Only change values in the green cells

Do not change the values in the red cells

Construction
Land area 1,500.00 m2
Building footprint in % of land area 56.00%
Developed building footprint 840.00 m2
Number of basements 2
Number of floors including ground 13
Total number of floors 15
Total area developed 12,600.00 m2
Use ground floor for apartments 1 0-yes 1-no
Floor for apartment development 9,600.00 m2
Circulation in % of floor area 4.76%
Cost of construction 12,000.00 ETB/m2
Cost of development 151,200,000.00 ETB

Costs and profit margin

Cost of construction 151,200,000.00 76%
Cost of sales 10,864,377.75 5% @
Cost of land 22,625,700.00 11% @
Cost of design 15,120,000.00 8% @
Recover cost of land 22,625,700.00 0-yes 1-no
Total cost 199,810,077.75
Total revenue (profit margin) 229,781,589.41 @
Net profit 29,971,511.66
Additional funds to land lord 0.00 @
Total funds to land lord 22,625,700.00

Sales
Total revenue generated per floor 38,296,931.57
Net total area available for sales 9,600.00 m2
Net area available per floor for apartment 1600.00 m2
Total number of floor used for apartments 6
Number of 150 sqm apartment 1.26720 126.71986656 @
Number of 175 sqm apartment 1.68756 194.9609535 @
Number of 175 sqm apartment 2.47500 317.98062752 @
Number of 200 sqm apartment 1.10000 294.01042598 @
Total number of apartments per floor 6.52975
Apartment area ratio 1
Sell price of apartment per net sqm 23,935.58 ETB/m2
Total revenue from development 229,781,589.41 ETB
Gross profit before tax 29,971,511.66 ETB
Gross profit percentage 15.00%
 Land area obtained from title deed
Maximum Built-up Area Ratio obtained from local authorities
Footprint of building calculated by spreadsheet
Number we intend to build for the development
Maximum number of storeys obtained from local authorities
Total number of floor for development calculated by spreadsheet
Total area developed calculated by spreadsheet
We decide if we are to use the ground floor for apartment development or auxiliary functio
Area available in development for apartments calculated by spreadsheet
Floor area percentage used for circulation
Cost of construction per m2
Total cost of construction calculated by spreadsheet

Cost Distr
Cost of design
5.00% 8%
15,083.80 Cost of land
11%
10.00%
0 Cost of sales
5%
Cost of
15.00% construction
76%
0.00%

Area available in development for apartments calculated by spreadsheet

Net area available in development per floor for apartment development

3,033,113.74 ETB
4,666,503.87 ETB Total number of apartments per floor that is optimised by spreadsheet for the area
of apartments used by the solver tool. Every time a change is made in the numbers
7,611,051.35 ETB on the spreadsheet you must run the solver macro so that the apartment area ratio
7,037,310.62 ETB that is on cell C25 always equals to 1
38,296,931.57

Net selling price of apartment excluding the circulation area

Total revenue from selling all the units calculated by spreadsheet
Gross profit calculated by spreadsheet
Gross profit in percentage calculated by spreadsheet
eet

elopment or auxiliary functions

preadsheet

Cost Distribution

tion

preadsheet
elopment

eadsheet for the area

made in the numbers
e apartment area ratio

eet
 Only change values in the green cells
Do not change the values in the red cells

Construction
Land area 1,500.00 m2
Building footprint in % of land area 70.00%
Developed building footprint 1,050.00 m2
Number of basements 2
Number of floors including ground 13
Total number of floors 15
Total area developed 15,750.00 m2
Use ground floor for apartments 1 0-yes 1-no
Floor for apartment development 10,458.00 m2
Circulation in % of floor area 17.00%
Cost of construction 12,000.00 ETB/m2
Cost of development 189,000,000.00 ETB

Costs and profit margin

Cost of construction 189,000,000.00 80%
Cost of sales 12,816,750.00 5% @
Cost of land 15,000,000.00 6% @
Cost of design 18,900,000.00 8% @
Recover cost of land 15,000,000.00 0-yes 1-no
Total cost 235,716,750.00
Total revenue (profit margin) 271,074,262.50 @
Net profit 35,357,512.50
Additional funds to land lord 0.00 @
Total funds to land lord 15,000,000.00

