S.C. SIGMA BUSINESS CONSULT S.R.L.

Transcription

Consultanţă pentru finanţări FEADR, FEP şi Fonduri structurale; evaluări
To whom it may concern
Declaration Regarding valuation Reports prepared for Land Portfolio of TAGOR
PROPERTIES at 31st December 2011
Re:
From: S.C. SIGMA BUSINESS CONSULT S.R.L.
Date:
March, 23, 2012
Dear Madame, dear Sir,
Trough this letter we declare the following:
1. SIGMA BUSINESS CONSULT as company and/or its valuers acted as an External Valuer and
has no recent or future interest in the valued property of T AGOR PROPERTIES.
2. In our valuation reports prepared for T AGOR PROPERTIES at 31st December 2011, we
appreciate market values of real estate properties and we consider that estimated costs
necessary to make the sale have a minor effect on the obtained values.
For further information, please do not hesitate to contact us.
Yours sincerely,
Marian Tutui
Task Manager Valuer
Eugen Breazu
Valuer
Nr. Înregistrare Registrul Comerţului:: J40/15117/2005; C od fi s ca l: 1 7 9 2 2 5 8 7
A dr esa: Bu cu r eşt i, St r. Dr. Li st er N r. 8, A p. 3 , Se c t o r 5
Tel: 021 335 23 36, Fax: 021 335 23 30
www.sigmaconsult.ro
Consultanţă pentru finanţări FEADR, FEP şi Fonduri structurale; evaluări
March, 23, 2012
To:
TAGOR CAPITAL LIMITED,
35 Ahad Ha'am St. Floor 4,
Tel Aviv 65202 Tel Aviv
ISRAEL
Re:
Confirming Letter of Approval to Use Appraisals in Financial Statements
To whom it may concern
In accordance to your request, we confirm our approval to attach our appraisals of the related
company of TAGOR CAPITAL LIMITED (Patron Tagor B.V.) to your Annual Financial Statements to
be disclosed in March 2012:
1.
2.
3.
4.
5.
Oberon Equity SRL - Arad (70,075 sq. m);
Nova Market Grup SRL - Timisoara (61,825 sq.m);
Cheetah Capital SRL - Oradea (17,818 sq.m);
Ferrer Imobiliare SRL - Pipera (40,000 sq.m);
Cougar Capital SRL - Pipera (36,234 sq.m)
Yours sincerely,
Marian Tutui,Valuer Partner
Nr. Înregistrare Registrul Comerţului:: J40/15117/2005; C od fi s ca l: 1 7 9 2 2 5 8 7
A dr esa: Bu cu r eşt i, St r. Dr. Li st er N r. 8, A p. 3 , Se c t o r 5
Tel: 021 335 23 36, Fax: 021 335 23 30
www.sigmaconsult.ro
VALUATION REPORT
Timisoara / December 2011
Valuated Property:
Real property - plot of land, located within the built-up area
Location:
Timisoara, Constructorilor Street
Date of Valuation:
December 31st , 2011
Performed by:
SIGMA BUSINESS CONSULT S.R.L.
8 Dr. Lister Street, Bucharest, 5th District - ROMANIA
Tel / Fax: 021 – 335.23 36
[email protected]
PDF processed with CutePDF evaluation edition www.CutePDF.com
VALUATION REPORT: TIMISOARA LAND, TAGOR PROPERTIES
1. EXECUTIVE SUMMARY
BENEFICIARY:
S.C. TAGOR PROPERTIES S.R.L
OWNER:
S.C. NOVA MARKET GRUP S.R.L. BUCHAREST
VALUER:
EUGEN BREAZU – VALUER, ANEVAR MEMBER,
Identification Card No. 3833
VERIFIED BY:
MARIAN ŢUŢUI - TASK MANAGER, VALUATION
DEPARTMENT, VALUER, ANEVAR MEMBER,
Identification Card No. 9188
OBJECT OF VALUATION:
Real property: plot of land located in the built-up area with a total
surface of 61,825 sqm located in Timis County, Timisoara City,
Constructorilor Street, Lipovei neighborhood, intabulated in the
Land Book as follows:
• 32,499 sqm, registered in Land Book 131317 Timisoara
• 29,326 sqm, registered in Land Book 118574 Timisoara
PURPOSE OF VALUATION:
Establishing the fair value of the real estate for financial reporting
PROPERTY RIGHTS APPRAISED:
Fee Simple Estate
DATE OF VALUATION:
31.12.2011
REFERENCE EXCHANGE RATE:
4.3197 lei/Euro
ESTIMATED MARKET VALUE
Real estate property
The direct comparison method
S[mp]
61.825,00
Total Value
[Euro]
10,940,000
Value
[Euro/sqm]
177
MARIAN ŢUŢUI - TASK MANAGER,
VALUATION DEPARTMENT
EUGEN BREAZU – VALUER
The contents of this Valuation Report are confidential, therefore they are not to be partially or totally reproduced or
disclosed to any third party, but the provider and the beneficiary to whom the report is addressed.
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2. INTRODUCTION
2.1 Scope and object of the valuation
Valuation object: land within the built-up area that is registered in the Land Book as follows:
Land Book no. 131317
No.
Cadastral no.
Surface(sqm)
1 2234/1-2/2/1, 2239/3/4/2/b
5,982
2
2239/3/4/2/1/1/1/1/2
15,652
3
2236/2/1/1/1/2
10,157
4
2234/5/2/2/1/2
708
Total
32,499
Land Book no. 118574
No.
Cadastral no.
Surface(sqm)
1 2236/2/5,2239/3/4/2/3/1
2,071
2
2239/3/4/1/2
1,644
3
3491/2/2/2
437
4
3495/2/2/2
76
5
3508/3/2
163
6
3505/2/3/2
1,422
7
3507/2
136
8
2239/3/4/2/1/1/1/1/1
15,247
9
2239/3/4/2/1/1/1/1/3
918
10
2236/2/1/1/1/1
6,070
11
2236/2/1/1/1/3
600
12
2234/5/2/2/1/1
332
13
2234/5/2/2/1/3
210
Total
29,326
We mention that the land was previously valued, for the same purpose, on December 31st 2010 .
