VALUTION REPORT SPORTS CITY COMPLEX

VALUATION REPORT PREPERED BY:

DIVNESH CHAND

STUDENT ID:
S11196354

COURSE CORRDINATOR
MR. PAULA D RAQEUKAI
 VALUTION REPORT SPORTS CITY COMPLEX

A VALUATION REPORT PREPAIRED FOR

FIJI PUBLIC SEEVICE ASSOCIATION (FPSA)

SUBJECT SITE:
SPORT CITY COMPLEX

EFFECTIVE DATE OF VALUATION

14TH SEPTEMBER 2023
 VALUTION REPORT SPORTS CITY COMPLEX

October 1, 2023
Dear sir
Valuation manager
Mr. Kerry Stewart

Re, valuation report for sport city complex

We appreciate your request for an estimate of the current market value of the leasehold commercial
property known as LOT 1 DP 6617 24859, located at the corner of Grantham Road and Laucala bay road,
Suva which also known as sport city. This property's registered lessee is [Fiji Public Service Association,
FPSA].

We conducted a property inspection in line with your request on14th September 2013, which acts as the
effective date for this appraisal. We attempted to check the property's borders and the improvements on the
premises to the best of our abilities during this inspection, despite the fact that we did not hire a
professional surveyor for this reason. Prior to finishing our value assessment, we meticulously completed
all essential investigations and queries.

We used three different ways to establish the market worth of the property: the cost approach, the income
approach, and the sales comparison strategy. The valuation report includes detailed estimates for each of
these approaches.

As a result of my analysis, I have formed the opinion that the estimated market value (as defined in the
Report), subject to the definitions, certifications, and assumptions and limiting conditions set forth in the
attached Report, as of OCTOBER, 4, 2023 was:

MARKET VALUE

SEVENTY MILLION DOLLARS (VEP)

$70,000,000

(VAT EXCLUSIVE PRICE)

 VALUTION REPORT SPORTS CITY COMPLEX

Table of Contents
PART ONE: DEFINITION OF THE PROBLEM..............................1
PART TWO: PRELIMINARY ANALYSIS LAND DATA SELECTION
AND COLLECTION....................................................................3
PART THREE: HIGHEST AND BEST USE.....................................6
PART 4:APPLICATION OF THE VALUCATION APPROACHES......7
PART FIVE: RECONCILIATION OF VALUE INDICATION AND
FINAL VALUE ESTIMATE.........................................................13
PART 7: REPORT OF DEFINED VALUE.....................................15
PART 8: INSURANCE CERTIFICATE/ REPORT..........................16
APPENDIX..............................................................................19
 VALUTION REPORT SPORTS CITY COMPLEX

PART ONE: DEFINITION OF THE PROBLEM

IDENTIFICATION OF THE PROPERTY

The subject property is located alone the Grantham Road and Laucala bay road at the corner of the t
junction, this location is 3 km from city and also accessible from Raiwaqa road thus has the advantage of
having two entry point in the complex one from Laucala bay and one from Grantham Road

Nearby area development can be characterized by single to double story high commercial and residential
development. This is dominatingly a commercial settlement with some business and modern property in
Suva, thus major development within the area includes USP, gas station, Damodar city and some boys’ and
girls’ hostels

PROPERTY RIGHTS TO BE VALUED

Tenure: leasehold

Title: native lease No.24859

Legal description: LOT 1 DP 6617 CT 24859

Area:20,889.00 square meters

Lessees; Fiji Service Association (FPSA)

Zoning: commercial B

Lease details: it was leased for 10 years

Encumbrance: mortgage 844973 registered 25/5/17 to BRED BANK FIJI LIMITED

CLIENT NAME AND ADDRESS

The registered client in this valuation report is respectable instituted the Fiji Service Association (FPSA)
and I as a property valuer and Harrison and Grierson Consultants Limited, as the lending agency

INTENTED USE

The purpose of this valuation is specifically for Fiji Service Association (FPSA) for mortgage and
insurance purpose It is important to take in account that the valuer does not intend for this report to be used
for any other purpose.

INTENTED USERS

The intended user of this report are Fiji Service Association (FPSA) and I as a property valuer and
Harrison and Grierson Consultants Limited, as the lending agency. No different clients allowed without
having gotten a composed authority from the South Pacific Property Counseling Administrations to use
this report

PURPOSE OF VALUATION

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 VALUTION REPORT SPORTS CITY COMPLEX

The goal of this study is to assess the property's current leasehold market value for mortgage security and
insurance purposes. The subject property is appropriate for first mortgage loan security and insurance
purposes.

MARKET VALUE

The projected value at which the property is anticipated to be exchanged amongst a willing buyer and a
willing seller in a fair and impartial transaction, following good property marketing, where the two parties
are well-informed, careful, and under no pressure to come to an agreement.

EXISTING USE IF THE REAL ESTATE

The site is currently used as commercial business complex space with flats rented out to tenants with
proper facilities in place

VALUATION DATE

This particular property was inspected on 14 th September 2023, which is also the valuation date for the
respected property

END DATE
This particular property valuation ended on 4th October 2023

SCOPE OF VALUATION

The purpose of this valuation study was to assess the "Current Market Value" of the subject property.

The examination was conducted on 14th September 2023, as of the booking, pictures, and measurements, as
well as recent sales acquired from the Ministry of Lands. The sales, summation, and income technique is
used to determine the market worth of a property while taking into account all assumptions and limitations.

The subject property was inspected to assess its physical qualities, which included its condition,
geography, access, utilities, and services offered.