Sales
Total revenue generated per floor 22,589,521.88
Net total area available for sales 10,458.00 m2
Net area available per floor for apartment 871.50 m2
Total number of floor used for apartments 12
Number of 150 sqm apartment 2.90474 138.79368203 @
Number of 175 sqm apartment 1.86643 155.33737603 @
Number of 200 sqm apartment 1.00000 178.41484492 @
Total number of apartments per floor 5.7712
Apartment area ratio 1
Sell price of apartment per net sqm 25,920.27 ETB/m2
Total revenue from development 271,074,262.50 ETB
Gross profit before tax 35,357,512.50 ETB
Gross profit percentage 15.00%
 Land area obtained from title deed
Maximum Built-up Area Ratio obtained from local authorities
Footprint of building calculated by spreadsheet
Number we intend to build for the development
Maximum number of storeys obtained from local authorities
Total number of floor for development calculated by spreadsheet
Total area developed calculated by spreadsheet
We decide if we are to use the ground floor for apartment development or auxiliary functions
Area available in development for apartments calculated by spreadsheet
Floor area percentage used for circulation
Cost of construction per m2
Total cost of construction calculated by spreadsheet

Cost Distribution

5.00%
10,000.00
10.00%
0 Cost of
Cost of
design,
land,
Cost of
8%
15.00%
6%Cost of
sales,
5% constru
0.00% ction,
80%

Area available in development for apartments calculated by spreadsheet

Net area available in development per floor for apartment development

3,597,570.25 ETB Total number of apartments per floor that is optimised by spreadsheet for the area
4,026,387.33 ETB of apartments used by the solver tool. Every time a change is made in the numbers
4,624,561.65 ETB on the spreadsheet you must run the solver macro so that the apartment area ratio
that is on cell C25 always equals to 1
22,589,521.88

Net selling price of apartment excluding the circulation area

Total revenue from selling all the units calculated by spreadsheet
Gross profit calculated by spreadsheet
Gross profit in percentage calculated by spreadsheet
eet

elopment or auxiliary functions

preadsheet

Cost Distribution

preadsheet
elopment

eadsheet for the area

made in the numbers
e apartment area ratio

eet
 Only change values in the green cells
Do not change the values in the red cells

Construction
Land area 1,500.00 m2
Building footprint in % of land area 56.00%
Developed building footprint 840.00 m2
Number of basements 2
Number of floors including ground 13
Total number of floors 15
Total area developed 12,600.00 m2
Use ground floor for apartments 1 0-yes 1-no
Floor for apartment development 9,600.00 m2
Circulation in % of floor area 4.76%
Cost of construction 12,000.00 ETB/m2
Cost of development 151,200,000.00 ETB

Costs and profit margin

Cost of construction 151,200,000.00 76%
Cost of sales 10,864,377.75 5% @
Cost of land 22,625,700.00 11% @
Cost of design 15,120,000.00 8% @
Recover cost of land 22,625,700.00 0-yes 1-no
Total cost 199,810,077.75
Total revenue (profit margin) 229,781,589.41 @
Net profit 29,971,511.66
Additional funds to land lord 0.00 @
Total funds to land lord 22,625,700.00

Sales
Total revenue generated per floor 38,296,931.57
Net total area available for sales 9,600.00 m2
Net area available per floor for apartment 1600.00 m2
Total number of floor used for apartments 6
Number of 150 sqm apartment 1.00000 400 @
Number of 175 sqm apartment 1.00000 400 @
Number of 175 sqm apartment 1.00000 400 @
Number of 200 sqm apartment 1.00000 400 @
Total number of apartments per floor 4.00000
Apartment area ratio 1
Sell price of apartment per net sqm 23,935.58 ETB/m2
Total revenue from development 229,781,589.41 ETB
Gross profit before tax 29,971,511.66 ETB
Gross profit percentage 15.00%
 Land area obtained from title deed
Maximum Built-up Area Ratio obtained from local authorities
Footprint of building calculated by spreadsheet
Number we intend to build for the development
Maximum number of storeys obtained from local authorities
Total number of floor for development calculated by spreadsheet
Total area developed calculated by spreadsheet
We decide if we are to use the ground floor for apartment development or auxiliary functio
Area available in development for apartments calculated by spreadsheet
Floor area percentage used for circulation
Cost of construction per m2
Total cost of construction calculated by spreadsheet

Cost Distributi
Cost of design
5.00% 8%
15,083.80 Cost of land
11%
10.00%
0 Cost of sales
5%
Cost of
15.00% construction
76%
0.00%

