Professional Documents
Culture Documents
Trang i
TM TT TI
Bn k hoch kinh doanh bt ng sn ny c xy dng nhm nh
hng cho d n vo hot ng trong 50 nm v cung cp cho bn qun l d n trin
khai cng vic kinh doanh c th. D n d kin s bt u vo thng 01/2008 ti a
ch 140 Ph Quang, Phng 2, Qun Tn Bnh,TPHCM sau khi cc cng tc chun b
hon tt d kin l 6 thng.
D n Si Gn Savico l d n xy dng khu phc hp bn vi 3 i tc chnh l:
Ch u t l Cng ty C Phn Dch V Tng Hp Si Gn Savico thc hin chin
lc tip th duy nht v bn c quyn cho d n. Chi ph tip th v hoa hng khon
2% (gm VAT) doanh thu.
Tn d n Lp k hoch kinh doanh d n khu phc hp Si Gn
Savico
y l d n khu phc hp vi thit k hin i, p mt nm ti trung tm thnh ph.
Vi s tin tng v s pht trin ca th trng bt ng sn trong thi gian ti cng
ty c th thu c 100% doanh thu ngay khi d n hon tt vo cui nm 2010.
V mt gi c,hin ti gi thu cn h cao cp, trung cp ,vn phng ,dch v khu
vc ny bnh qun t: 25 - 30 USD/m2. Vi v tr t bit thun li ca khu thng
mi Si Gn Savico th gi thu d kin ti thiu l 42 USD/m2 (cha bao gm VAT).
Do c s h tr t pha chnh quyn thnh ph trong k hoch pht trin chung,
cng ty d kin s hon tt cc th tc php l trong vng 6 thng. V phn xy dng,
Cng ty C Phn Dch V Tng Hp Si Gn Savico s t chc u thu chn nh
thu xy dng A. D kin thi gian xy dng l 2 nm, n cui nm 2010 d n c
th i hot ng. Chi ph xy dng d kin khong 23,55 triu USD.
Ban qun l d n gm c ban qun l d n gm 5 ngi v s chu trch nhim kim
sot hot ng ca d n. Ngoi ra, sau khi thu ht din tch cn h, cng ty s thu
thm nhn vin khai thc tng hm cng nh cung cp cc dch v tin ch cho
khch hng (dch v v sinh, an ninh v gi xe).
Tng ngun vn u t cho d n khong 37,5 triu USD trong vn ch s hu
23% , vn gp ca i tc l 22% v vn vay ngn hng l 55%. T phn tch ti chnh
cho thy y l d n kh thi vi WACC l 18,64% v gi tr hin ti rng NPV dng
ln trn 16,5 triu USD. Kt qu phn tch ri ro cng cho thy y l mt d n t ri
ro v kh nng sinh li cao.
Trang i
MC LC
CHNG 1: GII THIU D N...........................................................................2
1.1. HNH THNH D N......................................................................................2
1.3. TNG QUAN V CNG TY C PHN AN PH..........................................3
1.2. SN PHM DCH V. .....................................................................................3
1.3. M T DCH V..............................................................................................4
CHNG 2: PHN TCH TH TRNG...............................................................4
2.1. TNH HNH KINH T.......................................................................................4
Bng 1: Tc tng trng GDP v s ng gp ca 3 nhm ngnh chnh..............4
Hnh 1: Cn cn thng mi 6 thng u nm 2007..................................................5
Hnh 2: Biu tng trng GDP gi tiu dng trung bnh v doanh thu bn l....5
2.2. CHNH TR -X HI.......................................................................................6
2.3. TNG QUAN TH TRNG............................................................................6
2.3.1. Nhu cu nh ti thnh ph H Ch Minh...................................................6
Bng 2: d bo dn s 2006-2010..............................................................................6
Bng 3: Gi bn v t l bn chung c cao cp ti Tp HCM......................................7
Hnh 3: S s chung c cao cp ti Tp HCM........................................................9
2.3.2. Tnh hnh cung ng nh ti thnh ph H Ch Minh...............................10
Hnh 5: Thng k s cn h c xy dng n nm 2011.....................................11
2.4. PHN TCH CNH TRANH...........................................................................12
2.4.1. Cc i th hin ti....................................................................................12
Hnh 6: Biu t trng s lng cn h bn c trong thi gian 2001-09/2007. 12
Hnh 7: Biu t trng s lng cn h bn c trong thi gian 2006-09/2007. 12
Bng 4: Thng k s lng cn h bn c tng ng vi gi..............................13
Hnh 8: 6 cn h cao cp dc khnh thnh vo nm 2009.....................................13
Hnh 9: Xu hng gi ca cc khu bit th: Ph Gia Villa Riviera Th c
Garden Home...........................................................................................................14
2.5. NHN DNG IM MNH-YU,C HI-NGUY C ..............................14
CHNG 3: K HOCH TIP TH......................................................................17