The surrounding region is notable for its community layout and competitive facilities.

Government data were reviewed to ascertain the subject property's planning status and the pattern of
nearby land use.

We acquired comparable property sales data by searching public records and analyzing published real
estate information sources. Following that, we thoroughly collated and evaluated this data before
comparing it to the subject property. Based on these observations and studies, the value report was created.

OTHER LIMITING CONDITION

This valuation report was prepared with the following assumptions in mind:

1. the lessee is making regular payments and is not in default on any payments, rates, or premiums
related to the property;
2. the leasehold ownership rights associated with the property are transferable to a third-party buyer
3. the valuation is conducted under the presumption that the property's highest and best use remains
its present use, which is residential in nature.
4. It should be noted that no engineering study has been done, and property data has been gathered
from sources deemed credible, unless specifically stated different

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 VALUTION REPORT SPORTS CITY COMPLEX

PART TWO: PRELIMINARY ANALYSIS LAND DATA

SELECTION AND COLLECTION
EXISTING USE OF REAL ESTATE
The subject property zoned commercial “B” and the existing use complies with the zoning under the
approved Town Planning Scheme of Suva

SITE ANALYSIS
The subjected site has the three major rental spaces the Macdonald, the COST-U-LESS and the main
building which is double story, the site is on 2.0890 hectares of land which equivalent to 5.16 acres

TOPOGRAGRAPHY/ DRAINAGE

The structure is split-level or terrace-like, with each platform being level and uniform. The site's soil
composition is strong and adequate for supporting the sorts of constructions authorized on the land.

UTILITIES

All utilities and services are effortlessly connected to the property. It has water supplied by pipes from the
Fiji Water Authority, is powered by EFL electricity, and has TFL phone lines and mobile phone coverage.

A reticular sewerage system manages effluent disposal, guaranteeing adequate cleanliness. Along
Beaumont Road, public transit is easily accessible. Furthermore, all of the roads in this neighborhood are
paved and well-kept, with grassy spaces on the sides

This all the tenants are getting all the necessary utilities to run their business also some of the shops are
also covered with backed up generator and also the rubbish disposal is also available for the tenants of the
sport city complex

SOIL CONDITION/ ENVIRONMENTAL STATEMENT

A soil report has not been provided, and it is assumed that the soil quality is adequate to give a steady
groundwork to the development on the property. Also, it is accepted that there are no ecological or
wellbeing gambles either on a superficial level, underneath the surface, or nearby the property. In light of
the valuer's evaluation, no indications of risks or possibly harmful soil materials were obvious during the
property review to the best of their knowledge’s

BUILDING CODES

The Local Authority By-Laws, which establish building rules, govern the design and construction of
structures inside the City/Town boundaries. It is vital to note that the subject property is within the
commercial B zoning category, as stipulated in the SUVA Town Council's approved Town Planning
Scheme.

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 VALUTION REPORT SPORTS CITY COMPLEX

IMPROVEMENT

The site is improved with a double story concrete building Infront, shaped right-angle consisting of fully
furnished 43 retailed shops that has proper air condition provided fully, glassed outside for display and
security system installed and not for getting the proper toiletry installed with proper water supply. The
building has its own corridor that this fully tiled, the roof is of Colourbond corrugated iron over gable roof
framework.

The other building is behind the main complex with same building structure and condition with the front
double story, it has same features as the Infront building that is inter connected with front building, it has
16 shops all together and some atm slots allocated for banks and also some small stalls for small business
like Glamada and Fone x

MACDONALD

The Macdonald is a single story square spaced building build on metal frame and concrete based
construction, it is well furnished modernly designed structure with glass and modern tiles install and a
children playing space build within the MacDonald ,hance it has its own outside eating space which is
located outside the terrace, the MacDonald has a convenient drive through , it has a convenient entry and
exist points which is a advantage for MacDonald , the e try point is along the Laucala bay road and exit
which is also sometimes used as entry point too which is located along the Grantham road

COST-U-LESS

Cost-U-Less is a modern commercial structure that uses sophisticated construction procedures and supplies
for increased durability and efficiency. The structure is mostly made of steel, which provides exceptional
structural strength, and it has zinc roofing, which is noted for its weather resilience. Furthermore, the
structure has an aluminum-style architectural design.

Furthermore, the groundworks for the structure make strategic use of concrete. Because of its strength and
stability, concrete is often used in the foundation and flooring of constructions. It acts as a sturdy
foundation for the remainder of the structure to be built on.

PARKING SPACE

there are a total of 107 parks that are well maintained and marked accordingly. therefore, the parking rates
are as follows:

0-30 free parking

31-60 $2.00

61-90 $2.50

09min plus $2.50 plus $1.00 per 30 min

Lost ticket $20 fine Note: customers will be allowed 90-minute free parking if they produce a receipt from
sport city complex of a minimum spending of 10 dollars

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 VALUTION REPORT SPORTS CITY COMPLEX

OTHER IMPROVEMENT

All buildings improvements are constructed of steel frame and plastered block walls with tiled floorspace,
and recessed celling light, as it is a commercial building, all other interior works were done by the tenants
and partly by the owners

CONDITION OF IMPROVEMENT

We did not have obtain to a builder's report, and we did not investigate any portions of the property that
were hidden or difficult to reach. As a result, we are unable to give an assessment of the buildings'
structural soundness. However, based on our examination, the general quality of the renovations looked to
be in acceptable condition at the time of our visit.