The results of the previous valuation are as follows:
Date of valuation
Total Value /Unitary Value
Reference exchange rate
31.12.2010
V=10.820.000 Euro/175 Euro/sqm
1 Euro= 4,2848 lei
The elements from the previous report are to be found in what follows, the changes from the previous
situation being signaled, especially those that have influenced the value variation in their time interval.
We used one approach to assess the land surface: comparative approach.
The valuation aim remains the same - determining the fair value for financial reporting:
3
The fair value represents the amount for which an asset could be willingly exchanged or a debt could
be deducted between the two parties with full knowledge of the facts, within the frame of a transaction
with an objectively determined price. (IAS 16, 6th paragraph).
Market value. The amount estimated for which a property will be exchanged at the valuation date,
between a determined buyer and a resolute seller, within the frame of a transaction with an objectively
determined price, after an appropriate marketing activity in which the involved parties have acted with
full knowledge of the facts, cautiously and without constraint (IVS 1, 3.1st paragraph 3.1).
The terms market value and fair value, the way they constantly appear in accounting standards are,
by and large, compatibles, even though they are not always total equivalents. The fair value, as an
accounting concept, is defined in the International Accounting Standards and in other accounting
standards as being the amount for which an asset can be willingly transacted or a debt can be deducted
between the parties who have full knowledge of the facts, within the frame of a transaction with an
objectively determined price. The fair value is generally used for financial reporting not only of the
market value, but also of the non-market value. When one can establish the market value of an asset,
this value will be equal to the fair value. (IVS – Concepts and Principles, 8.1st paragraph)
Within the International Valuation Application Standard 1 (IVA1), according to IAS 16 and IAS 2,
the following specifications regarding the valuation activity for valuation reporting are being made:
“5.4 Valuations according to IAS 16
When an entity chooses the revaluation based on the fair value, according to IAS 16, the assets are
included in the balance sheet at the fair value, as follows:
a) „The fair value of land and buildings is generally determined by the record data on the market,
through an evaluation made by qualified professional valuers. The fair value of tangible assets is,
generally, their market value, determined through valuation” (IAS 16, 32nd paragraph).
b) „If there is no market data regarding the fair value, on account of the specialized nature of the element
of tangible asset, and if the element is seldom sold, except the case in which it represents part of a
continuous activity, an entity might need to estimate the fair value, by using an income approach or by
the net depreciated replacement cost” (IAS 16, 33rd paragraph).
5.4.1 IVSC considers that a qualified valuer should report the assets market value when he performs a
valuation with this purpose (financial positions). Any hypotheses or opinions expressed in the application
of the market value must be discussed with the representatives of the entity and must be included in the
report.
5.4.2 The valuation conclusion must be reported according to IVS 3, International Valuation Standards,
8th edition of Valuation reporting. The valuers must ensure themselves that the valuation reports, which
were made with a view to draw up the financial standings, contain enough data, according to the
requirements of IAS 16, 77th paragraph:
a) the revaluation comes into force date
b) if an independent valuer was involved (Note: according to IVSC interpretation, this is an external
valuer)
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c) significant methods and hypotheses applied
d) the extent to which the assets’ fair values have been directly determined, by referring to the prices
which exist in transactions made on an active market or in recent impartial transactions, or they have
been estimated by using other valuation techniques
Valuations according to IAS 2 –Inventories
“Definitions
6. The following terms are used in this standard, with the meanings specified below:
…
Net realizable value is the estimated selling price of an asset in the normal course of business, less the
estimated costs to complete its production and necessary to conduct the sale.
Fair value is the amount by which it can be exchanged an asset or a liability cancelled, among
stakeholders and duly informed, engaged in a transaction at arm's length.”
This valuation is made in accordance with the International Valuation Standards in force, out of which,
taking into account the valuation aim, mainly with IVA 1 - Valuation for Financial Reporting.
2.2 Value acknowledgement
• The following Valuation Report was performed by Mr. Eng. Breazu Eugen, Valuer, ANEVAR
member, Identification Card No. 3833.
• The valuer is acting as an External Valuer, having no recent or future interest in the valuated
property.
• All data and information used in the Valuation Report are true and accurate and have been verified by
the valuer, when possible.
• All analysis, opinions and conclusions of the report are personal and limited by different assumptions
and specific restrictive conditions, and are not influenced by any moral or financial obligations.
• The valuer undertakes to preserve the independence and integrity in carrying out the valuation report.
The amount which represents the payment for the drafting of the report, paid by the Owners, has no
relation to the declaration of a certain market value or a range of values of the property plot which
favors the Owners.
• The valuation has been performed in accordance with the Deontological Code of the valuer’s
profession and with the International Valuation Standards, 8th edition. The beneficiary has agreed on
the content of the Report.
• The Valuation Report was verified by Mr. Marian Ţuţui, Task Manager, Valuation Department - S.C.
SIGMA BUSINESS CONSULT S.R.L., valuer and ANEVAR member, Identification Card No. 9188.
• The company SIGMA BUSINESS CONSULT S.R.L. is an associated member of ANEVAR, the
National Association of Romanian Valuers, with the Identification no. F09/0229.
• Since 2006, SBC has been a recommended valuation company for BRD Groupe Societe Generale
bank.
• Up to the present, the number of valuation reports has reached a total of 1,500. These reports refer to
buildings, pieces of land, commercial centers, office spaces, warehouses, dwellings, etc.
5
2.3. Inspection date and effective valuation date
The documentation for valuation was made between 15.12.2011 - 31.01.2012, interval in which the field
inspection was also performed. The inspection was made without the participation of a representative of
the company which owns the property right on the real property, since we know the land from previous
visits .
Value estimation date: 31.12.2011
It is mentioned that the result of the valuation is prone to variation on the real estate market, making it
valid for a limited period of time (usually up to 3 months).
2.4 Assumptions and restrictive conditions
The valuer assumes whole responsibility regarding the opinions he provided in this valuation report.
During the elaboration of the Report, several hypotheses and restrictive conditions were considered, as
follows:
• The valuation is made, assuming that the property is not entailed.
• It was assumed by the valuer that there are no hidden or unknown property conditions which may
change the value of the property. The valuer declines his responsibility regarding the existence of the
above mentioned conditions, or regarding any necessarily professional investigations in order to
reveal such conditions.
