LETMAL/VAL/24909/Chalala

VALUATION REPORT
ON

STAND NO. 24909,

CHALALA,
LUSAKA.

VALUATION SERVICES DIVISION

Plot 1728M +260 964 891381
Main Street, Ibex Hill +260 966 641430
Lusaka, Zambia letmalinvestments@gmail.com +260 976 677722
LETMAL/VAL/24909/Chalala

VALUATION SERVICES DIVISION

Plot 1728M +260 964 891381
Main Street, Ibex Hill +260 966 641430
Lusaka, Zambia letmalinvestments@gmail.com +260 976 677722

LETMAL/VAL/24909

Pentecostal Assemblies OF God

Lusaka, Zambia.

Dear Sirs,

Re: REPORT AND VALUATION OF PART OF STAND NO. 24909, CHALALA, LUSAKA.

We refer to instruction to undertake the valuation of the above property. We are pleased to
report that the property has been inspected and now wish to report as follows:

PURPOSE OF VALUATION:

The purpose of this Valuation Report is to determine the Current Open Market Value of
part of the land on the property for investment purposes.

OWNERSHIP AND TENURE:

Ownership of the subject property vests in favour of PENTECOSTAL ASSEMBLIES OF

GOD REGISTERED TRUSTEES in Zambia. Leasehold of the unexpired residual of a term of
99 years in accordance with the current Land Act effective 1st November 2001.

SITE AND LAND EXTENT:

This is an institutional piece of land measuring approximately 875 square metres

(0.0875ha) benefiting a concrete block boundary wall to one side sitting on the main land
which measures approximately 7458 metres (0.7458). Access is via an open boundary.

EDDIE. G. BANDA – RVS, FSIZ, MIV, RPM, MRICS, IRRV – Hons (LONDON)
LETMAL/VAL/24909/Chalala

SITUATION/LOCATION

The property is situated off the tarred Kasama Road in Chalala Area, Lusaka,
approximately ten (10) kilometres from the Central Business District of Lusaka City, in the
Lusaka Province of the republic of Zambia.

DATE OF INSPECTION:

The property was inspected on 19th June, 2023 by Mr. Jones Ziba (B.Sc Real Estate,
MSIZ), (CBU).

CURRENCY:

The values are expressed in Zambian Kwacha which is the country’s Legal Tender.

TENANCY

The property is currently owner occupied.

PROPERTY TYPE

Church

BUILDINGS

The improvement on site comprises a concrete block boundary fence to one side.

SERVICES:

Water supplied by the Lusaka Water and Sewerage Company Limited. Electricity supply is
by Zambia Electricity Supply Cooperation (ZESCO) Limited. Sewage disposal is by septic
tank and soakaway. The road frontage is by gravel.

SEARCHES:

We did not carry out searches at Ministry of Lands or Lusaka City Council since data
availed to us was considered adequate.
TOWN PLANNING:

The subject property is located in an area zoned for residential purposes.

EASEMENTS/RESTRICTIVE CONVENANTS:

There are no restrictive covenants that we came across during our inquiries.
LETMAL/VAL/24909/Chalala

TREND IN THE NEXT THREE (3) YEARS:

Chalala being a medium and high cost residential area is subject to an increase in property
values between now and the next three (3) years.

GENERAL REMARKS:

The property is located approximately 3km off the main tarred Kasama Road, and hence
can easily be accessed via the same road. Properties close to such a facility tend to
attract a favorable value therefore increasing the demand for such properties, both for
sale, rent and collateral purposes. The property is also fenced one side for additional
security. Thus, based on our report, the property can easily be used for any
developmental purpose if put on the open market.

VALUATION ASSUMPTIONS/CONSIDERATIONS:

In arriving at the Current Market Value of the subject property, we have taken into
account the following:

The supply and demand for this type of property in the area.
The location factor.
The improvement on site.
The market values of similar properties which have recently changed hands.

VALUATION METHODOLOGY:

The comparative method of valuation was used to arrive at the current Market Value.

BASIS OF VALUATION:

Current Open Market Value:

The basis of the Valuation we have adopted is “Current Open Market Value”.
Current Open Market Value is defined as “An opinion of the best price at which the sale
of an interest in property would have been completed unconditionally for cash
consideration on the date of valuation assuming:

a) A willing seller;
b) That prior to the date of valuation, there had been a reasonable period (having regard
to the nature of the property and the state of the market) for the proper marketing of
the interest, for the agreement of the price and terms;
c) That the state of the market, level of values and other circumstances were, on any
earlier assumed date of exchange of contracts, the same as on the date of valuation;
d) That no account is taken of any additional bid by a prospective purchaser with a
special interest; and
e) That both parties to the transaction had acted knowledgeably, prudently and without
compulsion.
LETMAL/VAL/24909/Chalala

NOTE:
Our valuation further assumes that:-
All the information which has been supplied to us is complete and correct in all respects;
The subject property complies with relevant statutory requirements;
The concrete block fence on the subject property is structurally sound and free from
major patent defects;
All the services are functioning satisfactorily.

PROVISO:

This report is partly based on verbal information supplied to us by the client.

The report is provided for the sole use of the client to whom it is addressed. It is therefore
private and confidential and may be availed to the advisors and close associates only.
Consequently and in accordance with the current practice, no responsibility is accepted
to any third party in respect of the whole or any part of this report.

VALUATION:

Considering the above stated facts and data, taking into account the state of the market
and the prevailing values of similar properties in the area;

OPEN MARKET VALUE:

The Open Market Value of the subject property is estimated at ZMW 350, 000.00 (Three
Hundred Fifty Thousand Kwacha) Only.

DATE OF VALUATION:

19th June 2023, being the date when the report was completed and signed.

Yours faithfully,
LETMAL INVESTMENTS LIMITED
VALUATION SERVICES

Registered Chartered Valuation Surveyors

E. G. BANDA.RVS.RPM.MSIZ.MIV.MRICS.IRRV (HONS)
PRINCIPAL CONSULTANT/VALUER
LETMAL/VAL/Chalala/24909 LETMAL INVESTMENTS LIMITED

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LETMAL/VAL/Chalala/24909 LETMAL INVESTMENTS LIMITED