Project Investment Analysis

The aim of the Project Investment Analysis is to ascertain and evaluate the financial analysis of the City High-rise Complex Development Option. The topic evaluates about the real estate development of the assigned topic with the help of different approaches of valuation. The analysis of the project includes the breakdown of the development cost, cash flow analysis.

Running head: PROJECT INVESTMENT ANALYSIS
Project Investment Analysis
Name of the Student:
Name of the University:
Author’s Note:

1PROJECT INVESTMENT ANALYSIS
Serial Particulars Yes No
1 Development Cost Calculations Yes -
2 Development Plan Report Yes -
3 Cash Flow Schedule/Outlay Yes -
4 Net Income Evaluation Yes -
5 Total Development Cost of the Project Yes -
6 Project Finance Cost Yes -
7 Cost Escalation Yes -
8 Yield on Project Yes -
9 Forecasting Revenue for 10 years Yes -
10 Project Sale Price Yes -
11 Original Developers Profit/Loss Yes -
12 N.P.V for John Willey Pty Ltd Yes -
13 Profit/Loss Evaluation for John Willey Pvt Ltd on Exit Route Yes -
14 Impact of Changing Debt: Equity Ratio Yes -
15 Risk Evaluation for City Highrise Development Project Yes -
16 Sensitivity Analysis of Project Yes -
Assignment Checklist

2PROJECT INVESTMENT ANALYSIS
668 George Street,
Melbourne, VIC 3000
Telephone [phone]
www.mckenzieandassociate.com.au
28th September 2018
Mr Con Pewter
The Managing Director
City Highrise Complex Development Option.
Level 6, 510 King William Street,
Adelaide SA 5000
Dear Mr Pewter,
Sir, we would like to inform you that the financial evaluation for the project City Highrise
Development Complex is evaluated. The financial analysis of the project gave us a brief idea
about the prospect and the overview of the project. The financial analysis helped us and gave
an overview and helped us forecast the project revenue, costs and other crucial factors. There
were certain factors and assumptions taken for evaluation and analysis taken which is
discussed in brief.
The key aspects including the development costs, project cost, revenue analysis, yield
on project and risk analysis was done to overview and know whether the project is viable and

3PROJECT INVESTMENT ANALYSIS
to check financial sustainability of the investment. The Project results shows that external
factors like cost escalation and project finance costs has hampered the revenue of the project
and the net return generated from the project is not feasible.
The Exit route for the project was determined on the basis of project being sold to
John Wiley Pty Ltd on completion and this was also taken into account while assessing the
financial feasibility of the investment project. Risk analysis in the project acted as an aid in
the project which helped us determine the key areas to focus and the factors through which
the project was most sensitive.
In case if you have any more concerns or query to follow up, please get in touch with us
through our registered official email id or contact numbers.
Yours Sincerely
Financial Consultant
McKenzie and Associates
Enclosure: Investment Advisory
Cc: Maria McKenzie

4PROJECT INVESTMENT ANALYSIS
Executive Summary
The aim of the Project Investment Analysis is to ascertain and evaluate the financial analysis
of the City High-rise Complex Development Option. The topic evaluates about the real estate
development of the assigned topic with the help of different approaches of valuation. The
analysis of the project includes the breakdown of the development cost, cash flow analysis.
The Income approach and the cost approach of valuation of private real estate were the key
factors used in the assignment. The different financing method and the applicability of the
same on the project s discussed. The possible risks and the key risk areas were ascertained
using the sensitivity and risk analysis of the project. The key recommendation for the project
would be to do a financial analysis using different assumptions of the project’s operating
costs, revenue the same will generate and the key factors involved. The project was divided
into four phase where each phase covers the important part of the project development and
the cost related to each item.

