REAL ESTATE INVESTMENT AND APPRAISALS

GROUP ASSIGNMENT
GROUP 23

Summary Lease Information - Monument Shopping M

Tenant Rent Space (sq ft)
Fashion/Accessories 85200
Leisure & Entertainment/ Sports & Fitness 62151
Services 61328
Food & Beverage 49391
Supermarket/Hypermarket 34574
Beauty/Health 24696
Gifts/Specialty/Books/Hobbies/Toys/Lifestyle 22226
Electronics/I.T. 20991
Houseware/Furnishings 14817
Others 36220

Total 411594

CPI (Inflation) Growth 4.00%

CPI Adjustment 3.5
Vacancy rate 0.06
Management Cost 0.08

* The biggest rent space in Sungei Wang Plaza was Fashion & Accessories because they occupied almost q
* Remaining leases of tenants was 3 year.
* CPI Adjustment based on Department of Statictics Malaysia. (November,2022)
* CPI (Inflation) Growth also based on Consumer Price Index Malaysia November 2022.
* Based on the historical data, CPI Malaysia Index shows that CPI (Inflation) Growth was 4.0% in Novemb

VALUATION ASSUMPTIONS

Purchase Price 724,000,000

Loan-to-Value Ratio (40%) 40%
Loan Amount 434400000
Interest Rate 12%
Loan Term (Years) 30
#payment per year 12
Expected Selling Price 800,100,000
Land cost 20%
Building cost 579200000
Building lifecycle (Years) 46
Annual depreciation 12591304.3478261
Tax rate on Income 24%
 ESTATE INVESTMENT AND APPRAISALS
GROUP ASSIGNMENT
GROUP 23

Lease Information - Monument Shopping Mall

Rental Rate (psf) Base Rent (RM) Remaining Lease CPI Adjustment (%)
RM10.77 RM917,604.00 3 0.4
RM10.37 RM644,505.87 3 3.6
RM10.07 RM617,572.96 3 2.6
RM9.87 RM487,489.17 3 7.3
RM9.67 RM334,330.58 3 3.8
RM9.37 RM231,401.52 3 1.4
RM9.47 RM210,480.22 3 3.6
RM9.27 RM194,586.57 3 0
RM9.37 RM138,835.29 3 3.8
RM9.77 RM353,869.40 3 1

RM3,213,071.58

*6%
*8%

Accessories because they occupied almost quarter which is with percentage 0f 20.75%.

(November,2022)
Malaysia November 2022.
CPI (Inflation) Growth was 4.0% in November same as in October 2022.

RETURN MEASURES IRR

BTIRR-unlevered 14.29%
BTIRR on Equity 17.40%
AT-IRR 12.75%
 YEAR
Base Rent:
Fashion/Accessories
Leisure & Entertainment/ Sports & Fitness
Services
Food & Beverage
Supermarket/Hypermarket
Beauty/Health
Gifts/Specialty/Books/Hobbies/Toys/Lifestyle
Electronics/I.T.
Houseware/Furnishings
Others
Total Base Rent
CPI Adjustment:
Fashion/Accessories
Leisure & Entertainment/ Sports & Fitness
Services
Food & Beverage
Supermarket/Hypermarket
Beauty/Health
Gifts/Specialty/Books/Hobbies/Toys/Lifestyle
Electronics/I.T.
Houseware/Furnishings
Others
Total Adjustment
Fashion/Accessories
Leisure & Entertainment/ Sports & Fitness
Services
Food & Beverage
Supermarket/Hypermarket
Beauty/Health
Gifts/Specialty/Books/Hobbies/Toys/Lifestyle
Electronics/I.T.
Houseware/Furnishings
Others
TOTAL RENT
*The first three years (blue column) shows that Sungei Wang Plaza accept
* The next three years (green column) shows an increase amount in rent p
* CPI Adjustment was calculate based on renewal rate.
* Renewal rate is the measure of customers who actively choose contract
* CPI is important to adjust consumers' income payments.
* CPI also to adjust income eligibility levels for government assistance, and
 Projected Base Rental Income and CPI Adjustment
1 2 3 4 5

917604 917604 917604 1,032,180 1,032,180

644506 644506 644506 752,946 752,946
617573 617573 617573 742,976 742,976
487489 487489 487489 598,361 598,361
334331 334331 334331 418,857 418,857
231402 231402 231402 299,187 299,187
210480 210480 210480 269,263 269,263
194587 194587 194587 254,301 254,301
138835 138835 138835 179,505 179,505
353869 353869 353869 438,798 438,798
4,130,676 4,130,676 4,130,676 4,986,373 4,986,373

RM3,211,614.00 RM17,663,877.00 RM82,699,060.50 0 RM3,612,628.9705

RM2,255,770.55 RM12,406,738.00 RM58,086,091.53 0 2635311.06978048
RM2,161,505.36 RM11,888,279.48 RM55,658,763.02 0 2600414.43078144
RM1,706,212.10 RM9,384,166.52 RM43,934,961.45 0 2094264.75917568
RM1,170,157.03 RM6,435,863.67 RM30,131,543.52 0 1465998.05194752
RM809,905.32 RM4,454,479.26 RM20,855,061.99 0 1047153.58046208
RM736,680.77 RM4,051,744.24 RM18,969,529.83 0 942421.26171648
RM681,053.00 3,745,791 17,537,115 0 890,055
RM485,923.52 2,672,579 12,512,531 0 628,267
RM1,238,542.90 6,811,986 31,892,480 0 1,535,791
14,457,365 79,515,505 372,277,137 0 17,452,305
4,129,218 18,581,481 83,616,665 1,032,180 4,644,809
2,900,277 13,051,244 58,730,598 752,946 3,388,257
2,779,078 12,505,852 56,276,336 742,976 3,343,390
2,193,701 9,871,656 44,422,450 598,361 2,692,626
1,504,488 6,770,195 30,465,875 418,857 1,884,855
1,041,307 4,685,881 21,086,464 299,187 1,346,340
947,161 4,262,224 19,180,010 269,263 1,211,684
875,640 3,940,378 17,731,702 254,301 1,144,357
624,759 2,811,414 12,651,366 179,505 807,771
1,592,412 7,165,855 32,246,349 438,798 1,974,589
18,588,041 83,646,181 376,407,813 4,986,373 22,438,678
shows that Sungei Wang Plaza accept the same amount of rent payment because off the tenancy leases contract that has been
n) shows an increase amount in rent payment because the inflation and renewal tenant.
d on renewal rate.
tomers who actively choose contract renewal. Customer/tenant may choose to continue or stop the contract.
rs' income payments.
levels for government assistance, and to automatically provide cost-of-living wage adjustment among Malaysian.
I Adjustment
6 7 8 9 10

1,032,180 1,445,052 2,023,072 2,832,301 3,965,222

752,946 3,463,552 15,932,338 73,288,754 337,128,267
742,976 2,674,712 9,628,963 34,664,267 124,791,362
598,361 4,966,399 41,221,114 342,135,247 2,839,722,549
418,857 2,010,512 9,650,456 46,322,188 222,346,500
299,187 718,048 1,723,316 4,135,957 9,926,298
269,263 1,238,611 5,697,610 26,209,005 120,561,421
254,301 254,301 254,301 254,301 254,301
179,505 861,623 4,135,790 19,851,792 95,288,601
438,798 877,595 1,755,190 3,510,380 7,020,760
4,986,373 18,510,405 92,022,150 553,204,192 3,761,005,282

