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HERA PROPERTIES
INVESTMENT PROSPECTUS

April 20th, 2015

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KHAIRKHAN DISTRICT
Expected IRR: 18%
Initial Investment Required: US$ 20 million
High profile residential development in key future city hub
Source of Opportunity

NPV (Million US$)

The Khairkhan District project is a landmark 38 hectare

NPV Index Profile
redevelopment project being undertaken by Hera
$60.0
Properties, an established company operating within the
construction materials production, mining and heavy
industry sectors. Hera Properties have, since the outset of
$45.0
the project, taken a holistic view of urban redevelopment,
aiming to provide not only quality housing but also
$30.0
commercial and community facilities that will enable job
creation, spur local-level commercial demand and drive
$15.0
growth of nodal centres outside of the CBD and core
commercial centres. Supported by US$ 16.9 million of
G o v e r n m e n t fi n a n c i n g t o s u p p o r t i n f r a s t r u c t u re
$0.0
development and selected by citizens referendum, this
project, with a total capex of 214.9 million US$ is well
-$15.0
placed to take advantage of demand for over 204,000 new
0% 15% 30% 45% 60%
residential units in the lower and lower-mid end of the
Ulaanbaatar market, as well as plans to relocate core
Government and administrative facilities to a City Hall site adjacent to Khairkhan District.

Key Project Data

Location:
Ulaanbaatar,
Songinikhairkhan District
Site Area:
38 hectare
Location:
9.8km East of CBD
GFA:
18,603 Sq.m
Project Timeline: 7 years
Components:
Residential - 5,088 units
Oce - 60,849 sq.m
Retail - 14,818 sq.m
Education/Health 25,976 sq.m
Hotel - 18,465 sq.m
Investment Required: $20 mm
Payback Period: 4-5 years
ROC: 26%

75% 90%

Investment Thesis
The Khairkhan District project is considered to be a lynchpin
development in Ulaanbaatars affordable property market.
This landmark 38 hectare development, spread across two
adjoining sites, is adjacent to an expansive new City Hall
facility planned by the Ulaanbaatar City Government. This is
set to turn the area into a new nodal hub for the Capital,
adding significant value to the Khairkhan District development
and providing significant drivers for office, hotel and retail
facilities contained therein.
Through contract controls on construction costs the
developer is able to maintain margins of close to 50% on
residential developments, which make up 54% and 72% GFA
across the two sites.
There is pent-up demand in Ulaanbaatar for over 200,000
residential units, concentrated at the low end of the market.
The developer is well placed to access this demand with the
lowest pre-sales price point in the market at 1.5 mm MNT per
sq.m (well within affordability limits even in affordable markets).
The developer has achieved 100% pre-sales on initial
phases of this project and is already marketing

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Detailed Project Overview

Project Introduction
The Khairkhan District ger area re-development is a landmark project among the 12 ger area redevelopments presently taking place in Ulaanbaatar. These redevelopments were initiated by the
Ulaanbaatar City Government during 2012 in an effort to redevelop the sprawling ger areas of the city and
provide affordable, high quality housing for over 800,000 residents presently unable to connect to
centralised, reliable infrastructure. With a target of constructing over 100,000 homes in Ulaanbaatar alone, a
total of 12 redevelopment sites were earmarked across all six central Districts of Ulaanbaatar. A total of 54
companies participated in the redevelopment tender announced by the City Government. Within
Songinokhairkhan District 8 companies were shortlisted, with HERA Properties competing for
redevelopment projects in three blocks: G, B1 and G1 of Songinokhairkhan District. HERA Properties was
awarded the tender as a result of 92.3% of G block residents approving them as the project implementer,
94.3% of B1 block residents approving them as the project implementer and 92% of V1 block residents
approving them as the project implementer. Following this referendum, HERA Properties was awarded
permission to redevelop Songinokhairkhan Districts 5th, 6th and 7th Khoroo areas, covering 52 hectares of
land. This makes the Khairkhan District project among the largest of the ger district redevelopment projects.
Redevelopment of the ger areas is being overseen and monitored by the Ger Area Development Office, an
organisation. This organisation oversees the alignment of private sector developments with the interests of
residents and public policy. They seek to uphold the values of transparency, equitable distribution of social
goods and ensure development of family housing that meets requirements. These project have all involved
high levels of citizen participation and out of 54 companies who entered for 12 development tenders just 10
were selected via residents referendum.

