13.06% 19.21% 9.22%
452,880.61 539,485.63 539,485.63 539,485.63 834,845.67 834,845.67 834,845.67 1,227,892.89 589,570.83
18.16% 18.16% 21.23% 21.23% 21.23%
386,917.83 386,917.83 452,425.70 452,425.70 452,425.70
14.11% 15.33% 15.33% 15.33% 19.95% 19.95%
300,595.57 326,798.71 326,798.71 326,798.71 425,060.52 425,060.52
50.00% 50.00%
2,131,112.74 2,131,112.74
14.11% 14.11% 15.64% 15.64% 15.64% 24.86%
601,191.13 601,191.13 666,699.00 666,699.00 666,699.00 1,059,746.22
2,305,240.35 2,758,120.97 4,229,877.97 2,096,828.51 1,208,622.25 8,023,781.77 1,436,036.80 1,736,632.37 4,390,428.95 1,380,415.54 1,380,415.54 5,780,360.78 877,486.21 2,583,538.43 2,131,112.74
14,448,111.19 17,206,232.15 21,436,110.12 23,532,938.63 24,741,560.87 32,765,342.64 34,201,379.44 35,938,011.81 40,328,440.76 41,708,856.30 43,089,271.83 48,869,632.61 49,747,118.83 52,330,657.26 54,461,770.00
9,556,453.85 7,535,328.72 11,196,450.93 7,151,260.03 9,241,385.43
17,206,232.15 24,741,560.87 35,938,011.81 43,089,271.83 52,330,657.26
Q1 Q2 Q3 Q4Q4
2014
71

9. M26 M27 M28 M29 M30 M31 M32 M33 M34 M35 M36
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
- - - - - - - - - - -
54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00
2,131,112.74 0 - 0
54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00
Q3 Q4Q1 Q2
2015
71

10. M1 M2 M3 M4 M5 M6 M7
1 1 4.3% 837,625.00
2 3 8.7% 558,416.67 558,416.67 558,416.67
3 9 21.7% 465,347.22 465,347.22 465,347.22 465,347.22
4 7 13.0%
5 7 13.0%
6 8 13.0%
7 5 4.3%
8 6 4.3%
9 2 8.7%
10 6 8.7%
100.0%
- 1,396,041.67 558,416.67 1,023,763.89 465,347.22 465,347.22 465,347.22
- 1,396,041.67 1,954,458.33 2,978,222.22 3,443,569.44 3,908,916.67 4,374,263.89
- (139,604.17) (195,445.83) (297,822.22) (344,356.94) (390,891.67) (437,426.39)
1,256,437.50 1,759,012.50 2,680,400.00 3,099,212.50 3,518,025.00 3,936,837.50
- 1,256,437.50 502,575.00 921,387.50 418,812.50 418,812.50 418,812.50
1,759,012.50 1,759,012.50
1,759,012.50 3,518,025.00Quarterly Cumulative Cash Outflow
Monthly Total Cash Outflow (Before Retention)
Monthly Cumulative Outflow (Before Retention)
Less Retention (10%, Limit 5%) 963,268.75
Monthly Cumulative Outflow (After Retention)
Monthly Total Cash Outflow (After Retention) 19,265,375.00
Quarterly Total Cash Outflow 19,265,375.00
INFRASTRUCTURE WORKS 1,675,250.00
Total Construction Cost 19,265,375.00
SEWERAGE WORKS 837,625.00
DRAINAGE WORKS 837,625.00
ROADWORKS 1,675,250.00
WALLS, DOORS & WINDOW FRAME 2,512,875.00
ROOFING, ELEC WIRING & PLUMBING 2,512,875.00
INTERNAL &EXTERNAL PLASTERING 2,512,875.00
EARTHWORKS 837,625.00
FOUNDATION 1,675,250.00
R.C. FRAMEWORK 4,188,125.00
Construction Costs
Q1 Q2 Q3
3.2 PROJECTED CASH OUTFLOW FOR 2013-2016
Item Description Months Amount (RM)
2013
%