19869459.3377 93025195.99027 422226010.92672 1903629678.14074 8569946180.60381

14494210.8838 67859260.04685 308001981.280594 1388644226.83245 6251534331.81581
14302279.3693 66960671.59262 303923436.597581 1370255879.1199 6168751870.47031
11518456.1755 53927317.54877 244767193.728658 1103546636.53814 4968054129.18078
8062989.28571 37749449.83765 171338522.321366 772489348.498096 3477668066.29338
5759344.69254 26964204.6969 122386074.716506 551784489.804737 2484077357.70178
5183316.93944 24267347.4892 110145484.963114 496597103.595728 2235629387.44249
4,895,303 22,918,919 104,025,190 469,003,410 2,111,405,402
3,455,467 16,177,868 73,428,671 331,057,288 1,490,386,063
8,446,852 39,546,627 179,495,612 809,266,044 3,643,232,989
95,987,679 449,396,861 2,039,738,178 9,196,274,105 41,400,685,778
20,901,639 94,470,248 424,249,083 1,906,461,979 8,573,911,402
15,247,157 71,322,812 323,934,319 1,461,932,981 6,588,662,599
15,045,255 69,635,384 313,552,400 1,404,920,146 6,293,543,233
12,116,818 58,893,717 285,988,308 1,445,681,883 7,807,776,678
8,481,846 39,759,961 180,988,978 818,811,536 3,700,014,567
6,058,531 27,682,253 124,109,390 555,920,447 2,494,003,656
5,452,580 25,505,958 115,843,095 522,806,108 2,356,190,808
5,149,605 23,173,220 104,279,492 469,257,712 2,111,659,704
3,634,972 17,039,491 77,564,461 350,909,080 1,585,674,664
8,885,650 40,424,222 181,250,802 812,776,424 3,650,253,749
100,974,052 467,907,265 2,131,760,328 9,749,478,297 45,161,691,060
y leases contract that has been agreed.

the contract.

mong Malaysian.
 Renewal Rate

12.1148
12.1148 First part is to calculate inflation adjusted rental
12.1148 income for base rent upon renewal. The renewal base
12.1148 rental is calculate by capitalising increase in CPI.
12.1148
12.1148
12.1148 Inflation (CPI) adjusted by 1/2 percentage of CPI
12.1148 during lease period. 0 indicate start period of the rent,
` 12.1148 therefore no CPI adjustment needed.
12.1148

This is the total rent that the total sum of base rent
and CPI adjustment.
 First-year Reimbursible Expenses and Projected Increases
Amount (RM)
Property Tax 288,930
Insurance 350,551
Utilities 480,749
Cleaning Services 233,492
Maintenance 201,584
Total 1,555,306

Expense Stop Assumptions (RM/psf)

Fashion/Accessories 3.50
Leisure & Entertainment/ Sports & Fitness 3.30
Services 3.20

Food & Beverage 3.40

Supermarket/Hypermarket 3.20
Beauty/Health 3.25

Gifts/Specialty/Books/Hobbies/Toys/Lifestyle 3.15
Electronics/I.T. 3.20
Houseware/Furnishings 3.25
Others 3.35

ASSUMPTIONS
* All amount in excess of expense stop must be paid by the tenant in addition to the base rent as specified in the
* A reimbursable expense is an expense that a business incurs on behalf of the customer while conducting their
* Such as travel, delivery fees, currency conversion fees, office expenses, and business phone calls.
* Reimbursible Expenses psf was stated in the table.
 s and Projected Increases %
Amount (RM/psf) Projected Increases
0.70 Level for 2 years, 10% increase, then level 10%
0.85 Increase 4% per year 4%
1.17 increase 5% per year 5%
0.57 Increase 3% per year 3%
0.49 Increase 3% per year 3%
3.78

MPTIONS
he base rent as specified in the lease agreement.
tomer while conducting their business.
ness phone calls.
 Projection of Reimbursible Expenses per Year
YEAR 1 2 3
Property Tax 288,930 288,930 317,823
Insurance 350,551 364,573 379,156
Utilities 480,749 504,786 530,026
Cleaning Services 233,492 240,497 247,712
Maintenance 201,584 207,632 213,860
Total Reimbursement Expenses 1,555,306 1,606,418 1,688,577
Reimbursible Expenses psf 3.7787 3.9029 4.1025

YEAR 1 2 3
Fashion/Accessories 23,749 34,329 51,336
Leisure & Entertainment/ Sports & Fitness 29,754 37,472 49,878
Services 35,493 43,109 55,350
Food & Beverage 18,706 24,840 34,699
Supermarket/Hypermarket 20,009 24,303 31,204
Beauty/Health 13,058 16,124 21,054
Gifts/Specialty/Books/Hobbies/Toys/Lifestyle 13,974 16,734 21,171
Electronics/I.T. 12,148 14,755 18,945

Houseware/Furnishings 7,834 9,674 12,632

Others 15,529 20,027 27,257

TOTAL 190,255 241,366 323,525

CALCULATIONS
er Year
4 5 6
317,823 317,823 317,823
394,322 410,095 426,499
556,527 584,353 613,571
255,143 262,797 270,681
220,276 226,885 233,691
1,744,092 1,801,953 1,862,265
4.2374 4.3780 4.5245

4 5 6
0 11,977 24,462
0 8,737 17,844
0 8,621 17,608
0 6,943 14,181
0 4,860 9,927
0 3,472 7,091
0 3,125 6,381
0 2,951 6,027

0 2,083 4,254
0 5,092 10,399

0 57,862 118,174
 YEAR
Base Income
(+) CPI Adjustment
(+) Reimbursement
Total Potential Income
(-) Vacancy*
Effective Gross Income
(-) Operating Expenses
Reimbursement Expenses
Nonreimbursement Expenses**
Net Operating Income

*Vacancy is assume at 5% when lease expire

**Management cost is 5% of EGI

Assumptions :
* Net Operating income (NOI) determines the revenue and p
* Net Operating income (NOI) same as Earnings before intere
* Potential Income can make the capacity for a company to m
* Effective gross income is calculated by adding the potentia
* EGI also as a key in determining the value of a rental prope
* NOI will be calculate based on Total potential Income subtr
* Net Operating income shows positive which is the bussines
 PROJECTED NET OPERATING INCOME (NOI)
1 2 3 4
4,130,676 4,130,676 4,130,676 4,986,373
14,457,365 79,515,505 372,277,137 0
190,255 241,366 323,525 0
18,778,295 83,887,547 376,731,338 4,986,373
0 0 0 299,182
18,778,295 83,887,547 376,731,338 4,687,191

1,555,306 1,606,418 1,688,577 1,744,092

** 1,502,264 6,711,004 30,138,507 374,975
15,720,725 75,570,126 344,904,254 2,568,124

n lease expire
GI

determines the revenue and profitability of invested real estate property after subtracting necessary operating expenses.
same as Earnings before interest and tax (EBIT). This is because to measure of a company's profit from ordinary operations, exc
he capacity for a company to make more money in future business and trading transactions.
ulated by adding the potential gross rental income with other income and subtracting vacancy and credit costs of a rental prop
ing the value of a rental property and the true positive cash flow that bussiness can produce.
n Total potential Income subtract with Vacancy & Operating Expenses.
positive which is the bussiness gain more profit than losses.
 5 6
4,986,373 4,986,373
17,452,305 95,987,679
57,862 118,174
22,496,540 101,092,226
299,182 299,182
22,197,358 100,793,043

1,801,953 1,862,265
1,775,789 8,063,443
18,619,616 90,867,334

sary operating expenses.

from ordinary operations, excluding interest and tax.

nd credit costs of a rental property.