GENERAL COMMENTS

The property offers high-quality living in the form of double store complex in a well-established
neighborhood. Each of these renting spaces is outfitted with cutting-edge features that ensure occupants'
safety, privacy, and comfort. Furthermore, the site has easy access to vital services and amenities The total
rental revenue earned by the property reflects a solid and satisfying return on investment.

RENTAL

Rental are as follows below:

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 VALUTION REPORT SPORTS CITY COMPLEX

Rent Income Rent Income Outgoings Outgoings To tal Rent Income Outoings
Floor area
Tenant-Description Floor Level (Monthly VEP) (Monthly VIP) (Monthly VEP) (Monthly VIP) (VIP) VIP-Yearly
(sqm) (VIP)-Yearly
($) ($) ($) ($) ($) ($) ($)
Laucala Bay Pharmarcy - Shop # 1 3,809.17 4,380.55 200.00 230.00 4,610.55 52,566.55 2,760.00
Sports City Medical Clinic - Shop # 2 3,000.00 3,450.00 150.00 172.50 3,622.50 41,400.00 2,070.00
Dr. Shashi Prasad's Dental - Shop # 3 3,011.01 3,462.66 200.00 230.00 3,692.66 41,551.94 2,760.00
Briz Wholesalers - Shop 4 3,286.24 3,779.18 200.00 230.00 4,009.18 45,350.11 2,760.00
Splash Company Limited- - Shop # 5 3,286.24 3,779.18 200.00 230.00 4,009.18 45,350.11 2,760.00
Toms World - Shop # 6 & 25 - Grand Dynasty Assets 11,000.00 12,650.00 400.00 460.00 13,110.00 151,800.00 5,520.00
Nayans Corner Ltd - Restaurant - Shop #7 3,000.00 3,450.00 200.00 230.00 3,680.00 41,400.00 2,760.00
Nayan's Corner Ltd - Shop 9 & 10 & 11 8,034.78 9,240.00 300.00 345.00 9,585.00 110,879.96 4,140.00
Nayan's Corner Ltd - Shop #8 2,678.26 3,080.00 100.00 115.00 3,195.00 36,959.99 1,380.00
Nayan's Corner Ltd - Shop 12 & 13 5,356.52 6,160.00 200.00 230.00 6,390.00 73,919.98 2,760.00
Nayan's Corner Bread - Shop 26 2,008.70 2,310.01 100.00 115.00 2,425.01 27,720.06 1,380.00
Roopesh Gift Shop - Shop # 14 & 15 6,100.28 7,015.32 200.00 230.00 7,245.32 84,183.86 2,760.00
Govinda Vegetrian Restaurant Ltd - Shop # 16 &17 7,229.72 8,314.18 400.00 460.00 8,774.18 99,770.14 5,520.00
Pizza King - Shop # 18 & 19 & 39 & 40 & 4 1& 44 17,749.60 20,412.04 1,200.00 1,380.00 21,792.04 244,944.48 16,560.00
Inoptics - Shop # 20 1,864.22 2,143.85 200.00 230.00 2,373.85 25,726.24 2,760.00
Alisha 88 Store-Shop #21 1,634.86 1,880.09 200.00 230.00 2,110.09 22,561.07 2,760.00
Heng Yung Co - Shop # 22 & 24 5,930.43 6,819.99 300.00 345.00 7,164.99 81,839.93 4,140.00
Lagoon Pacific Beauty Salon - Shop # 27 2,277.06 2,618.62 200.00 230.00 2,848.62 31,423.43 2,760.00
Raziyaz mobile - Shop 28 2,093.58 2,407.62 200.00 230.00 2,637.62 28,891.40 2,760.00
QIT Pacific - Shop # 29 2,185.32 2,513.12 200.00 230.00 2,743.12 30,157.42 2,760.00
Beauty Mantra - Shop # 30 2,407.61 2,768.75 200.00 230.00 2,998.75 33,225.02 2,760.00
Happy Foot Reflexology- Shop # 31 2,532.16 2,911.98 200.00 230.00 3,141.98 34,943.81 2,760.00
Happy Foot - Shop # 32 2,532.16 2,911.98 200.00 230.00 3,141.98 34,943.81 2,760.00
City Forex (Fiji) - Shop # 33 2,294.59 2,638.78 200.00 230.00 2,868.78 31,665.34 2,760.00
Salt N Pepper Shop 34 1,834.86 2,110.09 200.00 230.00 2,340.09 25,321.07 2,760.00
Salt N Pepper Shop 35 1,834.86 2,110.09 200.00 230.00 2,340.09 25,321.07 2,760.00
Fire & Ice - Shop # 36 &37 & 38 Rash Ltd 5,149.82 5,922.29 600.00 690.00 6,612.29 71,067.52 8,280.00
Active IT Shop 42 2,093.58 2,407.62 200.00 230.00 2,637.62 28,891.40 2,760.00
Grants Betting Ltd Shop 43 2,368.80 2,724.12 200.00 230.00 2,954.12 32,689.44 2,760.00
Digicel - Tower 1,081.41 1,243.62 - - 1,243.62 14,923.39 -
Cost U Less - Sports City 45,000.00 51,750.00 - - 51,750.00 621,000.00 -
MacDonald - Sports City 8,875.06 10,206.32 - - 10,206.32 122,475.83 -
BSP (ATM) 770.00 885.50 - - 885.50 10,626.00 -
Glamada 1,100.92 1,266.06 100.00 115.00 1,381.06 15,192.70 1,380.00
Spicyfry 2,000.00 2,300.00 200.00 230.00 2,530.00 27,600.00 2,760.00
City Cars & Equipment Ltd 4,500.00 5,175.00 - - 5,175.00 62,100.00 -
Shop 1 Attitude Performance 2,277.06 2,618.62 200.00 230.00 2,848.62 31,423.43 2,760.00
Shop 2 Bure Takeaways 1,800.00 2,070.00 200.00 230.00 2,300.00 24,840.00 2,760.00
Shop 3-4 Dreamlink 5,145.00 5,916.75 200.00 230.00 6,146.75 71,001.00 2,760.00
Shop 5-6 Nayans Variety Store 3,920.00 4,508.00 200.00 230.00 4,738.00 54,096.00 2,760.00
Shop 7-8 Deluxe 4,900.00 5,635.00 200.00 230.00 5,865.00 67,620.00 2,760.00
Shop 9 Mans Barber Shop 1,610.00 1,851.50 200.00 230.00 2,081.50 22,218.00 2,760.00
Shop 10 Tradeway Electronice 2,310.00 2,656.50 200.00 230.00 2,886.50 31,878.00 2,760.00
Shop 11 Travel Managers 2,450.00 2,817.50 200.00 230.00 3,047.50 33,810.00 2,760.00
Shop 12 Hair & Beauty Lounge 2,450.00 2,817.50 200.00 230.00 3,047.50 33,810.00 2,760.00
Shop 13 ToneX 1,834.86 2,110.09 200.00 230.00 2,340.09 25,321.07 2,760.00
Shop 14 Central Cuisine 21,192.66 24,371.56 400.00 460.00 24,831.56 292,458.71 5,520.00
Shop 15 Pillays Legal Australia 2,277.06 2,618.62 200.00 230.00 2,848.62 31,423.43 2,760.00
Shop 16 GHD 11,174.00 12,850.10 400.00 460.00 13,310.10 154,201.20 5,520.00
FoneX Kiosk 1,000.00 1,150.00 - - 1,150.00 13,800.00 -
BRED ATM 700.00 805.00 - - 805.00 9,660.00 -
TOTAL 246,952.46 283,995.32 10,850.00 12,477.50 296,472.82 3,407,943.88 149,730.00