11. M8 M9 M10 M11 M12 M13 M14 M15 M16 M17 M18 M19
465,347.22 465,347.22 465,347.22 465,347.22 465,347.22
358,982.14 358,982.14 358,982.14 358,982.14 358,982.14 358,982.14 358,982.14
358,982.14 358,982.14 358,982.14 358,982.14 358,982.14 358,982.14 358,982.14
314,109.38 314,109.38 314,109.38 314,109.38 314,109.38 314,109.38 314,109.38 314,109.38
139,604.17 139,604.17
279,208.33 279,208.33 279,208.33
824,329.37 824,329.37 1,183,311.51 1,183,311.51 1,497,420.88 1,032,073.66 1,032,073.66 673,091.52 673,091.52 593,317.71 732,921.88 732,921.88
5,198,593.25 6,022,922.62 7,206,234.13 8,389,545.63 9,886,966.52 10,919,040.18 11,951,113.84 12,624,205.36 13,297,296.88 13,890,614.58 14,623,536.46 15,356,458.33
(519,859.33) (602,292.26) (720,623.41) (838,954.56) (963,268.75) (963,268.75) (963,268.75) (963,268.75) (963,268.75) (963,268.75) (963,268.75) (963,268.75)
4,678,733.93 5,420,630.36 6,485,610.71 7,550,591.07 8,923,697.77 9,955,771.43 10,987,845.09 11,660,936.61 12,334,028.13 12,927,345.83 13,660,267.71 14,393,189.58
741,896.43 741,896.43 1,064,980.36 1,064,980.36 1,373,106.70 1,032,073.66 1,032,073.66 673,091.52 673,091.52 593,317.71 732,921.88 732,921.88
1,902,605.36 3,503,067.41 2,737,238.84 1,999,331.10
5,420,630.36 8,923,697.77 11,660,936.61 13,660,267.71
Q3Q3 Q4 Q1 Q2
2013 2014
72

12. … Q2
M20 M21 M22 M23 M24 M25 M26 M27 M28 - M41 M42 M43 M44
First Moiety Second Moiety
167,525.00 167,525.00 167,525.00 167,525.00 167,525.00
139,604.17 139,604.17 139,604.17 139,604.17
837,625.00 837,625.00
279,208.33 279,208.33 279,208.33
586,337.50 586,337.50 586,337.50 307,129.17 1,005,150.00 837625 0 0 0 0 0 0
15,942,795.83 16,529,133.33 17,115,470.83 17,422,600.00 18,427,750.00 19,265,375.00 19,265,375.00 19,265,375.00 19,265,375.00 19,265,375.00 19,265,375.00 19,265,375.00
(963,268.75) (963,268.75) (963,268.75) (963,268.75) (963,268.75) (481,634.38) (481,634.38) (481,634.38) (481,634.38) (481,634.38) 0 0
14,979,527.08 15,565,864.58 16,152,202.08 16,459,331.25 17,464,481.25 18,783,740.63 18,783,740.63 18,783,740.63 18,783,740.63 18,783,740.63 19,265,375.00 19,265,375.00
586,337.50 586,337.50 586,337.50 307,129.17 1,005,150.00 1,319,259.38 - - - - 481,634.38 -
1,905,596.88 1,898,616.67 1,319,259.38
15,565,864.58 17,464,481.25 18,783,740.63
Q3 Q4 Q1 Q3
4 2015 2016

13. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
A
1 6,500,000.00
2
6,500,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00
B
1 6,738,187.50
2
3
4
5
6
7
8
9
10
11
12
13
14 141,558.18 144,641.06 147,791.07 151,009.69 154,298.41 157,658.75 161,092.27 164,600.57
6,879,745.68 144,641.06 147,791.07 151,009.69 154,298.41 157,658.75 161,092.27 164,600.57
6,879,745.68 7,024,386.73 7,172,177.81 7,323,187.50 7,477,485.91 7,635,144.66 7,796,236.93 7,960,837.50
(379,745.68) (144,641.06) (147,791.07) (151,009.69) (154,298.41) (157,658.75) (161,092.27) (164,600.57)
(379,745.68) (524,386.73) (672,177.81) (823,187.50) (977,485.91) (1,135,144.66) (1,296,236.93) (1,460,837.50)
NET CASH FLOW 16,305,112.44
CUMULATIVE CASH FLOW
Total Cash Outflow 44,656,657.56
Cumulative Cash Outflow
Finance Cost
Bridging Finance 2,311,845.00
Financing Cost for Land 3,501,055.71
Subdivision 247,500.00
Legal Fees 412,500.00
Contingencies 963,268.75
Conversion Premium :-
a) Commercial 120,960.00
b) Residential 512,921.25
Plan Fees 330,000.00
Contribution & Fees 385,307.50
Advertising & Marketing 544,617.70
Administrative Cost
Professional Fees 1,733,883.75
Administrative Fees 1,089,235.40
Land Cost 6,738,187.50
Construction Cost 19,265,375.00
Repayment of Land Loan 6,500,000.00
Bank Loan for Land Purchase 6,500,000.00
Sales Projection 54,461,770.00
Total Cash Inflow 60,961,770.00
Cumulative Cash Inflow
CASH OUTFLOW
CASH INFLOW
3.3 QUARTER-YEARLY CASH FLOW FOR 2010-2016
Item Description Amount (RM)
2010 2011
73

14. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2,323,294.70 1,108,845.20 4,217,638.41 9,556,453.85 7,535,328.72 11,196,450.93 7,151,260.03
0.00 0.00 0.00 0.00 2,323,294.70 1,108,845.20 4,217,638.41 9,556,453.85 7,535,328.72 11,196,450.93 7,151,260.03
6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00 8,823,294.70 9,932,139.89 14,149,778.30 23,706,232.15 31,241,560.87 42,438,011.81 49,589,271.83
1,759,012.50 1,759,012.50 1,902,605.36 3,503,067.41 2,737,238.84 1,999,331.10 1,905,596.88
1,040,330.25 346,776.75
136,154.43 136,154.43 136,154.43 136,154.43 136,154.43 136,154.43 136,154.43
330,000.00
385,307.50
68,077.21 68,077.21 68,077.21 68,077.21 68,077.21 68,077.21 68,077.21
120,960.00
512,921.25
247,500.00
412,500.00
120,408.59 120,408.59 120,408.59 120,408.59 120,408.59 120,408.59 120,408.59
288,980.63 288,980.63 288,980.63 288,980.63 288,980.63 288,980.63 288,980.63
168,185.27 171,848.04 175,590.58 179,414.62 183,321.94 187,314.36 191,393.73 195,561.93 199,820.92 204,172.65 208,619.16
168,185.27 171,848.04 175,590.58 179,414.62 5,605,474.30 2,559,947.72 2,707,619.94 4,659,026.95 3,550,680.61 2,817,124.61 2,727,836.89
8,129,022.77 8,300,870.81 8,476,461.38 8,655,876.00 14,261,350.30 16,821,298.02 19,528,917.96 24,187,944.91 27,738,625.52 30,555,750.13 33,283,587.03
(168,185.27) (171,848.04) (175,590.58) (179,414.62) (3,282,179.60) (1,451,102.52) 1,510,018.47 4,897,426.90 3,984,648.11 8,379,326.32 4,423,423.13
(1,629,022.77) (1,800,870.81) (1,976,461.38) (2,155,876.00) (5,438,055.60) (6,889,158.12) (5,379,139.65) (481,712.75) 3,502,935.35 11,882,261.68 16,305,684.81
2013 20142012
73

15. Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
9,241,385.43 2,131,112.74 0.00 - -
9,241,385.43 2,131,112.74 0.00 - 0.00 0.00 0.00 0.00 0.00 - 0.00
58,830,657.26 60,961,770.00 60,961,770.00 60,961,770.00 60,961,770.00 60,961,770.00 60,961,770.00 60,961,770.00 60,961,770.00 60,961,770.00 60,961,770.00
1,898,616.67 1,319,259.38 481,634.38
6,500,000.00
346,776.75
136,154.43
68,077.21
120,408.59
288,980.63
213,162.51
9,572,176.78 1,319,259.38 0.00 0.00 0.00 0.00 0.00 481,634.38 0.00 0.00 0.00
42,855,763.81 44,175,023.18 44,175,023.18 44,175,023.18 44,175,023.18 44,175,023.18 44,175,023.18 44,656,657.56 44,656,657.56 44,656,657.56 44,656,657.56
(330,791.36) 811,853.36 0.00 - 0.00 0.00 0.00 (481,634.38) 0.00 - 0.00
15,974,893.45 16,786,746.82 16,786,746.82 16,786,746.82 16,786,746.82 16,786,746.82 16,786,746.82 16,305,112.44 16,305,112.44 16,305,112.44 16,305,112.44
2015 2016 2017
73