3.1. MC TIU K HOCH TIP TH.................................................................17
Bng 5: Bng d ton doanh thu..............................................................................17
3.1.1. Hnh nh.....................................................................................................18
Trang i
Trang ii
Trang iii
DANH MC BNG
Bng 1: Tc tng trng GDP v s ng gp ca 3 nhm ngnh
chnh......................................................................Error: Reference source not found
Bng 2: D bo dn s 2006-2010.........................Error: Reference source not found
Bng 3: Gi bn v t l bn chung c cao cp ti Tp HCM...Error: Reference source
not found
Bng 4: Thng k s lng cn h bn c tng ng vi gi.......Error: Reference
source not found
Bng 5: Bng d ton doanh thu............................Error: Reference source not found
Bng 6: Bng gi cn h cao cp ti Qun 1..........Error: Reference source not found
Bng 7: Bng tnh chi ph tip th..........................Error: Reference source not found
Bng 8:Bng tnh lng nhn vin k ton............Error: Reference source not found
Bng 9:Bng thng s t v thng s quy hoch xy dng. .Error: Reference source
not found
Bng 10: Bng tnh chi ph khu hao hai tng hm Error: Reference source not found
Bng 11: Bng tnh chi ph lng nhn vin..........Error: Reference source not found
Bng 12: Mt s gi nh chnh cho d n.............Error: Reference source not found
Bng 13: Cu trc ngun vn.................................Error: Reference source not found
Bng 15: Bng cn i k ton d ton..................Error: Reference source not found
Bng 16: Bng tnh dng tin d ton....................Error: Reference source not found
Bng 17: Bng cc t s ti chnh..........................Error: Reference source not found
Trang i
DANH MC HNH
Hnh 1: Cn cn thng mi 6 thng u nm 2007....Error: Reference
source not found
Hnh 2: Biu tng trng GDP gi tiu dng trung bnh v doanh thu bn l
...............................................................................Error: Reference source not found
Hnh 3: S s chung c cao cp ti Tp HCM....Error: Reference source not found
Hnh 4: S d n v cn h c xy dng qua cc nm. Error: Reference source not
found
Hnh 5: Thng k s cn h c xy dng n nm 2011....Error: Reference source
not found
Hnh 6: Biu t trng s lng cn h bn c trong thi gian 2001-09/2007
...............................................................................Error: Reference source not found
Hnh 7: Biu t trng s lng cn h bn c trong thi gian 2006-09/2007
...............................................................................Error: Reference source not found
Hnh 8: 6 cn h cao cp dc khnh thnh vo nm 2009....Error: Reference source
not found
Hnh 9: Xu hng gi ca cc khu bit th: Ph Gia Villa Riviera Th c
Garden Home.........................................................Error: Reference source not found
Hnh 10: Biu thu nhp GDP bnh qun trn u ngi ti Tp HCM............Error:
Reference source not found
Hnh 11: Biu bin ng gi trung bnh chung c cao cp ti qun 1............Error:
Reference source not found
Hnh 12: Hnh v tinh v tr chung c 57-59 Phm Ngc Thch so vi cc chung c
khc........................................................................Error: Reference source not found
Hnh 13: Biu doanh thu ca d n...................Error: Reference source not found
Hnh 14: Biu FCF............................................Error: Reference source not found
Hnh 15: Biu FCF v cn i tin mt.............Error: Reference source not found
Hnh 16: Biu NPV theo gi bn v chi ph s dng vn.. Error: Reference source
not found
Trang i
Trang 2
Trang 3
Trang 4
6 thng 05
6 thng 06 6
GDP
7.63
7.4
7.87
4.23
2.8
10
9.5
9.3
9.88
Ngnh dch v
7.6
7.7
8.41
Trang 4
Hnh 2: Biu tng trng GDP gi tiu dng trung bnh v doanh thu bn l
(Ngun: Tng Cc Thng K Vit Nam qua cc nm 2004, 2005, 2006)
Chnh ph vn ang tip tc n lc kim ch lm pht di mc tng trng thc ca
GDP. Ngun cung ngoi t tng cao do u t gin tip cng vi s gia tng ca dng
Trang 5
2006
2007
2008
2009
2010
Dn s
6.436.30
8
6.633.25
9
6.836.23
7
7.045.42
6
7.261.016
1 World Urbanization Prospects report (2006 revision) United Nations Population Division
Trang 6
Cng ty
Gi
T l
(USD/m2) bn
Qun 1
Avalon
Qun 1
Trung Thy
Co Ltd
Phng
Co
Nam
2 phng ng : 103
3,600
98%
2,800
100%
Daewon Co
v Th c
97%
0%
Cantavil
Qun 2
Housing
Development Loi D: 79 (3 phng ng)
Co.