Baseline Investment Valuation and Analysis
YEAR 0 1
Purchase Price (RM724,000,000)
Net Operating Income RM15,720,725
Disposal/Sale Price
Cash Flow (RM724,000,000) RM15,720,725
PV @ Discount Rate RM14,211,468

Discount Rate 10.62%

Internal Rate of Return 14.29%
Present Value (PV) RM826,755,025
Net Present Value (NPV) RM102,755,025
 2 3 4 5 YEAR
Equity Investment
RM75,570,126 RM344,904,254 RM2,568,124 RM18,619,616 Net Operating Income
RM800,100,000 (Less) Debt Service
RM75,570,126 RM344,904,254 RM2,568,124 RM818,719,616 Before Tax Cash flow (BTCF-i)
RM61,756,523 RM254,798,923 RM1,715,068 RM494,273,043
Loan Information Summary
Annual Payment
Mortgage Balance
Annual Interest
Annual Principal

Expected Selling Price

Loan Balance
Before Tax Cash flow (BTCF-s)

Before-Tax Cash Flow - Investme

Year
Cash Flow Summary
PV @ Discount Rate

Present Value
Net Present Value
IRR

Equity Dividend Rate

Debt Coverage Ratio (DCR)
 YEAR 0 1 2 3
uity Investment (RM289,600,000)
t Operating Income RM15,720,725 RM75,570,126 RM344,904,254
ss) Debt Service RM53,619,517 RM53,619,517 RM53,619,517
fore Tax Cash flow (BTCF-i) (RM37,898,792) RM21,950,608 RM291,284,737
End of Year
an Information Summary 0 1 2 3
nual Payment RM53,619,517 RM53,619,517 RM53,619,517
ortgage Balance RM432,823,652 RM431,047,384 RM429,045,840
nual Interest RM52,043,170 RM51,843,249 RM51,617,974
nual Principal RM1,576,348 RM1,776,268 RM2,001,544
Estimate of Disposal/Sale Price Cash Flow
pected Selling Price
an Balance
fore Tax Cash flow (BTCF-s)

fore-Tax Cash Flow - Investment Analysis with Leverage or Debt Financing

Year 0 1 2 3
sh Flow Summary (RM289,600,000) (RM37,898,792) RM21,950,608 RM291,284,737
@ Discount Rate -RM34,260,343 RM17,938,216 RM215,187,364

esent Value RM370,548,422

t Present Value RM80,948,422
R 17.40%

Measure of Investment Performance Using Ratios

uity Dividend Rate -13.09%
bt Coverage Ratio (DCR) 0.29 1.41 6.43
 4 5

RM2,568,124 RM18,619,616
RM53,619,517 RM53,619,517
(RM51,051,394) (RM34,999,902)

4 5
RM53,619,517 RM53,619,517
RM426,790,451 RM424,249,022
RM51,364,128 RM51,078,088
RM2,255,389 RM2,541,429
rice Cash Flow
RM800,100,000
RM424,249,022
RM375,850,978

