Complete Power Point Presentation for CLIENTS


La Breza Hotel
Quezon City
Sotogrande Hotel
CEBU
La Mirada
CEBU
Splendido Taal Tower 2
TAGAYTAY
Stradella at East
Bel-Air
CAINTA, RIZAL
Arterra Residences
CEBU
Your investment haven
SOTOGRANDE DAVAO
The first condotel development in Davao worth investing

 1st “Full” Condotel/Hotel Development in Davao
City
 Located at Riverfront Corporate City (along Maa Diversion) particularly at Block 24 – Lots 6, 7
& 8 covering a land area of 3,265 sq.m.
 Strategically located only 10 minutes from
Francisco Bangoy International Airport
STRATEGICALLY LOCATED

ONLY 10 MINUTES FROM THE AIRPORT; ALONG MA-A DIVERSION

SOTOGRANDE DAVAO
The first condotel development in Davao worth investing

 20 Storey studio, 1BR & 2BR fully furnished
condotel/hotel units and serviced apartments
 Will have a ballroom, piano bar, swimming pool,
function rooms, coffee shop & gym
 Buyers can have access at Rancho Palos Verdes
Country Club
 Very near tourists spots in Davao
SOTOGRANDE’S CONDOTEL

WHAT IS A CONDOTEL?
A condominium project that is operated as
a hotel with a registration desk, cleaning
service and more.
The units are individually owned.
Unit owners shall place their unit in the
hotels rental program where it is rented
out like any other hotel room.
SOTOGRANDE’S CONDOTEL

WHAT IS A SERVICED APARTMENT?
These are units located from the 16th to
20th floors of Sotogrande Davao.
The units are individually owned.
These are still part of the condotel
operations and as such, will also be
included in the computation of dividend
sharing.
SOTOGRANDE’S CONDOTEL

WHAT IS A SERVICED APARTMENT?
This is more of a home away from home
type of accommodation rather than just a
hotel room with a bed & bathroom.
Guests, in particular long term, need to feel
at home, be able to prepare their own
meals rather than just relying on the hotel
restaurant.
SOTOGRANDE’S CONDOTEL

WHAT IS A SERVICED APARTMENT?
Also enjoys the benefits of having the room
or unit cleaned and linens changed.
WHY INVEST IN A CONDOTEL
ADVANTAGES
DISADVANTAGES

1.
Hassle-free
ownership;
no 1. Your
landlord issues; avoid maintenance welcome
headaches
pets
are
not
always
2. Generate rental revenue to offset 2. Your unit may not be available on
some or maybe all your ownership short notice, so reservations of your
expenses
own unit may require as much as 60
days notice
3. A fantastic vacation home you 3. Your unit is subject to the same
can use whenever you want; “free” dips in the market that affect all
vacation anytime
hotels in the competitive market set
4. A safe real estate investment in a
day
and
age
where
other
investments may seem more risky
or less attractive
5. Strong likelihood of appreciation
6. Pride of ownership
SOTOGRANDE’S CONDOTEL

WHO WILL OPERATE SOTOGRANDE HOTEL?
SOTOGRANDE will be operated by Sta.
Lucia’s Hotel Management Group, a whollyowned subsidiary of Sta. Lucia Land, Inc.
A company dedicated, established in 2008
and is currently operating 3 condominium
hotel projects of Sta. Lucia : Sotogrande, La
Mirada and La Breza.
SOTOGRANDE’S CONDOTEL

HOW LONG WILL THE UNIT BE PART OF
THE HOTEL POOL?
The condotel unit will be a part of the hotel
pool for 15 years.
SOTOGRANDE’S CONDOTEL

WHAT BENEFITS DO I GET IF I INVEST IN
CONDOTEL
Quarterly dividends
30 room nights free every year – option
to use 3 nights/year/other hotels of Sta.
Lucia
SOTOGRANDE’S CONDOTEL

WILL UNIT OWNER STILL GET DIVIDENDS
EVEN IF UNIT WAS NOT RENTED?
Yes! A condominium hotel owner will still
be entitled dividends in Net Room
Revenue regardless of whether the unit
was actually rented or not.
Net Room revenue generated from all
hotel units are issued to all hotel unit
owners (pro-rated on a per sq.m. basis)
after the end of each quarter.
SOTOGRANDE’S CONDOTEL

