VALUATION REPORT

VALUATION REPORT
of the real estate property
14.044,65 sqm land
situated in
Bucharest, 141-149 Belsugului str., district 6
Cadastral number 4080/1, Landbook 18274
Beneficiary : S.C. MALIBU INVEST S.R.L.
Consignee of the work : S.C. MALIBU INVEST S.R.L.
Valuator : ANGHEL ROCSANA MANUELA
- December 2013The data, the information and the content of this report are confidential for third parties and consequently, they won’t be available
for copying partially or totally and/or won’t be available for transmitting without the previous written consent of the Valuator.
VALUATION REPORT
STATEMENT OF CONFORMITY
We hereby confirm the fact that we fully complied with the ethical and
professional requirements, according by the Deontological Code, related to the
performance of the job.
The expressed analyses, opinions and conclusions were made in
compliance with enforced evaluation standard requirements – ninth edition 2011, recommendations and work methodology endorsed by ANEVAR (National
Association of Romanian Valuators).
Valuator,
Anghel Rocsana Manuela
Real Estates Expert Valuator
Titular member of the National Association of Romanian Valuators
VALUATION REPORT
SUMMARY OF THE VALUATION
THE OBJECT OF THE EVALUATION: Open land within the built up area, with a total
surface of 14.000 sq m from documents (14.044,65 sq m from cadastral measurements),
located in Bucharest, 141-149 Belsugului Street, having the cadastral number 4080/1,
registered within the Land Book no. 18274, not final, 6lh district, Bucharest.
OWNER: SC MALIBU INVEST SRL
TYPE OF VALUE: the correct value of the real estate property - open land - as
defined within the International Standards of Evaluation 2011 - general framework.In this
situation the correct value is the same as the market value, defined by the International
Standards of Evaluation 2011 - general framework.
THE PURPOSE AND UTILITY OF THE REPORT: Information about the market
value of the property
THE ADDRESSEE OF THE WORK: SC MALIBU INVEST SRL
RESTRICTIVE CONDITIONS: the real estate property is evaluated as being free of
any charges, without restrictions, the ownership right being complete.
DESCRIPTION OF THE REAL ESTATE PROPERTIES: land in surface of 14.044,65
sq m located within the built up area of the Bucharest municipality, Military area - Iuliu Maniu,
after the intersection with Valea Cascadelor and the subway station Pacii, on the Drumul
Belsugului Street.
The land has a double opening, to Drumul Belsugului Street - East, on one side, of
73,87 m and an opening at the Road on which (the former Viscolului road) -West, on one
side, of 78,62 m. On the north side, the land borders a residential ensemble and on the
South side there are other residential properties.
The property has a plane surface, of approximately regular form.
The area is expanding and developed mainly residentially, existing both individual
villas as well as newly built apartment buildings.
The majority of the streets are asphalted, the access being realized easily from Iuliu
Maniu Boulevard.
In the area are present all the city utilities - gas, sewerage, current water, electricity,
telephone/cable TV.
For the land, the Building Permit no, 422/10.10.2011 is available, for the execution of
works for: residential ensemble "Stage 1" - 2 buildings (building 1 A and 2 A) with a height
regime UG+GF+2F+F3 redrawn.
Subsequent to the discussion borne with the representative of the owner on the land
shall be built (in several stages) a residential ensemble of 7 apartment buildings, having a
height regime UG+GF+2F+3F redrawn and the urban indicators according to the Detail
Urban Plan for Drumul Belsugului Street, Percent of land occupation = 35%, Land utilization
coefficient = 1,6 - Town planning Certificate 242/12D of 11.03.2011.
On the date of the inspection the land was fenced and opened.
VALUATION REPORT
THE DATE OF THE INSPECTION: the inspection of the property has been
concluded by the Valuator mentioned above on December 2013
DATE OF THE EVALUATION: December 2013
The present report contains 14(fourteen) pages, without annexes and has been
executed in 3 (three) copies, in English , 2 (two) of which are for the client.
1.1.
THE RESULT OF THE EVALUATION
Subsequent to carrying out the approaches and the evaluation methods presented on
this report the following estimated values for the real estate property undergone evaluation
resulted:
TV BY THE METHOD OF MARKET APPROACH =
125 EURO/sq m
TV BY THE METHOD OF RESIDUAL VALUE
=
128 EURO/sq m
1.2
THE OPINION OF THE EVALUATOR
In the evaluator's opinion the estimated market value, for the real estate property
evaluated - open land positioned within the built up area in surface of 14,000 sqm from the
documents and 14.044,65 sq m( from the measurements) located in Bucharest, 141 - 149
Drumul Belsugului Street, 6lh district, having the cadastral number 4080/1 registered in the
Land Book no. 18274, is of:
TV =14.045 SQ M X 125 EURO/SQ M
V PROPERTY = 1.751.236 EURO
The estimated market value for the land by the market approach is chosen.