Area available in development for apartments calculated by spreadsheet

Net area available in development per floor for apartment development

9,574,232.89 ETB
9,574,232.89 ETB Total number of apartments per floor that is optimised by spreadsheet for the area
of apartments used by the solver tool. Every time a change is made in the numbers
9,574,232.89 ETB on the spreadsheet you must run the solver macro so that the apartment area ratio
9,574,232.89 ETB that is on cell C25 always equals to 1
38,296,931.57

Net selling price of apartment excluding the circulation area

Total revenue from selling all the units calculated by spreadsheet
Gross profit calculated by spreadsheet
Gross profit in percentage calculated by spreadsheet
eet

elopment or auxiliary functions

preadsheet

Cost Distribution

preadsheet
elopment

eadsheet for the area

made in the numbers
e apartment area ratio

eet
 Only change values in the green cells
Do not change the values in the red cells

Construction
Land area 500.00
Building footprint in % of land area 79.50%
Developed building footprint 397.50
Number of basements 1
Number of floors including ground 7
Total number of floors 8
Total area developed 3,180.00
Use ground floor for apartments 1
Floor for apartment development 2,265.75
Circulation in % of floor area 5.00%
Cost of construction 12,000.00
Cost of development 38,160,000.00

Costs and profit margin

Cost of construction 38,160,000.00

Cost of land 5,000,000.00
Construction cost of apartments 0.00
Construction cost of apartments 0.00
Construction cost of apartments 0.00
5,000,000.00
Apartment area exchanged to land lord 0.00
Value to land lord 0.00
Investment outlay (construction and land) 43,160,000.00

Cost of design and sales 2,158,000.00

Cost of sales 215,800.00
Cost of design 1,942,200.00

Recover cost of land 5,000,000.00

Total cost 45,318,000.00
Total revenue (profit margin) 45,318,000.00
Net profit 0.00
Additional funds to land lord 5,000,000.00
Total funds to land lord (value and additional funds) 5,000,000.00
Total funds to land lord (value and additional funds) inc VAT 5,750,000.00
Value for land in ETB/sqm 10,000.00

Apartment Sales
Total revenue generated per floor 7,553,000.00
Net total area available for sales 2,265.75
 Net area available per floor for apartment 377.63
Total number of floor used for apartments 6
Total number of floors for apartment sale 6
Number of 150 sqm apartment 1.00000
Number of 175 sqm apartment 1.00000
Number of 200 sqm apartment 0.00000
Total number of apartments per floor 2.0000
Apartment area ratio 1
Sell price of apartment per net sqm 20,001.30
Total revenue from development 45,318,000.00

Gross profit before tax based on cost of construction 0.00

Gross profit percentage 0.00%

Gross profit before tax based on value of property 0.00

Gross profit percentage 0.00%

Revenue per floor without design cost and without profit 7,193,333.33
188.812688812475
Cost of apartment without profit and value of land included 188.812688812475
0

Construction profit and overhead 25.00%

Direct cost of construction 30,528,000.00
Construction profit 7,632,000.00
Profit and overhead foregone from design and construction 9,790,000.00
Average direct cost of apartment including land value 3,596,666.67
Number of apartments for BIGAR 2.7
Avergae cost of apartment including profit and overhead 3,776,500.00
Number of apartments to be sold for development 8.1
Number of apartments for landlord 1.2
12.0
n the green cells
es in the red cells

m2 Land area obtained from title deed

Maximum Built-up Area Ratio obtained from local authoritie
m2 Footprint of building calculated by spreadsheet
Number we intend to build for the development
Maximum number of storeys obtained from local authorities
Total number of floor for development calculated by spreads
m2 Total area developed calculated by spreadsheet
0-yes 1-no We decide if we are to use the ground floor for apartment de
m2 Area available in development for apartments calculated by
Floor area percentage used for circulation
ETB/m2 Cost of construction per m2
ETB Total cost of construction calculated by spreadsheet

84%
11% Cost of sales Cost of design
0% 4%
189 @ 0.00 Cost of land
189 @ 0.00 11%
0 @ 0.00
120.00%

Cost of
@ 5.00% construction
0% @ 10.00% 84%
4% @ 90.00%

0-yes 1-no 0

@ 0.00%

@ 0.00%

m2 Area available in development for apartments calculated by

m2 Net area available in development per floor for apartment de

188.81268881 0.5 @ 3,776,500.00 ETB Total number of apartments per floor that is optimised by s
of apartments used by the solver tool. Every time a change
188.81268881 0.5 @ 3,776,500.00 ETB on the spreadsheet you must run the solver macro so that t
0 0 @ 0.00 ETB that is on cell C25 always equals to 1
1 7,553,000.00

