Valuation Report Voluntari, Plot 25/2, Parcels 447/21 and 447/22

Transcription

Address: Vasile Lucaci Str., no.10, sector. 3
Phone: (+40) 21 321 6823
Fax:
(+40) 21 321 6801
Mobile: (+40) 722 281 670
E-mail: [email protected]
Web: www.preciss.ro
Valuation Report
Concluded on 06/30/2013
For land situated in
Voluntari, Plot 25/2, Parcels 447/21
and 447/22, Ilfov County
Client: S.C. BOH IMOBILIAR S.R.L.
July 2013
The data, information and content of this paper are confidential and as such may not be partially or entirely copied or transmitted to third
parties without the prior written approval of S.C. PRECISS CONSULTING S.R.L. and of BENEFICIARY
Piece of land – Voluntari, Ilfov County
Report concluded in compliance with International Valuation Standards
Synthesis of the valuation
The subject matter of this valuation report is represented by the pieces of land having a
surface of 24.999,92 sqm according to cadastre measurements (25.000 sqm according to
documents), respective 20.000,05 sqm according to cadastre measurements (20.000 according
to documents), according to the deeds of conveyance.
The purpose of this valuation report is estimating the fair value of the real estate
property in view of preparing the financial statements, according to the requirements of
IAS 16, O.M.F.P. 3055/ 2009 with amendments and addenda through O.M.F.P.
2869/2010, for approval of the accounting regulation in compliance with the European norms
- IFRS and Fiscal Code.
In order to estimate the value there was applied the Method of market direct comparison.
By applying the valuation methods that meet the International Valuation Standards, the
valuator estimated the land value using the method of direct comparison to:
No.
1
2
Location
Voluntari, Field 25/2, Parcels 447/21, Ilfov County
TOTAL
Value
(EURO)
Value
(LEI)
3.500.000 15.605.800
2.800.000 12.484.640
6.300.000 28.090.440
Exchange rate 1 EUR = 4,4588 LEI.
Date of valuation: 06/30/2013
The values in the report are V.A.T. clear.
We hereby consent that the valuation will be included in the quarterly financial reports for of
Bonei Hatihon Civil Engineering Infrastructural LTD as of June 30,2013.
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NR. Reg. Com: J40 / 12903 / 2004; CUI: Ro16667800; Contul: RO06RNCB0074029212860001; Banca: BCR Sector 3
C on fo r mi ty st a te ment a nd a ut ho ri za t io n o f t h e v a l ua to r
By the present statement, we certify the following:
The valuation was prepared according to the International Valuation Standards
(IVS) – 2011 and Deontological Code;
The valuator is fully liable for the paper, meaning the states included in the written
report;
The data presented within the report are real and correct;
The analyses, opinions and conclusions within this report are limited to the
hypotheses and restrictions included in the content of the report and stand as an
impartial point of view;
The valuator has no current or future interest in the property valuated or personal
interest and he is not partial to any of the parties involved;
The valuator or any other person allied to or in business with the first one are not
stockholders or associates of the beneficiary;
The valuator’s payment is not subject to any agreement, understanding or
convention that may confer him or to other person allied to or involved with the
latter any kind of financial stimulus for the conclusions presented in the valuation;
The valuator fulfills the requirements requested concerning professional
qualification, has carried out the program of permanent professional grounding and
is experienced in the property category to be evaluated;
The valuator has signed the professional liability insurance for 2013 at the
insurance - reinsurance company ALLIANZ TIRIAC ASIGURARI S.A.
Expert valuator:
Drulă Dorin
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CONTENT
Synthesis of the valuation ____________________________________________________ 2
Conformity statement and authorization of the valuator ____________________________ 3
1.
Chapter I – General presentation __________________________________________ 5
1.1.
1.2.
1.3.
1.4.
1.5.
1.6.
Subject matter of the valuation ______________________________________________ 5
Purpose and utilization of the valuation _______________________________________ 5
Valuation date___________________________________________________________ 5
Currency of the report_____________________________________________________ 5
Beneficiary of the report ___________________________________________________ 5
Presentation of the valuator ________________________________________________ 5
1.6.1.
1.6.2.
1.6.3.
1.7.
1.8.
1.9.
1.10.
General data ____________________________________________________________________ 5
Main activity object ______________________________________________________________ 6
Certifying the capacity ___________________________________________________________ 7
Definition of the value ____________________________________________________ 7
Valuation basis _________________________________________________________ 10
Sources of information ___________________________________________________ 11
Hypotheses and restrictions _______________________________________________ 11
1.10.1.
1.10.2.
1.11.
1.12.
2.
Identification of the piece of land ___________________________________________ 13
Legal aspects __________________________________________________________ 13
Description of the location (zone and emplacement) ____________________________ 13
Description of the land ___________________________________________________ 15
Chapter III – Analysis of the Market ______________________________________ 16
3.1.
3.2.
3.3.
4.
Third-party liability _____________________________________________________ 12
Terms of non-publication _________________________________________________ 12
Chapter II – Description of the land to be valuated ___________________________ 13
2.1.
2.2.
2.3.
2.4.
3.
Hypotheses _________________________________________________________________ 11
Restrictions _________________________________________________________________ 12
General presentation _____________________________________________________ 16
Land market ___________________________________________________________ 17
Presentation of Voluntari city ______________________________________________ 19
Chapter IV – Valuation of the real estate property ___________________________ 21
4.1.
4.2.
4.3.
4.4.
Valuation procedure _____________________________________________________ 21
Best possible utilization __________________________________________________ 22
Valuation of the piece of land – Method of direct comparison _____________________ 22
Presentation of the final value of the land _____________________________________ 26
Annexes to the valuation report ______________________________________________ 27
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1. Chapter I – General presentation
1.1. Subject matter of the valuation
1.2. Purpose and utilization of the valuation
The purpose of this valuation report is to estimate the fair value of the real estate property
that is the subject matter of this valuation.
The purpose of this valuation report is estimating the fair value of the real estate
property in view of preparing the financial statements, according to the requirements of
IAS 16, O.M.F.P. 3055/ 2009 with amendments and addenda through O.M.F.P.
2869/2010, for approval of the accounting regulation in compliance with the European norms
- IFRS and Fiscal Code.
1.3. Valuation date
The valuation was carried out based on the information from June 30, 2013 (date of the
valuation), date when the utilized hypotheses and values estimated by the valuator are
considered to be valid.