• No investigations were performed in order to determine whether soil contaminants are present on site
or not, so we are unable to confirm that the valuation is free of risk on this regard. Therefore, for the
purpose of the valuation, it was assumed that there are no soil contaminants on the property, which
could pollute the environment and diminish the value of the property.
• Any value estimation from this report is related to the valuated property, as a whole; any splitting of
the property (not mentioned in the report) or partial rights on the property would invalidate this value.
• It was assumed by the valuer that all data and information are genuine and accurate.
• It was assumed by the valuer that the property is well hold and managed.
• The valuer will not be asked to offer subsequent support regarding the valuated property or to testify,
unless previous arrangements were made between parties.
• The content of this Valuation Report could be reproduced, partially or as a whole, in other documents,
circulars or statements. S.C. SIGMA BUSINESS CONSULT S.R.L. and its valuer are not responsible
to the beneficiary or any third party if, by publishing this report, prejudices should occur to them.
This Valuation Report does not contain investment suggestions, therefore, neither the valuer, nor the
company S.C. SIGMA BUSINESS CONSULT S.R.L., are responsible for any prejudices occurred to
the beneficiary, or other third party, following the use of these data as investment decision.
Additional assumptions:
In the eventuality of merger, the pieces of land should be considered as a compact plot. The eventual
discontinuities (of relatively small proportion) cannot influence this hypothesis, because the whole can
rather form itself around bigger plots rather than missing strips.
6
Moreover, it should be mentioned that a compaction of the valuated land can also be made by exchanging
lands in favor of those who own big surfaces (e.g. the actual owners), who have this option as opposed to
the other owners, who are divided.
The real estate market acknowledges the compact plot for the valuated land, and places the emphasis on
lands which were initially divided and which have been bought by the same owner. In the given case, we
consider the two plots as forming a whole.
2.5. Highest and best use appraisal
The “Highest and best use” is a market concept.
Through “Highest and best use” analysis of the valuated property one can identify the most competitive
and profitable use.
In accordance with the International Valuation Standards, the “Highest and best use” concept is defined as
“the most probable use of a property which is physically possible, appropriately justified, legally
permissible, financially feasible, and which results in the highest value of the property being valued”.
Physically possible
The valuated property could have multiple uses, but as the market states, as market data shows, the microzone specific aims towards the residential sector, collective or individual, and commercial spaces.
Probable use
It is valuer’s opinion that the specific of the area could change in the near future, and the investments that
could be made on the land subject of this report could only have a residential or commercial use. For this
reason, the “Highest and Best Use” will be limited to the above considerations, regarding the use of the
property.
Legally permissible
CU for PUZ purposes have been issued on 15th November 2010 valid 12 months
PUZ process in progress. PUZ designer = EURODESIGN,
The PUZ package was submitted to the City Hall Urbanistic Committee on 22nd February, 2011 and their
approval was given on 24th March 2011.
Building Permit application date is 07th September 2011.
Financially feasible
By analyzing the above facts and, also, by applying the appropriate justification filtration, the valuer
considers that the best use of the property, in the near future, is collective residential estate, and this is
because there are mostly developing residential ensembles in the area.
7
3. DESCRIPTION OF THE SUBJECT PROPERTY
3.1 Description of the location and of the area
The real property, i.e. the subject of the present valuation report, consists of two merged plots, having an
industrial destination at the time being. The property is located at the border between Timisoara City and
Dumbravita village. Dumbravita village has registered an intense real estate development, building
individual dwellings of the type P+1+M, and this is due to the forest vicinity.
At present, the former industrial platform located at the city’s outskirts is ceasing its activity and land is
now being used for building collective dwellings or individual houses.
Main characteristics:
• The land is bounded on the north by the forest, on the east, south and west by industrial units to be
decommissioned and offered for sale;
• There are two ways of access:
o From Calea Lipovei through Constructorilor Street (the street which bounds Timisoara
from Dumbravita) or through Ion Ionescu de la Brad Street and Albinelor Street;
o From Aleea Demetriade through Albinelor Street;
• The access through central, eastern and western areas is easy;
• Vicinities: forest, Dumbravita residential district, Lipovei neighborhood and the former industrial
platform, on which the Continental plant is located;
• The network utilities exist on the land: electricity, water, sewage, gas pipes from the city’s
networks
3.2 Juridical status of the subject property - ownership rights
The ownership right is given by the following sell-purchase agreements:
• Sell – purchase agreement with authentication completion no. 3052/07.24.2008;
Contracting parties: S.C. EUROCONSTRUCT S.A., located in G-ral Dragalina Street, no. 27,
Timisoara, in capacity of Seller, and S.C. NOVA MARKET GRUP S.R.L., located in Calea
Victoriei no. 63-81, Mezzanine, 2nd room, 1st District, Bucharest, in capacity of Buyer.
8
Sell – purchase agreement with authentication completion no. 3054/07.24.2008;
Contracting parties: S.C. EUROPREFABRICATE S.R.L., located in Calea Sagului, 7th km.,
Timisoara, in capacity of Seller, and S.C. NOVA MARKET GRUP S.R.L., located in Calea
Victoriei no. 63-81, Mezzanine, 2nd room, 1st District, Bucharest, in capacity of Buyer.
The ownership right is intabulated as follows:
• 32,499 sqm, registered in Land Book 131317 Timisoara;
• 29,326 sqm, registered in Land Book 118574 Timisoara;
•
3.3 Land description
The plot is flat, good for backing the foundation and presenting the characteristics of a land with a
building destination.
Main characteristics:
• Total currently accumulated surface: 61,825 sqm.
• Utilities: all existing on the land
• Access: from the main roads, asphalted roads: Constructorilor Street and Albinelor Street;
Building restrictions required by:
• high voltage aerial networks: no
• main gas pipes: no
• railway networks: no
• existing or designed public roads (extensions of county highways, roads, highways): no
• public projects in progress: no
9
4. MARKET ANALYSIS
4.1. National economy overview
In 2011, the Romanian economy grew in the third quarter, up 1.9% from the second quarter, respectively
4.4 % compared to corresponding period of 2010, mainly due to the evolution beyond expectations of the
agricultural sector.
The annual inflation rate followed a strong downward course in Q3 2011, from 4.25 pct in August to 3.45
pct, returning after more than one year to the variation corridor around the target (3 percent), the
reduction being mainly the effect of the decrease over June-September in foodstuff volatile prices and of
the first wave of the VAT increase fading out.