5PROJECT INVESTMENT ANALYSIS
Table of Contents
Introduction................................................................................................................................6
Assumptions...............................................................................................................................6
Methodology..............................................................................................................................8
Spreadsheet Computations & Graph/Charts..............................................................................8
Estimation of Net Income and Revenue Analysis................................................................11
Total development cost, Project financing cost and Cost of Escalation..............................12
Project Development Yield on completion of the project....................................................13
Discussion & Recommendations.............................................................................................13
Risks and Sensitivity Analysis.............................................................................................13
Risk Evaluation of City Highrise Development Project......................................................14
Sensitivity Analysis..............................................................................................................14
Exit Route Evaluation..........................................................................................................15
Acquisition Cost...............................................................................................................15
Developers Profit/Loss.........................................................................................................16
Annual Cash Flow............................................................................................................16
Net Present Value.............................................................................................................16
Profit/Net Present Value and I.R.R......................................................................................17
Impact of Changing Debt and Equity Ratio.........................................................................17
Conclusion................................................................................................................................17
Reference..................................................................................................................................18
Appendix..................................................................................................................................21

6PROJECT INVESTMENT ANALYSIS
Introduction
The project focuses on the valuation and development of the Real Estate project City
Highrise Development Complex. The project of City Highrise development cost is
distributed among four major parts. Part A of the project deals with the development costs
incurred and the significant factors like the total costs, cash flow analysis of the project, net
income from the project and total yield on the project were some of the key components
discussed in the first part. The financial evaluation of these factors at the primary stage of
investment will help assess the financial feasibility and sustainability of the project according
to the risk and return characteristic of the project as an asset class (Bellos, Tzivanidis and
Antonopoulos 2016).
Part B of the project City Highrise was evaluated from the base taken as the
developed project being sold to John Willey Pty Ltd. The Price at which the company will
purchase the same from the developer is evaluated and the following net present value or the
profit/loss generated from the transaction covers the crucial part (Ghazali et al. 2017). Part C
of the Assignment takes into account about the changing financing structure of the company
and the impact the same will have on the company’s revenue. Part D of the assignment
covers the important part of risk analysis and the sensitivity analysis of the project undertaken
(Zaman 2017).
The key financial evaluation of the project helped us determine the financial
feasibility of the project in the long run and the wealth creation or yield generation from the
same. Assumptions and methodology taken were outlined in the report.
Assumptions
The project focuses on the development costs incurred and the same was calculated
using the cost approach of the real estate valuation (Sundgren, Mäki and Somoza-López

7PROJECT INVESTMENT ANALYSIS
2018). The development plan for the City Highrise Development Project will be as taken into
view assuming that the demolition; land development and designing and construction will
start from 1st October 2018. The project is divided into 4 phase where each phase gives us a
brief about the time, effort, factors and the cost playing there role in each phase. The time
period from 1st July 2018 to 31st September will be the vesting period for the project where
the demolition of existing building work will carry on and the effective cost that would be
spent at the time frame will be around 7 million as the deposit amount of the total land and
acquisition cost which is around 70 million dollars(Bellos, Tzivanidis and Antonopoulos
2016). The total cost Accounted till the year 2018 that is the first year of the development is
around 75.9968 million dollars that will account for Inflation assumption of 4% of the 40% of
the total money spent in the first year. The planning and designing stage would go on in the
second phase of the project from 1st October 2019 to 31st March 2019. The key cost included
in this phase is the cost of designing the project that is around 50 million dollars. The third
phase of the project starts with the construction of the project the time frame involved for the
same is from 1st April 2019 to 31st December 2020. The key cost involved during the tenure
will be the construction cost of around 300 million which was treated as a cash expenses and
the relevant finance cost @12% was applied during the evaluation. Development costs and
inflation provisions will be some of the factors that will be taken into account over the time
frame. The total cost accounted till 31st December 2021 is around 429.69 million dollars
which includes forecast for the development costs, construction cost and the provisions for
inflation. The fourth phase of the project is the Landscaping and External work of the project
that will be done from 1st January 2021 to 31st June 2021. The total development cost
included in the project was around 429.69 million dollars. The Revenue for the project will
be based after the completion of the project that is from 1st July 2021. The Project revenue
will be divided from the two sources office area which will consist of 75,000 square feet of