ETB/m2 Net selling price of apartment excluding the circulation area

ETB Total revenue from selling all the units calculated by spreads

ETB Gross profit calculated by spreadsheet

Gross profit in percentage calculated by spreadsheet

sqm 3,596,666.67
sqm 3,596,666.67
sqm

1.4

4.0 12
0.6
6.0
 e deed
o obtained from local authorities
ted by spreadsheet
or the development
s obtained from local authorities
velopment calculated by spreadsheet
ated by spreadsheet
he ground floor for apartment development or auxiliary functions
nt for apartments calculated by spreadsheet
for circulation

lculated by spreadsheet

Cost Distribution

Cost of sales Cost of design

0% 4%
and
%

Cost of
construction
84%

nt for apartments calculated by spreadsheet

pment per floor for apartment development

s per floor that is optimised by spreadsheet for the area

solver tool. Every time a change is made in the numbers
st run the solver macro so that the apartment area ratio
is on cell C25 always equals to 1

nt excluding the circulation area

ll the units calculated by spreadsheet

readsheet
alculated by spreadsheet
 Only change values in the green cells
Do not change the values in the red cells

Construction
Land area 592.00 m2
Basement area 415.00 m2
Building footprint above ground 415.00 m2
Developed building footprint 415.00 m2
% of building footprint above ground 70.10%
Number of basements 2
Number of floors including ground 10
Total number of floors 12
Use ground floor for property development 1 0-yes 1-no
Number of floors used for property development 9
Fraction of floors for apartments 1
Fraction of floors for villas 0
Number of floors for apartments 9
Number of floors for villas 0
Circulation in % of floor area 15.00%
Area used for apartment per floor 352.75
Proportion of apartment area for villa's 2nd floor 60.92%
Area used for villa 2nd floor per floor 215
Total area developed 7,255.34 m2
Floor for apartment development 3,174.75 m2
Floor area for villa development 1,934.04 m2
Cost of construction 12,000.00 ETB/m2
Cost of development 87,064,137.93 ETB

Costs and profit margin

Cost of construction 87,064,137.93 #DIV/0!

Cost of land #DIV/0! #DIV/0!
Construction cost of apartments 3,529,411.76 125
Construction cost of apartments 4,517,647.06 160
Construction cost of apartments 3,141,176.47 178
Construction cost of villas #DIV/0! #DIV/0!
#DIV/0!
Apartment area exchanged to land lord #DIV/0!
Value to land lord #DIV/0!
Investment outlay (construction and land) #DIV/0!

Cost of design and sales #DIV/0!

Cost of sales #DIV/0! #DIV/0!
Cost of design #DIV/0! #DIV/0!
 Recover cost of land #DIV/0! 0-yes 1-no
Total cost #DIV/0!
Total revenue (profit margin) #DIV/0!
Net profit #DIV/0!
Additional funds to land lord #DIV/0!
Total funds to land lord (value and additional funds) #DIV/0!

Apartment and Villa Sales

Net total area available for sales 3,174.75 m2
Net area available per floor for apartment 352.75 m2
Total number of floor used for apartments 9
Number of 150 sqm apartment 1.00 125
Number of 175 sqm apartment 3.00000 160
Number of 200 sqm apartment 1.00000 178
Total number of apartments per floor 5.0000
Apartment area ratio 2
Sell price of apartment per net sqm #DIV/0! ETB/m2

Villa Sales
Total revenue generated per villla floor
Net total area available for sales 1,934.04
Net area available per floor for villa #DIV/0!
Total number of floor used for villa 0
Number of floors per villa 2
Number of levels with villas 0
Number if villas per floor #DIV/0!
Area per villa #DIV/0!
Extra % for villas 10%
Number of villas #DIV/0!
Sell price of villa per net sqm #DIV/0!

Total revenue generated from property sales #DIV/0!

Total revenue from development #DIV/0! ETB

Gross profit before tax (cost of land = construction) #DIV/0! ETB
Gross profit percentage #DIV/0!