The reasons based upon which this opinion has been elaborate, as well as the
consideration regarding the value are:
¾
Value that has been articulated expressly considering the hypothesis, limitations
and appreciations expressed in the present report.
o Estimated value in EURO valid for such a period, whilst the conditions in
which the evaluation has been realized (the status of the real estate market,
the level of the demand and supply, inflation, evolution of the RON/EURO
exchange rate) did not substantially change. On the real estate markets, the
values may evolve ascending or descending together with the passage of time
and their variation in connection to the euro exchange is not necessarily linear:
¾
The value is a prediction:
¾
The value does not take into consideration the environment responsibility;
¾
The value is subjective; The evaluation is an opinion over a value.
The report has been prepared based upon standards, recommendation and working
methodology recommended by ANEVAR (the National Association of Evaluators in
Romania).
VALUATION REPORT
SUMMARY
CONFORMITY DECLARATION
I.
SUMMARY OF THE EVALUATION
1.1.
Results of the evaluation
1.2.
Opinion of the evaluator
II. General information
2.1.
Object of the evaluation ownership rights evaluated
2.2.
Purpose of the evaluation
2.3.
Client and addressee of the work (the instructions of the evaluation)
2.4.
Basis of the evaluation:
2.4.1 Hypothesis and restrictive conditions;
2.4.2 Estimated value;
2.4.3 Date of the evaluation;
2.4.4 Date of the inspection;
2.4.5 Evaluation method utilized;
2.4.6 Methods and the terms of payment
2.5.
Responsibilities towards third parties
2.6.
Sources of information
III. PRESENTATION OF THE REAL ESTATE PROPERTY
3.1. Description of the location and of property
3.2. Analysis of the specific real estate market
IV. EVALUATION OF THE REAL ESTATE PROPERTY
4.1.
Best exploitation (be)
4.2.
Evaluation procedure (phases undertaken, sources of information)
4.3.
Method o sales comparison
4.4.
Method of residual value
4.5.
Reconciliation of values
4.6.
Estimation of the final value. The opinion of the evaluator
V. THE EVALUATOR'S PRESENTATION
ANNEXES
VALUATION REPORT
2. GENERAL INFORMATION
2.1 OBJECT OF THE EVALUATION
Open land in total surface of 14.000 sq m resulted from the documents (14,044,65 sq
m from the cadastral measurements) located in Bucharest, 141-149 Drumul Belsugului
Street, 6th district, having the cadastral number 4080/1, registered in the Land Book no. 18274
of the 6th district, Bucharest.
From a legal point of view, the aforementioned land is presented as being the property
of MALIBU INVEST SRL, based upon the following documents.
- Sale purchase agreement authenticated under no. 337/14.06.2007;
- Land Book excerpt no. 18274 not final/24.08.2011;
Other documents provided:
- Town planning certificate no. 242/12D of 11.03.2011
- Building permit no. 422/10.08.2011;
- Registration no. 372785/22.08.2011;
- Technical approval no. 103/23.05.2009 with plan annexed to the approval;
- Site plan and limitation of the real estate property.
According to the documents provided, the right of ownership over the real estate
property is complete. Over the aforementioned there are no encumbrances or easements
and no bank guarantees or mortgages, that limit the ownership right, are constituted, others
than the ones established in favor of BANK LEUMI ROMANIA SA - as concluded from the
discussions with the owner of the land. All the information has been considered
believable and correct, without verifying the authenticity of the legal documents held. No
responsibility is undertaken by the evaluator regarding the description of the legal situation or
that of the grounds concerning the ownership documents. It is assumed that the ownership
rights are valid and the property can be sold, if not specified otherwise.
2.2.
PURPOSE OF THE EVALUATION
The purpose of the evaluation: financial reports
2.3.
THE CLIENT AND THE ADDRESSEE OF THE WORK
This evaluation report is addressed to MALIBU INVEST SRL in its capacity of client and
consignee of work - in its capacity as addressee.
Taking into consideration the Statute of ANEVAR and the Deontological code of the
evaluator profession, the evaluator does not undertake the responsibility except towards the
client and the addressee.
2.4.
THE BASIS OF THE EVALUATION
At the basis of the evaluation stand a series of hypothesis and restrictive conditions,
presented hereinafter. The opinion of the evaluator is expressed according to these
hypothesis and conclusions, as well as the rest of the provisions of this report.
2.4.1. Hypothesis and restrictive conditions
This report is concluded at the request of the client and for the specified purpose. The
utilization of the report by a third party is not allowed, without the previous written approval of
VALUATION REPORT
the client, the author of the evaluation and that of the verifying evaluator. The responsibility is
not undertaken towards any other person, except that of the client, addressee of the
evaluation and that of those that have obtained the written approval and the responsibility for
any prejudices suffered by any such person is not accepted, prejudices resulted as a
consequence of the decisions or the action undertaken on the basis of this report.
The evaluation report is valid only at the date of the evaluation.
The evaluator is not responsible for the legal issues that affect either the real estate
property evaluated either the ownership right over the aforementioned and those that are not
known by the evaluator. To this end it is mentioned that there has not been undertaken any
specific research within the archives and that the evaluator assumes that the ownership title
is valid and may be transacted, that there are no debts in connection to the evaluated
property and the aforementioned is no mortgaged or leased. If such a situation exists and it
is known, this is mentioned in the report. The real estate property is evaluated based upon
the premise that it is legally held (the ownership right is valid).