The National Institute of Statistic (NIS), reported in November 2011, that due to rises in electricity, gas,
steam and air conditioning supply (+10.2%) and manufacturing (+1.3%), the national index of industrial
production (gross series) increased by 2.2% compared to the previous month, and by 4.3% compared to
the same month of 2010.
In the first 11 months of 2011, Romania exported goods worth 41.75 billion euro, up by 22.5% (7.66
billion euro) over the same period in 2010, and made imports of 50.4 billion euro, up 17.8% over the
corresponding period of 2010.
Monthly Foreign Trade over last 3 years (billion euro)
According to the Inflation Report issued by NBR in November 2011, exports will most likely post a faster
pace of increase than that of imports.
10
Conversely, imports growth is projected to accelerate slightly in 2012 amid the rebound in domestic
demand, while exports growth is seen to be influenced by the slower dynamics of external demand. In this
context, the current account deficit will widen moderately, without any noticeable inflationary pressures
coming from domestic currency exchange rate dynamics.
Even with this positive economic evolution in 2011 and a favorable outlook for 2012, it's raining bad
news in many other directions. There are negative signs related to services and constructions, both civil
and industrial, as well as infrastructure area – on the supply side – and investment – on the demand side.
2012 will be a difficult year: the debt crisis, the problem of deficits, drought in agriculture and the general
elections are some of the most important reasons why any forecast for economic growth in Romania at
this time seems hazardous. In addition, financial institutions have no encouraging messages, and the
evolution of the economy is fragile, being influenced by the international situation.
According to the Center for European Economic Research (ZEW), Mannheim, and Erste Group Bank
AG, Vienna, the economic expectations for Romania, ranking fourth in Central and Eastern Europe
(CEE) concerning economical outlook, have deteriorated significantly in December 2011. The respective
indicators have dropped by 20.4 points and have thus reached levels of minus 52.7 points.
Beyond all these negative aspects, however there are some grounds for optimism as, in Q3 2011 the
evolution of consumption, the sector whose share in GDP is above 60%, recorded the first increase since
the beginning of the crisis.
The total number of employees over last 3 years
According to data published by the National Institute of Statistics (NIS) during the first 10 months of
2011, the number of private sector employees increased by 142,000 and the number of employees in the
public sector fell by 42,300.
11
Thus, from January to October 2011, the economy gained almost 100,000 employees, the best annual
performance after 1989. The official number of permanent employees in Q3 2011 was of 6.172 million,
up 139,000 from Q3, 2010.
The official unemployment rate came, in April 2011, to 5.41%, down from 6.87% in December and
8.07% in April 2010; the minimum was recorded in Bucharest (1.98%). Although the registered
unemployment rate declined further (5.1 percent against 5.3 percent in 2011 Q2), the estimated
unemployment rate points to a relative stability (at approximately 7.3 percent).
At the end of October 2011, the average net wage per economy was of 1,457 lei, up 8.7% from October
2010.
In the same period, the inflation dropped at 3.55%, thus the purchasing power has increased with about
5%.
The average net wage evolution, 2010-2011
As a result, in the third quarter of 2011 the consumption raised by 3.1%, the first increase since
the beginning of the crisis, and in Q4 the performance is expected to be even better, considering the
winter holiday period in December, when many companies give to the employees holiday bonuses.
4.2. Real estate market at the national level
The economic and financial turbulence hit all parts of the Romanian real estate sector and markets are
only now is beginning to see some patchy signs of stabilization. After three year of crisis, the real estate
market is more mature and follows with some delay, the evolution of the economy, as it is influenced by
interest rates and financing policy in general.
The conservative policy NBR and the problems encountered by several European banks, especially those
of Greece, tend to reduce lending and hence to limit the demand in the real estate market.
12
Also, both buyers and sellers have nowadays a better perception of value, whether it is a property or a
sum of money, and purchases are no longer based strictly on emotional factors, leaving more room for the
rational factors: prices, surfaces, etc. On the other hand, psychological factor acts as a brake, as buyers are
much more apprehensive about the purchase, especially in housing, seen by most of the population as the
most important investment in life.
The three quarters of 2011 have brought a sale boost compared to 2010 especially due to the “First
House IV” governmental program. Contrary to all expectation, the number of registered transactions in
the first ten months of 2011 increased from 472,240 to a total of 526,556 transactions. Of these, over 80%
are of housing sales.
Starting with October 2011, the trend was downward, due to the pessimistic forecasts and the anxiety on
the financial markets.
Residential market
The credit crunch has had an effect on the re-pricing of all apartments. However, the re-pricing was not
uniform and we can now see a two-tier market in the residential sector, with stronger price differences
between prime and secondary residential schemes depending on location, access to public transport,
quality of apartments, building structure etc, with prices better reflecting the individual scheme’s
qualities.
The three quarters of 2011 have brought a sale boost compared to 2010 especially due to the “First House
IV” program.
“First House IV” – started in June 2011, is a governmental program to sustain acquisition of a house by
young people which never had one, under special conditions:
• Interest rate for loans:
o in EURO will be maximum three-month EURIBOR + 4%;
o in RON will be maximum three months ROBOR + 2.5%.
• The maximum ceiling of loan guaranteed by the state program remained unchanged:
o 60,000 euros when buying an old house;
o 70,000 euros for new homes;
o 75,000 euros for building a house;
The
down payment remaining 5% of the building and commission of 0.49% per year to the
•
Guarantee Fund has not changed either.
• The state will not fully guarantee loans and banks will assume 50% default risk.
In H2 2011, the program “First House IV” facilitated the acquisition of ca. 15,034 units countrywide.
13
The state also supports the improvement of the “energy efficiency” of the old residential block of flats,
mainly through facade renovations, better insulation and new thermo glazed windows in Bucharest and
other major cities in Romania. The refurbishment costs are split between the state and the landlords,
which are allowed to spread the costs over a period of 20 years.
This will gradually improve the old stock of residential buildings in the major cities potentially closing
the gap in quality between old and new stock.
The number of building permits issued for residential buildings fell by 5.6 percent in the first nine months
of 2011, compared to the same period last year, down to 31,012, according to the National Statistics
Institute (INS).