Total revenue from development #DIV/0! ETB

Gross profit before tax (cost of land = value) #DIV/0! ETB
Gross profit percentage #DIV/0!
ells
cells

Land area obtained from title deed

Footprint of building calculated by spreadsheet

Maximum Built-up Area Ratio obtained from local authorities
Number we intend to build for the development
Maximum number of storeys obtained from local authorities
Total number of floor for development calculated by spreadsheet
We decide if we are to use the ground floor for apartment development or auxi

Floor area percentage used for circulation

Total area developed calculated by spreadsheet

Area available in development for apartments calculated by spreadsheet

Cost of construction per m2

Total cost of construction calculated by spreadsheet

338

@ 2.00 #DIV/0!
@ 2.00 #DIV/0!
@ 1.25 #DIV/0!
@ 0.00 #DIV/0!
#DIV/0!

#DIV/0! #DIV/0!
#DIV/0! #DIV/0!

@ 5.00%
@ 10.00%
@ 90.00%
 0

@ 15.00%

@ 0.00%

Area available in development for apartments calculated by spreadsheet

Net area available in development per floor for apartment development

0.1596 @ #DIV/0! ETB Total number of apartments per floor that is optimised by spreadsheet for the
0.2043 @ #DIV/0! ETB of apartments used by the solver tool. Every time a change is made in the num
0.2273 @ #DIV/0! ETB on the spreadsheet you must run the solver macro so that the apartment area r
that is on cell C25 always equals to 1
#DIV/0!

Net selling price of apartment excluding the circulation area

#DIV/0!

#DIV/0!
#DIV/0! #DIV/0!

Total revenue from selling all the units calculated by spreadsheet

Gross profit calculated by spreadsheet
Gross profit in percentage calculated by spreadsheet
authorities

uthorities
by spreadsheet
artment development or auxiliary functions

ulated by spreadsheet

et

Cost Distribu
ulated by spreadsheet
artment development

mised by spreadsheet for the area

a change is made in the numbers
o so that the apartment area ratio
quals to 1

tion area

y spreadsheet

et
Cost Distribution
 Only change values in the green cells
Do not change the values in the red cells

Construction
Land area 1,500.00 m2
Basement area 1,050.00 m2
Building footprint above ground 870.00 m2
Developed building footprint 870.00 m2
% of building footprint above ground 58.00%
Number of basements 2
Number of floors including ground 13
Total number of floors 15
Use ground floor for property development 1 0-yes 1-no
Number of floors used for property development 12
Fraction of floors for apartments 1/3
Fraction of floors for villas 2/3
Number of floors for apartments 4
Number of floors for villas 8
Circulation in % of floor area 10.00%
Area used for apartment per floor 783.00
Proportion of apartment area for villa's 2nd floor 60.92%
Area used for villa 2nd floor per floor 477
Total area developed 12,011.40 m2
Floor for apartment development 3,100.68 m2
Floor area for villa development 5,036.58 m2
Cost of construction 11,000.00 ETB/m2
Cost of development 132,125,400.00 ETB

Costs

Cost of construction 132,125,400.00 89%

Cost of land to developer 8,628,888.89 6%
Construction cost of apartments 3,055,555.56 125
Construction cost of apartments 3,471,111.11 142
Construction cost of apartments 2,102,222.22 172
Construction cost of villas 0.00 312
8,628,888.89
Property area exchanged to land lord 706.00
Value to land lord 14,851,364.66
Investment outlay (construction and land) 140,754,288.89

Cost of design and sales 8,093,371.61

Cost of sales 809,337.16 1%
Cost of design 7,284,034.45 5%
 Recover cost of land 8,628,888.89 0-yes 1-no
Total cost 148,847,660.50
Total revenue (profit margin) 171,174,809.58
Net profit 22,327,149.08
Additional funds to land lord 0.00
Total funds to land lord (value and additional funds) 14,851,364.66

Apartment and Villa Sales

Net total area available for sales 3,100.68 m2
Net area available per floor for apartment 783.00 m2
Total number of floor used for apartments 4
Number of 125 sqm apartments 1.00 125
Number of 142 sqm apartments 1.00000 142
Number of 172 sqm apartments 3.00000 172
Total number of apartments per floor 5.0000
Apartment area ratio 1
Sell price of apartment per net sqm 21,035.93 ETB/m2

Villa Sales
Total revenue generated per villla floor
Net total area available for sales 5,036.58
Net area available per floor for villa 1252.88059701493
Total number of floor used for villa 8
Number of floors per villa 2
Number of levels with villas 4
Number if villas per floor 4
Area per villa 312
Extra % for villas 5%
Number of villas 16
Sell price of villa per net sqm 22,087.72

Total revenue generated from property sales 161,620,901.45

Total revenue from development 161,620,901.45 ETB

Gross profit before tax (cost of land = construction) 12,773,240.95 ETB
Gross profit percentage 8.58%