PART THREE: HIGHEST AND BEST USE

The "highest and best use" notion refers to the most acceptable, legally permitted, physically practical,
financially viable, and value-maximizing use of unoccupied land or upgraded property. According to
valuation theory, if the value of an improved property exceeds the value of the land in its unimproved
form, the present improved use is the highest and optimum use. If the value of the unoccupied land
exceeds the value of the upgraded property, the highest and best use is to utilize the land as if it were
vacant

. Market dynamics have a substantial impact on property prices, and data collection and analysis are
critical in assessing property values. This data also helps to establish an opinion on the property's highest
and best usage as of the valuation date. In general, land value is established when there are no

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 VALUTION REPORT SPORTS CITY COMPLEX

constructions on the ground. However, after the land has been built, its value is determined by how it is
now used. As a result, determining the highest and best use of occupied property takes into account both its
current usage and prospective alternative uses.

The goal of analyzing the highest and best use of a occupied complex is to discover the application that
will produce the highest overall return for every dollar invested. This information is essential for
financially driven purchasers. Another reason to establish an enhanced property's highest and best usage is
to help discover similar properties.

PART 4:APPLICATION OF THE VALUCATION

APPROACHES
INDRODUCTION

The valuation process is a methodical strategy to determining a well-supported estimate of a property's

value. This estimate is based on a careful examination of both general and particular facts. Valuers use a
variety of valuation methodologies, the most common of which are the cost approach, the sales comparison
approach, and the income capitalization approach. In practice, each valuation employs one or more of these
methodologies to arrive at a full value evaluation.

The technique used is determined by elements such as the kind of property, the intended purpose of the
valuation report, and the quality and amount of data available for analysis. Valuers frequently use two
separate methodologies at the same time if possible. The different indications of value produced from each
technique can serve as helpful cross-references to assure correctness and dependability.

SUMMATION/ COST APPROACH

The estimated value is calculated using the cost technique by estimating the replacement cost of a new
improvement on the subject property and then removing any relevant depreciation. The value of the land is
added to this to arrive at the final valuation estimate.

The new replacement cost is the cost of constructing a comparable property that is functionally identical to
the subject property, utilizing current construction materials, standards, design, layout, and craftsmanship
quality at current costs.

Depreciation is considered, which encompasses physical degradation as well as functional and external
obsolescence. This includes all flaws, superfluous features, and obsolescence related with the
enhancement.

The newly constructed commercial buildings analyzed for the building cost together with rate supplied by
the Fiji public service association (FPSA), thus for the subject property, the replacement cost per square
meters are as follows:

2,900/m2 for the sport city (L shape)