It is assumed that the real estate property in question complies with the regulations
regarding the urban documents, the construction laws and the sanitary regulations, and if the
aforementioned conditions are not respected, the market value will be affected.
The property has not been evaluated in detail. Any sketch from the evaluation report
presents the approximated dimensions of the property and it is realized in order to help the
reader of the report to visualize the property. Should there be relevant documents (cadastral
measurements, expertise) these will have priority.
If not shown otherwise in the report, it is understood that the evaluator does not have
knowledge over the hidden or invisible status of the property (including, but not limited to the
following, structure and state of the soil, physical structure, mechanical systems and other
functioning systems, foundation etc.) or over the adverse environment conditions (on the real
estate property in question or on an adjacent property, including the presence of dangerous
substances, toxic substances etc.) that may increase or diminish the value of the property. It
is assumed that, there are no such conditions, if they have not been observed at the moment
of the inspection or have not become visible during the period of the development of the
regular analysis, required for the elaboration of the evaluation report. This report must not be
elaborated as an environment audit or as a detailed report of the status of the property, such
information exceeding the margin of this report and/or the qualification of the evaluator. The
evaluator does not offer explicit or implicit guarantees regarding the status in which the
property is found and is not responsible for the existence of such situations and that of the
possible consequences thereof and for the eventual technical testing processes required for
their discovery.
The evaluator obtains information, estimates and necessary opinions required for the
elaboration of the evaluation report, from sources that he considers reliable and the evaluator
considers the aforementioned to be true and correct. The evaluator does not undertake the
responsibility with respect to the accuracy of the information supplied by third parties.
The content of this report is confidential for the client and the addressee and the
author shall not disclose it to a third party, except the situations observed by the International
Standard of Evaluation and/or when a judicial authority becomes interested in the property.
The evaluator has agreed to undertake the mission granted by the client named in the
report, for the purpose of utilization specified by the client and for the scope observed in the
report.
The written consent of the evaluator and that of the verifying evaluator (should this
VALUATION REPORT
last one be required), must be obtained prior to any part of the evaluation report be utilized,
for any purpose, by any party, except the client and the creditor, or other addressees of the
evaluation that have been mentioned in this report. The written consent and the approval
must be obtained before the evaluation report (or any part thereof) may be amended or
transmitted to a third party, including other mortgagee, others than the client or other
categories of public, by prospects, memos, publicity, public relations, information, sale or
other means. The evaluation report is not destined for the insurer of the evaluated property
and the value observed in the evaluation report has no connection with the insurance value.
2.4.2. THE ESTIMATED VALUE
The evaluation realizes according to the present report represent an estimate of the
fair value, the same as the market value in the present situation, of the real estate property,
the least being the object of the International Standard of Evaluation IVS 1 (that has a
mandatory character for the ANEVAR members).
The standard is applicable to the market value of a property, usually real estate
property and to the aggregated elements thereof.
• DEFINITION OF THE FAIR VALUE
"The market value represents the amount for which an asset may be exchanged
between two interested parties, knowingly in a transaction where the price is
determined objectively."
•
DEFINITION OF THE MARKET VALUE
“The market value is the estimated amount for which an asset might be
exchanged on its valuation date, between a determined buyer and a determined
seller, in a correct transaction, after an appropriate marketing and where the
parties acted knowingly, prudently and without constraint. “
2.4.3. THE DATE OF THE EVALUATION
The evaluation has been based upon the information regarding the level of prices
corresponding to the month of December 2013, the date for which the hypothesis taken into
account and the estimated values are considered valid by the evaluator. The opinion
regarding the market value of the real estate property has taken into account the dates
and the information held or gathered by the evaluator in December 2013
2.4.4. THE DATE OF THE INSPECTION
The inspection of the real estate property has been realized by the Valuator
mentioned. No investigations regarding the possible contaminations of the land or the
adjacent sites have been realized.
2.4.5. THE EVALUATION METHOD UTILIZED
The fundament of the evaluation realized in the present report is the market value as it has
been previously defined. For determining this value, the following methods have been
applied:
The method of market approach
The method of residual value.
By applying these methods a series of values have been obtained, that have been
VALUATION REPORT
interpreted by the evaluator and the reconciliation thereof the opinion of the evaluator has
formed regarding the market value that may be obtained in the respective area and at the
date of the evaluation.
2.4.6. THE METHODS AND THE TERMS OF PAYMENT
The value presented as opinion in the present evaluation report represents the market
value of the real estate property evaluated and is considered payable in full (cash) without
special payment conditions (installments, leasing etc.).
2.5.
RESPONSIBILITIES TOWARDS THIRD PARTIES
This evaluation report has been realized based upon the documents attesting the
ownership right and the information connected to the history and the exploitation of the
premises, supplied by the beneficiary's representative, at the moment when the property was
inspected, the accuracy and precision of the data supplied being the responsibility thereof.
The values estimated by the evaluator are valid at the date of the present report.