Total revenue from development 161,620,901.45 ETB

Gross profit before tax (cost of land = value) 6,550,765.18 ETB
Gross profit percentage 4.40%
e green cells
n the red cells

Land area obtained from title deed

Basement foot print
Foot print of building above ground
Footprint of building calculated by spreadsheet
Maximum Built-up Area Ratio obtained from local authorities
Number we intend to build for the development
Maximum number of storeys obtained from local authorities
Total number of floor for development calculated by spreadsheet
We decide if we are to use the ground floor for apartment development or auxi
Total number of floors that are used for developing apartments/villas
Fraction of floors used for apartments
Fraction of floors used for villas
Number of floors used for apartments
Number of floors used for villas
Floor area percentage used for circulation
Net sqm for apartments available per floor
Proportion of villa's second floor used as dwelling (remainder is a balcony)
Area of villa's second floor used for dwelling
Total area developed calculated by spreadsheet
Net area available in development for apartments calculated by spreadsheet
Net area available in development for villas calculated by spreadsheet
Cost of construction per m2
Total cost of construction calculated by spreadsheet

@ 2.00
@ 2.00
@ 1.00
@ 0.00

17,079,069.35

@ 5.00%
@ 10.00%
@ 90.00%
 0

@ 15.00%

@ 0.00%

Area available in development for apartments calculated by spreadsheet

Net area available in development per floor for apartment development

0.1596 @ 2,629,490.91 ETB Total number of apartments per floor that is optimised by spreadsheet for the
0.1814 @ 2,987,101.67 ETB apartments used by the solver tool. Every time a change is made in the numbe
0.2197 @ 3,618,179.49 ETB spreadsheet you must run the solver macro so that the apartment area ratio t
cell C25 always equals to 1
16,471,131.06

Net selling price of apartment excluding the circulation area

18530548.336248

6,556,095.80
6,883,900.59 7916485.68049405

Total revenue from selling all the units calculated by spreadsheet

Gross profit calculated by spreadsheet
Gross profit in percentage calculated by spreadsheet
authorities

uthorities
by spreadsheet
artment development or auxiliary functions
g apartments/villas

remainder is a balcony)

calculated by spreadsheet
ted by spreadsheet

et
ulated by spreadsheet
artment development

mised by spreadsheet for the area of

change is made in the numbers on the
at the apartment area ratio that is on
uals to 1

tion area

y spreadsheet

et
 Only change values in the green cells
Do not change the values in the red cells

Construction
Land area 1,500.00 m2
Basement area 1,050.00 m2
Building footprint above ground 870.00 m2
Developed building footprint 870.00 m2
% of building footprint above ground 58.00%
Number of basements 2
Number of floors including ground 13
Total number of floors 15
Use ground floor for property development 1 0-yes 1-no
Number of floors used for property development 12
Fraction of floors for apartments 1/3
Fraction of floors for villas 2/3
Number of floors for apartments 4
Number of floors for villas 8
Circulation in % of floor area 10.00%
Area used for apartment per floor 783.00
Proportion of apartment area for villa's 2nd floor 60.92%
Area used for villa 2nd floor per floor 477
Total area developed 12,011.40 m2
Floor for apartment development 3,100.68 m2
Floor area for villa development 5,036.58 m2
Cost of construction 11,000.00 ETB/m2
Cost of development 132,125,400.00 ETB

Costs

Cost of construction 132,125,400.00 90%

Cost of land to developer 7,382,222.22 5%
Construction cost of apartments 2,444,444.44 100
Construction cost of apartments 3,055,555.56 125
Construction cost of apartments 1,882,222.22 154
Construction cost of villas 0.00 312
7,382,222.22
Property area exchanged to land lord 604.00
Value to land lord 12,593,165.15
Investment outlay (construction and land) 139,507,622.22

Cost of design and sales 8,021,688.28

Cost of sales 802,168.83 1%
Cost of design 7,219,519.45 5%
 Recover cost of land 7,382,222.22 0-yes 1-no
Total cost 147,529,310.50
Total revenue (profit margin) 169,658,707.08
Net profit 22,129,396.58
Additional funds to land lord 0.00
Total funds to land lord (value and additional funds) 12,593,165.15

