Equity Partner Required - Unkomanzi Park Residential Development, KZN, South Africa

OCTOBER 2008FEASIBILITY UPDATE – UMKOMANZI PARK

Erf 559 (of 536) and Rem 17 –umkomanzi drift

Development Facilitators, Property Brokerage, Project and Construction Management to the Property Industry

Jason Wilkes and Eric Quevauvilliers

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DEVELOPMENT: Umkomanzi Park ConsolidatedESTIMATED DEVELOPMENT COST:

Date :REVISION : 5 Revision Date : 11-Dec-08

% of % ofLand Infrastructure Cost Dev Cost SellingBuilding Cost 0.0%

Bulk contribution 12,420,000 7.7% 5.4%Service infrastructure 59,966,871 37.1% 25.8%Entrance,Connections 16,586,614 10.2% 7.1%Pre-tender escalation 1,750,000 1.1% 0.8%Post-tender escalation 2,270,000 1.4% 1.0%Estimated Infrastucture Cost 92,993,485 57.5% 40.1%Professional fees & Costs 14,300,000 8.8% 6.2%Interim interest on Construction Period 15.0% 17,940,263 11.1% 7.7%

125,233,748 77.4% 54.0%

Land CostPurchase price of land 18,500,000 11.4% 8.0%Transfer & Legal costs, Company etc 110,000 0.1% 0.0%Interim Interest on Land 15.0% - 0.0% 0.0%

18,610,000 11.5% 8.0%

Production CostsLegal/Audit Company / Bond Fee 720,000 0.4% 0.3%Land Surveyor Certificates 250,000 0.2% 0.1%Rates & Taxes 360,000 0.2% 0.2%Services Consumables 360,000 0.2% 0.2%Contingency 3,130,000 1.9% 1.3%NHBRC - 0.0% 0.0%Interim Interest - 0.0% 0.0%Bond Finanace Raising Fee 1,500,000 0.9% 0.6%Submission Fees & Disbursments 500,000 0.3% 0.2%Marketing 0.50% 1,000,000 0.6% 0.4%Sales Commission & Marketing 5.00% 10,178,427 6.3% 4.4%

17,998,427 11.1% 7.8%

TOTAL DEVELOPMENT SALES VALUE COST RATIOLand Infrastructure Cost 125,233,748 77.4% 54.0%Land Cost 18,610,000 11.5% 8.0%Production Costs 17,998,427 11.1% 7.8%SUB-TOTAL 161,842,175 100.0%Margin 25.8% 41,726,212 18.0%

203,568,387 VAT @ 14% 28,499,574 100.0% 12.3%TOTAL Development Sales Value 232,067,961 100.0%

Revenue Breakdown 232,068,125.00

Individual Stand Selling 291 185,750.00R 54,053,250.00

Intermediate Residential 371 145,000.00R 53,795,000.00

General Residential 431 145,000.00R 62,495,000.00

Commercial GROSS m2 Selling 79,645 775.00R 61,724,875.00

October-08

Sub-total : Infrastructure

Sub-total : Land

Sub-total : Production Costs

Umkomanzi Park -Start Aug 07 CONSOLIDATE 11 Nov08 Present Summary Presentation]

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DEVELOPMENT: UMKOMANZI DRIFTESTIMATED DEVELOPMENT COST:


% of % of Cost perLand Infrastructure Cost Dev Cost Selling OpportunityBuilding Cost 0.0%

Bulk contribution 3,942,000 5.1% 3.5% 5,490.25R Service infrastructure 29,634,833 38.3% 26.4% 41,274.14R Entrance,Connections 3,498,376 4.5% 3.1% 4,872.39R Pre-tender escalation 2.0% 730,000 0.9% 0.7% 1,016.71R Post-tender escalation 2.5% 950,000 1.2% 0.8% 1,323.12R Estimated Infrastucture Cost 38,755,210 50.1% 34.6% 53,976.61R Professional fees & Costs 14.5% 5,620,000 7.3% 5.0% 7,827.30R Interim interest on Construction Period 15.0% 8,340,853 10.8% 7.4% 11,616.79R

