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LE MERIEN DA NANG RESORT & SPAPROJECT

1. Introduction of the investor:Full Name: INVESTMENT CORPORATION SAIGON - DA NANGTransactions in foreign names:SAIGON - DA NANG INVESTMENT CORPORATIONAbbreviation: SDNAddress: 61A Nguyen Van Cu Street, Hoa Hiep Bac ward, Lien Chieu District, Da Nang City.

2. Overview of the project: Investment project nameVietnamese name: TOURIST RESORT AND COASTAL LUXURY VILLA DA NANGEnglish name: DA NANG LE RESORT & SPA MERIENInvestment Location: The project will be deployed in the eastern zone of coastal tourist routeSon Tra - Dien Ngoc Khue My Ward, Ngu Hanh Son district, Da Nang city on the land with anarea of 12 hectares with boundaries as follows:- North: bordering the sea resort of Asian Pearl- South: land borders a public beach- East: East Sea- West: Bounded Son Tra - Dien NgocTotal investment: 105,346,007Scheduled start time: 04/05/2010Type of investment: equity, loans from other sources mobilized legally prescribed law.Capacity: 48 villas for sale and / or lease for the object is legally allowed, 149 luxuryapartments for sale and / or lease for the object is permitted by law;Product: Construction business conference destinations, seminars, weddings; Rental ofconference venue, conferences, weddings and events; Business hotel services, conferenceservices, conferences, weddings and events; Business catering services, entertainment,sports and other services catering resorts and residences; Business services real estatemanagement.Labor: the number of employees in the project will be over 500 peopleConsumer market: with the advantages were analyzed and the statistical data on the situationof tourism in Da Nang, we can confirm that the travel market and will grow rapidly andpromises more optimistic for any investor to Danang in the field of tourism and services. Itcan be said that the size and location of the project when implemented will bring operationaland economic efficiency is very high society.

3. Location 3.1 Location of project implementation3.1.1 Building location geography The project is built on an area of 12 ha area in the east, the coastal tourist route Son Tra -Dien Ngoc Khue My Ward, Ngu Hanh Son district, Da Nang city.The land with the adjoining side as follows:North: bordering resort Pearl of Asia.South: adjacent public beach.East: East Sea.West: borders on Son Tra - Dien Ngoc.

3.2 Area's status3.2.1 Natural conditionsBased on the references and recorded pursuant to the geological survey works in theneighborhood, they said construction stratigraphic is a complex area, from the ground to adepth of about 20m with all structures is fine sand and dust is weak, load capacityinadequate. From 20m to 35m depth, which is composed mainly of clay, load capacity

uneven. From a depth of 30 meters or less, composed mainly of coarse sand and grit, withgood load capacity, bedrock at depths appear on 60m or less.

3.2.2 Climate Conditions Like the city of Danang, the site of the project lies in the typical tropical monsoon climate ,high and low temperature fluctuations are dominant with typical tropical climate in the south.Each year there are two seasons: the rainy season lasts from August to December and the dryseason from January to July, there are occasional winter cold spell, but not bold and not last.

3.2.2.1 TemperatureThe annual average temperature: 25.6 ° CThe average highest temperature: 29 ° CThe lowest average temperature: 22.7 ° CAbsolute maximum temperature: 40.9 ° CAbsolute lowest temperature: 10.2 ° CThermal vibration amplitude between day and month in a row in years between 3-5doC

3.2.2.2 humidity (%)The average air humidity of 82%The highest air humidity average: 90%The lowest atmospheric humidity average: 75%Air humidity absolute lowest: 10%

3.2.2.3 Rain (mm)Average annual rainfall: 2.066mmThe largest annual rainfall (1964): 3.307mmHighest rainfall (1974): 14.000mmThe largest daily rainfall: 332mmThe annual average number of rainy days: 144 daysThe month with the highest average of rainy days: 22 days (in October each year).

3.2.2.4 SunnyThe average number of hours of sunshine: 2,158 hours / year.The average number of hours of sunshine most: 248 hours / month.The average number of hours of sunshine at least 120 hours / month.

3.2.2.5 Evaporation of the waterThe average evaporation: 2107mm / yearWater evaporation is the biggest month: 241mm / year.Water evaporation is the lowest month: 119mm / year.