Apartment and Villa Sales

Net total area available for sales 3,100.68 m2
Net area available per floor for apartment 783.00 m2
Total number of floor used for apartments 4
Number of 100 sqm apartments 1.00 100
Number of 125 sqm apartments 3.00000 125
Number of 154 sqm apartments 2.00000 154
Total number of apartments per floor 6.0000
Apartment area ratio 1
Sell price of apartment per net sqm 20,849.61 ETB/m2

Villa Sales
Total revenue generated per villla floor
Net total area available for sales 5,036.58
Net area available per floor for villa 1252.88059701493
Total number of floor used for villa 8
Number of floors per villa 2
Number of levels with villas 4
Number if villas per floor 4
Area per villa 312
Extra % for villas 5%
Number of villas 16
Sell price of villa per net sqm 21,892.09

Total revenue generated from property sales 162,316,078.66

Total revenue from development 162,316,078.66 ETB

Gross profit before tax (cost of land = construction) 14,786,768.16 ETB
Gross profit percentage 10.02%

Total revenue from development 162,316,078.66 ETB

Gross profit before tax (cost of land = value) 9,575,825.23 ETB
Gross profit percentage 6.49%
e green cells
n the red cells

Land area obtained from title deed

Basement foot print
Foot print of building above ground
Footprint of building calculated by spreadsheet
Maximum Built-up Area Ratio obtained from local authorities
Number we intend to build for the development
Maximum number of storeys obtained from local authorities
Total number of floor for development calculated by spreadsheet
We decide if we are to use the ground floor for apartment development or auxi
Total number of floors that are used for developing apartments/villas
Fraction of floors used for apartments
Fraction of floors used for villas
Number of floors used for apartments
Number of floors used for villas
Floor area percentage used for circulation
Net sqm for apartments available per floor
Proportion of villa's second floor used as dwelling (remainder is a balcony)
Area of villa's second floor used for dwelling
Total area developed calculated by spreadsheet
Net area available in development for apartments calculated by spreadsheet
Net area available in development for villas calculated by spreadsheet
Cost of construction per m2
Total cost of construction calculated by spreadsheet

@ 2.00
@ 2.00
@ 1.00
@ 0.00

14,482,139.93

@ 5.00%
@ 10.00%
@ 90.00%
 0

@ 15.00%

@ 0.00%

Area available in development for apartments calculated by spreadsheet

Net area available in development per floor for apartment development

0.1277 @ 2,084,961.12 ETB Total number of apartments per floor that is optimised by spreadsheet for the
0.1596 @ 2,606,201.40 ETB apartments used by the solver tool. Every time a change is made in the numbe
0.1967 @ 3,210,840.12 ETB spreadsheet you must run the solver macro so that the apartment area ratio t
cell C25 always equals to 1
16,325,245.55

Net selling price of apartment excluding the circulation area

15872808.9917488

6,498,028.18
6,822,929.59 7846369.0333004

Total revenue from selling all the units calculated by spreadsheet

Gross profit calculated by spreadsheet
Gross profit in percentage calculated by spreadsheet
authorities

uthorities
by spreadsheet
artment development or auxiliary functions
g apartments/villas

remainder is a balcony)

calculated by spreadsheet
ted by spreadsheet

et
ulated by spreadsheet
artment development

mised by spreadsheet for the area of

change is made in the numbers on the
at the apartment area ratio that is on
uals to 1

tion area

y spreadsheet

et
 Only change values in the green cells
Do not change the values in the red cells

Construction
Land area 1,500.00 m2
Building footprint in % of land area 70.00%
Developed building footprint 1,050.00 m2
Number of basements 2
Number of floors including ground 13
Total number of floors 15
Total area developed 15,750.00 m2
Use ground floor for apartments 1 0-yes 1-no
Floor for apartment development 10,080.00 m2
Circulation in % of floor area 20.00%
Cost of construction 12,000.00 ETB/m2
Cost of development 189,000,000.00 ETB

Sales
Net total area available for sales 10,080.00 m2
Net area available per floor for apartment 840.00 m2
Total number of floor used for apartments 12
Number of 150 sqm apartment 1 150 @
Number of 175 sqm apartment 2 175 @
Number of 200 sqm apartment 2 200 @
Total number of apartments per floor 5
Apartment area ratio 1
Sell price of apartment per net sqm 20,000.00 ETB/m2
Sell price of apartment per gross sqm 25,000.00 ETB/m2
Revenue generated per floor 21,000,017.68 ETB
Total revenue from development 252,000,212.16 ETB