Loi E: 75 (2 phng ng)
Estella
Qun 2
Tin Phc
Co.
Trang 7
1,0001,200
Pasteur
Court
Van Thinh
Qun 3
Nam Khang
Phu My
Qun 7
Hung,
The Grand
View
Qun 7
Phat Co Ltd
Phu My
Hung
Corp.
Panorama
Phase 1&2
Phu My
Hung,
The Manor
Saigon
Pearl
Qun 7
Qun
Bnh
Thnh
Qun
Bnh
Thnh
Corp.
96 cn h: 123-222
2,200
100%
1,0001,100
100%
1,300
100%
1,3001,400
100%
1,3001,500
100%
Corp.
(3 phng ng)
Bitexco
VN Land SSG
3-phng ng loi:132-140
4-phng ng loi:203-235
1,2001,500
100%
97%
5-phng ng loi:290
Hung Vuong
Qun 5
Plaza
Ruby Land
900-1,000 100%
Qun
Tan Hoang
Tn Ph Thang Co
Trang 8
85%
Huyn
Bnh
Chnh
Hoang Thap
Co.
530-750
100%
Trang 9
13% so vi k hoch nm. Dng tin FDI ny ngoi vic u t vo cc khu cng
nghip, khu ch xut, th trng chng khon, cn u t vo th trng bt ng
sn (6.73% nm 2006) thng qua u c hoc phc v cho nhu cu nh ca ngi
nc ngoi sinh sng v lm vic ti Vit Nam. i vi dng kiu hi, nm 2007,
dng kiu hi v Vit nam qua knh chnh thc l 5,5 t USD 2 (c nm 2006 l 4,7
t USD). Theo mt cn b ngn hng nh nc m bo tui tr a tin, th ngun tin
kiu hi ny ngoi mc ch gip thn nhn, p ng nhu cu mua sm cui nm
cn u t vo th trng bt ng sn v th trng chng khon
Bn cnh , theo cng ty chng khon Bo Vit (BVSC), c n hn 90% cng ty
nim yt trn sn giao dch chng khon Tp HCM pht hnh thm c phiu vi mc
ch u t vo cc d n xy dng cao c v vn phng cho thu. VietRees d kin
mc tng trng th trng bt ng sn Vit Nam nm 2008 c th t trn 50% so
vi nm 2007.
Nhn chung nhu cu nh ti thnh ph H Ch Minh rt cao do tc tng dn s ln
ca thnh ph (3,06%/nm). S tng trng kinh t (8,5%) ko theo thu nhp ngi
dn tng (5,8%)3 do nhu cu nh cng tng. Bn cnh n ln sng u t ca
nc ngoi(FDI) tng (trn 15 t USD), kiu hi tng (5,5 t USD) cng ko theo nhu
cu nh tng do u c. Chnh v th vic u t xy dng chung c cao cp 57 59
Phm Ngc Thch l ph hp vi thc t th trng cng nh chnh sch pht trin
nh ca nh nc.
2.3.2. Tnh hnh cung ng nh ti thnh ph H Ch Minh
Nu ch tnh th trng cn h chung c ti thnh ph H Ch Minh, theo bo co
Vietnam's Property Market Presentation ca cng ty CB Richard Ellis (thng 9/2007):
Trang 11
2002
2003
2004
2005
2006
> 2000 $
63
110
209
105
1501-2000$
41
118
194
953
1001-1500$
17
547
1169
2360
600-1000$
56
544
1213
2010
2320
2682
< 600$
655
417
2237
3624
Central
Garden-D.1
Hng
Vng
Plaza-D.5
Cantavil-D.2 River
Garden-D.2
Capitaland
Vista-D.2
Bn Thnh
Trang 13
Trang 14
im mnh
im yu
D n c mt v tr cc k p nm gia trung
tm thnh ph - nh phn tch phn c im
a l kh hu v iu kin t nhin . iu ny s
lm tng sc mua khi d n c a vo khai thc
.
chnh ca
Trang 15
C hi
Nguy c
Trang 16
16,512 m2
$45,408,000 USD
Trang 17
Giai on tip th: khi phng tin tip th ban u sn sng v d n sn sng
tham gia vo th trng, trch nhim ca CBRE s gm cc cng vic:
- a nhng xut cui cng v chi tit v chin lc gi, gm nhng loi
gi khc nhau, din tch mt bng, loi v hng ca mt bng.
- K hoch v phi hp bt u tip th v tip th chnh thc, cng vic
cng bao gm bt c s kin xc tin c bit no.
- xut chnh sch ph khuyn khch thch hp cho vic cam kt mua
trc.
- Thc thi chin dch gi th trc tip n th trng mc tiu v cung cp
nhng phn hi v kt qu ca n.
- Phi hp vi cng ty qung co ch nh cho chin dch v qung co v
khuych trng.