4 5
(RM51,051,394) RM340,851,076
-RM34,093,610 RM205,776,795

0.05 0.35
Payment Number Payment Principal Interest
1 RM4,468,293.12 RM124,293.12 RM4,344,000.00
2 RM4,468,293.12 RM125,536.05 RM4,342,757.07
3 RM4,468,293.12 RM126,791.41 RM4,341,501.71
4 RM4,468,293.12 RM128,059.33 RM4,340,233.79
5 RM4,468,293.12 RM129,339.92 RM4,338,953.20
6 RM4,468,293.12 RM130,633.32 RM4,337,659.80
7 RM4,468,293.12 RM131,939.65 RM4,336,353.47
8 RM4,468,293.12 RM133,259.05 RM4,335,034.07
9 RM4,468,293.12 RM134,591.64 RM4,333,701.48
10 RM4,468,293.12 RM135,937.56 RM4,332,355.57
11 RM4,468,293.12 RM137,296.93 RM4,330,996.19
12 RM4,468,293.12 RM138,669.90 RM4,329,623.22
13 RM4,468,293.12 RM140,056.60 RM4,328,236.52
14 RM4,468,293.12 RM141,457.17 RM4,326,835.96
15 RM4,468,293.12 RM142,871.74 RM4,325,421.38
16 RM4,468,293.12 RM144,300.45 RM4,323,992.67
17 RM4,468,293.12 RM145,743.46 RM4,322,549.66
18 RM4,468,293.12 RM147,200.89 RM4,321,092.23
19 RM4,468,293.12 RM148,672.90 RM4,319,620.22
20 RM4,468,293.12 RM150,159.63 RM4,318,133.49
21 RM4,468,293.12 RM151,661.23 RM4,316,631.89
22 RM4,468,293.12 RM153,177.84 RM4,315,115.28
23 RM4,468,293.12 RM154,709.62 RM4,313,583.50
24 RM4,468,293.12 RM156,256.72 RM4,312,036.41
25 RM4,468,293.12 RM157,819.28 RM4,310,473.84
26 RM4,468,293.12 RM159,397.48 RM4,308,895.65
27 RM4,468,293.12 RM160,991.45 RM4,307,301.67
28 RM4,468,293.12 RM162,601.36 RM4,305,691.76
29 RM4,468,293.12 RM164,227.38 RM4,304,065.74
30 RM4,468,293.12 RM165,869.65 RM4,302,423.47
31 RM4,468,293.12 RM167,528.35 RM4,300,764.77
32 RM4,468,293.12 RM169,203.63 RM4,299,089.49
33 RM4,468,293.12 RM170,895.67 RM4,297,397.45
34 RM4,468,293.12 RM172,604.62 RM4,295,688.50
35 RM4,468,293.12 RM174,330.67 RM4,293,962.45
36 RM4,468,293.12 RM176,073.98 RM4,292,219.14
37 RM4,468,293.12 RM177,834.72 RM4,290,458.40
38 RM4,468,293.12 RM179,613.06 RM4,288,680.06
39 RM4,468,293.12 RM181,409.20 RM4,286,883.93
40 RM4,468,293.12 RM183,223.29 RM4,285,069.83
41 RM4,468,293.12 RM185,055.52 RM4,283,237.60
42 RM4,468,293.12 RM186,906.08 RM4,281,387.05
43 RM4,468,293.12 RM188,775.14 RM4,279,517.98
44 RM4,468,293.12 RM190,662.89 RM4,277,630.23
45 RM4,468,293.12 RM192,569.52 RM4,275,723.60
46 RM4,468,293.12 RM194,495.21 RM4,273,797.91
47 RM4,468,293.12 RM196,440.16 RM4,271,852.96
48 RM4,468,293.12 RM198,404.57 RM4,269,888.56
49 RM4,468,293.12 RM200,388.61 RM4,267,904.51
50 RM4,468,293.12 RM202,392.50 RM4,265,900.62
51 RM4,468,293.12 RM204,416.42 RM4,263,876.70
52 RM4,468,293.12 RM206,460.59 RM4,261,832.53
53 RM4,468,293.12 RM208,525.19 RM4,259,767.93
54 RM4,468,293.12 RM210,610.44 RM4,257,682.68
55 RM4,468,293.12 RM212,716.55 RM4,255,576.57
56 RM4,468,293.12 RM214,843.71 RM4,253,449.41
57 RM4,468,293.12 RM216,992.15 RM4,251,300.97
58 RM4,468,293.12 RM219,162.07 RM4,249,131.05
59 RM4,468,293.12 RM221,353.69 RM4,246,939.43
60 RM4,468,293.12 RM223,567.23 RM4,244,725.89
61 RM4,468,293.12 RM225,802.90 RM4,242,490.22
62 RM4,468,293.12 RM228,060.93 RM4,240,232.19
63 RM4,468,293.12 RM230,341.54 RM4,237,951.58
64 RM4,468,293.12 RM232,644.96 RM4,235,648.16
65 RM4,468,293.12 RM234,971.41 RM4,233,321.72
66 RM4,468,293.12 RM237,321.12 RM4,230,972.00
67 RM4,468,293.12 RM239,694.33 RM4,228,598.79
68 RM4,468,293.12 RM242,091.27 RM4,226,201.85
69 RM4,468,293.12 RM244,512.19 RM4,223,780.93
70 RM4,468,293.12 RM246,957.31 RM4,221,335.81
71 RM4,468,293.12 RM249,426.88 RM4,218,866.24
72 RM4,468,293.12 RM251,921.15 RM4,216,371.97
73 RM4,468,293.12 RM254,440.36 RM4,213,852.76
74 RM4,468,293.12 RM256,984.77 RM4,211,308.35
75 RM4,468,293.12 RM259,554.61 RM4,208,738.51
76 RM4,468,293.12 RM262,150.16 RM4,206,142.96
77 RM4,468,293.12 RM264,771.66 RM4,203,521.46
78 RM4,468,293.12 RM267,419.38 RM4,200,873.74
79 RM4,468,293.12 RM270,093.57 RM4,198,199.55
80 RM4,468,293.12 RM272,794.51 RM4,195,498.61
81 RM4,468,293.12 RM275,522.45 RM4,192,770.67
82 RM4,468,293.12 RM278,277.68 RM4,190,015.44
83 RM4,468,293.12 RM281,060.45 RM4,187,232.67
84 RM4,468,293.12 RM283,871.06 RM4,184,422.06
 85 RM4,468,293.12 RM286,709.77 RM4,181,583.35
86 RM4,468,293.12 RM289,576.87 RM4,178,716.25
87 RM4,468,293.12 RM292,472.64 RM4,175,820.49
88 RM4,468,293.12 RM295,397.36 RM4,172,895.76
89 RM4,468,293.12 RM298,351.34 RM4,169,941.79
90 RM4,468,293.12 RM301,334.85 RM4,166,958.27
91 RM4,468,293.12 RM304,348.20 RM4,163,944.92
92 RM4,468,293.12 RM307,391.68 RM4,160,901.44
93 RM4,468,293.12 RM310,465.60 RM4,157,827.52
94 RM4,468,293.12 RM313,570.25 RM4,154,722.87
95 RM4,468,293.12 RM316,705.95 RM4,151,587.17
96 RM4,468,293.12 RM319,873.01 RM4,148,420.11
97 RM4,468,293.12 RM323,071.74 RM4,145,221.38
98 RM4,468,293.12 RM326,302.46 RM4,141,990.66
99 RM4,468,293.12 RM329,565.49 RM4,138,727.63
100 RM4,468,293.12 RM332,861.14 RM4,135,431.98
101 RM4,468,293.12 RM336,189.75 RM4,132,103.37
102 RM4,468,293.12 RM339,551.65 RM4,128,741.47
103 RM4,468,293.12 RM342,947.17 RM4,125,345.95
104 RM4,468,293.12 RM346,376.64 RM4,121,916.48
105 RM4,468,293.12 RM349,840.40 RM4,118,452.72
106 RM4,468,293.12 RM353,338.81 RM4,114,954.31
107 RM4,468,293.12 RM356,872.20 RM4,111,420.92
108 RM4,468,293.12 RM360,440.92 RM4,107,852.20
109 RM4,468,293.12 RM364,045.33 RM4,104,247.79
110 RM4,468,293.12 RM367,685.78 RM4,100,607.34
111 RM4,468,293.12 RM371,362.64 RM4,096,930.48
112 RM4,468,293.12 RM375,076.27 RM4,093,216.86
113 RM4,468,293.12 RM378,827.03 RM4,089,466.09
114 RM4,468,293.12 RM382,615.30 RM4,085,677.82
115 RM4,468,293.12 RM386,441.45 RM4,081,851.67
116 RM4,468,293.12 RM390,305.87 RM4,077,987.26
117 RM4,468,293.12 RM394,208.92 RM4,074,084.20
118 RM4,468,293.12 RM398,151.01 RM4,070,142.11
119 RM4,468,293.12 RM402,132.52 RM4,066,160.60
120 RM4,468,293.12 RM406,153.85 RM4,062,139.27