3,500/m2 for the cost-u-less complex

3,000/m2 for the Macdonald complex

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REPLACEMENT COST APPROACH CALCULATIONS AND VALUATION - Sports City Complex 2023
1. Main Sports City Complex and New North-West Wing Calculations
1 (A): Main Sports City Complex - Original Building
Main Ground Floor Level
Main Upper Floor Level
Main Ground Floor Terraces
Main Upper Floor Terraces
Rear Terraces/Veranda-Upper floor
level
Total Replacement Cost
Plus Professional fee@15%
Total Replacement Cost inclusive of
professional fee
Depreciate@22% (Depreciation
Amount)
Current Depreciated Value or
Indemnity Value
Depreciation Amount in 2024
Replacement Cost plus Inflation
Spicy Detached Building
Security Booth Building
Total Replacement Cost
Plus Professional fee@15%
Total Replacement Cost inclusive of
professional fee
Depreciate@20% (Depreciation
Amount)
Current Depreciated Value or
Indemnity Value
Depreciation Amount in 2024
Replacement Cost plus inflation
2. MacDonald Building - Replacement Cost Approach & Calculations
Main Floor Area
Covered Outside Eating-Space-Terrace
Total Replacement Cost
Plus Professional fee@15%
Total Replacement Cost inclusive of
professional fee
Depreciate@22% (Depreciation
Amount)
Current Depreciated Value or
Indemnity Value
Depreciation Amount in 2024
Replacement Cost plus inflation
VALUTION REPORT SPORTS CITY COMPLEX
1 (B): Main Sports City Complex - North-Wing Extension
$ 4,530,844 New North Wing-Main Ground Floor Level $ 1,814,066
$ 4,530,844 New North Wing Ground Covered Driveway $ 1,346,625
$ 442,816 New North Wing-Upper Floor Level Main $ 1,415,500
$ 442,816 New North Wing-Ground Terraces $ 63,788
$ 66,990 New North Wing-Upper Floor Level Terraces $ 118,825
$ 10,014,310 Total Replacement Cost $ 4,758,804
$ 1,502,147 Plus Professional fee@15% $ 713,821
$ 11,516,457 Total Replacement Cost inclusive of professional fee $ 5,472,624
$ 2,533,620 Depreciated@7% (Depreciation Amount) $ 383,084
$ 8,982,836 Current Depreciated Value or Indemnity Value $ 5,089,540
$ 2,728,249 Depreciation Amount in 2024 $ 450,944
$ 11,861,950 Replacement Cost plus inflation $ 5,636,803
$ 11,739 SUMMARY TOTAL VALUATION FOR BLDG 1A & 1B COST & VALUES
$ 1,134 Total Replacement Cost inclusive of professional fee $ 17,003,884
$ 12,873 Total Depreciated Replacement Values $ 14,084,220
$ 1,931 Demolition Cost of all Improvements $ 850,194
$ 14,804 Reinstatement Inflation Cost/Value $ 535,622
$ 2,960.79 Indemnity Inflation Cost/Value $ 247,332
$ 11,843.16
$ 3,256.87
$ 15,248
$ 1,065,600.00 SUMMARY TOTAL VALUATION FOR MACDONALD BLDG COST & VALUES
Current Replacement Cost inclusive of professional
$ 304,560.00 $ 1,575,684
fee
$ 1,370,160.00 Current Depreciated Replacement Value $ 1,229,034
$ 205,524.00 Demolition Cost of all Improvements $ 78,784
$ 1,575,684.00 Reinstatement Inflation Cost/Value $ 49,634
$ 346,650.48 Indemnity Inflation Cost/Value $ 20,641
$ 1,229,033.52
$ 373,279.54
$ 1,622,954.52
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 VALUTION REPORT SPORTS CITY COMPLEX

3. Cost U Less Building - Replacement Cost Approach & Calculations

SUMMARY TOTAL VALUATION FOR THE COST U LESS
Main Floor Area $ 5,755,221 COST & VALUES
BLDG
Current Replacement Cost inclusive of professional
Delivery Room $ 206,100 $ 7,760,656
fee
Rear Extension $ 559,692 Current Depreciated Replacement Value $ 6,053,312
West Terrace $ 103,003 Demolition Cost of all Improvements $ 388,033
South Terrace $ 124,381 Reinstatement Inflation Cost/Value $ 244,461
Total Replacement Cost $ 6,748,397 Indemnity Inflation Cost/Value $ 101,665
Plus professional fee@15% $ 1,012,259
Total Replacement Cost inclusive of
$ 7,760,656
professional fee
Depreciate@22% (depreciation
$ 1,707,344
Amount)
Current Depreciated Value or
$ 6,053,312
Indemnity Value

Estimated Depreciation Amount in 2024 $ 1,838,499

Replacement Cost plus inflation $ 7,993,476

4. SUMMARY OF THE MARKET VALUE OF THE IMPROVEMENTS PLUS MARKET VALUE OF THE FREEHOLD LAND
A. Main Sports City Complex
Inclusive of the New North Wing
B. Macdonald Building
C. Cost U Less Building
D. Plus Other Improvements
Total Value of Improvements
Inclusive of Other Improvements
Plus the Market Value of the
Freehold Land Value
CAPITAL VALUE
Round Off Market Value
$ 14,084,220 INSURANCE VALUATION SUMMARY
Total Replacement Cost/Reinstatement Value $ 26,340,224.45
$ 1,229,034 Depreciated Value or Indemnity Cost $ 21,366,564.75
Demolition Cost $ 1,317,011
$ 6,053,312 Reinstatement Inflation Cost/Value $ 829,717
Indemnity Inflation Cost/Value $ 369,638
$ 750,000
$ 22,116,565
$ 23,074,386
$ 45,190,951
$ 45,000,000

The estimated market value using cost or replacement approach is $ 45,000,000

SALE OR DIRECT COMPARISON DATA APPROACH

Sales Comparison Approach includes calculating the value of a property by directly comparing it to other
similar properties that have recently sold. This method uses the evidence offered by previous transactions
to determine the value of the property under evaluation. When there is an active market with a large
number of sales data that can be validated from credible sources, this strategy is appropriate.

This method derives value estimations from the sales of properties with comparable qualities to the subject
property. While there were few similar transactions to the subject property, modifications were made to
account for variances in time, size, location, and tenure in order to arrive at a more realistic assessment.