1.4. Currency of the report
The value estimated by the present valuation report is presented in lei (LEI) and euro (EUR)
at the rate of exchange of the National Bank of Romania valid on the date when this value is
estimated. The currency rate of exchange valid on the valuation date 06/30/2013:
1EUR = 4,4588 LEI
1.5. Beneficiary of the report
The beneficiaries of this report is S.C. BOH IMOBILIAR S.R.L. and Bonei Hatihon Civil
Engineering Infrastructural LTD
1.6. Presentation of the valuator
1.6.1.General data
Name of the company: S.C. PRECISS CONSULTING S.R.L.
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Address: Bucharest, 10 Vasile Lucaci St., Sector 3;
Phone number: (021) 310 20 62; (021) 321 68 24; (031) 40 22 954; (031) 40 22 955; (031)
228 94 23;
Contact person: Dorin Drulă– 0722.281.670;
Facsimile: (021) 228 94 00;
E-mail: [email protected];
Number from Trade Register: J40/12903/20.08.2004
Unique Registration Code (URC): 16667800
Fiscal attribute: RO
Share capital: 5.020 LEI
IBAN account: RO06RNCB0074029212860001
Bank: BCR Sector 3
1.6.2.Main activity object
According to the nomenclature concerning classification of activities within the national
economy – CAEN, the company activity object is:
Main activity field:
Other activities of support services for n.c.a. enterprises – code CAEN 8299.
Other activities performed:
Consultancy activities for business and management – code CAEN 7022;
Assessment activities of the insurance risk and damages – code CAEN 6621;
Accounting and financial audit activities; consultancy in fiscal field – code CAEN 6920;
Activities of market study and survey – code CAEN 7320;
Other service activities concerning technology of information – code CAEN 6209.
PRECISS CONSULTING performs works of valuation and technical expertise in view of:
privatization/ sell against cash of stocks from commercial companies, according
to the methodologies decided by authorized institutions;
privatization/ sell of assets of commercial companies;
determining the real estates’ value (constructions and pieces of land) – real
estate valuations;
feasibility studies for mergers/ divisions;
determining the contribution in kind to the share capital or increasing of the
share capital;
determining the value of guarantees/ feasibility studies in order to obtain bank
loans;
feasibility studies for financings of new investments or developments;
business plans for setting up mix companies;
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reorganization studies;
determining the value of material goods at the sell through tender, mergers,
winding-up, leasing, sharing, etc.;
determining the value of the intellectual property right: know-how, inventions,
licenses, patents.
1.6.3.Certifying the capacity
PRECISS CONSULTING offers professionalism and operativity when carrying on works
pertaining the activity object by help of:
Valuators certifies by the National Association of Valuators in Romania,
investment consultants certified by CNVM, chartered accountants –
members of the Association of Chartered Accountants in Romania, auditors –
members of the National Chamber of Auditors in Romania.
Confidentiality of works drawn-up and observance of the deontological code
valid for the trade of valuator;
Permanently updated database;
Proper space, informatics equipment and birotics necessary to elaborate the
works;
Professional insurance: certificate no. 2564/07.01.2013.
PRECISS CONSULTING is an active member of the National Association of Valuators in
Romania (Certificate of ANEVAR corporate member, No. 0044).
Now, we have credentials as valuators at Banca Românească, Leumi Bank, BCR, Libra Bank.
1.7. Definition of the value
The valuation basis is the fair value.
The estimated value is the fair value as it is defined in the International Valuation Standards,
8th edition 2007 - standards that are binding on ANEVAR members since 2004. The
utilization value is defined in the International Valuation Standard IVS2 - Different
valuation bases of market value:
As accounting concept, the fair value is defined in the International Financial Reporting
Standards and in other accounting standards, as the amount for which an asset could be
exchanged or a liability settled, voluntarily, between well informed parties, in a transaction
where the price is determined objectively (IAS 16, paragraph 6).
Fair value minus the selling costs. Value that can be obtained from the sale of an asset or a
cash generating unit during an objective transaction, between interested and well informed
stakeholders, minus the costs for transfer (IAS 36, paragraph 6).
“The market value” is defined in the International Valuation Standards (IVS1) as: “The
estimated amount of money based on which a property shall be exchanged, on the valuation
date, between a decided buyer and a determined seller, through a transaction, which price was
objectively determined pursuant to a proper marketing activity, when the parties involved
have acted while being informed, cautiously and without obligation”.
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According to International Valuation Standards, 7th Edition, paragraph 8.1: "The expression
of market value and the notion of fair value, as commonly occur in accounting standards are
generally compatible, although not always exactly equivalent. As accounting concept the fair
value is defined in the International Financial Reporting Standards and in other accounting
standards, as the amount for which an asset could be exchanged or a liability settled,
voluntarily, between well informed parties, in a transaction where the price is determined
objectively. Generally the fair value is used for financial reporting, both of the market value
and of not-based market values. When you can establish the market value of an asset, this
value will be equal to the fair value. "
According to IAS 16 – Tangible assets, "tangible assets are those tangible items that:
a) are held for use in the production of goods or services to be rented to third parties or
used for administrative purposes, and
b) is likely to be used over several periods of time"
IAS 16 requires the cost-based model, in paragraph 30, as follows:
"After recognition as an asset, an item of tangible asset is recorded at its cost minus any
accumulated depreciation and any accumulated depreciation losses.”
The model based on fair value, which provides for regular review, is explained in paragraph
31 as follows:
"After recognition as an asset, an item of tangible asset, which fair value can be
measured reliably shall be recorded at a revalued value, namely its fair value at the date
of revaluation minus any subsequent accumulated depreciation and any accumulated
depreciation losses. Revaluations shall be made with sufficient regularity to ensure that
the accounting value does not differ too much from what would be determined using the
fair value on the date of the balance sheet. "
Financial statements must be prepared on on-going concern basis, unless management either
intends to liquidate the entity or cease the activity, or has no alternative (IAS 1, paragraph 23).
This principle underlies the application of fair value for tangible assets, unless it is clear that
there is an intention to give a particular asset, whether this disposal option should be
considered, for example following a depreciation test.
When an entity adopts the revaluation option based on the fair value, according to IAS 16,
assets are included in the balance sheet at the fair value as follows:
a) "Fair value of lands and buildings is usually determined by evidence data on the market,
through an assessment carried out by professional valuators qualified in the evaluation.
The fair value of tangible items is usually their market value determined by appraisal
"(IAS 16, paragraph 32).
b) "If there is no market data on the fair value because of the specialized nature of the item of
tangible asset, and item is rarely sold, unless it is part of an on-going activity, an entity
may need to estimate the fair value by using an approach based on income or net
replacement cost "(IAS 16, paragraph 33).