3.2.2.6 CloudOverall average flow: 5.3Average traffic infrastructure: 3.3

3.2.2.7 WindPrevailing wind direction summer (June 4-9): The east windThe average wind speed: 3.3 m / s; 14m / sWinter prevailing wind direction (thang10-3): Wind North, northwest wind.Highest wind speed: 20 -25m / s.

3.2.2.8 StormHurricanes usually appears in the May 1,10,12 and usually 9-12 storm, accompanied by heavyrain and causing floods lut.Khi prolonged storm wind speeds up to 40m / s. Recently it oftenhas storms with winds up to level 14-15.

4. Project Charter:Danang City is located in the middle of the country, traffic axis North - South. On the road,rail, sea and air, the capital Hanoi and 746 km north of Ho Chi Minh City and 964 kilometerssouth. In addition to this central Danang visitors can tour the world's cultural heritage is theCitadel, Hoi An and My Son Holy Land endowed addition to pivot to a coast very beautiful cityit is rated as one of 5 cities with the most beautiful natural coastline in the world.

With its geographical location, traffic and favorable natural conditions, Da Nang has become amajor tourist destination of the country and attracts many international visitors. Compared tothe number of visitors to the Da Nang Vietnam accounts for about 15% and the number isgrowing rapidly. In particular, the number of passengers to the city through the cruise line isnot also increased rapidly over the years.On the other hand, the policy development of the city in the coming years special attentionand priority to the tourism sector and services, namely:- Strive to increase the share of tourism in GDP to 16.5% in 2010.- To build Da Nang become a tourist center, diversifying forms of tourism, resort, beach,ecotourism, tour, paying attention to both international tourism and domestic tourism,contributing expand international exchanges and cooperation and investment.- Plan for tourism development of Ba Na, Son Tra Peninsula and coastal tourism Han River. DaNang tourism development linked to tourism overall Hue - Da Nang - Quang Nam - Highland,while Da Nang tourism development in national relations and Southeast Asia.Besides tourism real estate market in Danang is on the fast growing and promising a brightfuture.General design principle of the project is consistent with the coastal space, along with thelocation advantages within easy reach of the route Son Tra - Dien Ngoc.Furthermore, Le Meridien Danang Resort & Spa is designed according to the planning step,how the land boundary along the Son Tra - Dien Ngoc 20m, a land boundary along the westside 2 - North, East - South of 10m and a side boundary area 50 meters towards the sea,creating a spacious and airy. As designers take advantage of the ocean views of the landscapefrom the Non Nuoc, My Khe, Son Tra Peninsula, Cham Islands and the Truong Son mountainrange in the west - north to Danang Luxury Resort has the building blocks to be put towardsthe maximum exploitation of the landscape vision to this.As planned, Le Meridien Danang Resort & Spa will be the friendly resort, located located alongNon Nuoc tourist area. Coast was Forbes, America's leading magazine voted as one of thebeautiful beaches and attractions on the planet in 2005. It is considered an ideal location fortourists because tourism is a hyphen between the Five Mountain with three world culturalheritage is the ancient town of Hoi An, My Son Sanctuary and Hue ..In order to create a unique style for this high-end resort, Le Meridien Danang Resort & Spa isplanned to occupy greenery covering ground area equivalent to 49% of the entire area,including garden green lawns, lake landscape, golden sand.Le Meridien Danang Resort & Spa is expected to be put into operation in late 2011.With the above analysis, we believe that when the works are completed to the area will createa new architectural face of severe negative effects of modern 1 while creating harmony forthe surrounding landscape. Besides, ideally of the land will bring to businesses and visitors amodern work space and elegant period meaningful rest.

5. Triple constraints

Project planning

1. Work breakdown structure

2. The overall plan of the project:2.1 IntroductionProject 2.1.1The overall objective of the project short-term objectives: (i) Develop and operate a resort of international standard, including resort hotels 5 starstandard rooms and includes approximately 348 items related utilities;(ii) Construction and sales of about 48 villas for sale and / or lease to the subjectsauthorized by the law permits;(iii) Construction and sales of about 149 apartments for sale and / or lease for the object ispermitted by law;(iv) Develop business conference area, workshops, weddings;(v) leasing conference venue, conferences, weddings, events,(vi) business hotel services, conference services, conferences, weddings and events;(vii) business catering services, entertainment, sports and other services catering touristresorts and housing;(viii) business management services of real estate.