Project History
During 2014 Hera Properties broke ground on the first apartment projects as part of the 202,134 square
meter Khairkhan District project. In June 2014, the Mongolian government provided US$4.9 million for the
redevelopment of the infrastructure for G block. Installation work of new infrastructure was completed by
September 25, 2014. 168 residential units across three 9 level apartment buildings has been completed
(totalling 14,040 sq.m of residential space). One further block, containing 70 residential units and
supporting retail, is presently under construction. Within G block a further 252 residential units in four 9level apartment buildings, are planned, alongside one 9-level block of slightly smaller units. In total 41,436
sq.m of residential space was under construction in 2014.

Project Objective
The core objective of the Khairkhan District project is to provision high quality, low-cost housing for a mixed
community of middle and lower income households. The development forms part of 12 ger district projects,
initiated to provision up to 200,000 new homes within Ulaanbaatar over the mid-term, in keeping with the
central scope of sustainable socio-economic, ecological, cultural and educational development of new
residential areas.

Developer Background
HERA Properties LLC is a subsidiary of HERA Holdings, an established firm operating in Mongolia since
2003. The company operates in diverse sectors, including mining, equipment import and sales, food
manufacturing, transport, construction materials manufacture and property development. The company has
remained in the Mongolian National Chamber of Commerce and Industrys Top 100 Enterprises since
2006. HERA Properties LLC was established in 2014 in order to undertake the Khairkhan District ger area
re-development.

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Key Investment Highlights

The Khairkhan District redevelopment project is an exemplary project as part of the drive to redevelop
Ulaanbaatars ger districts and provide high quality housing to low-income households - with a present
market comprised of 204,000 households. The project is designed around social sustainability, mixedtenure residential and high quality supporting commercial facilities. The Khairkhan District offers a unique
value proposition in that it is being developed adjacent to the site of expansive new City Hall and City
Government facilities, creating a new nodal hub for Ulaanbaatar and undeniable draw-factors for
Khairkhan Disricts residential and commercial facilities.

Accessing Significant Pent-up

Demand in Residential
Markets

1) Over 204,000 households in Ulaanbaatar presently require

good quality housing with access to infrastructure. Demand
is particularly present in Songinokhairkhan District, with an
in-situ population of over 5,900 households making up a
potential immediate market.

Key Location, Set to Become

Major Nodal Hub for Ulaanbaatar

1) The City Government of Ulaanbaatar has decreed that a

new and expansive City Hall facility and supporting
functions of City Governance will be moved to a site
adjacent to the subject development, creating significant
draw factors for commercial facilities and creating a new
westerly power centre for the city.

Government Support Lowering

Capex Costs into Infrastructure

1) The City Government of Ulaanbaatar, in seeking to address

chronic housing shortages, lack of infrastructure and
pollution issues, have earmarked 144,4 billion MNT for
infrastructure development including ger area development.
They have already paid for installation of new power,
heating and water infrastructure for the subject site
(providing US$4.9 million for the redevelopment of the
infrastructure for G block), lowering the cost of
infrastructure capex significantly.

Developer Has Completion

Experience with 100% Presales and Can Maintain
Competitive Price Points in
the Market

1) The Khairkhan District project has been underway since

2013, with over 300 household units completed and sold
entirely in pre-sales. During 2014 Hera Properties broke
ground on the first apartment projects as part of the
202,134 square meter Khairkhan District project. This trackrecord serves as proof of concept for the upcoming project.