121 RM4,468,293.12 RM410,215.39 RM4,058,077.73
122 RM4,468,293.12 RM414,317.54 RM4,053,975.58
123 RM4,468,293.12 RM418,460.72 RM4,049,832.40
124 RM4,468,293.12 RM422,645.32 RM4,045,647.80
125 RM4,468,293.12 RM426,871.78 RM4,041,421.34
126 RM4,468,293.12 RM431,140.50 RM4,037,152.63
127 RM4,468,293.12 RM435,451.90 RM4,032,841.22
128 RM4,468,293.12 RM439,806.42 RM4,028,486.70
129 RM4,468,293.12 RM444,204.48 RM4,024,088.64
130 RM4,468,293.12 RM448,646.53 RM4,019,646.59
131 RM4,468,293.12 RM453,132.99 RM4,015,160.13
132 RM4,468,293.12 RM457,664.32 RM4,010,628.80
133 RM4,468,293.12 RM462,240.97 RM4,006,052.15
134 RM4,468,293.12 RM466,863.38 RM4,001,429.74
135 RM4,468,293.12 RM471,532.01 RM3,996,761.11
136 RM4,468,293.12 RM476,247.33 RM3,992,045.79
137 RM4,468,293.12 RM481,009.80 RM3,987,283.32
138 RM4,468,293.12 RM485,819.90 RM3,982,473.22
139 RM4,468,293.12 RM490,678.10 RM3,977,615.02
140 RM4,468,293.12 RM495,584.88 RM3,972,708.24
141 RM4,468,293.12 RM500,540.73 RM3,967,752.39
142 RM4,468,293.12 RM505,546.14 RM3,962,746.98
143 RM4,468,293.12 RM510,601.60 RM3,957,691.52
144 RM4,468,293.12 RM515,707.62 RM3,952,585.51
145 RM4,468,293.12 RM520,864.69 RM3,947,428.43
146 RM4,468,293.12 RM526,073.34 RM3,942,219.78
147 RM4,468,293.12 RM531,334.07 RM3,936,959.05
148 RM4,468,293.12 RM536,647.41 RM3,931,645.71
149 RM4,468,293.12 RM542,013.89 RM3,926,279.23
150 RM4,468,293.12 RM547,434.03 RM3,920,859.10
151 RM4,468,293.12 RM552,908.37 RM3,915,384.76
152 RM4,468,293.12 RM558,437.45 RM3,909,855.67
153 RM4,468,293.12 RM564,021.82 RM3,904,271.30
154 RM4,468,293.12 RM569,662.04 RM3,898,631.08
155 RM4,468,293.12 RM575,358.66 RM3,892,934.46
156 RM4,468,293.12 RM581,112.25 RM3,887,180.87
157 RM4,468,293.12 RM586,923.37 RM3,881,369.75
158 RM4,468,293.12 RM592,792.61 RM3,875,500.52
159 RM4,468,293.12 RM598,720.53 RM3,869,572.59
160 RM4,468,293.12 RM604,707.74 RM3,863,585.38
161 RM4,468,293.12 RM610,754.81 RM3,857,538.31
162 RM4,468,293.12 RM616,862.36 RM3,851,430.76
163 RM4,468,293.12 RM623,030.99 RM3,845,262.14
164 RM4,468,293.12 RM629,261.30 RM3,839,031.83
165 RM4,468,293.12 RM635,553.91 RM3,832,739.21
166 RM4,468,293.12 RM641,909.45 RM3,826,383.67
167 RM4,468,293.12 RM648,328.54 RM3,819,964.58
168 RM4,468,293.12 RM654,811.83 RM3,813,481.29
169 RM4,468,293.12 RM661,359.95 RM3,806,933.18
170 RM4,468,293.12 RM667,973.55 RM3,800,319.58
171 RM4,468,293.12 RM674,653.28 RM3,793,639.84
172 RM4,468,293.12 RM681,399.81 RM3,786,893.31
173 RM4,468,293.12 RM688,213.81 RM3,780,079.31
174 RM4,468,293.12 RM695,095.95 RM3,773,197.17
175 RM4,468,293.12 RM702,046.91 RM3,766,246.21
176 RM4,468,293.12 RM709,067.38 RM3,759,225.74
177 RM4,468,293.12 RM716,158.05 RM3,752,135.07
178 RM4,468,293.12 RM723,319.63 RM3,744,973.49
179 RM4,468,293.12 RM730,552.83 RM3,737,740.29
180 RM4,468,293.12 RM737,858.36 RM3,730,434.76
181 RM4,468,293.12 RM745,236.94 RM3,723,056.18
182 RM4,468,293.12 RM752,689.31 RM3,715,603.81
183 RM4,468,293.12 RM760,216.20 RM3,708,076.92
184 RM4,468,293.12 RM767,818.37 RM3,700,474.76
185 RM4,468,293.12 RM775,496.55 RM3,692,796.57
186 RM4,468,293.12 RM783,251.51 RM3,685,041.61
187 RM4,468,293.12 RM791,084.03 RM3,677,209.09
188 RM4,468,293.12 RM798,994.87 RM3,669,298.25
189 RM4,468,293.12 RM806,984.82 RM3,661,308.30
190 RM4,468,293.12 RM815,054.67 RM3,653,238.45
191 RM4,468,293.12 RM823,205.21 RM3,645,087.91
192 RM4,468,293.12 RM831,437.27 RM3,636,855.86
193 RM4,468,293.12 RM839,751.64 RM3,628,541.48
194 RM4,468,293.12 RM848,149.15 RM3,620,143.97
195 RM4,468,293.12 RM856,630.65 RM3,611,662.47
196 RM4,468,293.12 RM865,196.95 RM3,603,096.17
197 RM4,468,293.12 RM873,848.92 RM3,594,444.20
198 RM4,468,293.12 RM882,587.41 RM3,585,705.71
199 RM4,468,293.12 RM891,413.29 RM3,576,879.84
200 RM4,468,293.12 RM900,327.42 RM3,567,965.70
201 RM4,468,293.12 RM909,330.69 RM3,558,962.43
202 RM4,468,293.12 RM918,424.00 RM3,549,869.12
203 RM4,468,293.12 RM927,608.24 RM3,540,684.88
204 RM4,468,293.12 RM936,884.32 RM3,531,408.80
205 RM4,468,293.12 RM946,253.16 RM3,522,039.96
206 RM4,468,293.12 RM955,715.70 RM3,512,577.42
207 RM4,468,293.12 RM965,272.85 RM3,503,020.27
208 RM4,468,293.12 RM974,925.58 RM3,493,367.54
209 RM4,468,293.12 RM984,674.84 RM3,483,618.28
210 RM4,468,293.12 RM994,521.59 RM3,473,771.53
211 RM4,468,293.12 RM1,004,466.80 RM3,463,826.32
212 RM4,468,293.12 RM1,014,511.47 RM3,453,781.65
213 RM4,468,293.12 RM1,024,656.58 RM3,443,636.54
214 RM4,468,293.12 RM1,034,903.15 RM3,433,389.97
215 RM4,468,293.12 RM1,045,252.18 RM3,423,040.94
216 RM4,468,293.12 RM1,055,704.70 RM3,412,588.42
217 RM4,468,293.12 RM1,066,261.75 RM3,402,031.37
218 RM4,468,293.12 RM1,076,924.37 RM3,391,368.75
219 RM4,468,293.12 RM1,087,693.61 RM3,380,599.51
220 RM4,468,293.12 RM1,098,570.55 RM3,369,722.57
221 RM4,468,293.12 RM1,109,556.25 RM3,358,736.87
222 RM4,468,293.12 RM1,120,651.82 RM3,347,641.30
223 RM4,468,293.12 RM1,131,858.33 RM3,336,434.79
224 RM4,468,293.12 RM1,143,176.92 RM3,325,116.20
225 RM4,468,293.12 RM1,154,608.69 RM3,313,684.43
226 RM4,468,293.12 RM1,166,154.77 RM3,302,138.35
227 RM4,468,293.12 RM1,177,816.32 RM3,290,476.80
228 RM4,468,293.12 RM1,189,594.48 RM3,278,698.64
229 RM4,468,293.12 RM1,201,490.43 RM3,266,802.69
230 RM4,468,293.12 RM1,213,505.33 RM3,254,787.79
231 RM4,468,293.12 RM1,225,640.39 RM3,242,652.73
232 RM4,468,293.12 RM1,237,896.79 RM3,230,396.33
233 RM4,468,293.12 RM1,250,275.76 RM3,218,017.36
234 RM4,468,293.12 RM1,262,778.52 RM3,205,514.60
235 RM4,468,293.12 RM1,275,406.30 RM3,192,886.82
236 RM4,468,293.12 RM1,288,160.37 RM3,180,132.76
237 RM4,468,293.12 RM1,301,041.97 RM3,167,251.15
238 RM4,468,293.12 RM1,314,052.39 RM3,154,240.73
239 RM4,468,293.12 RM1,327,192.91 RM3,141,100.21