long-term objectives: LE Meridien Danang Resort & Spa is expected to completed and put into operation in 2015,contributing to meet the increasing demand of people on tourism and resorts in populartourist cities of this Central. Le Meridien Danang Resort with Spa, the first in Vietnam will have5+ star standard hotel with special features will please visitors and will contribute importantin attracting international tourists Vietnam. Additionally, the advent of the tourist areas andluxury resorts which meet the needs of tourism, the increasing resort of domestic and foreigntourists; contribute to improving the quality of life and local economic development.The introduction of the resort area and seaside villa 5 star luxury suggesting Saigon InvestGroup and Investment Joint Stock Company Saigon - Danang increasingly diversifiedinvestments in all sectors, especially the foresight to smokeless industry potentials in Vietnamtoday. In the future, this will be the sector's strategic investment SGI.

2.1.2 The need to invest a. Macro reasons:Danang is located in the middle of the country, traffic axis North - South. On the road, rail, seaand air, the capital Hanoi and 746 km north of Ho Chi Minh City and 964 kilometers south. Inaddition to this central Danang visitors can tour the world's cultural heritage is the Citadel,

Hoi An and My Son Holy Land endowed addition to pivot to a coast very beautiful city it israted as one of 5 cities with the most beautiful natural coastline in the world.with its geographical location, traffic and favorable natural conditions, Da Nang has become amajor tourist destination of the country and attract more international tourists. Compared tothe number of visitors to the Da Nang Vietnam accounts for about 15% and the number isgrowing rapidly. In particular, the number of passengers to the city through the cruise line isnot also increased rapidly over the years.On the other hand, development policy of the city in the coming years special attention andpriority to the tourism sector and dich services, in particular:- strive to increase the share of tourism in GDP to 16.5% in 2010.- Developing Danang into a tourist center, to diversify the types of tourism, resort , swimming,ecotourism, tour, paying attention to both international tourists and domestic tourists,contribute to expanding international exchanges and investment cooperation. - development planning to travel from Bana Son Tra peninsula and coastal tourism Han river.Da Nang tourism development linked to tourism overall Hue - Da Nang - Quang Nam -Highland, while Da Nang tourism development in national relations and Southeast Asia.Besides being the chapter the traditional festival is held annually is an occasion where touristsflock to Da Nang, especially the annual fireworks festival is the destination of most tourists toVietnam in October 3. Besides the villages traditions are preserved and developed.also a lot of other festivals such as the Fish festival, festival of American Hoa village, An Haivillage festival ... the traditional village is also the strength of tourism Da Nang which is formed from a long hilland constantly preserved, maintained and developed. the village of non Nuoc stone carving has more than 20 companies, 430 businessestablishments with more than 4,500 employees. Revenue from annual stone carving craftnearly 100 billion. Located right in the heart of Ngu Hanh Son, so long village of Non Nuocstone carving has become a sightseeing and souvenir shopping attraction of tourists to DaNang every time.Besides the numerous villages and danang festival is known for many beautiful landscapesthat nature has bestowed favor, as well as the efforts of the people to build a tourist citywhich is equal to its potential:b. Micro reason:According to the research results of Savills VN - corporations offer great real estate services inVN, forecasts to 2015, about 15 projects will be developed apartments in Da Nang, providingmarketing the 7,600 apartments. Only in QIII / 2009, 6 projects were launched to the market,about 387 villas. In particular, the project Blooming Tower, Hyatt Regency Olalani andincomplete construction was vibrant. Many places were booked subscribed. This is most clearly demonstrated in 2009, has 6 projects were launched to sell around 387villas and 800 apartments for $ 400,000 to $ 2.5 million, but was fast unexpectedconsumption. In it, 100% of the 95 apartments in the building Indochina Riverside, priced from170,000 to 1.99 million were sold; Danang Plaza 168 apartments under construction alreadysold 71%; 154 villas at the Hyatt Regency Danang with prices from 2.6 to 3.7 million underconstruction but already sold 82%. Similarly, 37 of the 40 luxury villas at The Nam Hai (QuangNam) was sold to the company, foreign investors and individuals in VN.C. The competitiveness of the project: Currently, in Danang, with over 20 hotels and resorts 3 stars or more, providing nearly 2,000rooms. However, market resorts and hotels in Danang are diverse, many smaller hotels, butlacks provision luxury hotels (4-5 stars). Demand also erratic, depending on peak season oftourists. Such as festival preparations International Fireworks Competition (27-28.3.2010), farhotels, resorts, inns even have been fully booked months in advance. In 2009, the cityattracted over 1 million visitors. In the next 5 years there will be about 42 hotels, bringing thetotal number of rooms 3-5 star class hotel rooms to 7,000. in which the supply of 5-star hotelsand 4,300 rooms 24 projects. Verdict Overall, the market for sale and real estate villa tourismis only a small segment, by launching products on the market are mostly for high-income