Both the IVSs and IAS 16 require the existence of categories of assets for which market
information is not available, because of their specialized nature. Thus, to assess these
assets is adopted either the income-based approach or the net replacement cost. The choice of
the approach is not based on the asset type, but on the presence or absence of market
information.
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Depreciation. According to the requirements of IAS 36, Depreciation of Assets, an enterprise
must determine, at each balance sheet date whether there is any indication that an asset
may be depreciated. Depreciation may be indicated, for example, by a reduction of the asset
value due to market changes or technological progress, by the asset aging, performance
benefits lower than expected, or intention to interrupt or restructure the operations of the
entity. If depreciation is identified, the accounting value of the asset represented either by the
historical cost or by a previous valuation must be recorded at a lower value, meaning the
recoverable value, which is the highest out of its fair value minus the selling costs of an asset
and its utilization value. The utilization value is the value that the entity expects to obtain
from the use of the asset over the remaining life service and its eventual transfer. Although
specific to the entity, the inputs for determining the utilization value of an asset must derive
from the market whenever possible. However, if the value that an entity can obtain from
continuous utilization of an asset is less than the net encashment to be obtained from the
transfer or its immediate quashing, the accounting value must reflect the second solution. The
fair value minus the selling costs of an asset is its market value minus the selling costs
reasonably anticipated.
Depreciation occurs when asset value falls permanently below its book value. The entity
must record the depreciated asset at a lower book value (n.t. recoverable amount),
which is the highest out of its fair value minus the selling costs and its utilization value.
It is required the separate presentation of each class of tangible assets. IAS 16, paragraph 73,
requires that financial statements present for each class, the measurement bases used in
determining the gross book value, depreciation method used, the service lives or the
depreciation rates used. A class of tangible assets is a group of the resembling assets having
similar utilization. Examples of separate classes are (IAS 16, paragraph 37):
a) lands;
b) lands and buildings;
c) machines and equipment;
d) ships;
e) aircrafts;
f) cars;
g) furniture, installations, spare parts and assembly;
h) birotics equipment.
When an item is revalued, the entire class of assets to which it belongs should be revalued to
avoid the selective review and reporting of values that are a combination of correct costs and
values, calculated at different times. From this point of view, a class of assets is a group of
assets of the same nature and similar purposes in the enterprise operation.
The valuation principles that lay at the basis of the methods selected pursuant to the analysis
of the property that is valuated and its specific market are:
• Principle and demand and supply that states that the property price varies directly,
but not necessarily proportional with the demand and the supply;
• Principle of substitution that when applied to the method of direct comparisons
shows that the value of a property tends to be the one given by the price that would
9
be paid in order to purchase a property with similar utilities and attractiveness,
during a reasonable time interval;
• Principle of balance according to which the relation with the land and constructions
and the relation between a property and the environment should be in balance so that
a property might reflect the value of real market;
• Notion of bets possible utilization, based on how the buyers and sellers establish the
property prices, based on their conclusions related to the most profitable utilization
of the area or of the property among the legally allowed and physically possible
utilizations;
• Principle of anticipation, meaning the understanding of the value as being created by
the perspective of future benefits.
Standards, which were at the basis of the paper elaboration, namely:
• International Standards of Valuation,
• International Standards of Bookkeeping.
1.8. Valuation basis
The valuation principles that lay at the basis of the methods selected following the analysis of
valuated property and its specific market are:
• The principle of supply and demand, which is based on the idea that the price of a
property is direct variable, but not necessarily proportional, to the demand and the
supply;
• The principle of substitution, which applied to the method of direct comparison
shows that the value of a property is given by the price paid when purchasing a
property with similar utility and attractivity, within a reasonable period of time;
• The principle of equilibrium according to which the relation between land and
buildings and the relation between property and environment must be in balance in
order for a property to reflect the real market value;
• The concept of Best Utilization, which is based on how the buyers and sellers set
their prices for properties, based on their own conclusions related to the most
profitable utilization of the area or property out of the possible legal and physically
permitted utilizations;
• The principle of anticipation, which includes the value perceived as being created by
the perspective of future benefits.
The valuation standards at the basis of this paper elaboration are:
• IVS – General framework
• General standards
• IVS 101 – Activity domain of the valuation mission
• IVS 102 – Implementation
• IVS 103 – Valuation reporting
•
Standards concerning assets:
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•
•
IVS 230 – Rights on the real estate property
IVS 300- Valuation for financial reporting
The valuation guidelines (GE) and methodological guidelines of valuation (GME), at the
basis of this paper elaboration are:
• GM – Checking valuations
• GME 1 – Land valuation
1.9. Sources of information
At the basis of this valuation report elaboration were the documents and information:
a) Methodological materials of the National Association of Valuators in Romania
(ANEVAR);
b) Deed of conveyance authenticated under no. 2921/31.10.2006;
c) Sheet of the property unit, cadastre no. 4066;
d) Closing statement no. 89842/03.11.2006;
e) Abstract of Financial Book for information, request no. 89842/03.11.2006;
f) Plan with the location and bordering of the property;
g) Deed of conveyance authenticated under no. 3391/12.12.2006;
h) Closing statement no. 108472/12.12.2006;
i) Abstract of Financial Book for information, request no. 108472/12.12.2006;
j) Sheet of the real estate, cadastre no. 5573;
k) Plan with the location and bordering of the property;
l) Information obtained following the property inspection;
m) Materials on the real estate in Romania ("Proprietăţi", "Ziarul Financiar", "Capital"
etc.)
1.10.
Hypotheses and restrictions
The analyses performed, opinions and conclusions are limited only by the hypotheses
provided and restrictions standing as professional objective and personal analyses, opinions
and conclusions of the valuator.
1.10.1. Hypotheses
•
The legal aspects are solely based on the information and documents made
available by the owner. No responsibility is taken for the description of the legal
situations of assumptions concerning the title deed, since it is assumed to be valid;
•
The property is assessed as not encumbered with debts;
•
It is assumed that the property is fully in compliance to all local and republican
regulations concerning the environment and observes all urban regulations and
restrictions.
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1.10.2. Restrictions
•
This report may not be published or utilized for any other purpose without the
prior written approval of the valuator;
•
The valuator is not liable for the economic or physical factors that may occur after
the valuation and that may influence the opinions included in this paper;
•
The valuator has no present or future interest in the property valuated for this
report;
•
The valuator considers that the assumptions made when applying the valuation
methods were reasonable, while considering the information available at the
valuation date;
•
The valuation report is valid only for the purpose mentioned.