WHAT ARE THE ADVANTAGES OF THE UNIT OWNER
WITH STA. LUCIA AS HOTEL OPERATOR
A “worry free” investment because the hotel operator
manages the leasing of the hotel rooms, their
maintenance, refurbishment and improvement as well
as their operating expenses, real property taxes,
association dues, common area charges, utilities,
insurance and other related expenses
An independent auditor, accredited with the Philippine
Securities and Exchange Commission, will be hired to
audit, examine or review the hotel operator’s annual
operating statement.
SOTOGRANDE’S CONDOTEL

WHAT ARE THE ADVANTAGES OF THE UNIT OWNER
WITH STA. LUCIA AS HOTEL OPERATOR
Very low property management fee of 30% only
compared to others with 50% - 60%
Experienced hotel property management group with 3
operational hotels to date –really after the income
commitment to investors
Property Management now have tie-ups with
agoda.com, booking.com, expedia.com, orbitz.com,
asiaroom.com, hotels.com, etc.
SOTOGRANDE’S CONDOTEL

WHEN CAN A UNIT OWNER START GETTING
DIVIDENDS & 30 ROOM NIGHTS FREE?
 ONCE THE HOTEL / CONDOTEL IS OPERATIONAL
PROVIDED THAT:
 FULLY PAID WITH THE REQUIRED DOWN PAYMENT
FOR THE HOTEL / CONDOTEL PROJECT
 SLLI RECEIVED BANK GUARANTEE FROM THE BANK FOR
THE BALANCE
 BUYER IS OF GOOD STANDING : MEANING THAT THE BUYER IS
RELIGIOUSLY PAYING HIS/HER MONTHLY AMORTIZATION
EVEN IF THE HOTEL/CONDOTEL IS NOT YET OPERATIONAL.
(Postdated Checks [PDC’s] are required to start being entitled to
dividends)
HOTEL COMPOSITION
(Lower Ground to Second Floor)

•LOWER GROUND FLOOR
•UPPER GROUND FLOOR
:
:
•SECOND FLOOR
:
18 Parking Slots
Main Lobby
Reception
Business Center
Piano Bar
Coffee Shop
Ballroom
Swimming Pool
Function Rooms
Gym
HOTEL FACILITIES & AMENITIES








Lap pool
Kiddie pool
Jacuzzi area
Poolside bar
Gym
Coffee Lounge / Restaurant
Piano Bar
LEVEL
TOTAL UNITS
STUDIO
1BR
2BR
3rd Floor
20
18
2
-
4th Floor
20
18
2
-
5th Floor
20
18
2
-
6th Floor
20
18
2
-
20
18
2
-
20
18
2
-
9th Floor
20
18
2
-
10th Floor
20
18
2
-
11th Floor
20
18
2
-
12th Floor
20
18
2
-
12A Floor
20
18
2
-
14th Floor
20
18
2
-
15th Floor
20
18
2
-
TOTAL CONDOTEL UNITS
260
234
26
-
16th Floor
14
6
6
2
17th Floor
14
6
6
2
18th Floor
14
6
6
2
19th Floor
14
6
6
2
20th Floor
14
6
6
2
TOTAL SERVICED APARTMENTS
70
30
30
10
TOTAL NO. OF UNITS
330
264
56
10
7th Floor
8th Floor

HOTEL
COMPOSITION
(3rd Floor)
•18 Studio Units
•2 – 1BR Units
•Total 20 Units
HOTEL
COMPOSITION
(4th to 15th Floors)
•18 Studio Units
•2 – 1BR Units
•Total 20 Units per
floor
SERVICED
APARTMENTS
COMPOSITION
(16th to 20th
Floors)
•6 Studio Units
•6 – 1BR Units
•2 – 2BR Units
•Total 14 Units per
floor
Davao Riverfront Residential &
Commercial Development &
Ma-a Diversion Road
Rancho Palos
Verdes Sports
& Country Club

Davao River,
Davao
Riverfront
Corporate City
& MT. APO
Davao
Crocodile Park
& Davao
Riverfront
Corporate City
Davao Riverfront Residential &
Commercial Development &
Ma-a Diversion Road
Davao River,
Davao
Riverfront
Corporate City
& MT. APO

Rancho Palos
Verdes Sports
& Country Club
Davao
Crocodile Park
& Davao
Riverfront
Corporate City
UNITS K to T
facing
Rancho Palos
Verdes Sports
& Country Club