earners. However, the VN high income tend to want to own a second home as a place of restand tourism. So, with these advantages were analyzed and the statistical data on the situation of travelerslich Da Nang, we can confirm that the travel market and will grow rapidly and promises moreoptimistic for any investor to Danang in the field of tourism, services breast. It can be saidthat the size and location of the project when implemented will bring operational andeconomic efficiency is very high society.

2.1.3 The legal basis of the project:Technical Explanation of Project Economy judgment is made based on the following grounds:- the Enterprise Law No. 60/2005 / QH11 passed by the National Assembly on29/11/2005;- Investment Law No. 59/2005 / QH11 passed by the National Assembly on 29 / 11/2005;- Land Law 13/2003 / QH11 passed by the National Assembly on 26/11/2003;- Tourism Law 44/2005 / QH11 passed by the National Assembly on 14/06/2005;- business Law real estate 63/2006 / QH11 passed by the National Assembly on29/06/2006;- Housing Law 56/2005 / QH11 passed by the National Assembly on 29/11/2005;- export Tax Law, imports 45 / 2005 / QH11 passed by the National Assembly on05.14.2005;- Decree No. 108/2006 / ND-CP dated 22/09/2006 of the Government providing detailedguidelines for implementation of the Investment Law;- Decree No. 181/2004 / ND-CP dated 29/10/2004 of the Government to implement theLand Law; Decree No. 84/2007 / ND-CP of the Government dated 25/05/2007 additionalregulations on granting land use right certificates, land acquisition, implementation of landuse rights, order and procedures compensation, support and resettlement when the Staterecovers land and resolving land claims and;- Decree No. 24/2007 / ND-CP dated 14/02/2007 of the Government detailing theimplementation of the enterprise income tax Law;- Decree No. 195/2005 / ND-CP of the Government dated 18/12/2005 detailing theimplementation of the Law on export and import tax;- Decree No. 153/2007 / ND-CP dated 15/02/2007 of the Government detailing theimplementation of the Law on real Estate business;- other current regulations of the State.

2.1.4 technology and machinery of the project:a. Machinery and equipmentin order to ensure quality of service with international standards, ensure the competitivenessof the project with other similar projects have been and will be implemented in the future, theproject focus on equipping the machines, new equipment and modern synchronous meetinternational requirements and matching services, serving utility. In addition to newequipment, the project will focus on the work and ensure warranty and maintenance in orderto utilize and maintain the highest level of features used machinery and equipment.The project will also prioritize use of machinery and equipment manufactured or supplied inVietnam market. The equipment does not manufacture or supply in Vietnam market, theproject will proceed imported under the current provisions of the law of Vietnam on importand export.The following is a list of some equipment equipment and materials of the project will bepurchased at the local market:• constructionSteel• construction materials (bricks, sand, stone, cement, wood, etc ...)• decorative stone, landscapedthe• some ofconstruction machinery dedicated• some interior decoration (lamps, furniture, floor mats, sanitary equipment, etc ...)b. technologyapplied

iswith industry characteristics "are not smoke "and to work towards international standards,the project will be focused on technology specific characteristics include the following stagesin order to maintain and enhance the advantages and strengths of the project compared withother competitors. In particular, the project will sign a contract with a management companywith experience and international prestige to organize the management of the project ingeneral and organized the training of project staff, thereby diversifying and continuouslyimprove service quality in particular to become a resort of international standard, prestige inVietnam and the region.in order to facilitate thoughtful customer service and create the impression of the individualtourism to international standards of services provided to customers. This will be manifestedthrough the food, drinks, decorations, room service, etc ..., which will create a new feel whenexposed to a new land and a new culture for Foreign tourists. As for the tourists in thecountry, will create a modern feeling, coal rod and close to international standards.