Gross profit 63,000,212.16 ETB

Gross profit percentage 33.33%

Cost of land 15,000,000.00 ETB @

Cost of design 9,450,000.00 ETB @
Net income to Company X before taxes 38,550,212.16 ETB
 Land area obtained from title deed
Maximum Built-up Area Ratio obtained from local authorities
Footprint of building calculated by spreadsheet
Number we intend to build for the development
Maximum number of storeys obtained from local authorities
Total number of floor for development calculated by spreadsheet
Total area developed calculated by spreadsheet
We decide if we are to use the ground floor for apartment development or auxiliary functions
Area available in development for apartments calculated by spreadsheet
Floor area percentage used for circulation
Cost of construction per m2
Total cost of construction calculated by spreadsheet

Area available in development for apartments calculated by spreadsheet

Net area available in development per floor for apartment development

3,750,000.00 ETB Total number of apartments per floor that is optimised by spreadsheet for the area
4,375,000.00 ETB of apartments used by the solver tool. Every time a change is made in the numbers
5,000,000.00 ETB on the spreadsheet you must run the solver macro so that the apartment area ratio
that is on cell C25 always equals to 1

Net selling price of apartment excluding the circulation area

Gross selling price of apartment including the circulation area calculated y spreadshe
Revenue generated per floor by selling apartment units calculated by spreadsheet
Total revenue from selling all the units calculated by spreadsheet

Gross profit calculated by spreadsheet

Gross profit in percentage calculated by spreadsheet

10,000.00
5.00%
eet

elopment or auxiliary functions

preadsheet

preadsheet
elopment

eadsheet for the area

made in the numbers
e apartment area ratio

calculated y spreadshe
ated by spreadsheet
eet
 Construction
Land area 1,800.00
Building footprint in % of land area 70.00%
Developed building footprint 1,260.00
Number of basements 2
Number of floors including ground 19
Total number of floors 21
Total office area 17640
total apartment area 6300
Total area developed 26,460.00
Floor for property development incl. ground 17,955.00
Circulation in % of floor area 25.00%
Cost of office construction 12,000.00
Cost of apartment construction 15,000.00
Cost of office development 211,680,000.00
Cost of apartment development 94500000
Cost of substructure 30240000
Total Cost 336,420,000.00

Sales
Net total office area available for sales 13,230.00
Net area available per floor incl. ground floor 945
Total number of floor used for apartments 14
Retail and office 945 80000
Retail and office 945 75000
Retail and office 945 70000
Retail and office 945 65000
Retail and office 945 60000
Retail and office 945 30000
Retail and office 945 30000
Retail and office 945 30000
Retail and office 945 30000
Retail and office 945 30000
Retail and office 945 30000
Retail and office 945 30000
Retail and office 945 30000
Retail and office 945 30000
13230
Net total floor area for apartment development 4725
Net floor area for apartment development per floor 945
Apartment floor 945 0
Apartment floor 945 0
Apartment floor 945 0
Apartment floor 945 0
Apartment floor 945 0
4725
 Number of 100 sqm apartment 4 100
Number of 150 sqm apartment 3 150
Number of 175 sqm apartment 1 175
Total number of apartments per floor 7
Apartment area ratio 1
cost of apartment per net sqm 20,000.00
cost of apartment per gross sqm 26,666.67
Revenue generated per floor 25,200,000.00
Number of floors for apartment 5
Total revenue from Apartment 126,000,000.00

Revenue generated from development 418,950,000.00

Profit 207,270,000.00 183270000

12714.28571

discount rate

Noah rate Comp. X rate

80,000.00 40,000.00 37,800,000.00 Apartment floor 5
75,000.00 37,500.00 35,437,500.00 Retail and office 14
70,000.00 35,000.00 33,075,000.00
65,000.00 32,500.00 30,712,500.00 Margin on Offices 29.17%
60,000.00 30,000.00 28,350,000.00 Margin on apartments 14.94%
30,000.00 15,000.00 14,175,000.00
30,000.00 15,000.00 14,175,000.00
30,000.00 15,000.00 14,175,000.00
30,000.00 15,000.00 14,175,000.00
30,000.00 15,000.00 14,175,000.00
30,000.00 15,000.00 14,175,000.00
30,000.00 15,000.00 14,175,000.00
30,000.00 15,000.00 14,175,000.00
30,000.00 15,000.00 14,175,000.00

0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
292,950,000.00
 100.00 2,666,666.67
150.00 4,000,000.00
175.00 4,666,666.67

24000000 13333.33333
50.00%