- Cung cp nhn vin tip th thch hp ti d n hng dn khch mua.
- Thit lp th tc tip th v sch hng dn hot ng cho i ng nhn
vin tip th.
- Thit lp ch bo co v tham d hp thng k vi ban qun l ta
nh bo co tin chin dch tip th.
- Bng qung co bn cn h di tn CBRE, bng qung co cho thu s
c duy tr ti ta nh cng vi th t, t thng tin d liu v cp nht cho cc cng
ty mi gii v cc nhm ngi s dng.
3.1.1. Hnh nh.
Phn quan trng nht ca vic a ra tip th cho bt k d n bt ng sn no l hnh
nh tng th ca d n. Do , trong vic tip th ta nh chung c cao cp 57-59
Phm Ngc Thch, cng ty An Ph s kt hp vi CBRE xy dng nh hng v
pht trin mt hnh nh li cun th trng mc tiu. CBRE s h tr trong vic thit
k ti liu tip th v mt chng trnh qung co phn nh hnh nh ny.
3.1.2. Th trng mc tiu.
Nh ban u cp, y l d n ph b chung c c v xy dng chung c mi
tt hn nn khch hng mc tiu u tin l 83 h dn ang sng v lm vic ti chung
c c. i tng khch hng th hai l nhng c nhn, h gia nh trong v ngoi
nc c thu nhp kh. y l hai i tng khch hng chnh ca d n. Ngoi ra, tnh
hnh th trng bt ng sn ti TPHCM ang nng ln di tc ng ca s pht trin
ca th trng chng khon v cc ch s kinh t cho nn c rt nhiu nh u c trong
th trng bt ng sn. Cc nh u c ny cng l i tng khch hng ca d n
nhng y l i tng khch hng t dc u tin hn hai nhm trn.
Trang 18
Trang 19
Trang 20
Hnh 10: Biu thu nhp GDP bnh qun trn u ngi ti Tp HCM
Source: Tng cc thng k (General stastictis department)
Th hai gi bn ph hp vi gi th trng.
Theo s liu ca cng ty CBRE gi bn trung bnh cn h chung c cao cp ti Qun
1_ ln cn vi ni d n ta lc nh sau:
n v tnh : USD/m2
Trang 21
Gi bn (USD)
S lng (cn h)
Lancaster
4200
2500
90
Avalon
3600
51
Pasteur Court
3300
252
Indochina
Tower (IPT)
Horizon
Park 2500
10000
1400
Trang 22
50
2500USD/m2
0.7 km
CBD_
1400USD/m2
1.7 km
3000 USD/m2
0.6 km
3300USD/m2
0.4 km
Central
District
Lancaster
4200USD/m2
Business
3600USD/m2
0.3 km
Hnh 12: Hnh v tinh v tr chung c 57-59 Phm Ngc Thch so vi cc chung
c khc.
T bn google chng ta thy r khong cch cng xa trung tm thnh ph gi cn
h cng gim. Cn h cao cp 57-59 Phm Ngc Thch n trung tm kinh doanh
thnh ph (CBD) gn bng khong cch t Indochina Park Tower vo CBD. Gi bn
mt cn h ti chung c Indochina l 2500 USD/m2 nn y cng l c s chn gi
bn cho chung c 57-59 Phm Ngc Thch (cht lng ca hai cn tng ng
nhau). Hn na xu hng gi t trong tng lai s tng nn cng ty quyt nh chn
gi bn cn h ti thiu l 2500 USD/m2.
Tham kho gi bn t vn CBRE, c bit gi bn mt cn h cao cp hin nay ti
qun 3 nm trn ng Phm Ngc Thch l >3000USD/m 2. Tuy nhin tng tnh
kh thi cho d n v phng ri ro khng lng trc c, An ph n nh gi ti
thiu l 2500USD/m2.
3.3. CHI PH TIP TH V PHNG THC THANH TON.
3.3.1. Ph t vn
Ph t vn duy tr mc c nh l 3000USD mi qu cho vai tr t vn tip th.
Khon ph ca qu u tin s c thanh ton cho CBRE trong vng 7 ngy lm vic
sau khi hp ng c k kt.
Trang 23
$45,408,000
$12000
$817344
Trang 24
300
330
363
399
439
3600
3960
4356
4792
5271
Trang 25
2,752.00
m2
1,531.56
m2
Mt xy dng:
56%
S tng xy dng:
tng
6,126.24
m2
Trang 26
T l sn s dng:
70%
4,288.37
m2
4,288.37
m2
5,146.04
m2
n gi n b
2750
USD
n v
Mt xy dng
50%
1,376.00
m2
S tng cao
15
tng
20,640.00
m2
tng
2,752.00
m2
Din tch 1 xe t
25
m2
S ch xe t
55
ch
Din tch 1 xe my
m2
S ch xe my
459
ch
T l sn s dng
80%
Din tch cn h bn
165,512
m2
n gi xy dng cn h
550
USD
n gi xy dng tng hm
400
USD
Ph xe t hng thng
100
USD
Ph xe my hng thng
10
USD
USD
Chi ph xy dng ta nh
USD
11352000
Trang 27
1100800
USD
12452800
USD
V phn chi ph xy dng s c thanh ton cho bn thu theo 3 giai on tng ng
vi t l 30% nm nht, 40% nm 2, 30% nm 3, theo tng thi im tha thun gia
hai bn.