1.11.
Third-party liability
This valuation report was prepared based on the information supplied by the owner, the
correctness and accuracy of the data provided being the latter’s responsibility.
The values assessed by the valuator are valid on the valuation date and for a limited time
interval after this date, if the specific conditions of the real market do not suffer major
modifications that may affect the estimated opinions.
1.12.
Terms of non-publication
The valuation report may not be published or included in a document meant for publicity,
without the prior written approval of the valuator.
The partial or entire publication of this report as well as its utilization by other people except
the addressee leads to termination of contractual obligations and valuator’s liability.
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2. Chapter II – Description of the land to be valuated
2.1. Identification of the piece of land
No.
1
2
Location
TOTAL
Cadastre
no.
4066
5573
Surface from
cadastre
measurements
(sqm)
Surface
according to
documents
(sqm)
24.999,92
20.000,05
25.000,00
20.000,00
44.999,97
45.000,00
2.2. Legal aspects
On the valuation date, the lands pertain to S.C. BOH IMOBILIAR S.R.L.
The title deed on the land having cadastre no. 4066 was obtained through deed of conveyance
authenticated under no. 2921/31.10.2006 at the Office of Notary Public Associates Luca and
Dumitrescu.
The title deed was tabulated by closing statement no. 89842/03.11.2006.
The title deed on the land having cadastre no. 5573 was obtained through deed of conveyance
authenticated under no. 3391/12.12.2006 at the Office of Notary Public Associates Luca and
Dumitrescu.
The title deed was intabulated by closing statement no. 108472/12.12.2006.
Legal aspects of exceptional type
No recent abstract of land book was made available to the valuator, who prepared the
valuation while considering the property as not encumbered with debts.
All these information were considered as credible and correct, the valuator did not check
the authenticity of the legal documents.
2.3. Description of the location (zone and emplacement)
The land is located in Voluntari, plot 25/2, parcels 447/21 and 447/22, Ilfov County. The land
is located in the northern side of Bucharest city, in an area now going development from
urban point of view.
The zone has the following facilities:
Topography: at level;
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Possibilities for branching to the following utilities: electricity, gas – 500 m away from
the land.
Forrest Boldu-Creţuleasca, Forrest Andronache, Forrest Tunari;
Residential units: Domus District, Azur I+II, Impact District, Perla Nord;
Băneasa Airport;
Carrefour Colentina, Metro etc.
In order to have a wider and clearer image of the microzone where the real estate property is
located, in the Annexes chapter there are photos taken at the location.
Land to
valuate
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2.4. Description of the land
Location- the emplacement is in Voluntari, Plot 25/2, Parcels 447/21 and 447/22, Ilfov
County; the area where the land is situated is a mix zone (residential and commercial).
Land surface – the emplacement has a surface of 24.999,92 sqm according to cadastral
measurements, respective 20.000,05 sqm according to cadastral measurements;
Shape and opening to the street – both lands have rectangular shape and an opening to
the street of 66,37 m to the access road, respective 53,09 m to the access road;
Topography – the emplacement is at the same level with the street;
Soil – when preparing the report, no soil analysis was conducted for this location. It is
assumed that their emplacement is adequate to support constructions;
Constructions located on the land – on this land there are no constructions;
Servitude rights and restrictions – the land is considered to be free of servitude rights;
Utilities and restrictions – utilities (electricity and gas) at 500 m away from the land;
Environmental issues – there is no knowledge of any mineral resources hidden on the
emplacement or around it and it is assumed that the property is not affected by their
possible existence;
Conclusion – the emplacement has a good location and has an easy access. There is no
knowledge of any known factors that might hinder the development of the emplacement
according to the best possible utilization.
To conclude with, it may be stated that the location of the land is favorable for residential
development.
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3. Chapter III – Analysis of the Market
3.1. General presentation
A market is the environment where goods and services are traded between buyers and sellers
through the price mechanism. Market concept assumes that goods or services may be sold
without restriction between buyers and sellers. Each party shall respond to the ratios between
supply and demand and other factors to determine the price, as to their own understanding of
relative utility of goods or services and individual needs and desires.
To estimate the most probable price that would be paid for an asset, it is essential to
understand the market size where the asset would sell. This is because the obtainable price
will depend on the number of buyers and sellers from that particular market on the valuation
date.
Rarely markets run perfectly, with a constant balance between supply and demand and a
constant level of activity due to various imperfections. Market imperfections may be
common: fluctuations in supply, sudden increases or decreases in demand or asymmetry of
knowledge held by market participants. As market participants react to these imperfections, at
a certain point it is possible that a market adapts to the change that caused the imbalance. A
valuation aiming to estimate the most likely market price should reflect the relevant market
conditions existing on the valuation date, and not to the corrected or reduced price, based on
an alleged balance recovery.
The activity in any market will fluctuate. While it may be possible to identify a normal market
activity over a long period of time, on many markets there will be times when the activity is
significantly higher or lower than normal. Activity levels may be expressed in relative terms,
for example, the market is more active or less active as compared to an earlier date.
When demand is higher than supply, prices are expected to rise, thus tending to attract the
entry of more sellers and therefore increasing activity. The opposite is the case when demand
is low and prices fall. However, different levels of activity are more likely an answer to price
movement than a cause of it.
Market participants are all persons, companies or other entities that are involved in the current
transaction, or intend to enter into a transaction with a particular type of asset. The decision to
sell and any oppinion of market participants are specific to those buyers and sellers or
potential buyers and sellers, active on a market on the valuation date and not those of certain
persons or entities.
When preparing a valuation based on market data, the factual circumstances of a particular
property owner or potential buyer are not relevant because both decided seller and willing
buyer are hypothetical persons or entities that have the attributes of a typical market
participant.
The real estate market can be defined as the interaction between (natural or legal) persons that
exchange the property rights against other assets such as cash. This market is defined based
on the type of property, the potential to produce income, location, characteristics of typical
investors and tenants.
The real estate market is influenced by the attitudes, motivations and interactions of buyers
and sellers and has different characteristics from those of efficient markets (it is very sensitive
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to the situation of the labor market and income stability, purchasing decisions are influenced
by the type of financing, interest rate and repayment period, it is not a self-regulating market,
but is affected by many government and local regulations, information on similar transactions
are not immediately available, there is gap between supply and demand, demand may be
volatile due to rapid changes in size and population).