52,716,062 68.2% 47.0% 73,420.70R

Land CostPurchase price of land 16,000,000 20.7% 14.3% 22,284.12R Transfer & Legal costs, Company etc 0.5% 80,000 0.1% 0.1% 111.42R Interim Interest on Land - 0.0% 0.0% -R

16,080,000 20.8% 14.3% 22,395.54R

Production CostsLegal/Audit Company Assembly/ Bond Fe 0.50% 340,000 0.4% 0.3% 473.54R Land Surveyor ERF Certificates 0.20% 140,000 0.2% 0.1% 194.99R Rates & Taxes 0.25% 170,000 0.2% 0.2% 236.77R Services Consumables 0.25% 170,000 0.2% 0.2% 236.77R Contingency 2.50% 1,320,000 1.7% 1.2% 1,838.44R NHBRC 0.00% - 0.0% 0.0% -R Interim Interest - 0.0% 0.0% -R Bond Raising Fee R 35 million 2.00% 700,000 0.9% 0.6% 974.93R Submission Fees & Disbursments 0.35% 240,000 0.3% 0.2% 334.26R Marketing 0.73% 500,000 0.6% 0.4% 696.38R Sales Commission & Marketing 5.00% 4,914,748 6.4% 4.4% 6,845.05R

8,494,748 11.0% 7.6% 11,831.13R

TOTAL DEVELOPMENT SALES VALUE COST RATIOLand Infrastructure Cost 52,716,062 68.2% 47.0% 73,420.70R Land Cost 16,080,000 20.8% 14.3% 22,395.54R Production Costs 8,494,748 11.0% 7.6% 11,831.13R SUB-TOTAL 77,290,810 100.0% 107,647.37R Margin 27.18% 21,004,002 18.7% 29,253.48R

98,294,812 136,900.85R VAT @ 14% 13,761,274 100.0% 12.3% 19,166.12R TOTAL Development Sales Value 112,056,086 100.0% 156,066.97R

Opportunity AnalysisEscalation = 2.50% Erf Gross Area OpportunityInterest = 15.0% YieldPlanning period = 9 Erf 559 475,506.00 856Construction period = 24 Erf 536 325,147.00 585Total Professional Fees 14.5%Marketing Cost = 1.0% 800,653.00 1441Sales Commission = 5.0% Roads & 50%Contingency = 2.5% Environmental factorNHBRC = 1.3%

Units per hectare 18

DEVELOPMENT ASSUMPTIONACTUAL YIELD 718 Revenue

Breakdown

Average Opportunity Selling 156,066.97R 112,056,086.14R 112,056,250.00




December-06


Sub-total : Land


Variables

718

156,066.97R

Umkomanzi Park -Start Aug 07 CONSOLIDATE 11 Nov08 Present Presentation Phase 1

Umkomanzi Drift Updated Cash Flow - Phase 1

29 29 25 39 68 111

33 56 37 87 37 30 37 37 6670

712

6 265

4734

414

811

270

7834

473 88

302

142

142

40 123 37

818

6-2

4378

226

536

359

-120

-164

118

-105 30 47

29 57 82121

188300333

389426

513550581618655

7201,427

1,5531,818

1,8662,210

2,3582,369

2,6392,717

3,0613,134

3,2213,523

3,6653,8073,847

3,9704,348

4,5354,2924,369

4,596

-500

500

1500

2500

3500

4500

Aug-07

Oct-07

Dec-07

Feb-08

Apr-08

Jun-08

Aug-08

Oct-08

Dec-08

Feb-09

Apr-09

Jun-09

Aug-09

Oct-09

Dec-09

Feb-10

Apr-10

Jun-10

Aug-10

Oct-10

Dec-10

Feb-11

Apr-11

Months

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Cash Flow incl VATCumulative

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DEVELOPMENT: REM 17 Umkomanzi DriftESTIMATED DEVELOPMENT COST:


% of % of Cost perLand Infrastructure Cost Dev Cost Selling OpportunityBuilding Cost 0.0%Bulk contribution 8,478,000 10.0% 7.1% 17,127.27R Service infrastructure 30,332,037 35.9% 25.3% 61,276.84R Entrance,Connections 13,088,238 15.5% 10.9% 26,440.88R Pre-tender escalation 2.0% 1,020,000 1.2% 0.8% 2,060.61R Post-tender escalation 2.5% 1,320,000 1.6% 1.1% 2,666.67R Estimated Infrastucture Cost 54,238,275 64.1% 45.2% 109,572.27R Professional fees & Costs 16.0% 8,680,000 10.3% 7.2% 17,535.35R Interim interest on Construction Perio 15.0% 9,599,411 11.4% 8.0% 19,392.75R

72,517,686 85.8% 60.4% 146,500.38R

Land CostPurchase price of land 2,500,000 3.0% 2.1% 5,050.51R Transfer & Legal costs, Company etc 1.0% 30,000 0.0% 0.0% 60.61R Interim Interest on Land - 0.0% 0.0% -R

2,530,000 3.0% 2.1% 5,111.11R

Production CostsLegal/Audit Company / Bond Fee 0.50% 380,000 0.4% 0.3% 767.68R Land Surveyor Certificates 0.15% 110,000 0.1% 0.1% 222.22R Rates & Taxes 0.25% 190,000 0.2% 0.2% 383.84R Services Consumables 0.25% 190,000 0.2% 0.2% 383.84R Contingency 2.50% 1,810,000 2.1% 1.5% 3,656.57R NHBRC 0.00% - 0.0% 0.0% -R Interim Interest - 0.0% 0.0% -R Bond Raising Fee R 40 m 2.00% 800,000 0.9% 0.7% 1,616.16R Submission Fees & Disbursments 0.35% 260,000 0.3% 0.2% 525.25R Marketing 0.66% 500,000 0.6% 0.4% 1,010.10R Sales Commission & Marketing 5.00% 5,263,679 6.2% 4.4% 10,633.69R

9,503,679 11.2% 7.9% 19,199.35R

TOTAL DEVELOPMENT SALES VALUE COST RATIOLand Infrastructure Cost 72,517,686 85.8% 60.4% 146,500.38R Land Cost 2,530,000 3.0% 2.1% 5,111.11R Production Costs 9,503,679 11.2% 7.9% 19,199.35R SUB-TOTAL 84,551,365 100.0% 170,810.84R Margin 24.51% 20,722,210 17.3% 41,863.05R

105,273,575 212,673.89R VAT @ 14% 14,738,300 100.0% 12.3% 29,774.34R TOTAL Development Sales Value 120,011,875 100.0% 242,448.23R

Opportunity AnalysisEscalation = 2.50% Erf Gross Area OpportunityInterest = 15.0% YieldPlanning period = 9 Rem 17 813,431.00 1220Construction period = 24 - 0Total Fees + costs = 16.0%Marketing Cost = 1.0% 813,431.00 1220Sales Commission = 5.0% Roads & 31%Contingency = 2.5% Environmental factorNHBRC = 1.3%

Units per hectare 15

DEVELOPMENT ASSUMPTION ACTUAL YIELD 375

Commercial 30 RevenueBreakdown

Average Opportunity Selling 242,448.23R 120,011,874.56R 120,011,875.00




Commercial GROSS m2 Selling 79,645 775.00R 61,724,875.00

March-08


Sub-total : Land


Variables

495

242,448.23R

Umkomanzi Park -Start Aug 07 CONSOLIDATE 11 Nov08 Present Presentation Phase 2

UMKOMANZI PARK CASHFLOW PHASE 20 0 0 0 0 0 0 0 0 0 0 0 48 48 73

929

9627

878 19

848

228

73 145

48 121

145

51 51 51 51 101

151

161

206

151 42

130

120

181

231

76 101

11855

109186

1,2381,336

1,5231,599

2,5882,803 2,424

2,6572,733

3,1403,291

3,3803,666

3,7823,9043,955

4,0704,451

4,8264,776

4,9305,168

5,4085,8835,840 5,5765,824

5,6535,620

6,055

595

0

1000

2000

3000

4000

5000

6000

7000

Aug-07

Oct-07

Dec-07

Feb-08

Apr-08

Jun-08

Aug-08

Oct-08

Dec-08

Feb-09

Apr-09

Jun-09

Aug-09

Oct-09

Dec-09

Feb-10

Apr-10

Jun-10

Aug-10

Oct-10

Dec-10

Feb-11

Apr-11

Months

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Monthly Cashflow incl VATCummulative