3,800 building permits were issued for residential buildings in September 2011, down by 11.5 percent
compared to August 2011, and by 5.6 percent compared to September 2010.
Residential building permit issued, by development regions
Source: INS
For local residential market, 2011 was characterized by a clear trend towards price stability. According to
imobiliare.ro in the last 12 months the price difference was reduced significantly (only by 4.1%),
compared to 2009 and 2010, when prices fell by about 21% and 16%.
14
Imobiliare.ro Index for apartments, Romania level
In 2011, prices have decreased, followed by small increases, but the overall trend was slightly downward;
nationally the average price stood at 991 euro per square meter, about 4% less than the value of 1033 euro
recorded in early January 2011.
The annual evolution of prices was slightly different on the old and the new apartment segments, whether
in the first case the price trajectory was rather downward, in the second situation was reversed.
2011 trends:
•
•
•
•
atypical for the real estate market was that, in 2011, the positive sales evolution was registered even
in the summer period.
another essential difference from 2010 is the appearance of a new category of buyers, interested in the
buy-back system, usually requiring a larger area of the apartment and a bigger number of rooms.
Through the Buy-back system, the potential customer pays the advance for a new apartment through
his old one, where she/he can live until the completion of the new apartment, without paying rent.
demand for one bedroom apartments with prices of 40,000 - 45,000 euro (compared to studios, with
prices between 25,000 and 30,000 euro and to two bedroom apartments with prices between 65,000
and 70,000 euro).
the one bedroom apartments are no longer the top-selling properties. The most were traded in 2011
were studios and 2 bedrooms apartments.
15
Area
Studio
1 bedroom ap.
2 bedrooms ap.
Source: anunturiparticulari.ro
Land market
The volume of land transactions in 2011 slightly exceeded 55 hectares and the total value of the most
important purchases reached about 68 million euro.
In 2011 land transactions halved, compared to 2010, when only in Bucharest and its surroundings were
traded over 100 hectares, to a total of about 100 million euro.
The biggest transactions made in 2011 are:
No.
Buyer
Seller
Surface
(ha)
Location
Price
(milions
euro)
1 Auchan
Pryconsa
2.7 Bucharest, Drumul Taberei
21
2 Maveco Holdings
Jaffal Imad
35 Bucharest, Policolor
18
3 Ikea
Baduc
4 GED
Heineken
3.6 Bucharest, Militari
5 Polisano
Republica
0.5 Bucharest, Republica
6 NEPI
Dan Ostahie
5.8 Ploiesti
7 Alpha Property Development
Subex
1.9 Bacau
4.56
8 Dedeman
Ario Bistrita
1.9 Bistrita
1.6
2 Bucharest, Calea Plevnei
13
4
0.45
N.A.
16
Office buildings and commercial activities
In 2011, office construction activity was limited, with few sites in progress:
•
•
•
Sky Tower, near Aurel Vlaicu subway station - bought by Raiffeisen Bank Vienna, for
headquarters of the local subsidiary.
Ana Tower office building: partnership between Globe Trade Centre, the biggest developer of
offices in Romania, and businessman George Copos. Completion scheduled for 2013.
AFI Business Park, a complex of five office buildings located near the AFI Cotroceni Palace.
Rents for prime office remain stable, around 19 euro / sqm / month, and is expected to keep this level for
the first half of 2012. The vacancy rate decreased to 16.3% in office buildings class A and B.
In 2011, the most active areas were the center-north of Bucharest (32% of contracts), in Pipera North
(12% of contracts), and in Floreasca (11% of contracts).
Main transactions with commercial spaces in 2011:
•
•
MacroMall Brasov was sold by Carpathian Fund with 1 milion Euro.
City Mall Bucharest has been sold by UniCredit Tiriac Bank to a local developer, former owner
of City Mall. Transaction value was EUR 17.3 million.
17
4.3. Specific market of the valuated property
The land price in Timisoara – a relatively small number of land transactions was observed in 2011. The land surfaces from transactions are small,
suitable for individual dwellings. No major transaction was found during that period.
We performed a survey for collecting information about land market, we checked to notary offices, real estate brokers and announcements on
specialized sites. Because of the lack of real estate transparency deals in Romania, our analysis more elaborate on current market offers. We select
from the offers available a sufficient number of offers with similar characteristics like property appraised (location, surface, relevant information).
Also we performed a check of main residential projects in Timisoara, similar to Tagor project, used to obtain information for current
apartments’ selling prices:
Project
Location
Projected
Commercial
spaces
Projected
Units
Units
Rooms
Completion
Date
Stage
Price/sqm
Built
Units
sold
Comments
Fructus PlazaCavanaro
26, Gh.
Street
yes
81
1-4
2010
selling
1200
48
High,
and
better location
BogdanestilorBias
Calea
BogdanestilorMehala
yes
23
1-4
2009
selling
950
12
Medium and
better location
Global Imob
P-ta Aurora
yes
18
3, Ph
2010
selling
900
8
Less quality
Iris 2- Sedako
Calea Aradului
yes
43
1,2,3,4
2010
selling
865
32
Medium
quality
finishing
Iris 3- Sedako
Grigore
Alexandrescu
yes
57
2,3
2011
pre-selling
(october)
865
24
Medium
Grunwald- Mega
Group
Calea Lugojului
no
30
2,3
2009
selling
750
11
Medium
Lazar
18
Conclusions of apartments market analysis:
• Execution and sale period are around 2 years;
• The degree of finish is medium;
• The offer is made to suit “First House” requirements;
• The offer prices are in range of transaction prices from the notary office.
We also made researches regarding notary offices and all real estate transactions are made in front of a notary. Transaction prices are written in the
contracts. For this approach we have split the map of Timisoara in 4 areas, A being the best and D the worst located (this is not a general rule).