8PROJECT INVESTMENT ANALYSIS
place which will be rented at $550 per square feet (Yeh and Hsu 2018). The retail area consist
of 5,000 square feet which will be let at $500 per square feet. The revenue escalation will be
seen at 4% p.a. and the cost of outgoings will also see similar 4% p.a. escalation. The Net
Cash Inflow will be used for determining the financial viability of the project with the total
amount of cash outflow.
Methodology
Cash Flow Analysis was performed for the project takes into assumption many factors
like distribution of the activities of real estate development with the necessary cost, role and
factors influenced in each of the four phase of the development project (Aizenman and
Jinjarak 2014). The development cost on 1st July 2018 was done on the basis of the costs
incurred by the company and reported as 10% payable of total land cost and certain other
costs lie the demolition, planning, designing and landscape costs. The project development
and other costs were distributed into four phase to get an easy layout of the development and
breakdown of cash flows. The Revenue generation analysis was done on account of primary
revenue generated from leasing the 80,000 square feet area at an average of $546.86 per
square feet. The revenue and the outgoings costs from the projects was assumed to be at 4%
escalation cost and the following net cash flow was calculated (Zheng et al. 2014).
Spreadsheet Computations & Graph/Charts
The total cost of development at 1st July 2018 is as follow:
Part A
Total Cost of Development at 1st July 2018.
Particulars Amount
Land and Acquisition Cost 7,00,00,000
(10%Payable as Deposit) 10%
Amount Payable for Land 70,00,000
Demolition Cost 8,00,000

9PROJECT INVESTMENT ANALYSIS
Planning and Designing Cost 35,00,000
Landscaping and External Work 5,00,000
Total Cost of Development at 1st July 2018. 1,13,00,000
Table 1: Total Development Cost as at 1st July 2018

10PROJECT INVESTMENT ANALYSIS
Figure 1: Cash Flow Analysis
Date Particulars Amount Comment
1st July 2018 Land and Acquisition Cost 7,00,00,000 Initial Stage
(10%Payable as Deposit) 10%
Amount Payable for Land 70,00,000
Demolition Cost 8,00,000
Planning and Designing Cost 35,00,000
Landscaping and External Work 5,00,000
Total Cost of Development at 1st July 2018. 1,13,00,000 Cash Outflow
30th Sept 2018 Total Vesting Period from 1.07.18-30.09.18 Demolition of Existing Building (3 Months)
Demolition of Builiding from (1.07.18-30.09.18) 8,00,000 Cost Utilized over the mentioned Time Frame
1st Oct 2018 Settlement Date and Transfer of Land Project Commencement
Costs to be paid
1st Phase Land and Acquisition Cost (Remaining 90% Balance) 6,30,00,000
Development Cost (Per Annum Provision) 5,00,000
Total Development Cost (Without Inflation) 7,48,00,000
Inflation Assumption 4% of 40% Invested Capital 4% Inflation Assumption 4% of 40% Invested Capital
40% of the Total Development Cost 2,99,20,000 Total Development Cost taken was 74800000
Provisions For Inflation 11,96,800
Total Development Cost (With Inflation) 7,59,96,800 Total Cost Accounted till 31.12.18
1st Jan 2019 Planning and Designing from (1.10.19-31.03.19) 35,00,000 Cost Utilized over the mentioned Time Frame
2nd Phase Cost of Designing 5,00,00,000 Designing Cost (Time 6 Months)
1st July 2019 Construction Period (1.04.19-31.12.20) 20 Months
Construction Cost 30,00,00,000
3rd Phase Development Cost (Per Annum Provision) 5,00,000 Costs During Development Period Per Annum
Inflation Assumption 6% of 60% Invested Capital 6%
60% of the Total Development Cost 4,48,80,000 Total Development Cost taken was 74800000
Provisions For Inflation 26,92,800
Total Development Cost (With Inflation) 42,86,89,600 Total Cost Accounted till 31.12.19
1st Jan 2020 Construction Period (20 months) Construction Period (1.04.19-31.12.20)
Development Cost (Per Annum Provision) 5,00,000 Costs During Development Period Per Annum
Total Development Cost 42,91,89,600 Total Cost Accounted till 31.12.20
1st Jan 2021 Landscaping and External Work (1.01.21-31.06.21) 6 Months of Time Frame
4th Phase Development Cost (Per Annum Provision) 5,00,000 Costs During Development Period Per Annum
Total Development Cost 42,96,89,600 Total Cost Accounted till 31.06.21
1st July 2021 City Highrise Complex Development Project Developed
Project Development Plan Outlay/ Cash Flow Analysis