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GENERAL COMMERCIAL

GENERAL RESIDENTIAL

SPECIAL RESIDENTIAL 1

PRIVATE CONSERVATION

732m²23456789

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100

101102103104105106107108109110111112113114115116117118119120121122123124125126127128129130131132133134135136137138139140141142143144145

1909m²710m²931m²

1280m²23500m²

5365m²1125m²1125m²1125m²1125m²1125m²1558m²

12115m²700m²700m²700m²700m²700m²700m²

4468m²743m²777m²

767m²700m²700m²716m²

8932m²11528m²

781m²781m²781m²781m²781m²781m²781m²781m²781m²

1002m²937m²937m²937m²937m²

937m²937m²937m²937m²937m²790m²945m²945m²945m²945m²936m²777m²904m²904m²904m²

1120m²745m²700m²804m²804m²804m²885m²864m²730m²772m²

1575m²1016m²845m²

1016m²845m²

1016m²

1010m²845m²850m²845m²

1002m²845m²773m²706m²978m²975m²

1038m²783m²715m²703m²806m²743m²730m²

1176m²1176m²893m²

22757m²837m²711m²732m²713m²

756m²774m²794m²716m²738m²787m²747m²874m²

1016m²1622m²

793m²553m²556m²967m²830m²745m²873m²843m²843m²843m²843m²

15872m²951m²889m²

1365m²794m²

1042m²1144m²

19840m²6599m²

800m²843m²800m²846m²800m²846m²800m²846m²800m²846m²800m²846m²800m²

1030m²800m²973m²

19925m²17097m²1363m²1433m²1642m²1000m²1000m²1001m²1001m²1001m²1001m²1001m²1001m²1001m²1001m²

922m²807m²857m²951m²

1102m²1177m²1177m²1177m²1177m²1177m²1143m²1214m²2013m²

977m²925m²894m²

1261m²1606m²

946m²946m²

1453m²1067m²

946m²1186m²

727m²708m²852m²

1040m²1138m²

908m²1045m²

908m²856m²908m²856m²908m²856m²908m²856m²

908m²1020m²930m²930m²925m²925m²

1082m²6352m²9516m²7933m²4931m²3324m²

10281m²6599m²7232m²6226m²6221m²723m²708m²705m²700m²700m²700m²700m²700m²700m²755m²737m²702m²701m²700m²700m²712m²761m²918m²755m²792m²893m²702m²700m²867m²700m²720m²705m²701m²701m²723m²701m²728m²717m²711m²712m²704m²702m²717m²783m²720m²707m²758m²999m²887m²

2002m²710m²710m²710m²710m²710m²710m²

8651m²2783m²729m²729m²700m²700m²799m²

1008m²1026m²979m²

1569m²8248m²

10199m²7215m²700m²707m²702m²745m²734m²838m²893m²971m²944m²738m²740m²740m²740m²798m²707m²700m²874m²

707m²707m²707m²707m²723m²

5947m²1674m²1847m²3834m²2461m²2682m²2025m²2250m²2072m²2246m²2250m²2302m²2509m²4190m²5017m²2783m²2098m²2150m²1394m²2021m²2242m²2250m²2086m²2454m²2250m²2250m²2250m²2250m²2278m²5583m²1072m²

146147148149150151152153154155156157158159160161162163164165166167168169170171172173174175176177178179180181182183184185186187188189190191192193194195196197198199200

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301302303304305306307308309310311312313314315316317318319320321322323324325326327328329330331332333334335336337338339340341342343344345346347348349350351352