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 VALUTION REPORT SPORTS CITY COMPLEX

THE COMPARABLE SALES USED TO INDICATE THE PREVAILING REAL ESTATE MARKET - SUVA & NASINU
1. GARDEN CITY COMMERCIAL COMPLEX - CORNER OF GRANTHAM ROAD & CARPENTER STREET, RAIWAI, SUVA CITY
Land Title
Land Tenure Freehold
Lot & Plan Details
Land Area 2.1 acres
Zoning Commercial B-Retail Commercial
Vendor Macpolo-War-Sing
Purchaser FNPF
Sale Price $ 54,000,000
Sale Date 29-Sep-23
Number of Retail Shops 30+
NOI $ 5,400,000 per year
% Capitalization Rate 10 %
Contract Rental Rate at time of sale N/A
Market Rental Rate at time of sale N/A

Prospective Future Rental Rate N/A

The best and most comparable
sale to the subject but has an
Comment:
inferior land size, inferior
location & accessibility

2. CHALLENGE PLAZA COMMERCIAL COMPLEX - CORNER OF RATU DOVI ROAD & KAUA ROAD, LAUCALA BEACH ESTATE-NASINU TOWN
Land Title - CT 24128 CT24128
Legal Description - Lot 1 DP 6007 Lot 1 DP6007
Land Tenure Freehold
Sale Price $ 3,300,000
Sale Date 25-Jul-02
Transaction Parties FNPF (Vivras Development Ltd) to Challenge Engineering Ltd
Zoning Commercial B
Number of retail shops at the time
of sale 20
NOI $ 330,000.0 per year
% Capitalization Rate 10

Comment An outdated sale, which took place before the huge renovation and upgrade of the subject property
Has a huge potential to expand and capture retail market opportunities within NTC

3. VACANT FREEHOLD LAND SALE - NADAWA-NASINU LOCALITY

Land Title CT 44012 Lot 1 DP11360
Zoning Commercial/Residential
Land Area 7.6425 acres
Sale Price $ 10,000,000
Sale Date 11/05/2020
Location Nadawa-Nasinu Area
Land Indicative Rate $ 1,250,000 per acre
Parties Nasinu Land Purchase (Vendor) and Vision Investment Limited
Comment The most recent vacant freehold land sale of more than 2 acres in Suva-Nasinu Municipal Councils-Urban areas
A good market indicative land sale, however, adjustments to be made as the subject site is a prime city are freehold commercial land

Thus, out of this market sale compression we have then generated the estimated market value of the
complex
INCOME APPROACH FOR THE SUBJECT SPORTS CITY COMPLEX 4 OCTOBER 2023
PUBLIC SERVICE ASSOCIATION INVESMENTS COMPANY (FIJI) PTE LTD
Rental Income 2023

Potential Rental Income (PGI-future) $ 3,578,341 per year Income Approach Analysis - Summary
Current Rental Income (Contract Rent) $ 283,995 per month Sports City PGI Contract Current Market
Market Rental Income (Today) $ 289,675 per month Income $ 3,578,341 $ 3,407,940 $ 3,476,100
Less Vacancy & Collection Loss@5% $ 178,917 Outgoings $ 485,740 $ 149,730 $ 500,312
Plus Other Income $ 25,000 NOI $ 3,092,601 $ 3,258,210 $ 2,975,788
Effective Gross Income (EGI) $ 3,424,424 per year Cap rate@10% $ 30,926,014 $ 32,582,100 $ 29,757,881
Less Outgoings Indicative Value $ 31,000,000 $ 33,000,000 $ 30,000,000
Maintenance & Mgt Cost@7% of EGI $ 239,710 per year Weights% 20% 20% 60%
Recoverable Expenses $ 25,000 Indicative Value based on weights% $ 6,200,000 $ 6,600,000 $ 18,000,000
Insurance $ 60,000 Indicative Market Value $ 30,800,000
City Rates & Garbage Collection Fee $ 11,300 Adopted Market Value using IA $ 31,000,000
General Outgoings $ 149,730
Total Expenses/Outgoings $ 485,740
Net Operating Income (NOI) $ 2,938,684
Capitalize@10% $ 29,386,843
Round off Market Value $ 29,000,000

The estimated market value by comparable sale technique is $31,000.00

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Furthermore, we also ran through the WQS sale analysis from the data provided for the comparable
sale approach to estimate the market value of the complex. The two-sale data provided was limited
but useful to figure out the market value as one of the commercial buildings was sold early which
was garden city

A Simple WQS (Weighted Quality Score) Analysis of the two sales against the Subject Sports City Complex
Income growth
Site Name Sale Price Location Tenure Improvt. size Comdition
prospect
Garden $ 54,000,000 9 10 8 9 7
C/Plaza $ 3,300,000 6 10 6 8 5

Subject-Sports
?????????? 10 10 7 9 8
City

Weights 35% 15% 15% 15% 20%

Site Sale Price Location Tenure Improvt. size Comdition Income prospect

Garden $ 54,000,000 315 150 120 135 140

C/Plaza $ 3,300,000 210 150 90 120 100

Subject-Sports
?????????? 350 150 105 135 160
City

Weights 35 15 15 15 20

Table:1-1 Calculate your Sale Date & Price Adjustments

ACTUAL SALE SALE DATE AGE OF SALE ADJUSTED

SALE DATA WQS RATING
PRICE ADJUSTMENTS (Months) PRICE

Garden City $ 54,000,000 0.00950 1 $ 54,513,000 860

Challenge Plaza $ 3,300,000 2.39400 252 $ 11,200,200 670

Sports City
???? 03-Oct-23 0 ???? 900
Complex

Note: Sale Date Adjustments is based on assumption of 0.95% growth rate per month
0.95 % growth rate per month