The market analysis provides the basis for determining the best possible utilisation of a
property.
On the real estate market, demand is the number of a type of property is available for sale or
rent at various prices, on a given market, during a given period of time, and existing property
stock plans under design stage. Existence of supply for a particular property at a particular
time, a given price and a given location indicate the rarity of this type of property.
On real estate markets, demand is the number of a specific type of property for which there is
the desire to buy or rent at various prices during a given period of time.
The specific real estate market where the valuated property is classified is the market of
administrative properties, a market which geographic area is in Voluntari, Ilfov County.
3.2. Land market
Prices of lands within the built-up area in Bucharest and surroundings dropped by up to 80%
since the real estate crisis, i.e. 2008, the biggest price differences were recorded for the pieces
of land located near the West and South Ring Roads, according to www.imopedia.ro.
According to analyzes of imopedia.ro, lands were by far the most hit segment of the real
estate market. Since the onset of the crisis, sales were strongly affected, leading to a sudden
price drop. Currently, buyers prefer lands with surfaces between 250 and 500 square meters,
with a price ranging between 15,000 and 50,000 euros. Looking generally lots located in
town, in the foreground, suitable for the construction of single family housing.
Portal data show that the value of lands in Bucharest fell in 2012 by 48% to 77% compared to
2008. The biggest price differences were recorded for lands near the West and South Ring
Roads, areas where the square meter price dropped by 77% respectively 75%, as compared to
2008.
Significant price decreases were recorded also in other areas of the city, so lots from
Bucureştii Noi are sold at half price compared to 2008, North Ring Road area has become
cheaper by up to 65% and for lands located in Alexandria Avenue area the price is by 69%
less than four years ago.
For lots of land located in the foreground in Prelungirea Ghencea, the price has dropped on
average by 63% and by 55% in Giurgiu. In Pantelimon and Olteniţei area land is now being
sold at values by 54% lower than in 2008.
For lots of land available in Popeşti Leordeni in the foreground there has been a fall in price
by up to 63% compared to 2008, and for the lands in Domneşti data show a price reduction of
up to 69%.
Higher discounts are noticed in the case of landa outside the built-up area of the Capital city,
where the price dropped also by 94%.
17
According to the General Manager of imopedia.ro, pieces of land within the built-up area are
the mostly looked for during this period. Most of those who buy them are end users seeking
construction of a building shortly after purchase. Pieces of land outside the built-up area
remain the bet of the moment, for they are a true opportunity for those willing to invest in
them. This market segment has recorded extremely high price reductions.
In terms of demand, 77% of those interested in the acquisition of land in Bucharest or in
nearby localities, are looking for pieces of land within the built-up area.
More than half of the portal users are willing to pay amounts of money between 15,000 and
50,000 euros for a piece of land, while 21% choose lots that are priced up to 15,000 euros.
Lands which price varies between 50,000 and 150,000 euros attract only 19% of the site
online visitors, and those with values over € 150,000 are sought only by 5% of the visitors.
Regarding the size of lands, 59% of the visitors access ads with land surfaces between 250
and 500 square meters, only 22% of them are interested in plots between 500-1000 m and
19% are interested in lots with area of 1000 sqm. (Source: www.gandul.info)
SUPPLY
• Vendors actively looking to sell have now realised the added value of a ―PUZ‖(‗Zonal
Urban Plan‘) and agreed to proceed with obtaining the necessary permitseven before having
an interested buyer. Having a PUZ in place could keep prices at a reasonable level, rather than
selling at lower values to opportunistic buyers.
• An increasing number of properties were sold by insolvency companies. However, such
transactions are slower due to the standard procedures that need to be followed. Therefore,
most buyers prefer entering into direct negotiation rather than participating in auctions.
• In 2013, unlike in the past years, there is an increased trend of the banks to place assets on
the market, at attractive prices.
DEMAND
• The main problem identified on the land market is represented by the weak demand.
• Residential developers continue to pursue raw land opportunities 30+ acres in size within the
7-county metro area – overall prices for residential land have experienced solid growth
since2007, highly dependent on location.
• Apartment developers continue to seek land positions and redevelopment opportunities for
multifamily development fueled by low vacancy rates in that sector.
• Both retailers and retail developers maintained their position as the most active players in
the past two years in Bucharest and in the countryside.
• Activity tempered slightly as some retailers were forced to put their expansion plans on hold
in the light of potentially lower sales figures, or because those they have already secured the
sites the require.
• The office market continues to have great potential in the eyes of developers, who enlarged
their plans to expand in the top five cities of the country. However, Bucharest remains the
main focus.
18
• Interest in residential plots increased, even though it would be used for small scale projects
and designed to meet the requirements of the Prima Casa program.
PRICE
• Prices have different evolutions depending on locations. Generally prices remained stable
for properties located in areas with advantageous urban planning indicators, good accessibility
and demand for the proposed final real estate products. Prices continued to diminish within
areas with delayed infrastructure improvement where end-customers hesitate to acquire/lease
the final product.
• At the end of 2012, the prices for vacant plots in Bucharest fluctuate between Euro 7001.300/sq m around Victoriei Square, slightly higher in central area around Universitatii
Square and Cismigiu Park, between Euro 450-700/sq m in secondary areas (Mihai Bravu,
Oltenitei, Crangasi) and between Euro 100-350/sq m in peripheral areas (superior limit of
Euro 200-350 Euro/sq m is recorded in the northern residential area of Bucharest).
• During 2013 the evolution of prices is expected to follow the pattern recorded in 2012:
stability for plots located within attractive areas and slight decrease for properties with low
development potential. If the offer of plots increase due to the distressed properties offered for
sale by banks, the probability of a significant decrease of prices for plots with low
marketability will become higher.
.
Source: Colliers; DTZ Echinox
3.3. Presentation of Voluntari city
Voluntari city is located on the north-eastern side of Bucharest Municipality, between two
water streams: Colentina and Pasarea. Along these rivers there were developed the oldest
localities from this side of the country: along the Colentina valley there were set the localities
Plumbuita, Fundeni and Colentina and along the valley of Pasarea river there were set the
localities Tunari, Stefăneşti and Afumaţi.
The borders are imposed by the following neighborhoods:
•
North - Commune Tunari
•
North-East - Communes Ştefănesti and Afumaţi
•
South-East - Commune Dobroieşti
•
South - Bucharest Municipality, sector 2, being bordered by the railway track
Bucharest-Constanta
•
West - Bucharest Municipality, sector 1
The locality has the status of city. The former commune became a city on April 2004 and is in
full development. By local referendum dated November 22, 2009 it could become the 7th
sector of the capital city.