11PROJECT INVESTMENT ANALYSIS
Estimation of Net Income and Revenue Analysis
Revenue Analysis
Particulars Square Feet Rate Amount
Office Lettable Area 75,000M^2 550/m2 4,12,50,000
Retail Lettable Area 5,000M^2 500/m2 25,00,000
Total 80,000 4,37,50,000
Particulars Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Revenue 4,37,50,000 4,37,50,000 4,55,00,000 4,73,20,000 4,92,12,800 5,11,81,312 5,32,28,564 5,53,57,707 5,75,72,015 5,98,74,896
Annual Escalation 0% 4% 4% 4% 4% 4% 4% 4% 4% 4%
Total Cash Flow 4,37,50,000 4,55,00,000 4,73,20,000 4,92,12,800 5,11,81,312 5,32,28,564 5,53,57,707 5,75,72,015 5,98,74,896 6,22,69,892
Less: Sales Cost@10% -43,75,000 - - - - - - - - -
Outgoings 1,24,00,000 1,28,96,000 1,34,11,840 1,39,48,314 1,45,06,246 1,50,86,496 1,56,89,956 1,63,17,554 1,69,70,256 1,76,49,066
Net Cash Inflow 3,57,25,000 3,26,04,000 3,39,08,160 3,52,64,486 3,66,75,066 3,81,42,068 3,96,67,751 4,12,54,461 4,29,04,640 4,46,20,825
Particulars Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Net Cash Flow -55,12,44,000 3,57,25,000 3,26,04,000 3,39,08,160 3,52,64,486 3,66,75,066 3,81,42,068 3,96,67,751 4,12,54,461 4,29,04,640 4,46,20,825
12%
-30,55,62,500
-6%
Required Rate of Return
Net Present Value
Yield Generated
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
45,000,000
50,000,000
Cash Inflow

12PROJECT INVESTMENT ANALYSIS
Total development cost, Project financing cost and Cost of Escalation
Particulars Amount Comment Reference
Development Cost Incurred 42,96,89,600 Calculated as per the Outlay Sheet Outlay Sheet
Add: Cash Expenses 42,35,54,400 Calculated as per the Cash Exp. Sheet Cash Exp. Sheet
less: Construction Cost -30,00,00,000 Constructin Cost Already Accounted 300 mn Cash Exp. Sheet
Less: Development Cost -20,00,000 Development Cost Already Accounted 0.5mn*4 Years Cash Exp. Sheet
Total Development Cost 55,12,44,000 Total Cost to be Incurred on Project
Particulars Amount Comment Reference
Interest Cost @ 12% 30,000 Interest cost calculated for 6 months (01.06.18-31.12.18) Cash Exp. Sheet
Interest Cost @12% 3,60,60,000 Interest cost calculated from 01.1.19-31.12.19
Interest Cost @12% 3,60,60,000 (300 million*12% Interest Rate+ 0.5 million*12%) From 01.01.20-31.12.20)
Interest Cost @12% 1,80,30,000 (300 million*12% Interest Rate+ 0.5 million*12%)/2 (From 01.01.21-31.06.21)
Total Finance Cost 9,01,80,000 Total Interest Cost @ 12%
Particulars Amount Comment Reference
Total Cash Expense 39,21,80,000 Cash Exp. Sheet
Overhead Cost @ 3% 1,17,65,400 3%*39,21,80,000
Contingency Provision @ 5% 1,96,09,000 5%*39,21,80,000
Total Expected Cash Expenses 42,35,54,400 Includes Provision and Overhead Costs
Escalation Cost
Total Development Cost
Project Financing Cost

13PROJECT INVESTMENT ANALYSIS
Project Development Yield on completion of the project.
Required Rate of Return 12%
Net Present Value -30,55,62,500
Yield Generated -6%
Discussion & Recommendations
Risks and Sensitivity Analysis
There are several type of risks that needs to be evaluated while assessing the development of
the project some of the key and important factors of risk that needs to be taken the risks are:
1) Poor Inspection of the Project: Proper Inspection of the project should be done in
order to review the overall operation activities of the project. Lack of inspection may
lead to escalation and delay in the project (Del Giudice et al. 2017).
2) Improper Structure and Survey: Poor management structure and improper survey of
the relevant financial analysis may lead to volatility in the revenue generation and
time decay in the project.
3) Rising Fixed Costs and Expenses: Escalation of expenses in a real estate development
project is a common thing but the same should be evaluated and controlled in order to
ensure that the cost benefit ratio is maintained (Iooss and Lemaître 2015).
4) Legal Activities: Changing political scenario of the country and getting clearance and
NOC (No Objection Certificate) and other relevant papers and certificate and
documents may be delayed if there is a political instability in the economy and the
same is reflected via the delay in construction of the project.