Table: 1 - 2 Ratio Adjustments, Indicated Value & Comparability Using WQS Rating

WQS RATING ADJUSTED INDICATED COMPARABILITY INDICATED

SALE DATA ADJUSTED PRICE
SCORE RATIO VALUE (%) WEIGHTS VALUES ($)

Sale Data 1 $ 54,513,000 860 1.047 $ 57,048,488 99 $ 56,478,003

Sale Data 2 $ 11,200,200 670 1.343 $ 15,045,045 1 $ 150,450

Subject: Sports
??? 900 1.000 100 $ 56,628,454
City Complex

INDICATED MARKET VALUE OF THE SUBJECT USING A SIMPLE SALES-WQS ANALYSIS: $ 57,000,000

The estimated market value using WQS sale analysis is $57,000,000

DCF ANALYSIS

this is most commonly used technique used for accuracy and to get the best estimated value, this is
especially useful for assessing the value of long-term investments when the timing and amount of future

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cash flows are important factors. DCF analysis is a financial valuation approach that uses expected future
cash flows to evaluate the value of an investment or business. Therefore, here is the DCF analysis of 5 year
commencing in 2023

Cash Flow Type Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

Cash Inflow $ - $ 3,407,943.88 $ 3,476,102.76 $ 3,545,624.81 $ 3,616,537.31 $ 3,688,868.05

Cash Outflow $ - $ 149,730.00 $ 151,975.95 $ 154,255.59 $ 156,569.42 $ 158,917.96
Net Cash Flow $ - $ 3,258,213.88 $ 3,324,126.81 $ 3,391,369.22 $ 3,459,967.88 $ 3,529,950.09
Discount Factor 1.00000 0.90909 0.82645 0.75131 0.68301 0.62092

Discounted Cash
$ - $ 2,962,012.62 $ 2,747,212.24 $ 2,547,985.89 $ 2,363,204.62 $ 2,191,821.28
Flow
NPV $ 12,812,236.65
NPV Using
$ 12,812,236.65
HP10bll+
IRR no solution

Terminal Value $ 93,543,677.38

Indicated Current
Market Value of $ 93,500,000
the Investment

The Real Value of

the Investment in
Year 6 & Beyond
Inclusive of the $ 70,895,500.57 $ 70,895,500.57
Terminal Value in
Year 5 (Using
HP10ll+) & Excel

The estimated value of the complex using the DCF ANALYSIS is to be estimated at 70,895,500,57

We also conducted a one-year FPSA DCF VALUCATION based on the year one income

DCF VALUATION APPROACH BASED ON YEAR 1 INCOME

Net Income Yr 1
Net Cash Flow $ 3,258,214
Capitalize @10% $ 32,582,139
Indicative Market Value $ 33,000,000
Market Value using DCF in YR 1 $ 33,000,000

Market valued at $33,000,000

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PART FIVE: RECONCILIATION OF VALUE

INDICATION AND FINAL VALUE ESTIMATE

RECONCILIATION OF VALUATION

VALUATION RECONCILIATION BASED ON ALL METHODS USED FOR THIS VALUATION PROJECT
Valuation Approaches
Replacement Cost Approach
Sales WQS Analysis Approach
Income Approach Analysis
DCF Analysis 5-Year Period -Terminal Value
DCF - Valuation Method
Total Indicative Reconciliation Value
Adopt Market Value for the Subject
Plus Prime Land Site Location & Accessibility
Total Capital Value of the Subject Commercial Site
Adopt the Current Market Value for the Subject
Current Mortgage Security Value
INSURANCE VALUATION SUMMARY
Total Replacement Cost/Reinstatement Value
Depreciated Value or Indemnity Cost
Demolition Cost
Reinstatement Inflation Cost/Value
Indemnity Inflation Cost/Value
Indicative Market Value Adopt Reconciliation Weights% Indicative Weights Value
$ 45,000,000 10% $ 4,500,000
$ 57,000,000 40% $ 22,800,000
$ 31,000,000 20% $ 6,200,000
$ 93,500,000 10% $ 9,350,000
$ 33,000,000 20% $ 6,600,000
$ 49,450,000
$ 49,000,000 $ 49,450,000
$ 23,074,386
$ 72,074,386
$ 70,000,000
$ 49,000,000
COST/VALUE
$ 26,340,224.45
$ 21,366,564.75
$ 1,317,011
$ 829,717
$ 369,638

Hypothetically Apportion of Values Market Value

Market Value of Improvements $ 48,250,000
Value of Other Improvements $ 750,000
Freehold Market Land Value $ 21,000,000
Capital Value $ 70,000,000

Valuation Methodologies:

1. Replacement Cost Approach: This method calculates the cost of replacing a property with a
similar one while accounting for depreciation. It provides a value of $45,000,000 in this scenario,
which adds 10% to the overall reconciliation.

2. Sales WQS Analysis Approach: This approach determines the worth of a property using sales data
and analysis. It has a monetary worth of $57,000,000 and contributes 40% to the total
reconciliation.

3. revenue Approach Analysis: This method determines the value of an asset based on the revenue it
generates. It implies a value of $31,000,000, which accounts for 20% of the reconciliation.
4. DCF Analysis 5-Year time - Terminal Value: This approach entails forecasting future cash flows
for a given time and determining a terminal value. It contributes 10% to a total value of
$93,500,000.

