Professional Documents
Culture Documents
M Balikpapan
M Balikpapan
No. xxxxx/xxx
Board of Directors
PT xxxxxxxx
Jl. xxxxxxxxxxxxxx
Jakarta
Dear Sirs,
Valuation Report
Fixed Asset of PT xxxxx
1. EXECUTIVE SUMMARY
We have assumed that the instruction and subsequent information supplied contained a
full and frank disclosure of all information that is relevant.
We carried out our inspection of the above property on 16 th August 2008. All comments
on conditions, use and occupancy relate to our observations made on the date of
inspection.
2. GENERAL DESCRIPTION
The property under valuation is a one-storey store building and other land improvements.
The building is of steel frame construction, erected on a land plot of 19,668 m² as stated in a
the 3 (four) pieces of land certificate provided to us in a list of land certificate.
3. LOCATION
3.1 Situation
This property is located at Jl. Ruhui Rahayu No.52-D, Subdistrict of Gunung Bahagia,
District of Balikpapan Selatan, Balikpapan. It is situated of about 200 metres east of the
intersection of Jl. Ruhui Rahayu and Jl. MT. Haryono and 9 km northeast of Plaza
Balikpapan is located of about 4.2 km south of this property.
The surrounding developments within approximately 10-km radius from the site shown
the following table:
3.3 Neighborhood
The property is located in a commercial area. Prominent buildings / development which
are in proximity of the property are as follows:
4. SITE DETAILS
4.2 Topography
The terrain of the land plot is generally flat and slightly below to the fronting road
level.
4.5 Facilities
4.5.1 Electricity
Electricity supplied by PLN(state owned company) and generator set
4.5.4 Transportation
The public transportation is available along Jl. Soekarno-Hatta located infront
of the property.
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PT. Makro Indonesia 3
5. BUILDINGS AND OTHER IMPROVEMENTS
1. Store Building
We have not carried out a detailed structural survey of the buildings. However at the time of
our inspection the buildings were in good condition and well maintained.
6. LAND TITLE
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PT. Makro Indonesia 4
The subject site is held under 4 (four) pieces of land certificate as follows :
2. HGB
3. HGB
4. HGB
Total:
We received only copy of list the above land certificates. We do not verify the validity of the
land certificate nor its changes if any.
7. TOWN PLANNING
8. MARKET COMMENTARY
The inflation rate in Indonesia at the end of 2007 was at 6,59% and economic growth
recorded 6,5%. While early 2008, Bank Indonesia was consistent to decline the interest rate
of SBI into 8,25 % to support the improvement of riel sector activities. It also contributed to
stabilize the appreciation of Rupiah.
In view of all the above factors, it might be translated into growth of property this year.
Due to commercial and residential estate, demand came from good quality location and the
rest occurred from the inferior estates offering competitive price. The investors’ confidence
is expected to continue hampering commercial and residential estate demand by the
improvement market sentiment as reflected in the reducing country risk and secure reason
can be maintained.
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PT. Makro Indonesia 5
In arriving at our opinion of market value we have had regard to the SPI (Standar
Penilaian Indonesia) issued by the Indonesian Appraisal Companies Association
(GAPPI) and the Indonesian Society of Appraisers (MAPPI). Market value is defined
as "the estimated amount for which an asset should exchange on the date of valuation
between a willing buyer and a willing seller in an arm's length transaction after proper
marketing wherein the parties had each acted knowledgeably, prudently and without
compulsion".
10.2.1 Land
We have valued the land using Market Data Approach which is based on
evidence for land sales in the vicinity of the subject property and using
information on quoting prices and considering the likely behavior of a
reasonable purchaser. Adjustment for location, efficiency, quality of the
building, services, facilities, and conditions are taken into account.
11.2 Valuation
On the assumption that there are no outstanding payments, onerous restrictions,
covenants or unusual outgoings of which we have no knowledge and subject to the
basis of valuation specified above, we are of the opinion that the current market value
of the property at the date of valuation is :
Rp xxxxxxxxxxx,-
(Rupiahs xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Only)
We hereby certify that we have neither present nor prospective interest in the property so valued
or on the value reported.
Yours faithfully,
PT Bahana Klasamas Prasetya
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PT. Makro Indonesia 6
Billy Anthony Lie, BBuild, AAIQS, MAPPI (Cert)
President Director
Izin Penilai No. 1.00.0050
MAPPI No. 96-S-0740
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PT. Makro Indonesia 7
RECAPITULATION
LAND, BUILDING, OTHER LAND IMPROVEMENTS,
PT Makro Indonesia
Jl. Soekarno-Hatta
Subdistrict of Pamokolan, District of Rancasari
Bandung
Market Value
I. Land and Building
Land Rp xxxxxxxxxxx,-
Building Rp xxxxxxxxxxx,-
Other Land Improvements Rp xxxxxxxx,-
---------------------------- +
Total Land and Building Rp xxxxxxxxxxx,-
================
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