759m²837m²

1045m²825m²848m²

4893m²10774m²

707m²707m²707m²

712m²

821m²763m²837m²951m²701m²725m²

75 845m²

PORTION 536 O.T.F.UMKOMANZI DRIFT No. 1357

Diagram "SG No.1901/1997"

REM OF PORTION 17 O.T.F.UMKOMANZI DRIFT No. 1357

Diagram "Sub Vol 241 fol. 22"

2702m²225

226227

289288287286

285284

283

9m

16m

16m

16m

16m

347

348

349

350

351

352

353 329

330 331 332

333 334 335 336

337338

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344 345 346

327

326 325

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217

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187186

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169 168167 166

165164

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152

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154155 156

157158 159

160161

162

21

75

4

3

2

1

148

147 130

89

1011

12

4039

4138

4237

4336

4435

4534

4632

31

30

33

47

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49

59

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50

71 7375 77

79 8170 72 74 76 78

80

61

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6560

68

69

8283

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8788

89

90

9192

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98 10097

99101

109

108

146

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139

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131

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134

132

123

124 125

127126

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96

10.5m

10.5m

9m

10.5m

9m

9.5m

16m

10.5m

16m

5.5m

13

14

15

16

17

18

1920

25

26

51

53

54

58

102106

113104

107112

111

110

118

119

120

121

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149

150

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188

213

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229230

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237238

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250251

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266267

268269

270

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272273

274275

276277 278

282

281 280

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290291

292

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300

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305306

307308309310

311

312315

316317

318319

320321

322

117

116

105103

114

115

22

23

24

27

6

28

29

260

BARBARA PARKER PLANNING CCP O Box 122 WARNER BEACH 4140

Tel: 031 904 1360Fax: 031 - 904 1546

Email: [email protected]

INTERMEDIATE RESIDENTIAL

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PHASE 1 Sales Value ex VAT R 98,294,956

PHASE 1 SITES 1 TO 217 R/m2 Value Average Erf Average Yield PROPOSED ZONE

TOTAL EXTENT M2

NUMBER OF SITES 1 DW / ERF 25 DW / HA 30 DW / HA

F.A.R. FACTOR Selling Per Erf

Special Residential 1 180789 195 195 0.35 162,938.60 R 31,773,026.32 R 162,938.60 1

Intermediate Residential 83555 8 210 0.35 127,192.98 R 26,710,526.32 R 3,338,797.79 26

General Residential 104122 7 313 0.75 127,192.98 R 39,811,403.51 R 5,687,343.36 45

General Commercial 1.25

Totals 368,466 210 195 210 313 718

Mother Property 800,654 Total Residential Yield 718

SUMMARY 12TH SEPTEMBER 2008

Umkomanzi Park -Start Aug 07 CONSOLIDATE 11 Nov08 Present Erf Yield

PHASE 2 Sales Value ex VAT R 105,273,575

PHASE 2 SITES 218 TO 353 R/m2 Value Average Erf Average Yield

PROPOSED ZONE

TOTAL EXTENT M2



Special Residential 1 73793 96 96 0.35 162,938.60 15,642,105.26 R 162,938.60 1

Intermediate Residential 64603 9 161 0.35 127,192.98 20,478,070.18 R 2,275,341.13 18

General Residential 39098 6 118 0.75 127,192.98 15,008,771.93 R 2,501,461.99 20

General Commercial 79645 30 1.25 679.82 54,144,627.19 R 1,804,820.91 2655

Totals 257,139 141 96 161 118 375

Mother Property 813,431 Total Residential Yield 375



Sales Value ex VAT 203,568,530.70

TOTAL SITESITES 1 TO 352 R/m2 Value Average Erf Average Yield PROPOSED ZONE

TOTAL EXTENT M2



Special Residential 1 254582 291 291 0.35 162,938.60R 47,415,131.58 162,938.60 1

Intermediate Residential 148158 17 371 0.35 R 127,192.98 47,188,596.49 2,775,799.79 22

General Residential 143220 13 431 0.75 R 127,192.98 54,820,175.44 4,216,936.57 33