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5. Another DCF technique gives a value of $33,000,000, with a 20% contribution.

Process of Reconciliation:

 Each valuation technique is given a weight that represents its relevance in the total
appraisal.
 Each approach's values are then multiplied by their corresponding weights.

 These weighted values are added together to arrive at the total indicative reconciliation
value of $49,450,000.

The final market value is:

The subject property's adopted market value is $49,000,000.

The value of prime land site location and accessibility is also included, totaling $23,074,386.

As a result, the total capital value of the concerned commercial site is $72,074,386 rounded to
$70,000.00

In summary, the reconciliation procedure integrates several valuation methodologies, weights them, and
totals their contributions in order to arrive at a final indicative reconciliation value of $49,450,000. When
compared to the chosen market value of $49,000,000, the overall capital value of the relevant commercial
property is $70,000.00 when prime land and accessibility are included. It's crucial to remember that
different valuation methodologies provide different findings, and the reconciliation seeks to offer a
complete and balanced assessment of the property's market worth.

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PART 7: REPORT OF DEFINED VALUE

Asset: sport city complex

Defined value: $70,000.00

Date of valuation: 14th September

End date: 4th October

The specified value of the complex is assessed to be $70,000,000 as of 4th October, 2023 in this valuation
report. This specified value is critical for estate planning reasons since it indicates the expected value of the
property, which will be used to distribute it among the heirs in line with the estate plan.

The specified value is based on a thorough examination of the market worth of the property, taking into
consideration aspects such as similar property sales, condition, location, and current market trends. It acts
as a clear reference point for the estate planning process, ensuring that the worth of the property is
appropriately appraised and accounted for in the estate plan.

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PART 8: INSURANCE CERTIFICATE/ REPORT

10TH OCTOBER

The Registered Proprietor

LOT 1 DP 6617 CT 24859,

Grantham Road,

Suva

Dear sir/ madam,

RE: INSURANCE VALUATION CERTIFICATE OF LOT 1 DP 6617 CT 24859 GRANTHAM ROAD, SUVA

In accordance with your instructions given, Harrison & Grierson Consultants Limited has carried out
the inspections and assessment for the above property for Insurance purposes and mortgage purpose
The subject property being double storey buildings offering a total of 20,889.00 square meters space

In our valuation appreciation for insurance purposes, we considered the current market prices of building
materials, labour costs, current inflation rate and the design and condition of the building. After
considering the inspection report, we form the opinion that the values of the improvements are as
follows:

Summary of Insurance Valuation:

 The property's replacement cost/reinstatement value is assessed to be $26,340,224.45.

 The depreciated value, also known as the indemnity cost, is $21,366,564.75.
 The demolition will cost $1,317,011.
 The cost/value of reinstatement inflation is $829,717.
 The cost/value of indemnity inflation is $369,638.

Mortgage Security Value compared. Current Market Value:

 The subject property's current market value is judged to be $70,000,000.

 The mortgage security value, on the other hand, is $49,000,000.

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HIGHLIGHTING IMPORTANT POINT AND LIMITATION

 Accessibility: the site is built at the place where it is accessible from two major road the Grantham
and Laucala bay which adds value to the complex a lot, any future sale of this will add more value
to the site
 Location: the site location is perfectly chosen, taking its value more as this site is convenient to
access and it is located near USP and small campus around USP that also adds value to the site
any future transfer of the site will be profitable
 Demography: the complex has taking into a common factor while constructing the complex that
adds value to the property. The type of demography that typically exists is USP students they
reside near the complex, thus that automatically adds value to the property

Thus, this factor was conceded while preparing this report as this is important of any valuation prepared
for any organization or entity

LIMITATIONS

 The valuer did not conduct any surveys or soil tests.

 This report is solely for the benefit of the specified client and should not be relied on or used by
any other party.
 Anyone else who reads this report assumes all risks associated with its use and waives the right to
act on its contents.

DISCLAMER

This value report is offered solely for informative reasons and comes with the accompanying disclaimer:

1. Limited Scope: This report is based on the data that was available at the time of the appraisal and
is limited in scope. It may not include all features of the property or take into account future
changes, developments, or situations that may impact its value.
2. While every effort has been taken to assure the integrity and reliability of the material in this
report, it is crucial to note that valuation is inherent
3. No Legal or Financial Advice: This report is not intended to provide legal, financial, or investing
advice. It should not be construed as an advice to buy, sell, invest in, or otherwise act on the
property or any connected financial decision.

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4. Use and Reliance: Anyone who uses or relies on this valuation assessment does so at their own
risk. The valuer will not be held accountable for any losses, damages, or repercussions resulting
from any party's use of this report, including third parties.

5. Without the previous explicit agreement of the valuer, possession of this report does not confer the
right to publish, reprint, or use it for any purpose other than its intended scope.

6. Changes in Circumstances: Changes in economic, market, regulatory, or physical factors may all
affect the value of a property. When making property selections, it is critical to consider these
variables.

7. No Warranty: This report is supplied "as is," with no explicit or implied warranty regarding its
completeness, accuracy, or suitability for any specific purpose made by the valuer.

8. Parties seeking legal, financial, or investment advice are recommended to speak with certified
specialists who can give counsel customized to their individual needs and circumstances.

You recognize and agree to the conditions of this disclaimer by accepting and utilizing this valuation
report.

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APPENDIX
CERTIFICATION OF TITLE

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MACDONALD’S AND COST-U-LESS

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MAIN COMPLEX

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