Mixed-Use Development over

38 Hectares Focussed on
Mixed-Tenure Residential and
Supporting Facilities That Will
Draw Upon Upscaling
Reputation of Location and
Serve Vast In-Situ Population

1) The core objective of the Khairkhan District project is to

provision high quality, low-cost housing for a mixed
community of middle and lower income households. The
development forms part of 12 ger district projects, initiated
to provision up to 200,000 new homes within Ulaanbaatar
over the mid-term, in keeping with the central scope of
sustainable socio-economic, ecological, cultural and
educational development of new residential areas. It draws
upon key new developments in urban planning and
consensus-based Government initiatives to develop both
physical infrastructure and financing for low-cost housing.

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Macro Market Opportunities

Mongolia Economic Story
Table of GDP Growth Comparison
Between Mongolia and Neighbouring
Kazakhstan and China (1990-2013)

Mongolia is the 19th largest country on earth and yet one of the most sparkly populated nations. Of just
over 3 million citizens, 1.1 million now live in Ulaanbaatar, the countrys capital city. Economic growth for the
nation averages at 9.6% since 2010, peaking at 17.5% in 2011 on the back of major Foreign Direct
Investment into the mining sector. GDP Growth is expected to slow to around 3% in 2015, before rising to
5% in 2016, according to ADB estimates. The estimated value of Mongolias resource wealth is
approximately US$1.3trillion. There are approximately 6,000 known deposits of over 80 different minerals in
the country, including gold, copper, coal, uranium, molybdenum, tin and iron. Yet just 27% of this vast nation
has so far been surveyed in detail.
Despite a substantial increase in mining output, growth in Mongolias gross domestic product (GDP) slowed
to 7.8% in 2014 from 11.6% in 2013. Foreign direct investment continued to fall, and the sizeable monetary
stimulus that kept growth high in the previous year became increasingly difficult to maintain in light of
pressures from inflation and the balance of payments (BOP). As value added in mining increased by 24.2%,
reflecting the first full year of production at the vast Oyu Tolgoi copper and gold mine, industrial production
expanded by 16.1% and contributed 4.8% to GDP growth. This came despite a 16.3% drop in coal
production.
The slowdown in growth has not been an altogether negative story, providing local companies with
breathing space to up-skill and upscale. Political wrangling that soured the nascent mining policy
environment is being overcome and a fresh, open approach to international business is taking root in
Government, exemplified by a new law on foreign investment, introduced in January 2014, reducing
administrative costs and restrictions on FDI into key sectors. Mongolias gross external debt position
remains at around 20.9 billion US$. Lending commitments rose six times during FY 2014, with external debt
standing at 1.8 times GDP (state and central bank debt making up 43% of GDP). These figures are
considered reasonable and monetary and fiscal policy are presently being tightened to contain inflationary
and BOP pressures, leading to lower GDP growth during 2015-2016 but a more sustainable recovery.
Ultimately Mongolias future is a bright one, driven by mining exports and upscaling of the agricultural
sector. New laws on casinos currently under consideration will also expand tourism markets. Despite
Chinas waning demand for coal, the reserves of gold, copper, rare earth metals, uranium, silver and other
mining products will sustain economic growth in the nation, undergirded by the development of new raillinks and roads, easing infrastructure bottlenecks and connecting this vast nation with its resource hungry
neighbours. In 2016, the GDP is expected to increase to 12.93 USD Billion. World Bank figures indicate that
in the long-term, the GDP in Mongolia is projected to trend around 13%, expected to reach 19.07% by 2020
and giving a gross nominal GDP of 31.22 USD Billion by 2050.