The opinion of the evaluator needs to be analyzed within the general economical
framework at the date of the evaluation when the evaluation operation took place, the
development stage of the real estate market and the purpose of this report. If the
aforementioned changes significantly in the future, the evaluator shall not be held
responsible but solely within the limit of the information available and known at the date of
the evaluation.
This evaluation report is confidential, destined solely to the observed purpose and only
for the use of the client. No responsibility is accepted should it be transmitted to another
person, either for the declared purpose, either for other purpose, in any circumstance.
2.6.
THE INFORMATION SOURCES
The information sources at the basis of the elaboration of this evaluation report have been:
¾ Information regarding the legal and technical status of the real estate property
provided by the beneficiary of the work;
¾ Information taken from real estate sellers and buyers on the specific real estate
market, information that has been integrated in the analysis of the real estate market;
¾ Information taken from the data base of the evaluator.
VALUATION REPORT
3. PRESENTATION OF THE REAL ESTATE PROPERTY
3.1 DESCRIPTION OF THE LOCATION AND OF PROPERTY
The property is located within the built up area of the Bucharest municipality. Military
area - Iuliu Maniu, after the intersection with Valea Cascadelor and the subway station Pacii,
on the Drumul Belsugului Street.
The land has a surface of 14.000 sq m (14.0444, 65 sq m from the cadastral
measurements).
The land has a double opening, to Drumul Belsugului Street - on the East side on one
side of 73,87 m and an opening to the Road that (former Visolului Street) - on the East side
on one side of 78, 62 m. On the North side, the land is neighboring a residential ensemble
and on the South side there are other residential properties.
The property has a flat surface, a regular shape.
The zone is in expansion and developed above all residentially, there are individual
villas as well as apartment buildings newly developed.
The majority of the streets are asphalted, the access being done easily from Iuliu
Maniu Boulevard.
In the area there are present all urban utilities - gas, sewerage, current water,
electricity, telephone/ cable TV.
For the land there is the Construction permit no. 422/10.08.2011 for the execution of
works, such as: residential ensemble "Stage 1" - 2 buildings (building 1A and 2A) with a
height regime U+GF+2F+F3 redrawn.
From the discussions held with the owner, on the land it shall be developed (in several
stages) a residential ensemble of 7 apartment buildings, with a height regime UG+GF+2F+F3
redrawn and the urban markers according to the Urban Development Plan Drumul Belsugului
Street, PERCENT OF LAND OCCUPATION = 35%, LAND UTILIZATION COEFFICIENT =
1, 6 - Town planning Certificate 24D/12D of 11.03.2011.
At the date of the inspection, the land is enclosed and open.
3.2.
ANALYSIS OF THE SPECIFIC REAL ESTATE MARKET
3.2.1. Definition of the market - analysis of specific data
Real estate market can be defined as being the interaction between the persons
(natural or legal) that trade ownership rights in exchange for other goods, like money. This
market is defined based upon the type of property, the potential to produce incomes,
location, characteristics of the investors and the typical lessees.
the real estate market is influenced by the attitudes, motivations and
interactions of the sellers and the buyers and has different characteristics that the ones of the
efficient markets (is very sensible to the situation of the labor market and the income stability,
the purchasing decisions being influenced by the type of financing, duration of the
reimbursement and the interest rate is a market that does not auto regulate, but is affected
by many government and local rulings, the information regarding similar transactions are not
immediately available, there are delays between the supply and demand, the demand may
be volatile due to rapid changes in the size and structure of the population).
Considering the estimations regarding "the best employment", we can speak of the
VALUATION REPORT
residential market - apartment buildings. Close to the property the following residential
ensembles are located:
• Militari Residence - ensemble composed of 23 buildings with 1.200 apartments,
underground and at ground floor parking spaces, a park of 1.000 sq m, kinder
garden, after-school, health club, event center etc. The sale price of the
apartments starts from 700Euro/ utilized sq m.
• Style Residence - a residential complex composed of 114 apartments located in a
building with 5 entrances, having a height regime of UG+GF+4F. The selling price
of the apartments starts from 700 Euro/sq m.
• Ten Blocks - residential ensemble comprising 10 buildings with a number of 420
apartments, 257 underground parking spaces and storage spaces, 254 above
ground parking spaces. The ensemble benefits from access with magnetic card,
green spaces, walks, playground for children, parking spaces available for the
entire family but also for the visitors. The selling price of the apartments starts
from 700 - 800 Euro/ built sq m.
The advantages of the area consist in the small distance towards the major means of
auto transportation and the easy access to the rest of the areas of the city. Near there are
numerous means of public transportation: subway station Pacii as well as trolleybuses and
buses. Also, close there are schools, high schools and commercial centers such as: Auchan,
Carrefour, Metro, Praktiker, and Bricostore.
In analyzing this market we have investigated issues connected to the economic and
social situation and urban development of the area and subarea, population in the area,
trends of the past years, specific demand and the competitive offer for the type of property
limited.