Chi ph php l, t vn, gim st, t chc u thu v cc chi ph pht sinh khc chim
5% tng chi ph xy dng v c chia u cho 3 nm xy dng.
Nm 2009
Trong nm ny, mi hot ng xy dng tin hnh theo ng k hoch m k kt vi
nh thu. Cng ty s gim st cht ch tin xy dng ca d n. Tin hnh r sot
cc hot ng xem c ng cht lng v tin nh k hoch t ra khng, cng nh
nhn dng cc ri ro khng lng trc c th gp phi m trong giai on xy dng
k hoch cha nhn ra.
Nm 2010
Giai on ny v l thuyt hon tt xong xong 70% cng trnh v 30% phn cn li
s c hon thnh v bn giao cho khch hng vo cui nm 2010. Do , vo u
nm 2010 cng ty s tin hnh chin lc tip th cho d n. Hp ng s c k kt
gia 2 bn: cng ty An Ph_ch u t v cng ty CBRE_t vn, tip th v bn c
quyn cn h cho d n. Hai bn s k kt hp ng theo cc iu khon trong bn
hp ng nh km phn ph lc. y l bn hp ng mang tch cht tham kho ti
thi im lp d n, do kinh nghim trong qu kh tng hp tc vi CBRE trong
nhiu d n. Cc chi ph d ton c tnh phn tip th.
Vo thng 10/2010 cng ty s tin hnh lp t cc trang thit b ni tht cho ta nh
bo gm: My lnh, my qut, cc thit b in, nc, ADSL, cc thit b v sinh
(My nc nng, bn tm, ru-mi-n, bn cu, bn ra mt, gng,...), cc thit b ni
tht cn phng ( ca, knh, chung nh, in thoi,).
Chi ph khu hao.
Cng ty khng bn ht ton b ta nh m gi li hai tng kinh doanh. Hai tng
ny xem nh l ti sn c nh ca cng ty. Cng ty s kinh doanh trong sut 50 nm.
Chi ph khu hao s c tnh trong 20 nm cho hai tng hm v theo phng php
khu hao u.Bng tnh khu hao nh sau:
Bng 10: Bng tnh chi ph khu hao hai tng hm
Nguyn gi
Ta nh (hai tng hm) 2765696
2012
20
$138,285
$138,285
$138,285
$138,285
Tng
Trang 28
Nm 2011
y l thi im kt thc d n, thu hi vn u t v bt u trin khai k hoch khai
thc hai tng hm gi xe v cc dch v tin ch. Cng ty cng s khng u t thm
m ch thu thm 2 nhn vin v sinh v 4 nhn vin bo v v 4 nhn vin gi xe v
mt nhn vin qun l duy tr hot ng ca hai tng hm v ta nh. Chi ph hot
ng khc sau khi bn ht cn h l 10% doanh thu nm . Chi ph ny bao gm cc
chi ph nh chi ph mua trang phc cho nhn vin bo v, nhn vin v sinh, nhn vin
gi xe; chi ph tuyn dng, chi ph cn thit mua dng c v sinh, thit b lin lc cho
nhn vin bo v, v cc chi ph khc pht sinh cho 3 cng vic: gi xe, bo v v v
sinh cho ta nh. Chi ph ny khng bao gm chi ph lng. Chi ph lng ca 8 nhn
vin nh sau:
S lng
Nhn vin bo v
Nhn vin gi xe
110
121
133
146
Tng lng/nm
6389
7028
S lng
110
121
133
146
Tng lng/nm
6389
7028
S lng
110
121
133
146
3194
3514
S lng
275
303
333
366
3300
3630
3993
4392
3000
Nm 2012
Vn tip tc duy tr hot ng kinh doanh 2 tng xe v 2 dch v tin ch v sinh v
an ninh.
Trang 29
2008
2009
2010
2011
2012
440
484
5280
5808
330
363
399
439
Tng lng/nm
3600
3960
4356
4792
5271
S lng
330
363
399
439
Tng lng/nm
3960
4356
4792
5271
S lng
1
Nhn vin nghin
cu v pht trin Tng lng/thng 400
d n.