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Real Estate Markets - Pent-up Demand

Within the immediate vicinity of the project current residential density is low, with population figures supplied
by the National Statistics Office of Mongolia indicating that there are 5,977 households resident in the 5th,
6th and 7th Khoroos of Songinokhairkhan District. Of these 3,191 households previously resided in informal
housing (detached), whilst 2,700 resided in gers year-round. This provides a potential in-situ market of
suitable size to take up a majority of units planned as part of the Khairkhan District development. Beyond
the in-situ market is a broader middle and lower income market estimated to be growing with a CAGR of
5.03%. With a total quality housing stock of around 165,000 units at present, it is estimated that there is
demand for around 200,000 units in the broad market, much of this at the lower end of the pricing scale.
In order to tackle housing shortages, precipitated by rapid in migration that has swelled the population of
Ulaanbaatar from 560,000 in 1990 to 1.37 million in 2014, the City Government and Government of
Mongolia implemented a dramatic housing infrastructure plan, supported by State budgets. This incentive
plans to provide 30% of the Mongolian population with adequate housing by 2015, with this figure set to
reach 67% in 2021. The pent-up demand is being released into the market through expansion of mortgage
markets - offering low-interest mortgages to low-income households, backed by Government bond
issuances.
Number of New Apartments in Mongolian Market
30000#

70,000

24744#

25000#

60,000

20000#

50,000

14564.8#

15000#
10000#
5000#

Number of Mortgages Issued (Cumulative)

40,000

9899#
30,000

9,543.9#

1823.6#

0#

20,000

16,700

10,000

2010

2011

2012

2013

2014*

Commissioned#apartments,#houses#

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Total#square#meter#of#the#commissioned#apartments,#thous.m2#
Housing#stock,#thous.m2#

In concert with mortgage market expansion, the City Government embraced on a large-scale
redevelopment of the citys informal housing areas or ger districts. The redevelopment program started in
2013 with 8 areas. Extended up to 24 areas, covering 1,325 hectares of land with 13,518 plots. Around
780,00 housing units will be built on these areas by 2020. This was incorporated into a national strategy to
provide 100,000 new, high-quality homes. Government involvement in the ger district redevelopments has
been to provide significant incentives to developers to enter the low end of the market. From supporting triparty agreements in order to enact the purchase of land to large-scale extension of infrastructure into these
areas in order to supply new-build properties with reliable electricity, potable and waste water supplies and
heating via Ulaanbaatars central grid. The Government infrastructure program earmarked 144,4 billion MNT
for infrastructure development including ger area development.
The Khairkhan District development is a key development, Government backed and approved by residents
of the Soninokhairkhan District. Its guiding principle is to construct high-quality, low-cost homes for mid to
low income households living in Ulaanbaatar. The broader objective of the project is to integrate with the
City Governments 2030 Master Planning agenda of creating a new urban hub within Songinokhairkhan
District, stimulating the urban revival of this district and generating a sustainable live-work community of
over 5,088 households.

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Real Estate Markets - Competitors & Growth Potential

In terms of direct competitors around Ulaanbaatar, the Khairkhan District project is one of the
smallest in terms of total new units, minimising risk. It also offers the lowest price-point among key
competitor projects at present. Within the affordable housing markets price-point remains key
differentiator and provides the subject project with a clear value proposition.

Competitor Pricing Analysis

2,500,000
2,000,000
1,500,000
1,000,000

Khairkhan District

Zag Group

Beren Group

Average

Baganat Urguu

Resi Market Average

500,000
Gangar Holding

Pre-sales Price (MNT)

3,000,000

Affordability remains a key concern within the low and middle income housing markets of
Ulaanbaatar. Significant pent-up demand for low-cost housing is hampered by limited access to
commercial housing finance at present within the Mongolian banking system. With pricing set at
1.5 million MNT per square meter at present, the Khairkhan District developments residential
units (which make up 54% or G Block built area and 72% of V1 and B1 block development) are
almost all within the range of affordability considering standard mortgage lending practices and
the average household income for Ulaanbaatar of 924,000 MNT per month. This sets the
Khairkhan District development apart from competitors in terms of value and market access.
As the graphs below indicate, Ulaanbaatars residential and commercial markets show sustained
growth, even during the recent macroeconomic slowdown. Despite small contractions in mid-end
residential pricing during 2014 (6% across the broad market), average price growth has been
sustained at 8% CAGR over the past decade, keeping up with inflation. It is set to continue to rise.
Commercial markets show even more impressive growth, with rental price for office spaces
increasing threefold during last 7 years, with retail prices increasing 11 times during the past 12
years. These figures show great growth potential in the Ulaanbaatar markets as new commercial
hubs rise, pent-up demand for residential space is accessed and infrastructure grows.
Residential Sales Price, MNT per sq.m
2,200,528 ($1169)