16. Q3 Q4
0.00 0.00
60,961,770.00 60,961,770.00
0.00 0.00
44,656,657.56 44,656,657.56
0.00 0.00
16,305,112.44 16,305,112.44
2017
73

17. 4.0 Analysis on Viability of Project Based On NPV
PV Factor
12%
Q1 1 6,500,000.00 6,879,745.68 (379,745.68) 0.9721 (369,137.64)
Q2 2 - 144,641.06 (144,641.06) 0.9449 (136,672.95)
Q3 3 - 147,791.07 (147,791.07) 0.9185 (135,748.39)
Q4 4 - 151,009.69 (151,009.69) 0.8929 (134,830.08)
Q1 5 - 154,298.41 (154,298.41) 0.8679 (133,917.99)
Q2 6 - 157,658.75 (157,658.75) 0.8437 (133,012.07)
Q3 7 - 161,092.27 (161,092.27) 0.8201 (132,112.27)
Q4 8 - 164,600.57 (164,600.57) 0.7972 (131,218.56)
Q1 9 - 168,185.27 (168,185.27) 0.7749 (130,330.90)
Q2 10 - 171,848.04 (171,848.04) 0.7533 (129,449.24)
Q3 11 - 175,590.58 (175,590.58) 0.7322 (128,573.55)
Q4 12 - 179,414.62 (179,414.62) 0.7118 (127,703.78)
Q1 13 2,323,294.70 5,605,474.30 (3,282,179.60) 0.6919 (2,270,930.11)
Q2 14 1,108,845.20 2,559,947.72 (1,451,102.52) 0.6726 (975,966.74)
Q3 15 4,217,638.41 2,707,619.94 1,510,018.47 0.6538 987,221.66
Q4 16 9,556,453.85 4,659,026.95 4,897,426.90 0.6355 3,112,403.33
Q1 17 7,535,328.72 3,550,680.61 3,984,648.11 0.6178 2,461,576.73
Q2 18 11,196,450.93 2,817,124.61 8,379,326.32 0.6005 5,031,853.66
Q3 19 7,151,260.03 2,727,836.89 4,423,423.13 0.5837 2,582,098.93
Q4 20 9,241,385.43 9,572,176.78 (330,791.36) 0.5674 (187,699.90)
Q1 21 2,131,112.74 1,319,259.38 811,853.36 0.5516 447,798.85
Q2 22 - - - 0.5362 0.00
Q3 23 - - - 0.5212 0.00
Q4 24 - - - 0.5066 0.00
Q1 25 - - - 0.4925 0.00
Q2 26 - - - 0.4787 0.00
Q3 27 - 481,634.38 (481,634.38) 0.4653 (224,127.85)
Q4 28 - - - 0.4523 0.00
Q1 29 - - - 0.4397 0.00
Q2 30 - - - 0.4274 0.00
Q3 31 - - - 0.4155 0.00
Q4 32 - - - 0.4039 0.00
9,141,521.12
12,843,178.98
NPV for Gross development cost @ 2010 38,156,657.56
NPV for Gross development cost @ 2013 53,607,356.59
Return on Investment 23.96%
Comment:
The return on investment (ROI) is 24% which is a good investment for the client. The client will gain RM 12,843,178.98 net
profit with an investment of RM 53,607,356.59.
2014
Year Quarter Month Quarter Inflow (RM)
Discounted Cash
Flow (RM)
2010
2011
2012
2013
Quarter Outflow (RM) Net Cash Flow (RM)
Net Present Value (2013)
2015
2016
2017
Net Present Value (2010)
74

