Professional Documents
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3260 DATED
05/03/2014 MADE BY NALIN HERATH, REGISTERED LICENSED SURVEYOR.
Prepared by: Upali Silva & Lochana Silva – Chartered Valuers (Pvt) Ltd.
58-2/1, Avissawella Road, Maharagama
M: 072 520 5290. E: upaligreenacres@yahoo.com
1st April, 2021
The Chairman
DPMC Assetline Holdings (Pvt) Ltd
120, 120A, Pannipitiya Road,
Battaramulla.
Dear Sir,
VALUATION REPORT OF PROPERTY DEPICTED AS LOT 1A IN SURVEY PLAN NO. 3260 DATED
05/03/2014 MADE BY NALIN HERATH, REGISTERED LICENSED SURVEYOR.
I hereby declare that I have no undisclosed interest in the entity or the trust and fees are not
contingent in my estimated value. The opinion of the value is subject to assumptions and limitations
set forth therein.
The Fair Value of the subject property is more particularly described and identified on the attached
report.
Fair Value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date (IFRS 13).
My valuation was prepared on the basis of the property being in a satisfactory state of repair,
without carrying on a structural survey or an inspection of the woodwork or parts of the property,
which have been covered, unexposed or inaccessible nor arranged for tests to be carried on any
service installations. It should be understood that the Report does not neither purport to express
an opinion about nor any advise upon the uninspected parts and should not be considered as an
opinion or advise upon the condition of uninspected parts nor to be taken as any implied
representation or statement of such parts and my valuation reflects the state of repair, observed
at the time of survey.
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No account has been taken of any outstanding moneys due in respect of mortgage bonds, loans
and other charges.
With regard to aspects like tenure, title, planning and other statutory obligations, reference may
be made to the report and needs to be verified by solicitors acting on behalf of the client and /or
the proposed borrowers and in no way be considered as substitutes for the searches that should
be made.
Any part or whole of this valuation or any reference thereto should not be made or be published in
any published documents, circulars or statements in any way without written approval of the
undersigned prior to publication as to the form and context in which it may appear.
This valuation has been prepared for the sole use of the client with no responsibility being accepted
to third parties for the whole or any part of the contents of my report.
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VALUATION REPORT
1. Identification of the client
DPMC Assetline Holdings (Pvt) Ltd
120, 120A, Pannipitiya Road,
Battaramulla.
2. Purpose of valuation
Fair value.
3. Name of applicant
DPMC Assetline Holdings (Pvt) Ltd
120, 120A, Pannipitiya Road,
Battaramulla.
Boundaries
North East South West
Crown Land (Lot Property of M.D. Lot 2 & 4 in Plan No. 738 Crown Land (Lot 7 in
7 in Plan No. Suriyabandara. PPA 3219)
3219)
Extent of the allotment: 0 A – 2 R – 26.10 P.
4.1 Access
Proceed from Orugodawatta Junction along Avissawella Road, and turn left onto a 20ft.
wide road reservation. Proceed on this road for about 50 meters to reach the subject
property.
4.2 Locality
Subject property is situated in a good commercial cum industrial area at Orugodawatta.
Public transport facilities are available. The closest main commercial center is
Orugodawatta, which is a populated suburb of Colombo. Branches of all banks, super
markets, health care centers, private and state hospitals are in the vicinity.
6.2.2 Plantations
Nil
6.2.3 Building
Warehouse
This single story structure is done with asbestos sheet roof and zinc aluminium roof on steel
framework with heat resistant soil, brick walls, plastered and painted both sides, concreted
and cemented floors.
Accommodation – Office, dining area and warehouse.
Floor area – 6,560sq.ft
Security Hut
This is done with asbestos sheet roof with timber frame work, brick walls, plastered and
painted both sides, sand cement screened floor.
Floor area – 217sq.ft
6.2.4 Occupant
Vacant
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6.2.7 Photographs of the property
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7. Nature and sources of information relied upon
7.1 Title
No search has been made at the Land Registry. However, according to the copy of the Deed
of Transfer produced to me, DPMC Assetline Holdings (Pvt) Ltd claims title to the subject
property by and upon Deed of Transfer 5310 dated 29/05/2014.
7.5 Tenure
Inapplicable
Security hut
217sq.ft. @ Rs. 1,550/- per sq.ft Rs. 336,350.00 Rs. 33,965,150.00
I am of the opinion that the Fair Value of the Unencumbered Freehold Interest in the asset
component of land for the purposes of financial reporting is estimated at Rupees two
hundred and sixty two million. (Rs. 262,000,000.00)
Note
a) With restrictions on Covid-19 easing and confidence returning into the Real Estate
Market of residential and commercial properties are showing signs of re-gaining
their original values. The most likelihood is to gain an upward trend as a result of
increasingly building up consumer confidence and commercial activities. During the
pandemic period, it has specifically increased investor confidence in investing in
Real Estate in comparison to the traditional other modes of traditional
investments. Given the unknown future impact that Covid-19 might have on the
Real Estate Market, I recommend that you keep the valuation of this property
under frequent review.
9. Certificate
I, U.S. Silva, certify that I have inspected and valued the properties offered as security and
that I have satisfied myself that they tally with extents, descriptions and valuations as
above.
The valuations are done according to the standards stipulated by the R.I.C.S. & the I.V.S.L.
This report is confidential to the above mentioned client for the purpose of which it
refers and not allowed to be used by any other party for any other purpose.
U.S. Silva
Chartered Valuer (SL)/Chartered Valuation Surveyor (UK)
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