The market for land has known a significant evolution over the years, its development
being in direct relationship with the other segments of the real estate market, but in the
course of last year the supply prices for land in the capital and surrounding areas of the
capital have decreased significantly, but the transactions do not take place even at lower
prices so that the real value of these properties is difficult to observe.
3.2.2.
ANALYSIS OF THE REQUEST
The request is stagnating.
3.2.3.
ANALYSIS OF THE SUPPLY
In the analyzed area the supply for open available for sale lands is limited.
3.2.4.
THE BALANCE OF THE MARKET
In the light of the above described in the previous chapters, it may be considered that
at the moment the real estate market for similar properties in the analyzed area is in a virtual
imbalance due to the limited supply (actual and potential) and the stagnating demand,
constituted by real estate developers.
In conclusion, we have a buyer’s market.
VALUATION REPORT
4. EVALUATION OF THE REAL ESTATE PROPERTY
BEST EXPLOITATION
The concept of best exploitation represents the exploitation alternative for the
selected property out of the various possible options that shall constitute the starting point
and shall generate the working hypothesis required for the implementation of the evaluation
methods in the subsequent chapters of the work.
The best exploitation - is defined as the reasonable exploitation, probable and legal
of an open land or built that is materially possible, properly motivated, and financially feasible
and that has as a result the best value.
The best exploitation is analyzed in the situation of the open land.
The best exploitation of a real estate property must fulfill four criteria, it must be:
• Legally permitted
• Materially possible
• Financially feasible
• Maximum profitable
Taking into consideration these aspects the best exploitation shall be determined in
the situation of the land considered as open for the real estate property analyzed.
According to the provisions of the Detailed Urbanistic Plan "6th district Coordinator"
the land is part of the subarea Lla - individual and collective small residences with maximum
GF+2 levels located outside the protected perimeters, on traditional plots, spontaneous. For
this area, according to the Detailed Urbanistic Plan we have the following urban markers:
PERCENT OF LAND OCCUPATION max = 35% and LAND UTILIZATION COEFFICIENT
max = 1, 6; Height regime UG+GF+2F+F3 redrawn.
Considering the above issues, the best exploitation of the land is represented by the
development over the land, of a residential building.
4.1
4.2.
EVALUATION PROCEDURE (PHASES UNDERTAKEN, SOURCES OF
INFORMATION)
The basis of the evaluation realized in this report is the market value, as it has been
defined above.
In order to determine this value the following methods have been applied:
- method of market approach and - method of residual value
By using these methods a series of values have been obtained, that have been
interpreted by an evaluator and by the reconciliation thereof the opinion of the evaluator has
formed regarding the market value possibly obtainable in the respective area and at the date
of the evaluation.
4.1.1
STEPS UNDERTAKEN
¾ The documentation, based upon a list of information supplied by the owner;
¾ The inspection of the site and that of the area;
¾ Establishing the limitation and the hypothesis that stood at the basis of elaborating
the report;
¾ Selection of the type of estimated value in the present report;
¾ Analysis of the collected information, interpretation of results from the evaluators'
stand point;
VALUATION REPORT
¾ Appling the evaluation methods considered proper for establishing the value of the
real estate property.
¾ The evaluation procedure is according to the standards, recommendations and
working methodology recommended by ANEVAR.
4.3.
METHOD OF MARKET APPROACH
The method of sales comparison utilizes the comparative analysis: estimation of the
market value is done by analyzing the market in order to find similar properties and the
comparison thereof with the evaluated property. The major principle of the method is that the
market value of a real estate property is in direct relationship with the prices of competitive
and comparable properties.
The comparative analysis is based upon the resemblances and the differences
between properties and transactions that influence the value. Is a global method that applies
the information obtained following the report demand - supply on the real estate market,
reflected in the mass - media or other sources of information: it is based upon the value
resulted subsequent to transactions with real estate realized in the area.
For the estimation of the market value of the asset and through this method, the
evaluator considered the information observed in the supply for comparable lands, taking into
consideration the fact that for the real estate we have a Construction permit for the project
anticipated by the beneficiary.
As such, subsequent to applying the corrections, the market value of the property is by
rounding off the following:
TV BY MARKET APPROACH = 125 EUR/ SQ M
V property = 1,751,236 euro
4.4.
METHOD OF RESIDUAL VALUE
The method of the residual value consists in establishing the value of the land
through the deduction from the estimated market value of the project to be developed on the
land, in the current situation - of the necessary costs for realizing the construction as well as
that of a reasonable profit of the investor.
This method is based upon the contribution concept, estimating what part of the
future incomes of the residential ensemble that shall be built is attributable to the land and to
the constructions to be built on the land.
The estimation of the incomes and costs for the realization of the project - anticipated
by the beneficiary - is based upon the information from the real estate market for apartments
located in new apartment buildings for the estimation of the incomes and from the
construction market for estimating the average costs for construction.
As such, the beneficiary anticipates the construction of a project - Residential
ensemble on Drumul Belsugului Street of 7 apartment buildings, with a height regime
UG+GF+2F+F3rdrawn.
The Construction permit no.422 of 10.08.2011 has been obtained for beginning the
first stage "Stage I" - construction of 2 buildings (building 1A and 2A).