240 RM4,468,293.12 RM1,340,464.84 RM3,127,828.28
241 RM4,468,293.12 RM1,353,869.49 RM3,114,423.63
242 RM4,468,293.12 RM1,367,408.18 RM3,100,884.94
243 RM4,468,293.12 RM1,381,082.27 RM3,087,210.85
244 RM4,468,293.12 RM1,394,893.09 RM3,073,400.03
245 RM4,468,293.12 RM1,408,842.02 RM3,059,451.10
246 RM4,468,293.12 RM1,422,930.44 RM3,045,362.68
247 RM4,468,293.12 RM1,437,159.74 RM3,031,133.38
248 RM4,468,293.12 RM1,451,531.34 RM3,016,761.78
249 RM4,468,293.12 RM1,466,046.66 RM3,002,246.47
250 RM4,468,293.12 RM1,480,707.12 RM2,987,586.00
251 RM4,468,293.12 RM1,495,514.19 RM2,972,778.93
252 RM4,468,293.12 RM1,510,469.34 RM2,957,823.79
253 RM4,468,293.12 RM1,525,574.03 RM2,942,719.09
254 RM4,468,293.12 RM1,540,829.77 RM2,927,463.35
255 RM4,468,293.12 RM1,556,238.07 RM2,912,055.05
256 RM4,468,293.12 RM1,571,800.45 RM2,896,492.67
257 RM4,468,293.12 RM1,587,518.45 RM2,880,774.67
258 RM4,468,293.12 RM1,603,393.64 RM2,864,899.48
259 RM4,468,293.12 RM1,619,427.57 RM2,848,865.55
260 RM4,468,293.12 RM1,635,621.85 RM2,832,671.27
261 RM4,468,293.12 RM1,651,978.07 RM2,816,315.05
262 RM4,468,293.12 RM1,668,497.85 RM2,799,795.27
263 RM4,468,293.12 RM1,685,182.83 RM2,783,110.30
264 RM4,468,293.12 RM1,702,034.65 RM2,766,258.47
265 RM4,468,293.12 RM1,719,055.00 RM2,749,238.12
266 RM4,468,293.12 RM1,736,245.55 RM2,732,047.57
267 RM4,468,293.12 RM1,753,608.01 RM2,714,685.11
268 RM4,468,293.12 RM1,771,144.09 RM2,697,149.03
269 RM4,468,293.12 RM1,788,855.53 RM2,679,437.59
270 RM4,468,293.12 RM1,806,744.08 RM2,661,549.04
271 RM4,468,293.12 RM1,824,811.52 RM2,643,481.60
272 RM4,468,293.12 RM1,843,059.64 RM2,625,233.48
273 RM4,468,293.12 RM1,861,490.23 RM2,606,802.89
274 RM4,468,293.12 RM1,880,105.14 RM2,588,187.98
275 RM4,468,293.12 RM1,898,906.19 RM2,569,386.93
276 RM4,468,293.12 RM1,917,895.25 RM2,550,397.87
277 RM4,468,293.12 RM1,937,074.20 RM2,531,218.92
278 RM4,468,293.12 RM1,956,444.95 RM2,511,848.18
279 RM4,468,293.12 RM1,976,009.39 RM2,492,283.73
280 RM4,468,293.12 RM1,995,769.49 RM2,472,523.63
281 RM4,468,293.12 RM2,015,727.18 RM2,452,565.94
282 RM4,468,293.12 RM2,035,884.46 RM2,432,408.67
283 RM4,468,293.12 RM2,056,243.30 RM2,412,049.82
284 RM4,468,293.12 RM2,076,805.73 RM2,391,487.39
285 RM4,468,293.12 RM2,097,573.79 RM2,370,719.33
286 RM4,468,293.12 RM2,118,549.53 RM2,349,743.59
287 RM4,468,293.12 RM2,139,735.02 RM2,328,558.10
288 RM4,468,293.12 RM2,161,132.37 RM2,307,160.75
289 RM4,468,293.12 RM2,182,743.70 RM2,285,549.42
290 RM4,468,293.12 RM2,204,571.13 RM2,263,721.99
291 RM4,468,293.12 RM2,226,616.85 RM2,241,676.28
292 RM4,468,293.12 RM2,248,883.01 RM2,219,410.11
293 RM4,468,293.12 RM2,271,371.84 RM2,196,921.28
294 RM4,468,293.12 RM2,294,085.56 RM2,174,207.56
295 RM4,468,293.12 RM2,317,026.42 RM2,151,266.70
296 RM4,468,293.12 RM2,340,196.68 RM2,128,096.44
297 RM4,468,293.12 RM2,363,598.65 RM2,104,694.47
298 RM4,468,293.12 RM2,387,234.64 RM2,081,058.49
299 RM4,468,293.12 RM2,411,106.98 RM2,057,186.14
300 RM4,468,293.12 RM2,435,218.05 RM2,033,075.07
301 RM4,468,293.12 RM2,459,570.23 RM2,008,722.89
302 RM4,468,293.12 RM2,484,165.93 RM1,984,127.19
303 RM4,468,293.12 RM2,509,007.59 RM1,959,285.53
304 RM4,468,293.12 RM2,534,097.67 RM1,934,195.45
305 RM4,468,293.12 RM2,559,438.65 RM1,908,854.47
306 RM4,468,293.12 RM2,585,033.03 RM1,883,260.09
307 RM4,468,293.12 RM2,610,883.36 RM1,857,409.76
308 RM4,468,293.12 RM2,636,992.20 RM1,831,300.92
309 RM4,468,293.12 RM2,663,362.12 RM1,804,931.00
310 RM4,468,293.12 RM2,689,995.74 RM1,778,297.38
311 RM4,468,293.12 RM2,716,895.70 RM1,751,397.42
312 RM4,468,293.12 RM2,744,064.65 RM1,724,228.47
313 RM4,468,293.12 RM2,771,505.30 RM1,696,787.82
314 RM4,468,293.12 RM2,799,220.35 RM1,669,072.77
315 RM4,468,293.12 RM2,827,212.56 RM1,641,080.56
316 RM4,468,293.12 RM2,855,484.68 RM1,612,808.44
317 RM4,468,293.12 RM2,884,039.53 RM1,584,253.59
318 RM4,468,293.12 RM2,912,879.93 RM1,555,413.20
319 RM4,468,293.12 RM2,942,008.72 RM1,526,284.40
320 RM4,468,293.12 RM2,971,428.81 RM1,496,864.31
321 RM4,468,293.12 RM3,001,143.10 RM1,467,150.02
322 RM4,468,293.12 RM3,031,154.53 RM1,437,138.59
323 RM4,468,293.12 RM3,061,466.08 RM1,406,827.04
324 RM4,468,293.12 RM3,092,080.74 RM1,376,212.38
325 RM4,468,293.12 RM3,123,001.54 RM1,345,291.58
326 RM4,468,293.12 RM3,154,231.56 RM1,314,061.56
327 RM4,468,293.12 RM3,185,773.88 RM1,282,519.25
328 RM4,468,293.12 RM3,217,631.61 RM1,250,661.51
329 RM4,468,293.12 RM3,249,807.93 RM1,218,485.19
330 RM4,468,293.12 RM3,282,306.01 RM1,185,987.11
331 RM4,468,293.12 RM3,315,129.07 RM1,153,164.05
332 RM4,468,293.12 RM3,348,280.36 RM1,120,012.76
333 RM4,468,293.12 RM3,381,763.16 RM1,086,529.96
334 RM4,468,293.12 RM3,415,580.80 RM1,052,712.33
335 RM4,468,293.12 RM3,449,736.60 RM1,018,556.52
336 RM4,468,293.12 RM3,484,233.97 RM984,059.15
337 RM4,468,293.12 RM3,519,076.31 RM949,216.81
338 RM4,468,293.12 RM3,554,267.07 RM914,026.05
339 RM4,468,293.12 RM3,589,809.74 RM878,483.38
340 RM4,468,293.12 RM3,625,707.84 RM842,585.28
341 RM4,468,293.12 RM3,661,964.92 RM806,328.20
342 RM4,468,293.12 RM3,698,584.57 RM769,708.55
343 RM4,468,293.12 RM3,735,570.41 RM732,722.71
344 RM4,468,293.12 RM3,772,926.12 RM695,367.00
345 RM4,468,293.12 RM3,810,655.38 RM657,637.74
346 RM4,468,293.12 RM3,848,761.93 RM619,531.19
347 RM4,468,293.12 RM3,887,249.55 RM581,043.57
348 RM4,468,293.12 RM3,926,122.05 RM542,171.07
349 RM4,468,293.12 RM3,965,383.27 RM502,909.85
350 RM4,468,293.12 RM4,005,037.10 RM463,256.02
351 RM4,468,293.12 RM4,045,087.47 RM423,205.65
352 RM4,468,293.12 RM4,085,538.35 RM382,754.77
353 RM4,468,293.12 RM4,126,393.73 RM341,899.39
354 RM4,468,293.12 RM4,167,657.67 RM300,635.45
355 RM4,468,293.12 RM4,209,334.24 RM258,958.88
356 RM4,468,293.12 RM4,251,427.59 RM216,865.53