From geographic point of view, Voluntari city includes on its territory two separate zones, but
as administration that are a whole: Voluntari and Pipera district.
Voluntari and Pipera district.
19
Pipera district is located at 7 km away from the center of the capital city, hundreds of
residences being erected in this zone. From architectural point of view there may be noticed a
tendency to modernize the locality.
From organization point of view, Voluntari zone is tightly related to the progress recorded in
Bucharest.
The current total area of Voluntari city is 3.740,460 ha.
Around the city there are numerous prestigious commercial centers such as: METRO,
Praktiker, Orient, Proconfort.
During 2004-2007, 62 streets (totalizing 52,835 km) were provided with sewage networks
and 57 streets were provided with water networks (totalizing 20 km). 11,420 km of road were
covered with asphalt and another 66,47 km are now being modernized.
Number of km in Voluntari = 124, km streets of old district 84,457, Pipera 38,905.
Source: http://www.primaria-voluntari.ro/
20
4. Chapter IV – Valuation of the real estate property
4.1. Valuation procedure
One or more approaches may be used to obtain the value defined by the appropriate value
type (International Valuation Standards, 2011 edition, "IVS General framework").
Approaches used at valuation are based on economic principles of equilibrium price,
anticipation of benefits or substitution.
In view of valuating the properties, while observing the International Valuation Standards,
one can apply the following approaches:
Approach based on cost;
Approach based on market;
Approach based on income.
Valuation of a free land (undeveloped or vacant) or land on which are located facilities and/or
constructions can be carried ob by six methods (or techniques) (GME 1 Land valuation ANEVAR 2012).
Recognized methods of land valuation are:
Direct comparison;
Market extraction;
Allocation;
Residual technique;
Direct capitalization of rent/ land rental (rent);
Analysis of updated cashflow – analysis of plotting and development.
All six methods of land valuation are nothing but derivations of the three approaches applied
to the value of any type of real estate property, respective approach based on market,
approach based on income and approach based on cost.
Phases covered:
• Documentation, analysis of plans, technical documentation and legal documents
made available by the owner;
• Inspection of the emplacements;
• Analysis of information collected and their interpretation;
• Application of valuation methods;
• Interpretation and reconciliation of values
Sources of information:
The information sources lying at the basis of the valuation report were as follow:
• Documents and technical plans concerning the real estate property;
• Information on the property history;
• Specialty publications;
• Real estate agencies;
• Own database.
21
4.2. Best possible utilization
According to the International Valuation Standards, 2011 edition, "IVS General framework" the best possible utilization is to use an asset, which maximizes productivity and which is
possible, legally permissible and financially feasible. Best possible utilization could be to go
on with the existing utilization of the asset or an alternative utilization, determined by the
utilization that a market participant would intend to give to an asset in determining the price
willing to pay.
Determining the best possible utilization requires consideration of the following:
1. Determination whether an utilization is possible, in terms of what would be considered
as being reasonable by market participants;
2. Reflect the requirement of being legally allowed, when one should take into account
any restrictions on utilization of the asset, i.e., specifications from the urbanistic plan;
3. Requirement that utilization is financially feasible, given that an alternative utilization
that is physically possible and legally permissible, will generate sufficient profit for a
typical market participant, after taking into account the costs of conversion for that
utilization, over the profit generated by the existing utilization.
The utilization, which is not legally permitted or physically possible, cannot be considered as
being the best possible utilization. A legally allowed and physically possible utilization may
require that the valuator justifies why it is reasonably probable. If pursuant to the analysis, the
conclusion is that one or several utilizations are reasonably probable, it is moved on to the
check of financial feasibility. The utilization with the highest value, correlated with the other
utilizations, is considered to be the best utilization.
This concept is the optimum alternative selected from several possible variants and stands as
the starting point for application of the valuation approaches in view of estimating the market
value of an asset that will reflect its best possible utilisation.
The piece of land is located in a mainly residential zone, having a wide area that allows
the best possible utilization to the residential one.
4.3. Valuation of the piece of land – Method of direct comparison
Land valuation by method of direct comparison is used to valuate free lands or those
considered free for valuation purposes.
This method is recommended for properties when data are sufficient and reliable on
transactions or offer to sell for similar properties in the area. Analysis of prices at which the
transactions were made or prices asked or offered for comparable pieces of land is followed
by corrections applied to the prices of free comparable land in order to quantify the
differences in the prices paid, asked or offered per area unit, due to differences in specific
characteristics of the lands and such transaction, called a comparison elements.
The IVS 230 "The right to property" – it is stated that in the valuation process, confidence that
can be given to any information about comparable price is determined by comparing the
various features of the real estate property and the transaction, which lead to the price data, to
those of the valuated property. One has to take into account the differences between the
following elements:
Right providing evidence about the price and title to property subject to valuation;
Respective localisations;
22
The quality of the land;
Permitted use or zoning for each property;
Situations when the price and the type of required value were determined;
Effective date of the evidence on price and date of requested valuation.
In the Valuation Methodology Guide GME 1 – Land valuation, besides the above comparison
elements, also the following can be taken into account when they have a quantifiable impact
on the unit price of the land: size of area, shape, street opening, utilities, topography, traffic in
the area, view, neighborhoods, air and noise pollution, access, land surplus.
The steps of applying the method of direct comparison for valuating the free or considered
free land are:
Collecting information from the market area of the respective land on recent sales or
offerings of sale and purchase applications for similar lands, in order to select a set of
comparable lands with similar characteristics as those of the subject land. Market
analysis and the analysis of best possible utilisation form the framework for selecting
appropriate comparable sales;
Verification of information collected to see their credibility and if they reflect
impartial market transactions;
Selection of the comparison unit used by market participants, i.e. the price per hectare
or per square meter;
Identification of differences between the characteristics of selected comparable lands
and those of the subject land;
Correction of comparable land prices to reflect differences between their
characteristics and those of the subject land. In general, the price corrections are first
differences in characteristics related to transactions, then the differences between the
characteristics of comparable lands and the subject land. Corrections can be applied to
the total price comparable lands, to their unit prices or both.
Reconciliation of corrected unit prices in a final opinion on the market value, usually
expressed as a single value (usually given by the unit price with the smallest total
gross correction) or as a range of corrected unit prices.
In case of the approach of market comparison, in the valuation, as comparable properties will
be used only transactions or offers of lands that can be identified.