UNITS J & K
facing
Davao Riverfront Residential
& Commercial Development
and Ma-a Diversion Road

UNITS A to J
facing
Davao River,
Davao
Riverfont
Corporate City
& MT. APO

UNITS A & T
facing
Davao Crocodile Park
& Davao Riverfront
Corporate City
LUXURY, CONVENIENCE &
INVESTMENT

TYPICAL LAYOUT OF STUDIO HOTEL UNITS

Unit STUDIO A
24.50
Balcony
12.95
Total
37.45
AVERAGE PRICE :
PHP 3.177M FULLY FURNISHED
TYPICAL LAYOUT OF STUDIO HOTEL UNITS

Unit STUDIO A-1-1
24.50
Balcony
4.20
Total
28.70
AVERAGE PRICE :
PHP 2.5M FULLY FURNISHED
TYPICAL LAYOUT OF STUDIO HOTEL UNITS

Unit STUDIO A-2
24.50
Balcony
-
Total
24.50
AVERAGE PRICE :
PHP 2.2M FULLY FURNISHED
TYPICAL LAYOUT OF STUDIO HOTEL UNITS

Unit STUDIO B
32.80
Balcony
10.00
Total
42.80
AVERAGE PRICE :
PHP 3.987M FULLY FURNISHED
TYPICAL LAYOUT OF STUDIO HOTEL UNITS

Unit STUDIO B-1
32.80
Balcony
2.70
Total
35.50
AVERAGE PRICE :
PHP 3.0M FULLY FURNISHED
TYPICAL LAYOUT OF 1BR HOTEL UNITS

Unit 1BR - A
40.25
Balcony
17.15
Total
57.40
AVERAGE PRICE :
PHP 5.548M FULLY FURNISHED
TYPICAL LAYOUT OF 1BR HOTEL UNITS

Unit 1BR – A1
40.25
Balcony
8.40
Total
48.65
AVERAGE PRICE :
PHP 4.847M FULLY FURNISHED
TYPICAL LAYOUT OF 1BR HOTEL UNITS

Unit 1BR – A2
40.25
Balcony
-
Total
40.25
AVERAGE PRICE :
PHP 4.197M FULLY FURNISHED
FULLY FURNISHED UNITS READY FOR HOTEL OPERATION
PARTICULARS
STUDIO
1BR
APPLIANCES
32” TV
1
2
Window Type Aircon
1
2
Water Heater
1
1
Hair Dryer
1
Flat Iron

PARTICULARS
STUDIO
1BR
TOILET & BATH
yes
yes
Carpet
yes
yes
1
Curtains
yes
yes
1
1
Safety Deposit Box
1
1
Water Kettle
1
1
Personal Refrigerator
1
1
yes
yes
Bed with Headboard
2
2
Arm Chair
1
1
Side Table
1
1
Luggage Rack
1
1
TV Table
1
2
Lampshade/s
1
2
Mirror
1
1
Sofa
none
1
FURNITURES
Bath Tub
OTHERS
KITCHEN
Cabinet / Bar


DAVAO is a great place to LIVE,
WORK & PLAY

It is a bustling urban center with dynamic
economy
It is one of the major metropolitan areas in
the Philippines
 It is a city of awards
Enjoys best Tropics, perfect weather
 Top 10 Asian Cities of the Future (by Foreign
Direct Magazine of the Financial Times
Group)
DAVAO is a great place to LIVE,
WORK & PLAY

One of the Top Metropolitan Cities that has a
business environment favorable to investors
(by Asian Institute of Management Policy
Center)
7 times larger than Cebu City
3 times larger that Metro Manila
WHY INVEST IN DAVAO

①LINKAGES & ACCESSIBILITY
•Davao City is strategically located in
Southeastern Philippines.
•It has air and sea linkages to major
points of destination in the country and
the rest of the world.
•Goods and people can also be
transported by land via the PhilippineJapan Friendship highway.
WHY INVEST IN DAVAO

①LINKAGES & ACCESSIBILITY
•The new Davao International Airport is one of the
busiest airports in the Philippines with daily flights
to major destinations in the country.
•Davao City also serves as your gateway to the
sub-regional trade bloc known as the East ASEAN
growth area with direct flights to Singapore and
Indonesia. Modern infrastructure and facilities
present in the City provide businessmen access to
the 25 million market of Mindanao and the 56
million market of the BIMP-EAGA.
WHY INVEST IN DAVAO