The market value of the land obtained by the residual method has been established
based upon the project anticipated by the beneficiary of this report.
In conclusion, we have:
VALUATION REPORT
TV BY RESIDUAL METHOD = 128 EUR/SQ M
V property = 1,791,822 euro
4.5.
RECONCILIATION OF VALUES
Subsequent to applying the approaches and evaluation methods presented in this report
resulted the following estimated values for the evaluated real estate property:
TV BY THE METHOD OF MARKET APPROACH
TV BY THE METHOD OF RESIDUAL VALUE
4.6.
=
=
125 EURO/sq m
128 EURO/sq m
ESTIMATION OF THE FINAL VALUE, THE OPINION OF THE EVALUATOR
Cautiously is chosen the estimated market value for the land by the method of the
market approach.
In the opinion of the evaluator, the estimated value for the real estate property
evaluated - open land within the built up area in total surface of 14.000 sq m from documents
(14.044, 65 sq m from the cadastral measurements) located in Bucharest, 141-149 Drumul
Belsugului Street, 61 district, having the cadastral number 4080/1, registered in the Land
Book no. 18274 of the 6th district is of:
TV =14.045 SQ M X 125 EURO/SQ M
V PROPERTY = 1,751,236 EURO
VALUATION REPORT
ANNEXES
VALUATION REPORT
PRESENTATION OF THE VALUATOR
Anghel R ocsana Manuela domiciled in Bucharest, district 6, 13 Timisoara Blv.
, Bl. B2, Apartment 2, personal number 2600523400542 – holder of the
certifications:
-
NATIONAL VALUATORS’ ASSOCIATION FROM ROMANIA
- Titular member card no. 17303
EVALUAREA TERENULUI
Abordarea prin Piata
Elemente de comparatie
Terenul evaluat
Preţ unitar ofertare (Euro / mp)
corecţie pentru ofertă (Euro / mp)
Preţ corectat (Euro / mp)
Drept de proprietate
corecţie pentru dr. de proprietate (Euro / mp)
Deplin
Preţ corectat (Euro / mp)
Conditii de finantare
corecţie pentru conditii de finantare (Euro / mp)
la piata
Preţ corectat (Euro / mp)
Conditii de vanzare
Independent
corecţie pentru conditii de vanzare (Euro / mp)
Anexa 1
Teren
comparabil "A"
(oferta)
150
-5%
-8
143
Deplin
0%
0
143
la piata
0%
0
143
Independent
Teren
comparabil "B"
(oferta)
125
-5%
-6
119
Deplin
0%
0
119
la piata
0%
0
119
Independent
0%
0%
Localizare
Militari - Preciziei
0
5.000
3.000
12.200
0%
-6
0%
nu
0%
0%
0
56,00
33m (doua
deschideri)
5%
5%
7
Forma teren
corecţie pentru forma teren (Euro / mp)
6
similar
regulata
0%
toate utilitatile
similar
0%
0%
0
toate
toate
0%
0%
0
Caracteristici economice
corecţie pentru caracteristici economice (Euro / mp)
0
similar
nu e cazul
0%
similar
0%
0%
0
rezidential,
Autorizatie de construire rezidential/comercia
P+2E+E3 retras, POT
l/ industrial
35%, CUT = 1,6
3%
corecţie pentru cea mai buna utilizare (Euro / mp)
corecţie pentru componente non-imobiliare (Euro /
mp)
Preţ corectat final (Euro / mp)
Corecţie totală brută (valoric din preţul de vânzare)
Corecţie totală brută (% din preţul de vânzare)
rezidential
5%
5%
6
similar
nu e cazul
0
rezidential
4
Componente non-imobiliare
0
similar
0
Utilizare
0
toate
0%
corecţie pentru utilitati (Euro / mp)
5
similar
0
Utilitati
0
26
5%
corecţie pentru deschidere (Euro / mp)
0
nu
0
Deschidere (ml)
10
105
-5%
nu
78,62 ml - la Drum lateral;
73,87 ml - la Drumul
Belsugului
Militari
10%
119
-5%
nu
0
Militari Rosu
-7
Suprafata ocupata la sol
corecţie pentru suprafata ocupata la sol (Euro / mp)
0
95
0%
135
14.045
5
similar
0%
similar
0%
0%
0
140
0
0
125
25,65
0
0%
-7
Preţ corectat (Euro / mp)
Caracteristici fizice teren
Suprafata totala teren (mp)
corecţie pentru suprafata totala teren (Euro / mp)
95
Independent
119
-5%
corecţie pentru localizare (Euro / mp)
0%
0
143
Militari - Str. Drumul
Belsugului
0
95
la piata
95
30.09.2013
0%
0
Preţ corectat (Euro / mp)
0%
119
30.09.2013
0%
-5
95
Deplin
0
143
30.09.2013
december 2013
corecţie pentru conditiile pietei (Euro / mp)
"C" (oferta)
100
-5%
0%
0
Preţ corectat (Euro / mp)
Conditiile pietei
Teren comparabil
114
17,81
18%
15%
Valoare estimata - (Euro / mp)
125
140
125
Nota: Se alege valoarea de piata obtinuta in urma corectiilor - a comparabilei B intrucat are corectia bruta minima.