19
Selling prices for new apartments in Timisoara’s residential projects 01.01-30.09.2011 – information from local notary offices:
Price (€/built sqm)
Rooms:
Surface
A Area
B Area
C Area
D Area
1 room
<40 sqm
0
0
846
742
≥40 sqm
0
849
0
687
<70 sqm
1333
881 : 919
829 : 855
707
70 sqm - 90 sqm
1260
888 : 893
870 : 880
660
>90sqm
0
0
0
0
<80 sqm
987
0
853
793
80 sqm - 100 sqm
894
0
752
0
>100sqm
0
0
0
0
<110 sqm
0
0
0
0
≥110 sqm
0
0
0
0
0
0
758 : 793
0
0
2 rooms
3 rooms
4 rooms
PENTHOUSE
20
Note:
1. Values are expressed in Euro per square meter of built area.
2. The average value of transactions per square meter of built area (sqm) in the period 01.01.-30.09.2011
is 855 Euro.
3. The most demanded apartments are 1 room and 2 rooms.
4. The differences between them lies in the constructive elements of the site, built surface, equipments,
utilities, access roads, position, etc..
5. Incidentally, in some cases the selling price is lower than the initial offer price.
We have also researched the site www.imobiliare.ro, where it is published a price index for apartments in
Romania’s major cities for new and old apartments. The graphic for Timisoara is presented below (blue is
for new apartments):
It can be observed that prices have been stagnating in the year 2011. The price for a new apartment in
December is 885 Euro/sqm built.
21
Following the market analysis from the given area, we have selected the following comparable offers:
1st Offer (see annexes): Vacant land located on Ialomitei street, near Dedeman Store, and
close to Iulius Mall and Praktiker – Demetriade areas
o Offer from www. depozite-eurorent.ro, posted by Gratian , EURORENT Timisoara,
Str. Polona nr. 2, tel: 0720. 444.644
o
Vacant land, within the build-up area, of 3,600 sqm, with 50 m road openings;
o
Existing utility networks: fully equipped;
o
Residential / business center destination;
o
o
PUZ in process of approval: 2 UG+G+10;
The offer price is of 280 Euro/sqm.
2nd Offer (see annexes): Vacant land located on Calea Aradului – Felix Street area
o
Offer ID no. X1BR1301N from www. hitchmosher.ro, posted by Adrian COSTIL,
Hitch&Mosher, Str. Paul Chinezu nr. 2, et. 2, ap. 1, Timisoara, tel: 0256/430.221,
0747.770.077;
o
Vacant land, within the build-up area, with the surface of 4,709 sqm and a 46 m
opening to the road;
o
Existing utility networks: fully equipped;
o
Fit for residential / commercial destination;
o
PUD approved, building permit approved (for 129 apartments)
o
The offer price: 300 Euro/sqm.
3rd Offer (see annexes): Vacant land located in Ion Ionescu de la Brad Street
o Offer ID no. X1BR13007 from www. hitchmosher.ro, posted by Adrian COSTIL,
0747.770.077;
o
Land within the build-up area, with a total surface of 1,010 sqm and a 20 m opening
to the road;
o
Existing utilities networks: fully equipped;
o
Fit for residential development;
o
o
PUZ in process of approval (for G+4+5 limited);
22
4th Offer (see annexes): Vacant land located on the left side of Lipovei road
o
Offer ID no. X006130DL, from www.e-imobiliare.ro, [email protected], tel:
0256/221.484, 0742.088.129
o
Land for agriculture, inside build-up area, with posibility to be used for construction,
with a total surface of 17.000 sqm and a 47 m opening to the road;
o
o
o
The transaction price: 220 Euro/sqm
5th Offer (see annexes): Vacant land located on the left side of Torontalului road
o
Offer ID no. X1BR13024, from www. hitchmosher.ro, posted by Adrian COSTIL,
0747.770.077;
to the road;
o
o
PUZ in process of approval (for G+9+10 limited);
o
o
o
6th Offer (see annexes): Vacant land located on Stuparilor Street
o
Offer ID no. ACKRR, from www.norc.ro;
o
to the road;
o
o
o
PUD approved for one block house with max. 26 apartments (for UG+G+3 limited);
o
23
5. PROPERTY VALUATION
In accordance with International Valuation Standards, “Market value: is the estimated amount for which a
property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s
length transaction after proper marketing where the parties had each acted knowledgeably, prudently and
without compulsion”.
If there isn't an active market or the property is specialized, an asset can be valuated taking into
consideration the potential of services it can generate in the future, for instance the future economic
benefits represented by the asset in the sense of its potential to have a direct or indirect contribution to the
cash flows and the cash equivalents for the entity.
In this case, the fair value would be used. The fair value of the asset is generally used in the financial
reporting of the market value and also, of other, not based on market value, amounts. If the market value
of an asset can be determined, this amount will be equal with the fair value.
In addition to the facts presented above, the property valuation made in this report presupposes:
• approach based on market elements - through direct comparison method
• the established value is the Market value (in this case it is equal with the Fair value).
5.1 The direct comparison method
The major premise of the direct comparison approach is that the Market value of a real estate property is
in direct relation with the prices of competitive and comparable real estate properties.
The method of the direct comparison uses the process in which the Market value is estimated by
analyzing the market in order to find similar properties and compare them to the evaluated property.
The comparative analysis is based on the resemblances and the differences between properties and
transactions that influence the value.
Regarding the subject property, the direct comparison method can be applied because there are enough
offers for similar properties.
The selection of comparables was made, according to previous mentioning, following mainly:
• The closeness to the valuated property;
• The closeness of transaction/offer date to the valuation date.
We have searched significantly recent transactions or similar offers, comparable by means of surface,
location and existing utilities, in the analyzed area, north and west part of the city, namely Ion Ionescu de
la Brad neighborhood, Calea Lipovei, Calea Aradul and the entrance in Dumbravita village.
24
As a general characteristic of the real estate market, the land is a limited resource, and each land presents
unique characteristics; at the same time, the offers of lands with big surfaces within the cities are limited.
What follows is the lack of offers or transactions with similar, comparable dimensions.
The offers of land with small surfaces usually have bigger values per sqm and the negotiation margin is
smaller, whereas the offers with big surfaces have smaller prices per sqm and the negotiation margin is
much bigger.
Following the market analysis from the given area, we have selected the following comparable offers see annex.
In using the comparison method, respectively in making the data grid, the following comparison criteria
shall be used:
1 Transaction/offer: refers to the date of transaction/ offer, reflecting the market conditions and the
possibility of negotiating the price which is valid at that time. The correction applied in accordance
with this criterion expresses:
• The hardening of financial conditions related to the financial effort;
• The sellers’ willingness to negotiate in the analyzed area (it has been shown that there is a
pretty limited interval for negotiation under normal conditions, the sellers knowing the history
of past transactions to which they refer);
After talking to real estate agents about the comparable offers no. 4 and 5, and accordingly to
market evolution, a 50% negative correction was applied on offer no. 5 and a 25% negative
correction was applied on offer no. 4.