①LINKAGES & ACCESSIBILITY
•Direct flights to and from major cities in the Philippines and Asia through Francisco
Bangoy International Airport
AIRLINES
DESTINATIONS
DOMESTIC
Air Asia Zest
Manila, Cebu
Cebu Pacific
Bacolod, Cagayan de Oro, Cebu, Dipolog, Iloilo, Manila, Puerto
Princesa, Zamboanga
Philippine Airlines
Manila
PAL Express
Cagayan de Oro, Cebu, Zamboanga
SkyJet (Charter)
Catarman, Caticlan, Siargao, Surigao, Tablas, Tagbilaran, Tuguegarao
Tiger Air
Clark, Manila
INTERNATIONAL
Fil-Asian Airways
Manado (Indonesia)
Silk Air
Singapore
WHY INVEST IN DAVAO

②EFFICIENT PUBLIC UTILITIES
•Davao City has excellent public utilities that offer the
best products and services.
•Abundance in the supply of (piped) potable water.
•There is availability of cost-efficient electricity through
hydropower generation.
•State-of-the-art telecommunications facilities connect
its people to the rest of the world. (phone companies,
internet service providers, cable TV, computer vendors
continually offered new products.
WHY INVEST IN DAVAO

③REGIONAL CENTER OF THE PHILIPPINES SOUTH
•The City is host to regional centers and headquarters
of government and private agencies whose scope of
operational jurisdiction covers Southern Philippines or
the island of Mindanao. -- the reason why many
organizations consider the City as the de facto capital
of Mindanao.
•Considered as the financial center of the Mindanao
Island with more than 1,000 institutions classified as
banks, non-bank financing, and lending agencies.
WHY INVEST IN DAVAO

③REGIONAL CENTER OF THE PHILIPPINES SOUTH
Also the center for learning, education, and
trainings in Mindanao with 39 tertiary
education institutions classified as universities
(including the University of the PhilippinesMindanao), colleges, and technical schools
that regularly supply the City of needed
expertise and manpower.
WHY INVEST IN DAVAO

④MOST PEACEFUL CITY IN SOUTH EAST
Davao is one of the most peaceful cities in Asia with
a monthly crime index of 0.8 cases per 10,000
persons per month.
Its Davao Police Office is a consistent top pick for
the Country’s Best Police Office Award.
The City has also established the 911 central
communications and emergency response center in
2002 to lessen crime incidences as well as preserve
lives and properties.
WHY INVEST IN DAVAO

⑤COMPETITIVE COST OF DOING BUSINESS
•Rates of public utilities, real estate, rentals
for commercial spaces, accommodations,
labor, raw materials, and other business
related inputs are comparatively cheaper
than other major cities in Asia.
•This factor is seen vital in achieving a
healthy return on investments.
WHY INVEST IN DAVAO

⑥BEST PROFESSIONAL & LABORER
•The City is home to the best professionals and
laborers in Southern Philippines.
•Its human resources are touted as competent,
highly literate, English-speaking and very costeffective.
•Davao is the biggest producer of engineers,
computer programmers, medical practitioners,
accountants, lawyers, and other skilled labor in the
region.
WHY INVEST IN DAVAO

⑦FRUIT BASKET OF THE COUNTRY
•Almost all kinds of fruits grow in abundance in the
City, famous for its exotic Durian.
•The City is one of the biggest exporters of banana in
Asia.
•Other fresh produce includes delectable delights
such as the pomelo, mango, mangosteen, rambutan,
strawberry, lanzones, and pineapple among others.
Aside from this edge, the City functions as the tradeoff point of Mindanao’s high value crops.
WHY INVEST IN DAVAO

⑧INVESTOR FRIENDLY CITY
•Investors are well taken cared of in Davao City.
•Being the pioneer city in establishing an
investment promotion center that provides free
professional assistance including processing of
applications for local fiscal incentives, the local
government sees to it that investors are
provided the red carpet in starting business as
easy as possible.
WHY INVEST IN DAVAO

⑨RESPONSIVE & FORWARD LOOKING GOVERNMENT
•The City Government of Davao is very
positive on developmental projects.
•Infrastructure modernizations such as
international
standard
airport,
roads,
bridges, and seaports are being done in
response to the present challenges of the
new millennium.
WHY INVEST IN DAVAO