There were selected offers for sale of lands located in the area where is located the valuated
property, which were used in the method of direct comparison (details of these comparable
properties are attached to this valuation report).
No.
Area
Price
(EUR/sqm)
Surface
(sqm)
Source of
information
Date
A
Voluntari, Pipera-Pipera street
250,00
20.000
imopedia.ro
14.06.2013
B
Voluntari, Pipera - Matei Millo street
140,00
2.500
mercador.ro
22.07.2013
C
Voluntari, Pipera near Domus Still
120,00
10.000
imobiliare.ro
29.07.2013
D
Voluntari, Pipera - Popasului street
220,00
20.000
imobiliare.ro
15.07.2013
23
In the method of comparison, the real estate valuated is compared to similar properties
which offer numbers are known on the market.
The corrections taken into account are:
Correction of negotiation. Following a market analysis and phone calls to real estate
agents specialized on this type of property, it was estimated a correction of negotiation of
-5%.
Title deeds transmitted. The transaction price is always based on the transmission of the
title deed. Generation of the potential income is often determined or limited by the
existent contract terms. In the case of the property valuated, no corrections were carried
out for this criterion since at the property to valuate and at comparable properties, the title
deed transmitted is the same.
Financing conditions. The transaction price of a real estate property may differ from that
of an identical property because of different financial arrangements (mortgage with an
advantageous interest, deed of conveyance with installments, real estate leasing). In the
case of the property valuate, no corrections were applied for this criterion since in the case
of the property valuate and comparable properties, the financing conditions are the same.
Selling conditions. It reflects the motivation of the buyer and/ or seller. Here are taken
into account all market transactions. In the case of the property valuated, no corrections
were applied for this criterion since in the case of the property valuates and comparable
properties, the selling conditions are the same (free negotiation).
Market conditions. It takes into account the transaction date and the evolution of prices
of real estate properties. No corrections were made for this criterion, the offer price is
available on the valuation date.
Localization. The adjustments on localization are performed when the localization
characteristics of comparable properties are different to those of the property valuated.
The major differences impose elimination from among the comparable properties. Usually
24
the adjustments are expressed in percentages and they reflect the increase or decrease in
value of a property, because of localization in a zone.
Physical and technical characteristics: Each difference between the physical
characteristics of comparable properties and the property valuated requires a comparative
analysis and an adjustment. The physical and technical differences refer to area,
edilitarian network, type of access road, etc.
Area – The corrections for land areas took into account a possible parceling.
Edilitarian network – The corrections for the edilitarian networks took into
account the branching costs to utilities depending on the distance to those;
Type of access road – It takes into account the quality of the road and the distance
to the asphalt layer;
Economic efficiency – It takes into account that, for the valuated land, the
development costs are lower because the fixed costs per unit decreases when the
number of developed properties increases.
By application of the Method of market comparison there was estimated a value for the
two pieces of land of :
No.
1
2
Location
TOTAL
Value
(EURO)
3.500.000
2.800.000
6.300.000
Value
(LEI)
15.605.800
12.484.640
28.090.440
The valuation sheet is presented in the ANNEX.
25
4.4. Presentation of the final value of the land
As result of our investigations and analyses, the following were considered:
-
for the value of the land we will use the result obtained through method of market
direct comparison, because it expresses best the value of the land.
-
the estimation made by method of extraction could not be applied since no urbanism
certificate was made available for the land valuated and therefore the urban indicators
were not known.
As such, the valuator proposes as market value of the land the value obtained by method of
market direct comparison, namely:
No.
1
2
Location
TOTAL
Value
(EURO)
Value
(LEI)
3.500.000 15.605.800
2.800.000 12.484.640
6.300.000 28.090.440
Exchange rate 1 EUR = 4,4588 LEI.
Date of valuation: 06/30/2013
The values in the report are V.A.T. clear.
26
A n n ex e s t o t h e v a l u a t i o n re p o r t
27
LAND VALUATION
Address: Voluntari, Field 25/2, Parcels 447/21, Ilfov County
-Direct comparison method Includes a land market analysis for similar land transactions.similare.
Item
Correction name
0 Offer price
Correction
Correction
Deal Price
1 Property rights
Correction
Deal Price
2 Finance conditions
Correction
Deal Price
3 Selling conditions
U.M.
EURO/sqm
%
EURO/sqm
EURO/sqm
EURO/sqm
EURO/sqm
cash/ credit
EURO/sqm
EURO/sqm
free transaction/
forced seller/
interesed buyer
%
EURO/sqm
EURO/sqm
d.m.year
%
EURO/sqm
EURO/sqm
Correction
Correction
Deal Price
4 Deal Date
Correction
Correction
Deal Price
5
Place (location)
5.a
Correction
%
Correction
EURO/sqm
Deal Price
EURO/sqm
5.b Borderland
Correction
%
Correction
EURO/sqm
Deal Price
EURO/sqm
6
Surface:
sqm
6.a
Correction
%
Correction
EURO/sqm
Deal Price
EURO/sqm
6.b Aedile dialling (line system, sewage, gas main)
Correction
%
Correction
EURO/sqm
Deal Price
EURO/sqm
6.c Road tipe
Correction
%
Correction
EURO/sqm
Deal Price
EURO/sqm
7 Economic characteristics (Efficiency)
Correction
%
Correction
EURO/sqm
Deal Price
EURO/sqm
Corrections amount (in absolute
value)
EURO/sqm
Final price
Evaluated
property
EURO/mp
LEI/mp
Comparable B
Comparable C
Comparable D
250,00
140,00
120,00
220,00
-5%
-12,50
Integral
237,50
Integral
Cash
237,50
Cash
-5%
-7,00
133,00
Integral
0,00
Free transaction
0,00
24.999,92
-5%
-11,00
209,00
Integral
0,00
114,00
Cash
0,00
0,00
209,00
Cash
0,00
0,00
237,50
133,00
114,00
209,00
Free transaction
Free transaction
Free transaction
Free transaction
0%
0,00
30.07.2012
-5%
-6,00
114,00
Integral
133,00
Cash
0,00
0%
0,00
237,50
133,00
14.06.2013
22.07.2013
0,0%
0,0%
0,00
0,00
237,50
133,00
Voluntari, PiperaVoluntari, Pipera Pipera street
Matei Millo street
-20%
0%
-47,50
0,00
190,00
133,00
Similar
Similar
0%
0%
0,00
0,00
190,00
133,00
20.000
2.500
0,00%
0,00
190,00
-10,00%
-13,30
119,70
Similar
0,00%
0,00
119,70
Similar
0,00%
0,00
119,70
Less efficient
20%
26,60
146,30
39,90
28,50%
Better
-10,00%
-23,75
166,25
Better
-10,00%
-23,75
142,50
Similar
0%
0,00
142,50
95,00
38,00%
0%
0,00
0%
0,00
114,00
209,00
29.07.2013
15.07.2013
0,0%
0,0%
0,00
0,00
114,00
209,00
Voluntari, Pipera
Popasului street
0%
0%
0,00
0,00
114,00
209,00
Similar
Better
0%
-10%
0,00
-20,90
114,00
188,10
10.000
20.000
0,00%
0,00
114,00
Similar
0,00%
0,00
114,00
Similar
0,00%
0,00
114,00
Less efficient
20%
22,80
136,66
22,80
19,00%
0,00%
0,00
188,10
Better
-10,00%
-20,90
167,20
Similar
0,00%
0,00
167,20
More efficient
-10%
-20,90
146,16
62,70
28,50%
140,00
714,18
It is chosen the sum of corrections, the smallest in absolute value.