II. Budget and cost estimates for the project Total investment: 105,346,007Equity: 29,500,000Loans: 65,368,007 with interest rate 6.3% / year over 18 years to payInvestment for each type of fixed assets: 24,592,058, while depreciation is 10 yearsWorking capital: 39,978,000Estimation for the project:Through the process of analysis and forecasting gave us the following result:Direct expenses: 20,014,213Indirect costs: 18,130,773Other expenses: 15,411,467Corporate income tax: 22% / year = 320.910The cost of equity after tax: 1,647,274Table estimated cost: sheet 7Table estimated working capital: sheet 2Estimated revenue table: sheet 6

Financial analysis

Depreciation

No.

Interpretationvalue(US $)

NumberofyearKH

2014 2015 2016 2017 2018

4 5 6 7 8

I. COST OF BUILDING, DESIGN, MANAGEMENT

60,750,412

6,075,041

6,075,041

6,075,041

6,075,041

6,075,041

1 Hotels 39,142,899

10 3,914,290 3,914,290 3,914,290 3,914,290

3,914,290

2 Villa 412.835412.835412.835412.835412.835

10 4,128,347

3 Apartment 13,945,429

10 1,394,543 1,394,543 1,394,543 1,394,543

1,394,543

4 Other facilities 353.374353.374353.374353.374353.374

10 3,533,737

II.

EXPENDITURE EQUIPMENT COSTS

8,599,973

1,719,995

1,719,995

1,719,995

1,719,995

1,719,995

1 Hotels 5,539,089

5 1,107,818 1,107,818 1,107,818

1,107,818

1,107,818

2 Villa 117.953117.953117.953117.953117.953

5 589.764

3 Apartment 394.682394.682394.682394.682394.682

5 1,973,410

4 Utilities 99.542 99.542 99.542 99.542 99.542

5 497.709

III.

EXPENSES OPENING COSTS

376.975 376.975 376.975 376.975 376.975

5 1,884,874

V.

TERM LOAN INTEREST IN CONSTRUCTION

823.637 823.637 823.637 823.637 823.637

5 4,118,184

TOTAL 75,353,443

8,995,647 8,995,647 8,995,647 8,995,647

8,995,647

No.

Interpretation Total 2014 2015 2016 2017 2018

1 Net assets beginning of

75,353,4

66,357,7

57,362,1

48,366,5

39,370,8

period 43 96 48 01 53

2 Depreciation 8,995,647 8,995,647 8,995,647 8,995,647

8,995,647

3 Cumulative Depreciation

8,995,647

17,991,295

26,986,942

35,982,590

44,978,237

4 New Investment 75,353,443

5 Net assets end ofperiod

75,353,443

66,357,796

57,362,148

48,366,501

39,370,853

30,375,206

No.

InterpretationValues(USD)

YearsKH

2019 2020 2021 2022 2023

9 10 11 12 13

I. THE COST OF CONSTRUCTION, DESIGN, MANAGEMENT

60,750,412

6,075,041

6,075,041

6,075,041

6,075,041

6,075,041

1 Hotels 39,142,899

10 3,914,290 3,914,290 3,914,290 3,914,290

3,914,290

2 Villa 412.835412.835412.835412.835412.835

10 4,128,347


10 1,394,543 1,394,543 1,394,543 1,394,543

1,394,543

4 Other facilities 353.374353.374

10 3,533,737

353.374353.374353.374

II.

EXPENDITURE EQUIPMENT COSTS

8,599,973

1 Hotels 5,539,089

5

2 Villa 589.764 5


5

4 Utilities 497.709 5

III.

OPENING EXPENSES

1,884,874

5

V.

TERM LOAN INTEREST IN CONSTRUCTION

4,118,184

5

TOTAL 75,353,443

6,075,041 6,075,041 6,075,041 6,075,041

6,075,041

No.

Interpretation Total 2019 2020 2021 2022 2023

1 Net assets beginning of period

30,375,206

24,300,165

18,225,124

12,150,082

6,075,041

2 Depreciation 6,075,041 6,075,041 6,075,041 6,075,041

6,075,041

3 Cumulative Depreciation

51,053,278

57,128,319

63,203,361

69,278,402

75,353,443

4 New Investment 75,353,443

5 Net assets end ofperiod

75,353,443 24,300,165

18,225,124

12,150,082

6,075,041

0

Income statement Table

No.