⑨RESPONSIVE & FORWARD LOOKING GOVERNMENT
•The city’s priorities are:
Peace and Order
Infrastructure
Health
Environment
Education
Social Services
Shelter
Livelihood
Agriculture
Fishery Development
Investment & Tourism
Revenue Enhancement
Sports Development
Good Governance
MARKET FOR HOTEL

M.I.C.E. (Meetings, Incentives, Conventions &
Exhibitions)
2013 is a clear indication of the city’s readiness to host
huge, world-class M.I.C.E. activities.
 Favored weekend shopping destination from
neighboring localities due to the presence and
establishment of big malls, shopping centers and outlets.
 Strong Domestic Tourists (90%) - This is due to the
additional flight connectivity from Davao to Clark, Puerto
Princesa City, Kalibo, Butuan and Dipolog and vice versa
that allowed visitors to easily reach the metropolis.
 10% foreign tourist arrival (Koreans, Japanese, Australians
& Chinese)
DAVAO TOURIST ARRIVAL

YEAR
2009
2010
2011
2012
2013
TOURISTS
682,821.00
744,275.00
1,075,000.00
1,320,000.00
1,620,837.21
% INC
9%
44%
23%
23%
 There are 176 hotels in Davao with a total of 7000 rooms.
SOTOGRANDE’S POSITIONING

Since local/domestic tourists is the main market,
Sotogrande will be positioned as First class business
hotel with Standard Hotel rates
This is to attract the M.I.C.E (Meetings, Incentives,
Convention & Exhibitions) since Sotogrande will have the
most number of hotel rooms in Davao beating Marco Polo
at 245 rooms & Park Inn Radisson with 200 rooms.
Accreditation by Davao Tourism Department as business
hotel (standard) to cater to the growing and increasing
M.I.C.E market
SOTOGRANDE’S POSITIONING

Accreditation by Davao Tourism Department as business
hotel (standard) to cater to the growing and increasing
M.I.C.E market
One of the biggest events participated actively by the tourism
industry in Davao City was the recently-concluded M.I.C.E.
Conference, which drew hundreds of delegates from various
Asian countries, as well as North America and Europe.
Sotogrande is located within the complex that houses
Davao’s 2nd top tourist attraction: The Crocodile Farm.
Also within the complex are tourist attractions like:
Davao Butterfly House, Tribu K Mindanawan,
Riverwalk Grill and Davao Wild Water Adventure.
DAVAO HOTEL INDUSTRY
NUMBER OF ROOMS
TOTAL CONDOTEL ROOM
STUDIO
1BR
TOTAL ROOMS PER MO.
STUDIO
1BR
PRICE/ROOM TYPE
STUDIO
INDUSTRY STUDY
Davao Hotels