Also we used, based on information received, a 10% negative correction was applied on offer
nos. 1, 2 and 3 and 5% negative correction was applied on offer no. 6.
Due to the present economic conditions, the number of investors has diminished, and the sellers
accept these margins, especially when it comes to important transactions sums of money. What is
more, we have obtained this margin after we have also discussed with real estate agents, who
know the minimum limit up to which the buyers are willing to negotiate.
2 The surface of the land: it is known that by increasing the surface of the land, the financial effort
increases and the number of potential buyers’ decreases, thus the unitary price tends to decrease. In
the case of lots jointed, the largest jointed area is taken into consideration;
There is limited number of offers for big surface plots within de build-up area of the city, and none
in the subject property’s area, thus negative corrections were applied on all offers, as follows:
o -15% on offers no. 4 and 5, with surfaces of about 30% of the valued plot of land;
o -30% on offers no. 1 and 2, with surfaces smaller then 10% of the valued plot of land;
o -40% on offers no. 3 and 6, with surfaces smaller then 5% of the valued plot of land.
Also, smaller surfaces are much easily sold, due to the smaller transaction sum.
3 The location: built-up/unincorporated area or the belonging to field considered better. The
correction is of 10-20 E/sqm in favor of the land located in the built-up area. It offers the
possibility of immediate construction, of course providing that one has obtained all legal
documents (as for the valuated plot, the terms necessary for obtaining the permits have already
been met, according to the hypothesis).
25
All comparable offers are located within the built-up area of Timisoara. Offers no. 2, 3 and 6
have the same position as the subject property, so no correction was applied. The 1st offer has a
better position, near Iulius Mall; its price was decreased with 10 Euro.
All other offers have worst positions so their prices were corrected with 10 Euro, considerate a
reasonable amount to justify the difference between the two locations.
4 The technical and urbanite equipment and the distance from the public networks of gas, water,
sewage, electricity (if they exist), the type of road to which the land has access. The coefficients
vary with the distance to the utilities and they cumulate one with each other;
The 2nd, 3rd, 4th and 5th Offers have similar endowments, so no correction was applied.. On the 1st
and 6th Offers a 5% correction was applied because of the difficult access to the land.
5 The shape and the dimensions, the possibility of future division in lots: max. 25%. This criterion
makes practical impossible to diminish the unitary price for the transaction for the big surface.
This explains why lands with big surfaces have practically the same value with small plots, only in
as much as it creates the premises of a future residential development;
A 5% correction was applied on the 4th offer, due to the shape and size characteristics of the plot,
less favorable for residential development.
6 Strong points given by the proximity to the forest (or an opening at the forest skirt), lake, future
projects (highway, belt highway), variable according to the precise location of the valuated land;
A -5% negative correction was applied on the 2nd offer, due to its better position, with good
visibility towards Calea Aradului and Felix street , and a 5% correction on the 4th offer (ring road
traffic) and the 6th offer (plot behind old block houses, with no visibility).
7 Possible restrictions/limitations given by the location (gas pipes, L.E.A., public roads extension,
the routes of future public roads).
A 5% correction was applied on the 4th offer, as the plot of land is intended for agricultural use.
8 Additional criteria: in the case of lands within the built-up area, the building restrictions
imposed by the Urbanism Certificate will be additionally analyzed (P.O.T. max., C.U.T. max.,
alignment retreat) which express the most efficient use of the land.
Offers no. 2 and 6 have PUD/PUZ approved, thus negative corrections of -3 Euro were applied.
The property on Offer no. 4 has no PUD/PUZ approved, thus a 3 Euro correction was applied, for
taxes.
In order to reach a value, the valuer calculates the amount of the corrections and a bigger trust will be
granted to that property that registers the smallest total net corrections reported to the price of the
transaction/offer.
The grid of the market data - is annexed to the present report.
The unitary value of the land is rounded to:
V= 177 Euro/sqm.
The total value of the land (S=61.825 mp) is:
10,940,000Euros
26
6. APPENDIX
•
•
•
•
•
Comparison grid
Offers location map
Offers of free land properties
Photos of the valuated property
Copies of valuer’s Identification Card
27
Comparison Grid
Address:
Property:
Date:
Comparison element
Timis County, Timisoara City, Lipovei area
Land
12/31/2011
Valued land
Unitary price [Euro/sqm]
1 Tranzaction/ offer
Correction [%]
Corrected price [Euro/sqm]
2 Surface
Surface correction[%]
Corrected price
3 Location
Correction [EURO/sqm]
4 Infrastructure (utilities systems,
access road)
???
Favorable for
residential
development 2
fronts
Padurea Verde
direct vicinity
Free land with no
restrictions
Correction [%]
8 Buiding restrictions established by the PUZ in the proccess of
urbanism regulations (the coefficients approval - I consider
POT=30-40%, CUT 2cumulative)
2.5; Rh=G+7
Correction [EURO]
CUT
Rh=P+7E
Unitary Value Resulted [EUR/sqm]: 177
Brut correction
% Brut correction
Net correction related to offer
% Net correction related to offer
Offer no. 4
327
220
Offer no. 5
400
Offer no. 6
278
offer
offer
offer
offer
offer
-10%
-10%
-10%
-25%
-50%
-5%
252
270
294.3
165
200
264.1
28
30
32.7
55
200
13.9
3,600
4,709
1,010
17,000
17,000
1,440
61,825
-30%
-30%
-40.0%
-15.0%
-15.0%
-40.0%
10,943,000
176.40
189.00
176.58
140.25
170.00
158.46
75.6
81
117.72
24.75
30
105.64
Exit to Dumbravita better position,
near Iulius Mall same position
same position
worst position worst position
same position
-10.00
0.00
0.00
10.00
10.00
0.00
166.40
189.00
176.58
150.25
180.00
158.46
10
0
0
10
10
0
Fully equipped, Fully equipped, Fully equipped, Fully equipped, Fully equipped, Fully equipped, Fully equipped,
with access by two
second plot direct access to
main road
main road
main road
secondary road
roads
from street
main road
access
access
access
access
Correction [%]
Corrected price
7 Possible restrictions (network
electricity. main gas pipe line. public
roads (existing or in project) etc.)