2013

2,014,389 ($1203)

2012

1,809,217 ($1296)

2011

1,575,623 ($1147)
1,255,150 ($999)

2009

1,189,650 ($842.5)

2008

1,044,624 ($850)

2007

643,621 ($550)

2006

457,292 ($377)

2004
0

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($446)

20

547,657

03

593,429 ($509)

2005

500,000

1,000,000

6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000 429,590
0

1,500,000

2,000,000

2,500,000

5,566,000
4,700,000
3,900,000
3,300,000
2,025,000
1,336,500
668,250

20

2010

Retail Sales Price, MNT per sq.m

04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
1
20 3
1
20 4
15
*

2014

Series1
Retail price

8 of 14

Project Risk Factors

Hera Properties, in collaboration with M.A.D. Investment Solutions (A RICS Regulated company) have
conducted detailed feasibility planning for the subject project, identifying key risk factors and mitigants
on behalf of potential investors and lenders. Because of the track-record of the developer, significant
market demand and careful financial planning already undertaken, the developer is able to effectively
manage external risk factors and take advantage of opportunities outlined below.

Khairkhan(District(Rist(Factor(Analysis(
LOW#END#OF#MARKET#
VULNERABLE#TO#
MACROECONOMIC#
2#
SLOW#RECOVERY#OF#
ECONOMY#LEADING#TO#
SLOW#UPTAKE#OF#

1#
0#
!1#

SIGNIFICANT#
COMPETITIVE#MARKET#
SUPPLY#

!2#
RISK#OF#8%#MORTGAGE#
NOT#BEING#EXTENDED#
RISK#OF#NON!
COMPLETION#OF#NEW#
CITY#HALL#PROJECT#

!3#

LIMITED#LOW#END#
MARKET#
DIFFERENTIATION#
CURRENCY#RISK#FOR#
FOREIGN#CURRENCY#
DENOMINATED#RISK#AND#

Areas of Opportunity
The capacities of the developer and specific attributes of the development have the most significant
synergy with pent-up demand in residential markets. Price controls, in-situ population and new Government
facilities planned for the adjacent site all magnify pent-up demand within the lower and middle income
residential markets. The large in-situ population and overall location of the project also magnify the
opportunities presented by the fact that the adjacent site is likely to be home to new hub for Ulaanbaatar.
Areas of Mitigation Strength
Overall, The project and developer strengths performed well in mitigating the key risk of low-end market
vulnerability to macroeconomic shocks and continuing downturn. Low price points, developer synergies
with construction materials supply, government infrastructure report and the potential of large-scale
Government facilities being moved to a new urban hub next to the project, all served to somewhat mitigate
threats of reduced incomes, lower margins and slowing sales. Threats to bank financing of mortgage loans
remains, as does the threat of inflation, although these two outcomes are worst-case scenario only.
Areas of Concern
By far the greatest area of concern is the fact that the low end of the market is extremely vulnerable to
external shocks and downturns as a result of slowing macroeconomy. This will potentially result in lower
purchasing power of households, and constricted project financing by local lenders. With low margins at
the lower end of the market there are limited options for refinancing and lowering prices to meet lower
demand profiles were purchasing power and wages to fall across the economy.

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Macroeconomic Risk Factors

M.A.D. Investment Solutions has also undertaken analysis of key risk factors in the Mongolian
macroeconomy which could potentially impact the Khairkhan District development. These are listed below
and ranked by likelihood of occurrence and potential impact upon the subject project.
Macro Risk

Probability Impact Upon Project

of
Occurrence

Mitigants

Deterioration of
investment policy
environment

LOW

Project will be delayed as a result of

lack of investment, resulting in
damage to reputation and poor presales.