260.00
234.00
26.00
7,800.00
7,020.00
780.00
2,500.00
OCCUPANCY
# OF
ROOMS
#OCCUPIED/
MONTH
RATE/
NIGHT
CLASSIFICATION
Marco Polo Hotel
68%
245
4,998.00
4,500.00
DELUXE HOTEL
Park Inn
66%
204
4,039.20
3,192.00
DELUXE HOTEL
Microtel
75%
51
1,147.50
3,700.00
STANDARD HOTEL
Sta. Lucia Condotels
65%
Average Occupancy Rate of Davao
56%
TOTAL CONDOTEL / HOTEL ROOMS / SERVICED APARTMENTS
TOTAL ROOMS BREAKDOWN
STUDIO
1BR
2BR
TOTAL ROOMS/MONTH
STUDIO
1BR
2BR
AVERAGE OCCUPANCY RATE
TOTAL OCCUPIED ROOMS/MONTH
STUDIO
1BR
2BR
TOTAL ROOMS OCCUPIED/MONTH
GROSS HOTEL ROOM SALES
STUDIO @ Php 2,500/night
1BR @ Php 3,500/night
2BR @ Php 4,000/night
GROSS SALES PER MONTH
LESS :
OPERATING EXPENSES (Php1,200/RM)
NET INCOME BEFORE MANAGEMENT FEE
30% MANAGEMENT FEE
NET INCOME AFTER MANAGEMENT FEE
TOTAL FLOOR AREA OF HOTEL ROOMS & SERVICED APARTMENTS
PROJECTED INCOME/SQUARE METER
AVERAGE UNIT AREA
AVERAGE GROSS INCOME PER UNIT PER MONTH
PESO VALUE OF ROOM NIGHTS PER MONTH
PROJECTED GROSS REVENUE PER MONTH
LESS :
ASSOCIATION DUES (sample Php50.00 per sq.m.)
REAL PROPERTY TAX
PROJECTED NET INCOME PER UNIT & FREE ROOM
PROJECTED NET CASH INCOME PER UNIT
PROJECTED INCOME PER ANNUM:
PROJECTED INCOME PER YEAR WITH FREE ROOM NIGHTS
PROJECTED CASH INCOME PER ANNUM
RETURN ON INVESTMENT: (Sample Unit Basis - 4G Studio A2 - 24.5 sq.m.)
PROJECTED INCOME PER YEAR WITH FREE ROOM NIGHTS
PROJECTED CASH INCOME PER ANNUM
LOWEST OF
STA. LUCIA
35%
330.00
264.00
56.00
10.00
OCCUPANCY RATES
PROJECTED
AVE. OF
AVERAGE OF
OCCUPANCY
OCCUPANCY
OCCUPANCY
DAVAO HOTELS
STA. LUCIA
DELUXE HOTEL STANDARD HOTEL
50%
56%
65%
68%
75%
330.00
330.00
330.00
330.00
330.00
264.00
56.00
10.00
264.00
56.00
10.00
264.00
56.00
10.00
264.00
56.00
10.00
264.00
56.00
10.00
7,920.00
1,680.00
300.00
35%
7,920.00
1,680.00
300.00
50%
7,920.00
1,680.00
300.00
56%
7,920.00
1,680.00
300.00
65%
7,920.00
1,680.00
300.00
68%
7,920.00
1,680.00
300.00
75%
2,772.00
588.00
105.00
2,877.00
3,960.00
840.00
150.00
4,110.00
4,435.20
940.80
168.00
4,603.20
5,148.00
1,092.00
195.00
5,343.00
5,385.60
1,142.40
204.00
5,589.60
5,940.00
1,260.00
225.00
6,165.00
6,930,000.00
2,058,000.00
420,000.00
9,408,000.00
9,900,000.00
2,940,000.00
600,000.00
13,440,000.00
11,088,000.00
3,292,800.00
672,000.00
15,052,800.00
12,870,000.00
3,822,000.00
780,000.00
17,472,000.00
13,464,000.00
3,998,400.00
816,000.00
18,278,400.00
14,850,000.00
4,410,000.00
900,000.00
20,160,000.00
3,452,400.00
5,955,600.00
1,786,680.00
4,168,920.00
9,941.80
419.33
24.50
10,273.65
6,250.00
16,523.65
4,932,000.00
8,508,000.00
2,552,400.00
5,955,600.00
9,941.80
599.05
24.50
14,676.64
6,250.00
20,926.64
5,523,840.00
9,528,960.00
2,858,688.00
6,670,272.00
9,941.80
670.93
24.50
16,437.83
6,250.00
22,687.83
6,411,600.00
11,060,400.00
3,318,120.00
7,742,280.00
9,941.80
778.76
24.50
19,079.63
6,250.00
25,329.63
6,707,520.00
11,570,880.00
3,471,264.00
8,099,616.00
9,941.80
814.70
24.50
19,960.23
6,250.00
26,210.23
7,398,000.00
12,762,000.00
3,828,600.00
8,933,400.00
9,941.80
898.57
24.50
22,014.96
6,250.00
28,264.96
1,225.00
1,886.67
13,411.98
7,161.98
1,225.00
1,886.67
17,814.97
11,564.97
1,225.00
1,886.67
19,576.17
13,326.17
1,225.00
1,886.67
22,217.96
15,967.96
1,225.00
1,886.67
23,098.56
16,848.56
1,225.00
1,886.67
25,153.29
18,903.29
160,943.76
85,943.76
213,779.66
138,779.66
234,914.02
159,914.02
266,615.55
191,615.55
277,182.73
202,182.73
301,839.48
226,839.48
2,264,000.00
7%
4%
2,264,000.00
9%
6%
2,264,000.00
10%
7%
2,264,000.00
12%
8%
2,264,000.00
12%
9%
2,264,000.00
13%
10%