1.751.235,94 euro
19,00
20%
114
Anexa 2
EVALUAREA TERENULUI
Metoda Valorii Reziduale
Suprafata teren
Suprafata construita la sol
Suprafata construita desfasurata totala
Suprafata construita totala subsol
fisa 2- Matrix
14.044,65
4.915,63
19.500,00
0,00
mp
mp
mp
mp
VENITURI
TOTALURI
Cota
Suprafata construita (mp)/ nr. locuri
Rezidential
19.500
Parcari supraterane simple
281
Parcari subterane simple
TOTAL VENITURI
EUR/ mp
EUR/ loc
670
2.000
-
13.065.000
562.000
13.627.000
COSTURI
Constructii
Suprafata construita (mp)
Rezidential
19.500
Subsol
Parcaje, trotuare, circulatii, piste
biciclete
6.000
Amenajari peisagistice
3.129
EUR/ mp
460
-
8.970.000
-
20
3
120.000
9.387
9.099.387
Dezvoltare
Infrastructura
Proiectare
Regie
Autorizatii construire
3%
3%
2%
1,0%
272.982
272.982
181.988
90.994
818.945
1,5%
1,0%
1%
204.405
136.270
90.994
431.669
Vanzare & Marketing
Vanzare
Marketing
Taxe
13.627.000
vanzare
Costuri bancare
1%
Cheltuieli neprevazute
3%
136.270
272.982
TOTAL COSTURI
Profitul dezvoltatorului
Valoare reziduala
10.759.252
10% din costuri
1.075.925
euro
1.791.822
EUR/ mp
128
,'UXQ
Teren intravilan
deschidere: 60 m
• Zona:
• Reper:
5000 mp:
60 m:
Militari
Iuliu Maniu - Preciziei
suprafata teren
deschidere
PRET: 150,00 EURO/mp
Dotari / Utilitati / Informatii Utile
5000 mp - total teren, CUT : 2,5
strazi amenajate, acces stradal
curent electric 220V, curent electric 380V, apa, gaze, telefon, mijloace de transport
destinatii: rezidenta, centru de afaceri, comercial, industrial, hotel, benzinarie, teren intravilan
contr. vanzare-cumparare
vecinatati:RATB, drum national
Alte Informatii
Teren cu suprafata de 5.000 mp si deschidere staradala de 56m situat intr-o zina mixta apropiata de Iuliu Maniu si Autostrada
Bucuresti - Pitesti.Se pot dezvolta urmatoarele activitati : Showroom, spatiu logistic, spatiu pentru depozitare, spatiu productie, birouri
etc. Toate utilitatile. Acces TIR.
Alte poze
COORDONATE DE CONTACT
PROMARK
Str. Maior Racoteanu, Nr. 8, Et. 4, Ap. executiv nr. 6, Sector 3, Bucuresti
Email: [email protected]
Telefon: 0730.032.058.
Contact: Emil Petre
Contact agentie
Telefoane: 021. 326.33.60 / 61. 0729-245.990. Fax: 021.326.07.12
Email: [email protected] WEB: http://www.promark.ro
Printat la 2013-09-30 14:43:51
pagina 1 / 1
ID: 522run1364
Teren
• Zona:
• Reper:
3000 mp:
Militari
Rosu padure
suprafata teren
PRET: 125,00 EURO/mp
Dotari / Utilitati / Informatii Utile
3000 mp - total teren
strazi amenajate, acces stradal, acces mixt
curent electric 220V, canalizare, gaze, mijloace de transport
contr. vanzare-cumparare, carte funciara, rol fiscal
vecinatati: magazine, gradinita, scoala, transport in comun, parc, lac, padure, restaurant
Alte Informatii
Militari rosu spate padure 4700mp d=26ml la strada cu toate utilitatile;canalizare ,gaze,asfalt curent ,cartier de vile zona curata si
selecta .,parcelabil la cerere in loturi 1000mp,
Alte poze
Harta
COORDONATE DE CONTACT
Printat la 2013-09-30 14:54:40
pagina 1 / 2
TENTANT IMOBILIARE
Str. Petru Poni nr. 6, ap. 2 Sector 1
Contact: Nicu Lautaru
Email: [email protected]
Telefon: 0729.158.583
Contact agentie
Telefoane: 021.222.01.25 0720.009.999 Fax: 021.222.01.63
Email: [email protected] WEB: http://www.tentantimobiliare.ro
Printat la 2013-09-30 14:54:41
Powered by TCPDF (www.tcpdf.org)
pagina 2 / 2
-
fiT
}F
ft
-
AhIAFI
tr#iHiffiffi
IMOBILIARA
BUCUREST]
SECTOR6
SI PUBLICITATE
OFICIULDE CADASTRU
Dosarulnr.372785| 22.08.N11
Nr.372785
INCHEIERE
GEORGE
ROSIORU
Registrator
CRISTINA
PETRE
Asistent
- registrator
Asupracereriiintrodusede SC MALIBUINVESTSRLprivindinscriereain carteafunciaravazand
referatulasistentului
- registrator,
conditiileprevazutela art.48 din Legea
in sensulca nu existapiedicila inscriere,fiindindeplinite
pentruAlte
60
lei,
de
cu
Chitanta
0933349122-08-2011
tarifulachitatin suma
7t1996- republicata,
radierea)
avandcodulnr.2.4.2
notari(inclusiv
DISPUNE:
emisade
de Construirenr. 422110.08.2011
Se noteazain carteafunciaracu nr. 18273,Autorizatia
(bloc
1A si 2A
" Etapa| " - 2 cladiri
unuiansamblu
residential
6, privindconstruirea
Primaria
sectorului
cu regimde inaltimeP+2E+ 3E retras
SC MALIBUINVESTSRL
se va comunica:
Prezenta
carese depunela Oficiulde
in termende 15zilede la comunicare,
Cu dreptde reexaminare
de
se inscriedinoficiuin carteafunciarasise solutioneaza
lmobiliara,
si Publicitate
Cadastru
sef.