Low-cost housing is a robust domestic market

in Ulaanbaatar, reducing the need for strong
international investment in supporting industries
/ sectors, although overall economic impact
would be strong.

Oyu Tolgoi
Agreement not
signed

LOW

This lynchpin project is the gateway

to improved FDI, if agreement
collapses and phase II is not signed
the overall investment climate of
Mongolia will likely remain sluggish
and FDI will continue to fall.

Overall impact on the economy would lower

spending power over the mid- to long- term and
reduce effective market absorption rates,
although current pricing makes the project
highly competitive in this case.

Parliamentary
collapse

LOW

Projects initiated by Government,

including the 100,000 homes project
would likely be suspended or
reconfigured, causing delays and
potential removal or delays to
Government financing.

The majority of Government financing for the

project is already invested and as a multi-stage
project plans could be redrafted in order to
remove functions paid for by Government, or
seek alternative financing and disposal for
these assets.

Distress in
construction sector

MEDIUM

Distressed assets would enter the

market, driving down prices, with
potential for greater price
competition.

Khairkhan District residential and commercial

prices are already highly competitive, inuring
against downturn. Margins are high enough to
weather potential distress and price
competitiveness.

Rising inflation or
hyperinflation

MEDIUM

Would render foreign current

investment highly risky and lower
purchasing power, potentially stalling
the project and sales entirely.

Significant impact upon household incomes

and expenditure -partly mitigated by pricepoints, although would result in slower sales.

Heavy involvement of
the Government in
private sector

MEDIUM

If the Government intervened in

pricing structures and mortgage
lending further this could skew
markets, introducing distortions in
sales and project viability.

Project is already well supported by the

Government of Mongolia and the City and
National Governments are highly incentivised to
provide commercial solutions to pollution and
housing issues in the 'Ger Areas of the Capital.

Slow recovery of
mining prices and
overall mining sector

MEDIUM

As the lynchpin of the economy this

would have trickle-down impact upon
jobs and economic growth,
impacting affordability.

Overall impact on the economy would lower

spending power over the mid- to long- term and
reduce effective market absorption rates,
although current pricing makes the project
highly competitive in this case.

High fiscal debt and

risk of default

MEDIUM

Risks exacerbating inflation and

reducing investment viability,
including risk of withdrawal of
Government financing as a result of
IMF restructuring.

The majority of Government financing for the

project is already invested, although overall
spending power may be reduced and the 8%
mortgage may be withdrawn, significantly
reducing overall market and leading to funding
bottlenecks that could not be overcome through
commercial lending.

Poor liquidity in local

banks

HIGH

Rising cost of borrowing or lack of

debt facility, threatening completion
of the project.

Project will seek loans from third-sector lenders

as profile is appropriate.

Increase in NPLs

HIGH

Lack of debt facility, threatening

completion of the project.

Project will seek loans from third-sector lenders

as profile is appropriate.

Increased foreign
exchange fluctuation
and falling MNT

HIGH

Foreign currency investment risk and

rises in construction materials
pricing, threatening profitability and
investment value

Pre-purchasing of materials, pricing control in

contracts. Properties must transact in MNT so
profitability risks still pertain and are not able to
be effectively hedged.

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Investment Structure

Investment Required
The Developer, Hera Properties, is seeking US$ 20 million in investment in order to undertake development
of the Khairkhan District project. They are willing to offer equity in the project in return for this investment.
Equity offered is 25% of total project equity. This provides a total investment return of 18% Over 6 years,
based upon an EBITDA figure of 20.9%.

INVESTMENT OFFERING
Investment Required
Payback Period

US$ 20,000,000
5 years

Equity Share

25%

IRR

18%

Investment will be made directly into the project via a special purpose vehicle, which will hold the
cash flows from the project.