Tng lng/nm 4800
S lng
Nhn vin php l
3600
Trang 31
S lng
330
363
3960
4356
550
605
666
732
6600
7260
7986
8785
110
121
133
146
Tng lng/nm
6389
7028
S lng
110
121
133
146
Tng lng/nm
6389
7028
S lng
110
121
133
146
Tng lng/nm
3194
3514
S lng
275
303
333
366
Tng lng/nm
3000
3300
3630
3993
4392
21600
23760
26136
33541 36895
3600
S lng
1
Nhn vin qun l
v kim sot ti Tng lng/thng 500
chnh ca d n.
Tng lng/nm 6000
S lng
Nhn vin bo v
Nhn vin gi xe
Trang 32
100%
T l cho thu bi gi xe t
80%
T l cho thu bi gi xe my
Sut sinh li k vng ca ch u
t nu c ti tr bng 100%
vn ch s hu
80%
7.5%
T trng vn ch s hu
50%
T trng vn vay
50%
28%
VAT
10%
12%
30000000
Vn ch s hu
15000000
Vn vay
15000000
Trang 34
2008
1
Doanh thu
Thu t bn cn h
Thu t tng gi xe t
Thu t tng gi xe my
Thu t cung cp dch v tin ch
Tng doanh thu
Cc khon gim tr (VAT)
Doanh thu rng
Chi ph
Gi vn hng bn
Chi ph khu hao
Chi ph lng
Chi ph hot ng khc (sau khi bn ht cn h)
Chi ph qun l v bn hng
Chi ph t vn thip th
Chi ph tip th v hoa hng
Tng hp chi ph
Li nhun gp
Chi ph li vay
Li nhun trc thu
Thu nhp chu thu
Thu thu nhp
Li nhun sau thu
Chia c tc
Li nhun gi li
Trang 35
$0
$0
$0
2009
2
$0
$0
$0
2010
3
2011
4
2012
5
$45,408,000
$0
$52,800
$44,064
$19,800
$116,664
$10,500
$106,164
$52,800
$44,064
$19,800
$116,664
$10,500
$106,164
$212,807
$33,541
$11,666
$212,807
$36,895
$11,666
$258,015
-$151,850
$375,000
-$526,850
$0
$0
-$526,850
$0
-$526,850
$261,369
-$155,204
$0
-$155,204
$0
$0
-$155,204
$0
-$155,204
$45,408,000
$4,457,866
$40,950,134
$23,665,050
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$1,125,000
-$1,125,000
$0
$0
-$1,125,000
$0
-$1,125,000
$12,000
$817,344
$24,494,394
$16,455,740
$750,000
$15,705,740
$14,580,740
$4,082,607
$11,623,133
$0
$11,623,133
Trang 36
Trang 37
2008
2009
2010
2011
2012
$11,675,852
$0
$11,675,852
$130,879
$0
$130,879
$26,241,993
$0
$26,241,993
$20,927,949 $20,985,552
$0
$20,927,949 $20,985,552
$0
$18,324,148
$0
$18,324,148
$30,000,000
$0
$23,744,121
$0
$23,744,121
$23,875,000
$0
$4,256,140
$0
$4,256,140
$30,498,133
$0
$0
$4,256,140 $4,256,140
$212,807
$425,614
$4,043,333 $3,830,526
$24,971,282 $24,816,078
$0
$15,000,000
$15,000,000
$0
$30,000,000
$0
$10,000,000
$15,000,000
-$1,125,000
$23,875,000
$0
$5,000,000
$15,000,000
$10,498,133
$30,498,133
$0
$0
$0
$0
$15,000,000 $15,000,000
$9,971,282 $9,816,078
$24,971,282 $24,816,078
Trang 38
Dng thu
2008
2009
2010
2011
2012
3
45,4
0 08,000
116,664
116,664
45,4
Thu t bn cn h
08,000
Thu t tng gi xe t
52,800
Thu t tng gi xe my
Thu t cung cp dch v
tin ch
52,800
44,064
44,064
19,800
19,800
10,500
10,500
106,164
106,164
4,4
Cc khon gim tr
57,866
40,9
50,134
Chi u t
Chi ph gim st, php l,
u thu,
Chi ph lng
Chi ph d phng
Chi xy dng
Trang 39
1
8,324,148
5,
419,973
4,1
77,069 -
207,547