catreregistratorul
la datade:
Solutionata
4;
20ll
pagina
1t1
;fs
Jy
,rf
. &h{fiP,il
Nr.cerere375854
Zi ua24
Luna08
Anul2011
JrG*r*TI* tC*TltrH!$rS
s . f,{D 4i !l t
di }
rsrta$tTir* tuf rlrt{*i
OFICIULDE CADASTRUSI PUBLICITATEIMOBILIARABUCURESTISECTOR6
EXTRASDE CARTEFUNCIARA
pentru
INFORMARE
CarteafunciaraINDlVlDUALAcu nr.'1827
4 NEDEFIN
ITIVA
Municipiu
BUCURESTI
SECTOR
A . P a rt e a l-a
tlr.
lrt.
1
Nr.cadsautopo
Descrierea
imobilului
Suprafata
4080/1
BUCURESTI
SECTOR
6, DRUMULBELSUGULUI
numaruf141-149.Descriere
constructie:
TERENlN
MP DINACTESI 14044.65
SUPRAFATA
DE 14OOO
MP DINMASURATORI
14000MP
Observatii
B. Partea a ll-a
Nr.
Numesi prenumeproprietar
Crt.
3 SCMALIBUINVESTSRL- 1/1
4
lnscrieriprivitoare
la proprietate
Observatii
lncheierenr.874454I 18.06.2007
in baza:
CONTRACTVANZARE-CUMPARARE
nr. 337I
14.06.2007
emisde BNPGOGOLANRARES
IONUTse INTABULEMA
dreptulde
PROPRIETATE
asupraPl/ 1 cu titlude
CUMPARARE.
Subnumarul372785122.08.2011
: Se noteaza
in carteafunciaracu nr. 18273,Autorizatia
de
Construire
nr. 422110.08.201
1 emisade
Primariasectorului
6, privindconstruirea
unui
ansambluresidential
" Etapa| " - 2 cladiri(bloc
1A si 2A)cu reoimde inaltimeP+zE+ 3E retras
Pv1
PV1
Pagina 1 | 2
\
\
G. Parteaa-lll-a
Nr.
Inscrieriprivitoarela sarcini
Crt.
nr.
GARANTIE
IMOBILIARA
l12.06.2009
in baza:CONTRACT
nr.296186
3 lncheiere
dreptulde
1615111.06.2008
emisde BNPlLlE LAURAMARCELAse INTABULEAZA
IPOTECAin favoareaBANKLEUMIROMANIASA pentrusarcini:Dreptde ipotecapentru
si
comisioane
EURO+ dobanzi,costuri,penalitati,
creditin sumade max.1.420.000
cu notarea
cheltuieliaferente,conformcontractuluide creditnr. 42O111.06.2008,
grevare,dezmembrare,
alipire,construire,
constituire
ca aport
de instrainare,
interdictiilor
in naftrra
4
la nqnilalrrl
cnnial
al rrrarrnai
cnnialafi
cr'rmorniqle
ci innhiriora
acrrnra
Observatii
PV1
Pl/ 1
BNP
Notareaactuluiaditionalaut.nr. 898/09.06.2009
Subnumarul236499I 12.06.2009:
ipotecaaut.nr. 1615/2008
BNPllieLauraMarcela,c3
llie LauraMarcela,la contractulde
inscrisedejacu interdictiilede restructurare
si
urmarea completariiinterdictiilor
str.Drumul
sector
belsugului
nr.141-149,
situatin Bucuresti,
asupraimobilului
amenajare,
SC MalibulnvestSRL
CFI18274.proprietatea
6 numarcadastral408011
PV1
de acestbirou.
Certificca prezentulextrascorespundeintrutotulcu pozitiilein vigoaredin cartefunciaraoriginala,pastrata
poate
actelor
conform
cererii
nu
valabil
la
incheierea
fi
utilizat
si
este
Prezentulextras de carte funciara
autentificatede notarul public.
Pagina2l 2
Localizarea pe harta a proprietatii