357 RM4,468,293.12 RM4,293,941.86 RM174,351.26
358 RM4,468,293.12 RM4,336,881.28 RM131,411.84
359 RM4,468,293.12 RM4,380,250.09 RM88,043.03
360 RM4,468,293.12 RM4,424,052.60 RM44,240.53
 Balance Annual Principal Annual Interest
RM434,275,707
RM434,150,171
RM434,023,379
RM433,895,320
RM433,765,980
RM433,635,347
RM433,503,407
RM433,370,148
RM433,235,557
RM433,099,619
RM432,962,322
RM432,823,652 RM1,576,348 RM52,043,170
RM432,683,596
RM432,542,138
RM432,399,267
RM432,254,966
RM432,109,223
RM431,962,022
RM431,813,349
RM431,663,189
RM431,511,528
RM431,358,350
RM431,203,641
RM431,047,384 RM1,776,268 RM51,843,249
RM430,889,565
RM430,730,167
RM430,569,176
RM430,406,574
RM430,242,347
RM430,076,477
RM429,908,949
RM429,739,745
RM429,568,850
RM429,396,245
RM429,221,914
RM429,045,840 RM2,001,544 RM51,617,974
RM428,868,006
RM428,688,393
RM428,506,983
RM428,323,760
RM428,138,705
RM427,951,798
RM427,763,023
RM427,572,360
RM427,379,791
RM427,185,296
RM426,988,856
RM426,790,451 RM2,255,389 RM51,364,128
RM426,590,062
RM426,387,670
RM426,183,253
RM425,976,793
RM425,768,268
RM425,557,657
RM425,344,941
RM425,130,097
RM424,913,105
RM424,693,943
RM424,472,589
RM424,249,022 RM2,541,429 RM51,078,088
RM424,023,219
RM423,795,158
RM423,564,816
RM423,332,172
RM423,097,200
RM422,859,879
RM422,620,185
RM422,378,093
RM422,133,581
RM421,886,624
RM421,637,197
RM421,385,276
RM421,130,835
RM420,873,851
RM420,614,296
RM420,352,146
RM420,087,374
RM419,819,955
RM419,549,861
RM419,277,067
RM419,001,544
RM418,723,267
RM418,442,206
RM418,158,335
RM417,871,625
RM417,582,049
RM417,289,576
RM416,994,179
RM416,695,827
RM416,394,492
RM416,090,144
RM415,782,752
RM415,472,287
RM415,158,717
RM414,842,011
RM414,522,138
RM414,199,066
RM413,872,763
RM413,543,198
RM413,210,337
RM412,874,147
RM412,534,595
RM412,191,648
RM411,845,272
RM411,495,431
RM411,142,092
RM410,785,220
RM410,424,779
RM410,060,734
RM409,693,048
RM409,321,686
RM408,946,609
RM408,567,782
RM408,185,167
RM407,798,726
RM407,408,420
RM407,014,211
RM406,616,060
RM406,213,927
RM405,807,773
RM405,397,558
RM404,983,240
RM404,564,780
RM404,142,134
RM403,715,263
RM403,284,122
RM402,848,670
RM402,408,864
RM401,964,659
RM401,516,013
RM401,062,880
RM400,605,215
RM400,142,974
RM399,676,111
RM399,204,579
RM398,728,332
RM398,247,322
RM397,761,502
RM397,270,824
RM396,775,239
RM396,274,698
RM395,769,152
RM395,258,551
RM394,742,843
RM394,221,978
RM393,695,905
RM393,164,571
RM392,627,923
RM392,085,910
RM391,538,476
RM390,985,567
RM390,427,130
RM389,863,108
RM389,293,446
RM388,718,087
RM388,136,975
RM387,550,052
RM386,957,259
RM386,358,538
RM385,753,831
RM385,143,076
RM384,526,214
RM383,903,183
RM383,273,921
RM382,638,367
RM381,996,458
RM381,348,129
RM380,693,318
RM380,031,958
RM379,363,984
RM378,689,331
RM378,007,931
RM377,319,717
RM376,624,621
RM375,922,574
RM375,213,507
RM374,497,349
RM373,774,029
RM373,043,476
RM372,305,618
RM371,560,381
RM370,807,692
RM370,047,476
RM369,279,657
RM368,504,161
RM367,720,909
RM366,929,825
RM366,130,830
RM365,323,845
RM364,508,791
RM363,685,586
RM362,854,148
RM362,014,397
RM361,166,247
RM360,309,617
RM359,444,420
RM358,570,571
RM357,687,984
RM356,796,570
RM355,896,243
RM354,986,912
RM354,068,488
RM353,140,880
RM352,203,996
RM351,257,742
RM350,302,027
RM349,336,754
RM348,361,828
RM347,377,153
RM346,382,632
RM345,378,165
RM344,363,654
RM343,338,997
RM342,304,094
RM341,258,842
RM340,203,137
RM339,136,875
RM338,059,951
RM336,972,257
RM335,873,687
RM334,764,130
RM333,643,479
RM332,511,620
RM331,368,443
RM330,213,835
RM329,047,680
RM327,869,864
RM326,680,269
RM325,478,779
RM324,265,273
RM323,039,633
RM321,801,736
RM320,551,460
RM319,288,682
RM318,013,276
RM316,725,115
RM315,424,073
RM314,110,021
RM312,782,828
RM311,442,363
RM310,088,494
RM308,721,085
RM307,340,003
RM305,945,110
RM304,536,268
RM303,113,338
RM301,676,178
RM300,224,647
RM298,758,600
RM297,277,893
RM295,782,379
RM294,271,909
RM292,746,335
RM291,205,505
RM289,649,267
RM288,077,467
RM286,489,948
RM284,886,555
RM283,267,127
RM281,631,505
RM279,979,527
RM278,311,030
RM276,625,847
RM274,923,812
RM273,204,757
RM271,468,511
RM269,714,903
RM267,943,759
RM266,154,904
RM264,348,160
RM262,523,348
RM260,680,289
RM258,818,798
RM256,938,693
RM255,039,787
RM253,121,892
RM251,184,818
RM249,228,373
RM247,252,363
RM245,256,594
RM243,240,867
RM241,204,982
RM239,148,739
RM237,071,933
RM234,974,359
RM232,855,810
RM230,716,075
RM228,554,942
RM226,372,199
RM224,167,628
RM221,941,011
RM219,692,128
RM217,420,756
RM215,126,670
RM212,809,644
RM210,469,447
RM208,105,849
RM205,718,614
RM203,307,507
RM200,872,289
RM198,412,719
RM195,928,553
RM193,419,545
RM190,885,447
RM188,326,009
RM185,740,976
RM183,130,092
RM180,493,100
RM177,829,738
RM175,139,742
RM172,422,847
RM169,678,782
RM166,907,277
RM164,108,056
RM161,280,844
RM158,425,359
RM155,541,320
RM152,628,440
RM149,686,431
RM146,715,002
RM143,713,859
RM140,682,704
RM137,621,238
RM134,529,158
RM131,406,156
RM128,251,925
RM125,066,151
RM121,848,519
RM118,598,711
RM115,316,405
RM112,001,276
RM108,652,996
RM105,271,233
RM101,855,652
RM98,405,915
RM94,921,681
RM91,402,605
RM87,848,338
RM84,258,528
RM80,632,820
RM76,970,855
RM73,272,271
RM69,536,700
RM65,763,774
RM61,953,119
RM58,104,357
RM54,217,107
RM50,290,985
RM46,325,602
RM42,320,565
RM38,275,477
RM34,189,939
RM30,063,545
RM25,895,888
RM21,686,553
RM17,435,126
RM13,141,184
RM8,804,303
RM4,424,053
RM0
Computing Capital Gain Tax
Price appreciataion (RM475,000,000 - RM724,000,000) RM249,000,000
Accumulated depreciation RM62,956,522
Total gain RM311,956,522
Tax on price appreciation @ 15% RM37,350,000
Tax on accumulated Depreciation @ 25% RM15,739,131
Total Capital Gain Tax RM53,089,131