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Financial Data

FINANCIAL SUMMARY
Total Development Cost

436,960,029

Total Development Prot

540,404,517

Prot on Cost

24%

Prot on Cost IRR (including cost of nance)

4%

KEY PROJECT DATA

Required investment

US$ 20,000,000

Required Debt

US$ 20,000,000

Return on Cost

26%

Return on Investment

20%

Total Project site

38 hectare

Total Construction Work Area

Cost of infrastructure Financed By
Government of Mongolia
Total Project Cost

477,298
US$ 16,900,000
214,902,527

FINANCIAL BREAKDOWN

Total amount
/thous MNT/

Total amount
/thous USD/

% of net revenue

NET REVENUES

540,418,791

$271,567.23

100%

Construction cost

406,768,921

$204,406.49

75.3%

COGS

406,768,921

$204,406.49

75.3%

Sales & marketing

10,604,056

$5,328.67

2%

General & Administration

10,283,052

$5,167.36

1.9%

TOTAL COST

427,656,029

$214,902.53

79.1%

EBITDA

112,762,762

$56,664.70

20.9%

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Media

Rendering of residential community, showing

landscaped area and community space

Commercial facilities

Office and commercial facilities renderings as

part of V1 & B1 block

Public and commercial facilities at the entryway

to G Block

Public and commercial facilities - School

facilities

Commercial facilities

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Project Layouts

V1 & B Block
Phase II
CITY HALL SITE

G Block
Under
Construction

V1 & B1 Block renderings, including City Hall

building in the right of the image

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G1 Block rendering, including City Hall building

in the left of the image

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Visual Data for the Khairkhan District Development

GFA Breakdown by Use V1 and B1
Blocks

GFA Breakdown by Use G Block

1%
6%2%
4%
12%

40%
54%

3%
72%

Residential
Retail
Office
Industrial

6%

Residential

School / Kindergarten
Hotel
Healthcare

Commercial

Office

Sales&Plan&by&Residen.al&Unit&Type&
25%#
20%#
15%#

9#LEVEL#63#APARTMENTS#

10%#

9#LEVEL#54#APARTMENTS#
12#LEVEL#APARTMENTS#

5%#

15#LEVEL#APARTMENTS#

24
#

23
#
M

on

th
#

22
#
M

on

th
#

21
#

th
#

th
#

on

on

th
#

on
M

Cumula&ve)Capex)by)Concept)

19
#

20
#

18
#
M

on

th
#

17
#
M

on

th
#

16
#
M

on

th
#

15
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#
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8#
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7#
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6#

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5#
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0%#

Cumula&ve)Value)by)Concept)

!400,000,000!!

!600,000,000!!

!350,000,000!!

!500,000,000!!

!300,000,000!!
!250,000,000!!

Other!Community!Facili>es!

!200,000,000!!

School!

!400,000,000!!

Other!Community!Facili>es!
School!

!300,000,000!!

Commercial!

!150,000,000!!

Residental!

Commercial!
!200,000,000!!

Residental!

!100,000,000!!

!100,000,000!!

!50,000,000!!
!"!!!!
1!

2!

3!

4!

5!

6!

7!

8!

9!

!"!!!!

10! 11! 12! 13! 14! 15! 16! 17! 18! 19! 20! 21! 22! 23! 24! 25! 26! 27! 28!

1!

Projected)Sales)Revenues)

6!

7!

8!

9!

10! 11! 12! 13! 14! 15! 16! 17! 18! 19! 20! 21! 22! 23! 24! 25! 26! 27! 28!

9"Level"56"Apartment"
9"Level"63"Apartment"
"9"Level"63"Apartment""

31,476,127'
5,371,676'

Prepared by

5!

103,594,851'

55,602,135'

2016'

4!

9"Level"80"Apartment""

135,858,697'
87,512,937'

3!

Sales&Revenues&by&Segment&

Projected'Sales'Revenues'

110,786,360'

2!

"12"Level"Residen9al""""

2017'

2018'

2019'

2020'

2021'

2022'

2023'