300
Offer no. 3
offer
Correction [%]
6 Strengths (vecinatate forest/ lake/ DN
vicinity, future projects, etc.)
Offer no. 2
280
Correction [%]
5 Shape and size (possibility to parcel
out for future residential
development)
Offer no. 1
2-2.5;
5.0%
0.0%
0.0%
0.0%
0.0%
5.0%
174.72
189.00
176.58
150.25
180.00
166.38
8.32
0.00
0.00
0.00
0.00
7.92
Favorable for Favorable for Favorable for Less favorable Favorable for Favorable for
residential
residential
residential
for residential
residential
residential
development
development
development
development
development
development
1:1.5
1 front
1 front
1 front
1 front
1 front
1:2.23
1:2.5
1:7.7
1:3
1:3.6
0%
0%
0%
5%
174.72
189.00
176.58
157.76
0.00
0.00
0.00
7.51
Str. Ialomitei, Calea Aradului Ion Ionescu de la Left side of
near Dedeman
with Felix
Brad st.
Lipovei road,
Store
Street, good
ring road traffic
visibility
0%
0%
180.00
166.38
0.00
0.00
Left side of Stuparilor Street,
Tolontalului
no visibilty,
road
backside of old
blocks
0%
-5%
0%
5%
0%
5%
174.72
179.55
176.58
165.65
180.00
174.70
0.00
9.45
0.00
7.89
0.00
8.32
No restrictions No restrictions
No restrictions Land
for No restrictions No restrictions
agriculture,
inside build-up
area,
with
posibility to be
used
for
construction
0%
0%
0%
174.72
179.55
176.58
0.00
0.00
0.00
PUD in
PUD approved, PUD in proccess
proccess of
building premit
of approval
approval
approved, 129 G+4+5 limited
2UG+G+10
apartments
0
175
0.28
5%
173.93
8.28
No
0%
0%
180.00
174.70
0.00
0.00
PUZ in proccess PUZ approved,
of approval
UG+G+3
G+9+10 limited
-3
177
2.55
0
177
0.42
3
177
3.07
0
180
0.00
-3
172
2.70
123
41%
-123
-41.00%
151
46%
-150
-45.87%
117
53%
-43
-19.55%
240
60%
-220
-55.00%
138
50%
-106
-38.13%
Total Value 10,940,000
122
44%
-105
-37.50%
Offers MapTimisoara
PDF processed with CutePDF evaluation edition www.CutePDF.com
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De vanzare teren edificabil, intravilan, situat in Timisoara, zona Felix, judetul Timis, cu proiect rezidential,
autorizatie de construire obtinuta, pentru edficarea a129 de apartamente.
Suprafata totala a terenului este de 4.709 mp, cu un front stradal de 46 ml x 102 ml.
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330.000 EUR
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327 EUR
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1010
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Vanzare teren Ion Ionescu de la Brad, Timisoara
Teren de vanzare, cu suprafta totala de 1.010 mp, situat in zona Lipovei, localitatea Timisoara, judetul Timis,
ideal pentru dezvoltare proiect rezidential.
Utilitatile sunt situate in imediata apropiere.
Vicii: Nu exista.
Vecinătăți: Kaufland, Mall, zona limitrofa
Utilități: Apa, Canalizare, Gaz, Curent, Curent trifazic
Zona: I. I. de la Brad
Alte detalii zona: Amenajare strazi (asfaltate), Mijloace de transport, Iluminat stradal
Detalii anunț imobiliar: Vanzare teren Ion Ionescu de la Brad, Timisoara
Oferte similare în apropiere
Vanzare teren Ion Ionescu de la Brad,
Timisoara
128.500 EUR
570 mp
Zile in Norc: 125
Hartă & street-view
51.200 EUR
640 mp
Zile in Norc: 132
2/7/2012 6:03 AM
Vanzare teren Ion Ionescu de la Brad, Timisoara, ae7hb
2 din 2
http://www.norc-imobiliare.ro/vanzare-teren--ion-ionescu-de-la-brad-tim...
Vânzare teren in zona ...
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sigură
Impresie generală:
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Fabric
Fratelia
Freidorf
Ghirodei
Vanzare teren Ion
Ionescu de la Brad,
Girocului
51.200 EUR
Timisoara
Ion Ionescu de la Brad
Puncte de 128.500
interes situate
la maxim 2 km de această
EUR
Iosefin
Lunei
proprietate.
Mehala
Mircea cel Batran
Transport în comun
Educație
Odobescu
la 0.78 km
Gradinita 27
Plopi
grădinițe
Ronat
Anunturi imobiliare in Bucuresti | Anunturi imobiliare in Ploiesti |Gradinita
Anunturi imobiliare
in Timisoara
| Anunturi
imobiliare
in Cluj-Napoca
| Anunturi
imobiliare in Brasov | Anunturi imobiliare in Arad |
la 0.97
km
particulara
Children
Care
Soarelui
Anunturi imobiliare in Targoviste
| Anunturi imobiliare in Chitila | Anunturi imobiliare in Navodari | Anunturi
imobiliare in Oradea |
Centrer
Steaua
Anunturi imobiliare | Caută utilizator
Telegrafului
grădinițe
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Gradinita nr 47
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la 0.15 km
Imperial
la 0.34 km
fitness, masaj, solar
Fotbal Club Ripensia 2000
Timisoara
Urmează-ne pe Twitter
hotel, hotel ***, internațional
la 1.18 km
Angellis
la 1.29 km
hotel, hotel ****, internațional
Adriatico
la 0.76 km
italian, pizza, hotel, hotel ***
Pizza Amedeea
la 1.01 km
românesc, pizza, italian
Burgund
la 1.06 km
internațional, românesc
2/7/2012 6:03 AM
IMG_3656
IMG_3659
IMG_3655
IMG_3657
Tagor - Timisoara Land - Photos of the valuated property
IMG_3661
IMG_3663
IMG_3660
IMG_3662

S.C. SIGMA BUSINESS CONSULT S.R.L.

Transcription

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