14PROJECT INVESTMENT ANALYSIS
5) Tenant Risk: Frequent changing of the structure of the customer and the lease
structure may affect and influence the leasing income or the operating income of the
country.
6) Market Risk: Reals estate Business often undergo frequent market risk relating to the
economy and the revenue from the same is also affected.
Risk Evaluation of City Highrise Development Project
The major type of risks that requires detailed analysis and further incorporation from
the project will be the Debt Cost or the Fixed cost of the project. The fixed costs for the
project may prove a more volatile revenue earnings for the company in the cyclical
environment of the economy. If the project financing cost is comprised and funded mainly by
debt then at the maturity of debt real estate project may find susceptible for repayment in case
of cyclical business and macro-economic conditions (Agarwal, Ben-David and Yao 2015).
Thus Market Risk is the other main factor to be evaluated along with debt risk or the fixed
cost of the project. A key or a marginal amount of change in the forecast for the same will
lead to volatile earnings and increased financial and business risk for the project. The other
important risk is the tenant risk of the project where the non-static tenancy structure may hurt
and influence the operating income generated from the same (Manganelli, De Paola and Del
Giudice 2016).
Sensitivity Analysis
The sensitivity analysis of the project was performed on the basis of the above key risk
factors (La Vigna, et al. 2016):
Particulars Expected Optimistic (+10%) Pessimistic (-10%) Remarks
Revenue
4,37,50,0
00 4,81,25,000
3,93,75,00
0
Scenario of Revenue on Market
Factor
Escalation
17,50,0
00 19,25,000
15,75,00
0
Positive and Negative Tenant
Structure
Gross Cash Flow 4,37,50,0 5,00,50,000 4,09,50,00 Gross Earnings

15PROJECT INVESTMENT ANALYSIS
00 0
Less: Sales Cost@10%
-
43,75,000 -50,05,000
-
40,95,000 Sales Cost of Gross Earnings
Finance Cost
1,24,00,0
00 1,11,60,000
1,22,76,00
0 Positive and Negative Costs Spending
Net Cash Inflow
3,57,25,0
00 3,88,90,000
2,86,74,00
0 Scenario
Exit Route Evaluation
Acquisition Cost
The Acquisition cost for John Wiley Pty Ltd was around 578.81 million dollars.
Total Development Cost
Particulars Amount Comment
Development Cost Incurred 42,96,89,600 Calculated as per the Outlay Sheet
Add: Cash Expenses 42,35,54,400 Calculated as per the Cash Exp. Sheet
less: Construction Cost
-
30,00,00,000 Constructing Cost Already Accounted 300 MN.
Less: Development Cost -20,00,000 Development Cost Already Accounted 0.5mn*4 Years
Total Development Cost 55,12,44,000 Total Cost to be Incurred on Project
Revenue
Escalation
Finance Cost
Net Cash
Inflow
- 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000
Sensiti vity Analysis
Pessimistic (-10%) Optimistic (+10%) Expected