18. 5.0 Cash Flow for Project
The cash flow for this project is based on ‘Sell-then-Build’ concept. The analysis is divided into three sections, which are cash inflow, cash outflow and quarter-yearly cashflow.
5.1 PROJECTED CASH INFLOW FOR 2013-2016
Item Sales percentage
M1 M2 M3 M4 M5 M6 M7 M8 M9
1 5.18%
2 64.08% 30.00% 20.0%
3 30.74% 10.00% 10.0%
100.00% 0.00% 22.30% 0.00% 0.00% 0.00% 0.00% 15.9% 0.0% 0.0%
0.00% 22.30% 22.30% 22.30% 22.30% 22.30% 38.19% 38.19% 38.19%
Months
1 1
2 3
3 9
4 7
5 7
6 8
7 5
8 6
9 2
10 6
22.30% 15.89%
1 10.00% 1,214,449.50 865,436.00
2 3.91%
3 7.83%
4 19.57%
5 11.74%
6 11.74%
7 11.74%
8 3.91%
9 3.91%
10 7.83%
11 7.83%
100.00% - 1,214,449.50 - - - - 865,436.00 - -
- 1,214,449.50 1,214,449.50 1,214,449.50 1,214,449.50 1,214,449.50 2,079,885.50 2,079,885.50 2,079,885.50
1,214,449.50 - 865,436.00
Quarterly Cummulative Cash Inflow 1,214,449.50 1,214,449.50 2,079,885.50
Monthly Total Cash Flow 54,461,770.00
Monthly Cummulative Cash Inflow
Quarterly Total Cash Inflow 54,461,770.00
Infrastructure 4,262,225.48
Drainage works 2,131,112.74
Roadworks 4,262,225.48
Sewerage works 2,131,112.74
Roofing, Electrical wiring & plumbing 6,393,338.22
Internal &External plastering 6,393,338.22
Walls, Doors & Window frame 6,393,338.22
Foundation 4,262,225.48
R.C. Framwork 10,655,563.70
Earthwork 2,131,112.74
Sales Proceeds
Signing of S&P Agreement (Clause 5) 5,446,177.00
INFRASTRUCTURE WORKS 0.00%
SEWERAGE WORKS 0.00%
DRAINAGE WORKS 0.00%
ROADWORKS 0.00%
WALLS, DOORS & WINDOW FRAME 0.00%
ROOFING, ELEC WIRING & PLUMBING 0.00%
INTERNAL &EXTERNAL PLASTERING 0.00%
EARTHWORKS 0.00%
FOUNDATION 0.00%
R.C. FRAMEWORK 0.00%
% of Cumulative Sales
D/S Terrace 34,901,350.00
D/S Shop/Office 16,740,900.00
Monthly Total 54,461,770.00
Sale Projection
D/S Low Cost 2,819,520.00
Q1 Q2 Q3
Description Amount (RM) 2013
75

19. M10 M11 M12 M13 M14 M15 M16 M17 M18 M19 M20 M21 M22 M23
50.0% 50.0%
20.0% 10.0% 20.0%
10.0% 10.0% 10.0% 20.0% 30.0%
18.5% 0.0% 0.0% 9.5% 0.0% 0.0% 18.5% 0.0% 0.0% 6.1% 0.0% 0.0% 9.2% 0.0%
56.67% 56.67% 56.67% 66.15% 66.15% 66.15% 84.63% 84.63% 84.63% 90.78% 90.78% 90.78% 100.00% 100.00%
18.48% 9.48% 18.48% 6.15% 9.22%
1,006,412.00 516,422.50 1,006,412.00 334,818.00 502,227.00
1,006,412.00 - - 516,422.50 - - 1,006,412.00 - - 334,818.00 - - 502,227.00 -
3,086,297.50 3,086,297.50 3,086,297.50 3,602,720.00 3,602,720.00 3,602,720.00 4,609,132.00 4,609,132.00 4,609,132.00 4,943,950.00 4,943,950.00 4,943,950.00 5,446,177.00 5,446,177.00
1,006,412.00 516,422.50 1,006,412.00 334,818.00
3,086,297.50 3,602,720.00 4,609,132.00 4,943,950.00
Q1 Q2 Q3 Q4
2014
Q4
75

20. M24 M25 M26 M27 M28 M29 M30 M31 M32 M33 M34 M35 M36
0.0%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
2,131,112.74
100%
4,262,225.48
100%
10,655,563.70
100%
6,393,338.22
100%
6,393,338.22
100%
6,393,338.22
100%
2,131,112.74
100%
2,131,112.74
100%
4,262,225.48
100%
4,262,225.48
- - 49,015,593.00 - - - - - - - - - -
5,446,177.00 5,446,177.00 54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00
502,227.00 49,015,593.00 0 - 0
5,446,177.00 54,461,770.00 54,461,770.00 54,461,770.00 54,461,770.00
Q3 Q4Q4 Q1 Q2
2015
75

21. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
A
1 6,500,000.00
2
6,500,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00
B
1 6,738,187.50
2
3
4
5
6
7
8
9
10
11
12
13
14 141,558.18 144,641.06 147,791.07 151,009.69 154,298.41 157,658.75 161,092.27 164,600.57
6,879,745.68 144,641.06 147,791.07 151,009.69 154,298.41 157,658.75 161,092.27 164,600.57
6,879,745.68 7,024,386.73 7,172,177.81 7,323,187.50 7,477,485.91 7,635,144.66 7,796,236.93 7,960,837.50
(379,745.68) (144,641.06) (147,791.07) (151,009.69) (154,298.41) (157,658.75) (161,092.27) (164,600.57)
(379,745.68) (524,386.73) (672,177.81) (823,187.50) (977,485.91) (1,135,144.66) (1,296,236.93) (1,460,837.50)
5.2 QUARTER-YEARLY CASH FLOW FOR 2010-2016
Item Description Amount (RM)
2010 2011
CASH OUTFLOW
CASH INFLOW
Bank Loan for Land Purchase 6,500,000.00
Sales Projection 54,461,770.00
Total Cash Inflow 60,961,770.00
Cumulative Cash Inflow
Land Cost 6,738,187.50
Construction Cost 19,265,375.00
Repayment of Land Loan 6,500,000.00
Administrative Cost
Professional Fees 1,733,883.75
Administrative Fees 1,089,235.40
Plan Fees 330,000.00
Contribution & Fees 385,307.50
Advertising & Marketing 544,617.70
Conversion Premium :-
a) Commercial 120,960.00
b) Residential 512,921.25
Subdivision 247,500.00
Legal Fees 412,500.00
Total Cash Outflow 44,656,657.56
Contingencies 963,268.75
Finance Cost
Bridging Finance 2,311,845.00
Financing Cost for Land 3,501,055.71
Cumulative Cash Outflow
NET CASH FLOW 16,305,112.44
CUMULATIVE CASH FLOW
76

22. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
1,214,449.50 - 865,436.00 1,006,412.00 516,422.50 1,006,412.00 334,818.00
0.00 0.00 0.00 0.00 1,214,449.50 - 865,436.00 1,006,412.00 516,422.50 1,006,412.00 334,818.00
6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00 7,714,449.50 7,714,449.50 8,579,885.50 9,586,297.50 10,102,720.00 11,109,132.00 11,443,950.00
1,759,012.50 1,759,012.50 1,902,605.36 3,503,067.41 2,737,238.84 1,999,331.10 1,905,596.88
1,040,330.25 346,776.75
136,154.43 136,154.43 136,154.43 136,154.43 136,154.43 136,154.43 136,154.43
330,000.00
385,307.50
68,077.21 68,077.21 68,077.21 68,077.21 68,077.21 68,077.21 68,077.21
120,960.00
512,921.25
247,500.00
412,500.00
120,408.59 120,408.59 120,408.59 120,408.59 120,408.59 120,408.59 120,408.59
288,980.63 288,980.63 288,980.63 288,980.63 288,980.63 288,980.63 288,980.63
168,185.27 171,848.04 175,590.58 179,414.62 183,321.94 187,314.36 191,393.73 195,561.93 199,820.92 204,172.65 208,619.16
168,185.27 171,848.04 175,590.58 179,414.62 5,605,474.30 2,559,947.72 2,707,619.94 4,659,026.95 3,550,680.61 2,817,124.61 2,727,836.89
8,129,022.77 8,300,870.81 8,476,461.38 8,655,876.00 14,261,350.30 16,821,298.02 19,528,917.96 24,187,944.91 27,738,625.52 30,555,750.13 33,283,587.03
(168,185.27) (171,848.04) (175,590.58) (179,414.62) (4,391,024.80) (2,559,947.72) (1,842,183.94) (3,652,614.95) (3,034,258.11) (1,810,712.61) (2,393,018.89)
(1,629,022.77) (1,800,870.81) (1,976,461.38) (2,155,876.00) (6,546,900.80) (9,106,848.52) (10,949,032.46) (14,601,647.41) (17,635,905.52) (19,446,618.13) (21,839,637.03)
2012 2013 2014
76

23. Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
502,227.00 49,015,593.00
502,227.00 49,015,593.00 0.00 - 0.00 0.00 0.00 0.00 0.00 -
11,946,177.00 60,961,770.00 60,961,770.00 60,961,770.00 60,961,770.00 60,961,770.00 60,961,770.00 60,961,770.00 60,961,770.00 60,961,770.00
1,898,616.67 1,319,259.38 481,634.38
6,500,000.00
346,776.75
136,154.43
68,077.21
120,408.59
288,980.63
213,162.51
9,572,176.78 1,319,259.38 0.00 0.00 0.00 0.00 0.00 481,634.38 0.00 0.00
42,855,763.81 44,175,023.18 44,175,023.18 44,175,023.18 44,175,023.18 44,175,023.18 44,175,023.18 44,656,657.56 44,656,657.56 44,656,657.56
(9,069,949.78) 47,696,333.63 0.00 - 0.00 0.00 0.00 (481,634.38) 0.00 -
(30,909,586.81) 16,786,746.82 16,786,746.82 16,786,746.82 16,786,746.82 16,786,746.82 16,786,746.82 16,305,112.44 16,305,112.44 16,305,112.44
20172015 2016
76

24. Q2 Q3 Q4
0.00 0.00 0.00
60,961,770.00 60,961,770.00 60,961,770.00
0.00 0.00 0.00
44,656,657.56 44,656,657.56 44,656,657.56
0.00 0.00 0.00
16,305,112.44 16,305,112.44 16,305,112.44
2017
76

25. 5.3 Comparison between Build-then-Sell and Sell-then-Build
STB (RM379,745.68)
BTS (RM379,745.68)
STB (RM977,485.91)
BTS (RM977,485.91)
STB (RM1,629,022.77)
BTS (RM1,629,022.77)
STB (RM5,438,055.60)
BTS (RM6,546,900.80)
STB RM3,502,935.35
BTS (RM17,635,905.52)
STB RM16,786,746.82
BTS RM16,786,746.82
STB RM16,786,746.82
BTS RM16,786,746.82
STB RM16,305,112.44
BTS RM16,305,112.44
(40,000,000.00)
(30,000,000.00)
(20,000,000.00)
(10,000,000.00)
-
10,000,000.00
20,000,000.00
2010 2011 2012 2013 2014 2015 2016 2017
Build-Then-Sell vs Sell-Then-Build Cash Flow Chart
STB BTS
(10,000,000.00)
(5,000,000.00)
-
5,000,000.00
10,000,000.00
15,000,000.00
20,000,000.00
2010 2011 2012 2013 2014 2015 2016 2017
Sell-then-Build
(40,000,000.00)
(30,000,000.00)
(20,000,000.00)
(10,000,000.00)
-
10,000,000.00
20,000,000.00
2010 2011 2012 2013 2014 2015 2016 2017
Build-then-Sell
Project Start
Project Start
Project Start
Project End
Project End
Project End
77

26. (RM524,386.73) (RM672,177.81) (RM823,187.50)
(RM524,386.73) (RM672,177.81) (RM823,187.50)
(RM1,135,144.66) (RM1,296,236.93) (RM1,460,837.50)
(RM1,135,144.66) (RM1,296,236.93) (RM1,460,837.50)
(RM1,800,870.81) (RM1,976,461.38) (RM2,155,876.00)
(RM1,800,870.81) (RM1,976,461.38) (RM2,155,876.00)
(RM6,889,158.12) (RM5,379,139.65) (RM481,712.75)
(RM9,106,848.52) (RM10,949,032.46) (RM14,601,647.41)
RM11,882,261.68 RM16,305,684.81 RM15,974,893.45
(RM19,446,618.13) (RM21,839,637.03) (RM30,909,586.81)
RM16,786,746.82 RM16,786,746.82 RM16,786,746.82
RM16,786,746.82 RM16,786,746.82 RM16,786,746.82
RM16,786,746.82 RM16,305,112.44 RM16,305,112.44
RM16,786,746.82 RM16,305,112.44 RM16,305,112.44
RM16,305,112.44 RM16,305,112.44 RM16,305,112.44
RM16,305,112.44 RM16,305,112.44 RM16,305,112.44
2014
2015
2016
2017
2010
2012
2011
2013
77

27. w/o S&P with S&P
4.35% 3.91%
8.70% 7.83%
21.74% 19.57%
13.04% 11.74%
13.04% 11.74%
13.04% 11.74%
4.35% 3.91%
4.35% 3.91%
8.70% 7.83%
8.70% 7.83%
100.00% 90.00%
S&P 10%
100.00%