Taxable Income and After-Tax Cash Flow

Taxable Income
Net Operating Income (NOI)
(-) Interest
(-) Depreciation
Taxable Income (Loss)
Tax (savings) at %
After-Tax Cash Flow (income)
Before-Tax Cash Flow
(-) Tax
After-Tax Cash Flow (ATCFi)
After-Tax Cash Flow (ATCFs)
Total After-Tax Cash Flow (ATCF)

Cash Flow Summary

0
After-Tax Cash Flow (RM289,600,000)
After-Tax IRR (AT-IRR) 12.75%
 After-Tax Cash Flow from Sale in Year 5
Sale Price
(-) Mortage balance
Before-tax Cash Flow (BTCFs)
Taxes in year of sale
Sale price
Original cost basis/acquisition price RM724,000,000
Accumulated depreciation RM62,956,522
Adjusted basis
Capital gain
Capital gain tax
After-Tax Cash Flow (ATCFs)

End of Year
1 2 3 4 5

RM15,720,725 RM75,570,126 RM344,904,254 RM2,568,124 RM18,619,616

RM52,043,170 RM51,843,249 RM51,617,974 RM51,364,128 RM51,078,088
RM12,591,304 RM12,591,304 RM12,591,304 RM12,591,304 RM12,591,304
-RM48,913,748 RM11,135,572 RM280,694,976 -RM61,387,309 -RM45,049,777
-RM11,739,300 RM2,672,537 RM67,366,794 -RM14,732,954 -RM10,811,946

-RM37,898,792 RM21,950,608 RM291,284,737 -RM51,051,394 -RM34,999,902

-RM11,739,300 RM2,672,537 RM67,366,794 -RM14,732,954 -RM10,811,946
-RM26,159,492 RM19,278,071 RM223,917,942 -RM36,318,440 -RM24,187,955
RM322,761,848
-RM26,159,492 RM19,278,071 RM223,917,942 -RM36,318,440 RM298,573,892

Cash Flow Summary

1 2 3 4 5
-RM26,159,492 RM19,278,071 RM223,917,942 -RM36,318,440 RM298,573,892
 RM800,100,000
RM424,249,022
RM375,850,978

RM800,100,000

RM661,043,478
RM139,056,522
RM53,089,131
RM322,761,848
Sensitivity Analysis - Change a Single Assumption at a Time

RESALE PRICE BTIRR

RM700,100,000 7.48%
RM712,600,000 8.63%
RM725,100,000 9.24%
RM737,600,000 10.01%
RM750,100,000 12.36%
RM762,600,000 13.59%
RM775,100,000 14.27%
RM787,600,000 16.04%
RM800,100,000 17.04%
Variation in Returns and Risk

SHOPPING MALL
Return (R) Probaility (P)
Pessimistic 7.48% 25.00%
Most likely 12.36% 50.00%
Optimistic 17.04% 25.00%
Total Expected Return

APARTMENT BUILDING

Return (R) Probaility (P)

Pessimistic 10.00% 25.00%

Most likely 15.00% 50.00%
Optimistic 20.00% 25.00%
Total Expected Return

HOTEL

Return (R) Probaility (P)

Pessimistic 5.00% 25.00%

Most likely 20.00% 50.00%
Optimistic 35.00% 25.00%
Total Expected Return
 SHOPPING MALL
Expected Return (R x P) Return - Total Expected Probability x (Return - Total
Return Expected Return)^2
1.87% -4.83% 0.0583%
6.18% 0.05% 0.0000%
4.26% 4.73% 0.0559%
12.31% Variance 0.1143%
Standard Deviation 3.3803%

APARTMENT BUILDING
Return - Total Expected Probability x (Return - Total
Expected Return (R x P) Return Expected Return)^2
2.50% -5.00% 0.0625%
7.50% 0.00% 0.0000%
5.00% 5.00% 0.0625%
15.00% Variance 0.1250%
Standard Deviation 3.5355%

HOTEL
Return - Total Expected Probability x (Return - Total
Expected Return (R x P)
Return Expected Return)^2
1.25% -15.00% 0.5625%
10.00% 0.00% 0.0000%
8.75% 15.00% 0.5625%
20.00% Variance 1.1250%
Standard Deviation 10.6066%
 SUMMARY
Total Expected
Property Return Risk

SHOPPING MALL 12.31% 3.3803%

APARTMENT BUILDING 15.00% 3.5355%
HOTEL 20.00% 10.6066%