16PROJECT INVESTMENT ANALYSIS
Premium/Yield of 5% 2,75,62,200
Cost Approach will be used for selling and sale price is 5%
Premium of Cost Price (551.12mn*5%)
Total Selling/Acquisition Cost 57,88,06,200 Acquisition Price for John Willey Pty Ltd
Developers Profit/Loss
Particulars Amount Comment
Developer's Profit
2,75,62,2
00 Premium of 5% over Cost Price
Annual Cash Flow
Net Present Value
Under Scenario 1 using 9% discount rate and revenue generation till 2031.
Required Rate of Return 9%
Net Present Value -31,17,77,496
Yield Generated -7%
Particulars Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Revenue 4,37,50,000 4,37,50,000 4,55,00,000 4,73,20,000 4,92,12,800 5,11,81,312 5,32,28,564 5,53,57,707 5,75,72,015 5,98,74,896
Annual Escalation 0% 4% 4% 4% 4% 4% 4% 4% 4% 4%
Total Cash Flow 4,37,50,000 4,55,00,000 4,73,20,000 4,92,12,800 5,11,81,312 5,32,28,564 5,53,57,707 5,75,72,015 5,98,74,896 6,22,69,892
Less: Sales Cost@10% -43,75,000 - - - - - - - - -
Outgoings 1,24,00,000 1,28,96,000 1,34,11,840 1,39,48,314 1,45,06,246 1,50,86,496 1,56,89,956 1,63,17,554 1,69,70,256 1,76,49,066
Net Cash Inflow 3,57,25,000 3,26,04,000 3,39,08,160 3,52,64,486 3,66,75,066 3,81,42,068 3,96,67,751 4,12,54,461 4,29,04,640 4,46,20,825

17PROJECT INVESTMENT ANALYSIS
Under Scenario 2 using 9% discount rate, revenue generation till 2031 and sale of
investment/asset at 900 million n year 2031 (Oleg et al. 2015).
Profit/Net Present Value and I.R.R
Required Rate of Return 9%
Net Present Value 3,70,02,070
Yield Generated 10%
Impact of Changing Debt and Equity Ratio
The impact of changing of debt to equity ratio from 80:20 to 50:50 may be good as debt
financing is considered to be risky as it will bring about more financial risks along with
business risk in the real estate projects. The major portion of the company’s fixed expense of
interest payment will be saved and thus the net earnings from the revenue of the project will
rise.
If the project financing structure is changed and funded mainly by debt then at the
maturity of debt real estate project may find susceptible for repayment in case of cyclical
business and macro-economic conditions. Thus Market Risk is the other main factor to be
evaluated along with debt risk or the fixed cost of the project. A key or a marginal amount of
Particulars Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Revenue 4,37,50,000 4,37,50,000 4,55,00,000 4,73,20,000 4,92,12,800 5,11,81,312 5,32,28,564 5,53,57,707 5,75,72,015 5,98,74,896
Annual Escalation 0% 4% 4% 4% 4% 4% 4% 4% 4% 4%
Total Cash Flow 4,37,50,000 4,55,00,000 4,73,20,000 4,92,12,800 5,11,81,312 5,32,28,564 5,53,57,707 5,75,72,015 5,98,74,896 6,22,69,892
Less: Sales Cost@10% -43,75,000 - - - - - - - - -
Outgoings 1,24,00,000 1,28,96,000 1,34,11,840 1,39,48,314 1,45,06,246 1,50,86,496 1,56,89,956 1,63,17,554 1,69,70,256 1,76,49,066
Cashflow from Sale of Asset - - - - - - - - - 90,00,00,000
Net Cash Inflow 3,57,25,000 3,26,04,000 3,39,08,160 3,52,64,486 3,66,75,066 3,81,42,068 3,96,67,751 4,12,54,461 4,29,04,640 94,46,20,825

18PROJECT INVESTMENT ANALYSIS
change in the forecast for the same will lead to volatile earnings and increased financial and
business risk for the project.
Conclusion
The project had a detailed study report about the financial evaluation of the City Highrise
development project. The project was evaluated and executed on the base of assumptions and
methodology which is described and outlined above. The key factors involved in the
development of a real estate and the factors that influence the same are outlined in the
project. The project had a detailed risk analysis and sensitivity analysis was performed taking
three major risk factor that can influence the revenue of the project.
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19PROJECT INVESTMENT ANALYSIS
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20PROJECT INVESTMENT ANALYSIS
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disclosure quality: a study of fair-value disclosures by European real estate companies under
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21PROJECT INVESTMENT ANALYSIS
Appendix
Land and Acquisition Cost
Amount Payable for Land
Demolition Cost
Planning and Designing Cost
Landscaping and External
Work
0 20,000,000 40,000,000 60,000,000 80,000,000
Total Cost of Development at 1st July
2018.
59%
7%
30%
4%
Total Cost of Development at 1st July
2018.
Amount Payable for Land
Demolition Cost
Planning and Designing Cost
Landscaping and External
Work