207,547
207,547
21,600
23,760
26,136
207,547
207,547
207,547
3,735,840
4,981,120
3,735,840
14,15
1,614
Chi n b gii ta
Chi hot ng
45,208
48,562
Chi ph lng
33,541
36,895
11,666
11,666
829,344
Chi ph t vn tip th
Chi ph tip th v hoa
12,000
hng
(1
8,324,148)
(5,4
19,973)
$2,498,811.68
38.16%
Trang 40
(5,4
19,973)
6,
125,000
(11,5
44,973)
NPV tng tng t
IRR
817,344
35,9
43,721
4,0
82,607 31,8
61,114
5,7
50,000
26,1
11,114
$2,743,064.36
18.09%
60,957
57,603
-
60,957
5,
375,000 (5,3
14,043)
57,603
57,603
Trang 41
2008
2009
2011
2012
0.00%
0.00%
2010
134.27
%
0.43%
0.43%
0.00%
0.00% 962.14%
2.63%
2.77%
0.00%
0.00%
156.05
%
0.51%
0.51%
28.38%
28.38%
28.38%
0.00%
-4.71%
38.11%
-2.11%
-0.63%
0.00%
50.00%
-7.50%
41.88%
77.49%
16.39%
-3.51%
0.00%
-1.03%
0.00%
Trang 42
Trang 43
Chng 7: Kt lun
Trang 44
Chng 7: Kt lun
CHNG 7: KT LUN
Sau nhng thnh cng to ting vang trong lnh vc bt ng sn v trc xu th pht
trin mnh ca th trng ny, An Ph nhanh chng nhn thy mt hng kinh
doanh nhiu tim nng. Bng tm nhn nhy bn trong kinh doanh, nm 2004, An Ph
ti cu trc thnh Cng ty c phn An Ph vi hot ng mi nhn l kinh doanh
bt ng sn. n nay, rt nhiu d n ln c bit n gn lin vi tn tui ca
cng ty C phn An Ph nh: Khu dn c cng nghip Hc Mn, khu cng nghip
Thnh c, cn h cao cp Bnh Ph, d n L Chnh ThngHin nay, An Ph vn
ang tip tc kho st cc v tr chin lc cc khu vc ln cn TP. H Ch Minh cho
nhng d n sp n, ha hn cung cp thm nhiu khng gian sng mi, vn minh v
hin i.
Theo ch trng chung ca Chnh Ph trong Ngh quyt s 34/2007/NQ-CP ngy
03/7/2007 cng nh ca chnh quyn thnh ph H Ch Minh, cn thit phi ci to,
xy mi cc chung c c xung cp, h hng nng trn a bn thnh ph, y ban
nhn dn qun 3 ku gi cc nh u t tham gia u t xy dng cc chung c mi
thay th cho cc chung c c. Vi mong mun gp phn vo s nghip pht trin
chung ca thnh ph H Ch Minh, Cng ty c phn An Ph quyt nh u t d n
57 59 Phm Ngc Thch. y s l mt d n chung c cao cp, thay th cho khu
chung c c.
Thng qua phn tch th trng, phn tch ti chnh, v cc phn tch cn thit khc cho
thy y l mt d n kh thi v c ngha ln trong vic gp phn nng cao cht
lng cuc sng ca ngi dn Qun 3 v s nghip pht trin ca thnh ph.
Ri ro ca d n xut pht t cc yu t: phn tch nhu cu th trng, khu hon tt
th tc php l, cht lng thi cng ca nh thu v lm pht. Ti mi ri ro cng ty
u c gii php gii quyt nh phn tch phn phn tch ri ro. Duy ch c yu t
phn tch nhu cu th trng l kh xc nh chnh xc nht v vn cn tim n nhiu
ri ro v phn ln d liu thu thp c l th cp. Tuy nhin y l ri ro chung v
cng ty An Ph s gim thiu ri ro ny thng qua vic mua thng tin t CBRE.
NHNG HN CH CA TI
ti cha phn tch tc ng ca lm pht ln dng ngn lu trong khi lm pht ang
c xu hng tng v nh hng rt ln n gi bn trong tng lai.
ti cha nh lng c nng lc thc s ca tng i th cnh tranh trong ngnh
m ch tng hp phn tch da trn d liu m cng ty CBRE cung cp.