General Commercial 79645 30 1.25 R 679.82 54,144,627.19 1,804,820.91 2655

TOTALS 625,605 351 291 371 431

Mother Property 1,614,085 Total Residential Yield 1093 Commercial 30


Consolidated


EIA

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1

UMKOMAZI DRIFT APPLICATION

APPROXIMATE TIMEFRAMES FOR EIA PROCESS ITEM ACTIVITY DURATION STATUS

1 Blue Environmental consultant’s wetland ecologist to undertake delineation and environmental mapping 13 September 2007

2 Blue Environmental Consultants to prepare environmental Mapping & distribute to team 14 September 2007

3 Allow 14 days for compilation of a draft site development plan by Town Planners 14 - 28 September 2007

4 Submission of EIA Application form and landowners consent to African Spirit Trading 18 September 2007 5 Submission of EIA Application Form to Dept of Agriculture and Environmental Affairs 19 October 2007 6 Blue to Produce image of property boundary with 100m buffer, including all erven within this zone. November 2007

7 Obtain PO Box Addresses for Landowners within 100m of Site from Barbara Parker/rates department. November 2007

8 Obtain EIA Reference number from DAEA 29 October 2007

9 Obtain all Information for the initial Public Participation Process and public meeting from professional team.

28 July 2008 – 01 August 2008

10 Commencement of the Public Participation Process (PPP) starting with the publishing of notices in the local and provincial newspapers.

04 – 08 August 2008

11 Compilation and distribution of Background Information Document (BID) to all I&APs including invitation to attend public meeting. Delivery of BID to all landowners/properties within 100m of the boundary of the property to be developed.

04 – 08 August 2008

12 Public Meeting 21 August 2008 13 Submission of Draft Professional & Specialist Reports to Blue Environmental (DSR) 25 October 2008

14 Compilation of a Scoping Report and Plan of Study for EIA 25 October 2008 - 10 November 2008

15 Distribution of the Scoping Report and Plan of Study for EIA to all I&APs for comment 10 November 2008

16 Waiting period for comments from I&APs on the Scoping Report and Plan of Study for EIA - 30 days

10 November 2008 - 10 December 2008

2

17 Compile Comments Response report and Final Scoping report 10 December 2008 - 16 January 2009

18 Submission of the Scoping Report and Plan of Study for EIA to DAEA 16 January 2009

19 Waiting period for DAEA to approve Scoping Report and Plan of Study for EIA or request additional information to be submitted - 30 days

16 January 2009 - 16 February 2009

20 Undertake any additional specialist studies identified as being required during the Scoping Process 16 February 2009 - 16 March 2009

21 Compilation of the Environmental Impact Assessment Report and Draft Environmental Management Plan

16 March 2008 – 16 April 2008

22 Distribution of the Environmental Impact Assessment Report and Draft Environmental Management Plan to all I&APs for comment 16 April 2009

23 Waiting period for comments from I&APs on the EIA Report - 45 days 16 April 2009 – 1 June 2009

24 Inclusion of comments from I&APs on the Environmental Impact Assessment Report (EIR) and Draft Environmental Management Plan in the EIR

1 June 2009 – 15 June 2009

25 Submission of the Environmental Impact Assessment Report and Draft Environmental Management Plan to DAEA & Waiting period for DAEA to accept EIA Report & Draft EMP or request additional information to be submitted - 60 days (possibly 45 days).

15 June 2009 – 30 July 2009

26 Waiting period for DAEA to grant authorisation for EIA Application i.e. receipt of a RoD - 45 days. (could be 14 days)

30 July 2009 – 14 September 2009

27 Publishing of Notices of Environmental Authorisation allowing 30 days for appeal. 14 September 2009 – 14 October 2009

28 Appeal period on Environmental Authorisation expires. 14 October 2009

Note Condition or RoD may request an Operational EMP to be compiled and submitted to certain Government Departments for comment and ultimate approval by DAEA.

Equity Partner Required - Unkomanzi Park Residential Development, KZN, South Africa

Real Estate

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