The property value, using direct comparison method (EURO):
Surface
24.999,92 sqm
X
The property value, using direct comparison method (LEI):
Valuation Date: 30.06.2013
Comparable A
1 EURO=
3.500.000
140,00
EURO/sqm
4,4588
LEI
15.605.800
28
LAND VALUATION
Address: Voluntari, Field 25/2, Parcels 447/22, Ilfov County
-Direct comparison method Includes a land market analysis for similar land transactions.similare.
Item
Correction name
0 Offer price
Correction
Correction
Deal Price
1 Property rights
Correction
Deal Price
2 Finance conditions
Correction
Deal Price
3 Selling conditions
U.M.
EURO/sqm
%
EURO/sqm
EURO/sqm
EURO/sqm
EURO/sqm
cash/ credit
EURO/sqm
EURO/sqm
free transaction/
forced seller/
interesed buyer
%
EURO/sqm
EURO/sqm
d.m.year
%
EURO/sqm
EURO/sqm
Correction
Correction
Deal Price
4 Deal Date
Correction
Correction
Deal Price
5
Place (location)
5.a
Correction
%
Correction
EURO/sqm
Deal Price
EURO/sqm
5.b Borderland
Correction
%
Correction
EURO/sqm
Deal Price
EURO/sqm
6
Surface:
sqm
6.a
Correction
%
Correction
EURO/sqm
Deal Price
EURO/sqm
6.b Aedile dialling (line system, sewage, gas main)
Correction
%
Correction
EURO/sqm
Deal Price
EURO/sqm
6.c Road tipe
Correction
%
Correction
EURO/sqm
Deal Price
EURO/sqm
7 Economic characteristics (Efficiency)
Correction
%
Correction
EURO/sqm
Deal Price
EURO/sqm
Corrections amount (in absolute
value)
EURO/sqm
Final price
Evaluated
property
EURO/mp
LEI/mp
Comparable B
Comparable C
Comparable D
250,00
140,00
120,00
220,00
-5%
-12,50
Integral
237,50
Integral
Cash
237,50
Cash
-5%
-7,00
133,00
Integral
0,00
Free transaction
0,00
20.000,05
-5%
-11,00
209,00
Integral
0,00
114,00
Cash
0,00
0,00
209,00
Cash
0,00
0,00
237,50
133,00
114,00
209,00
Free transaction
Free transaction
Free transaction
Free transaction
0%
0,00
30.07.2012
-5%
-6,00
114,00
Integral
133,00
Cash
0,00
0%
0,00
237,50
133,00
14.06.2013
22.07.2013
0,0%
0,0%
0,00
0,00
237,50
133,00
Voluntari, PiperaVoluntari, Pipera Pipera street
Matei Millo street
-20%
0%
-47,50
0,00
190,00
133,00
Similar
Similar
0%
0%
0,00
0,00
190,00
133,00
20.000
2.500
0,00%
0,00
190,00
-10,00%
-13,30
119,70
Similar
0,00%
0,00
119,70
Similar
0,00%
0,00
119,70
Less efficient
20%
26,60
146,30
39,90
28,50%
Better
-10,00%
-23,75
166,25
Better
-10,00%
-23,75
142,50
Similar
0%
0,00
142,50
95,00
38,00%
0%
0,00
0%
0,00
114,00
209,00
29.07.2013
15.07.2013
0,0%
0,0%
0,00
0,00
114,00
209,00
Voluntari, Pipera
Popasului street
0%
0%
0,00
0,00
114,00
209,00
Similar
Better
0%
-10%
0,00
-20,90
114,00
188,10
10.000
20.000
0,00%
0,00
114,00
Similar
0,00%
0,00
114,00
Similar
0,00%
0,00
114,00
Less efficient
20%
22,80
136,66
22,80
19,00%
0,00%
0,00
188,10
Better
-10,00%
-20,90
167,20
Similar
0,00%
0,00
167,20
More efficient
-10%
-20,90
146,16
62,70
28,50%
140,00
714,18
It is chosen the sum of corrections, the smallest in absolute value.
The property value, using direct comparison method (EURO):
Surface
20.000,05 sqm
X
The property value, using direct comparison method (LEI):
Valuation Date: 30.07.2013
Comparable A
1 EURO=
2.800.000
140,00
EURO/sqm
4,4588
LEI
12.484.640
29
Property to valuate:
Address: Voluntari, Plot 25/2, Parcels 447/21 and 447/22, Ilfov County
Domus Stil
Access road
Azur
District
Land to
valuate
Land to
valuate
30
Popasului
St.
Forest
Andronache
Madrid
District
Forest
Voluntari
Forrest
Voluntari
31
Land to
valuate
Land to
valuate
Land to
valuate
Popasului
St.
32
OFFERS FOR SALE OF LANDS
Comparable A
http://www.imopedia.ro/anunt/teren-in-bucuresti-pipera-1537RUN6.html#
33
Comparable B
http://mercador.ro/oferta/vanzare-teren-pipera-IDvl2g.html#f229d2dbe0
34
Comparable C
http://www.imobiliare.ro/vanzare-terenuri-constructii/bucuresti/pipera/teren-constructii-de-vanzareX0D20300G?lista=14982116
35
Comparable D
http://www.imobiliare.ro/vanzare-terenuri-constructii/bucuresti/pipera/teren-constructii-de-vanzareXV0003SR4?lista=14982150
36

Valuation Report Voluntari, Plot 25/2, Parcels 447/21 and 447/22

Transcription

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