Trang 45
PH LC
$2,000
10%
-$251
11%
-$519
12%
-$774
13%
-$1,018
14%
-$1,250
15%
-$1,472
16%
-$1,684
17%
-$1,886
18%
-$2,079
19%
-$2,263
20%
-$2,439
$2,100
$2,200
$2,300
$2,400
$2,500
$2,600
$2,700
$2,800
$2,900
$3,000
$3,100
$3,200
$3,300
$3,400
$3,500
$166
$583
$1,000
$1,418
$1,835
$2,252
$2,669
$3,086
$3,503
$3,920
$4,337
$4,755
$5,172
$5,589
$6,006
-$121
$277
$674
$1,072
$1,470
$1,867
$2,265
$2,663
$3,060
$3,458
$3,855
$4,253
$4,651
$5,048
$5,446
-$395
-$16
$363
$742
$1,121
$1,500
$1,878
$2,257
$2,636
$3,015
$3,394
$3,773
$4,152
$4,531
$4,910
-$657
-$296
$65
$426
$787
$1,148
$1,509
$1,870
$2,231
$2,592
$2,952
$3,313
$3,674
$4,035
$4,396
-$906
-$563
-$219
$124
$468
$812
$1,155
$1,499
$1,842
$2,186
$2,530
$2,873
$3,217
$3,561
$3,904
-$1,145
-$818
-$491
-$164
$163
$490
$817
$1,144
$1,471
$1,798
$2,125
$2,452
$2,779
$3,106
$3,433
-$1,373
-$1,062
-$751
-$440
-$129
$182
$493
$804
$1,115
$1,426
$1,737
$2,048
$2,359
$2,670
$2,981
-$1,590
-$1,295
-$999
-$704
-$408
-$112
$183
$479
$774
$1,070
$1,365
$1,661
$1,957
$2,252
$2,548
-$1,798
-$1,517
-$1,237
-$956
-$675
-$394
-$114
$167
$448
$729
$1,010
$1,290
$1,571
$1,852
$2,133
-$1,997
-$1,730
-$1,464
-$1,197
-$931
-$664
-$398
-$131
$135
$402
$668
$935
$1,201
$1,468
$1,734
-$2,186
-$1,934
-$1,681
-$1,428
-$1,175
-$922
-$670
-$417
-$164
$89
$341
$594
$847
$1,100
$1,353
Kt hp vi ch u t thc hin chin dch v mc tiu tip th trong khon thi gian
nh.
Kt hp vi ch u t chun b cc ti liu tip th cho ta nh v bo co nhng mt
cn thit, thng tin phn hi ca cc cng c tip th s dng.
Bng c s d liu sn c ng thi kt hp vi mi quan h ca ch u t trn th
trng mc tiu nhm hng ti mc tiu tip th.
Bt k vic chi tr ph mi gii no n bn th 3 v trang b cho phng kinh doanh ti
ta nh vi ton b my mc v nhu cu v trang thit b phc v cho vic kinh doanh
(nh my tnh, in thoi, my fax,) s c chi tr bi CBRE.
Phi hon thnh mc tiu kinh doanh ra nh nh trong trong s thng nht ca
ch u t v bn i l tip th c quyn.
Bn i l tip th c quyn c trch nhim h tr khch mua, thc hin khon thanh
ton u tin cho ch u t tng ng 30% gi tr hp ng c k kt, gm 10%
t cc v 20% t thanh ton u tin.
2.2. Bn Ch u t:
Kt hp vi CBRE trong cng tc t vn v trin khai cc xut c chp thun.
Nhanh chng phn hi i vi nhng xut ca CBRE.
Chi tr chi ph tip th cho bn CBRE v cc hot ng tip th, qung co, PR.
Cung cp min ph mt vn phng kinh doanh trong ta nh vi y trang thit b
ni tht cn thit bo gm khu vc lm vic cho nhn vin kinh doanh v khu vc tip
khch tham quan d n trong sut thi gian hiu lc ca hp ng.
Thanh ton ph hoa hng trong vng 7 ngy lm vic sau khi nhn c phiu ngh
thanh ton t bn i l tip th v nhn c khon thanh ton t mt t khch mua.
3. Ph v phng thc thanh ton (c ngh bi CBRE)
3.1. Ph t vn
Ph t vn duy tr mc c nh l 3000USD mi qu cho vai tr t vn tip th.
Khon ph ca qu u tin s c thanh ton cho CBRE trong vng 7 ngy lm vic
sau khi hp ng c k kt.
3.2. Ph tip th bn c quyn
Ph tip th bn c quyn cho mi hp ng c k kt thnh cng trong sut thi
hn hiu lc ca hp ng s l 1,8% tr gi hp ng.
70% ph hoa hng cho mi hp ng k kt thnh cng s thanh ton cho CBRE trong
vng 7 ngy lm vic sau khi ch u t nhn c thanh ton u tin t khch mua.
30% ph hoa hng cho mi hp ng k kt thnh cng s thanh ton cho CBRE vo
thi im thanh l hp ng.
3.3. Ph hnh chnh
Ph hnh chnh l 150USD trn mi cn h nu bn i l tip th bn c quyn thc
hin cc cng vic hnh chnh bao gm chun b hp ng, phiu thanh ton ca t
[5]
Zvi Bodie, Alex Kane, Alan J.Marcus, Assentials of investments, Irwin
McGraw-Hill.
Ti liu internet
[1]
Cng ty bt ng sn CBRE. Residental Sales Serviecs. Available:
http://cbrevietnam.com/res_hcms.php
[2]
Cng ty bt ng sn Mt Vung. D n bn cn h. Available:
http://www.metvuong.com/phat_trien.php?type=both.
[3]
Cng ty t vn u t v k thut th dn_ABBO. Pht trin bt ng
sn,
ton
cnh
th
trng.
Available:
http://www.pindex.vn/news/phatrienbds/index.html