Interpretation 2010 2011 2012 2013 2014 2015 2016 2017

0 1 2 3 4 5 6 7

1 Total annual revenue 35,974,108 26,490,986

23,089,200 18,151,870

2 Total annual cost 24,592,058 15,960,110

13,451,648 7,596,827

3 Depreciation 8,995,647 8,995,647 8,995,647 8,995,647

4 Earnings before interest and taxes

641.905 1,535,229 2,386,403 1,559,396

5 Interest 4,118,184 3,843,639 3,569,093 3,294,548

6 Profit before tax -1,731,781 -2,308,410 -2,927,188 -1,735,152

7 CIT 0 0 0 0

8 Profit after tax -1,731,781 -2,308,410 -2,927,188 -1,735,152

No.

Interpretation 2018 2019 2020 2021 2022 2023 2024 2025

8 9 10 11 12 13 14 15

1 Total annual revenue 17,646,937 21,240,318

23,279,177

25,705,315 27,687,134 29,511,887

31,017,737 32,550,470

2 Total annual cost 8,972,750 10,620,769

12,215,424

14,128,384 15,411,467 16,436,052

17,279,824 18,130,773

3 Depreciation 8,995,647 6,075,041 6,075,041 6,075,041 6,075,041

6,075,041

4 Earnings before interest and taxes

-321.460 4,544,508 4,988,711 5,501,890 6,200,625 7,000,794 13,737,913 14,419,697

5 Interest 3,020,002 2,745,456 2,470,911 2,196,365 1,921,819 1,647,274 1,372,728 1,098,183

6 Profit before tax -3,341,462 1,799,052 2,517,801 3,305,525 4,278,806 5,353,521 12,365,185 13,321,515

7 CIT 0 0 0 0 320.910 401.514 927.389 999.114

8 profit after tax -3,341,462 1,799,052 2,517,801 3,305,525 3,957,896 4,952,007 11,437,796 12,322,401

Table repayment schedule banks

From 2010 to 2019

Interpretation

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

0 1 2 3 4 5 6 7 8 9

an outstandinghead

2,037,935

28,822,381

65,368,007

61,010,140

56,652,273

52,294,405

47,936,538

43,578,671

Disbursements

2,037,935

26,784,445

36,545,626

Repayments

4,357,8674,357,8674,357,8674,357,8674,357,867

4,357,867

Interest

4,118,184

3,843,639

3,569,093

3,294,548

3,020,002

2,745,456

end of period outstanding

2,037,935

28,822,381

65,368,007

61,010,140

56,652,273

52,294,405

47,936,538

43,578,671

39,220,804

DIễn giải 2020 2021 2022 2023 2024 2025 2026 2027 2028

10 11 12 13 14 15 16 17 18

Dư nợ đầu kì

39,220,804

34,862,937

30,505,070

26,147,203

21,789,335

17,431,468

13,073,601

8,715,734

4,357,867

Giải ngân

Trả nợ gốc 4,357,867

4,357,867

4,357,867

4,357,867

4,357,867

4,357,867

4,357,867

4,357,867

4,357,867

Lãi vay 2,470,911

2,196,365

1,921,819

1,647,274

1,372,728

1,098,183

823,637

549,091

274,546

Dư nợ cuối kì

34,862,937

30,505,070

26,147,203

21,789,335

17,431,468

13,073,601

8,715,734

4,357,867

(0)

Từ năm 2010 đến năm 2019

Bảng ước lượng doanh thu

BẢNG 5: BẢNG DOANH THU (đơn vị tính: usd)

Stt Diễn giải

2014 2015 2016 2017 2018 2019 2020

4 5 6 7 8 9 10

1 Doanh thu từ phòng khách sạn 4,384,800

5,294,646

6,378,788

7,735,730

9,356,232

11,225,088

11,751,264

2 Thu từ chuyển quyền sử dụng đất biệt thự

1,036,068

310,820 455,870

3 Thu từ bán biệt thự (Không bao gồm chuyển

10,098,000

4,392,300

6,442,040

3,543,122

quyền sử dụng đất)

4 Thu từ chuyển quyền sử dụng đất căn hộ

84,704 40,193 14,068

5 Thu từ bán căn hộ 16,424,000

11,712,800

4,099,480

6 Doanh thu từ căn hộ cho thuê 745,200

942,678

1,192,488

1,508,497

1,908,249

2,413,934

2,640,335

7 Doanh thu từ cho thuê biệt thự 907,200

1,097,712

1,328,232

1,607,160

1,944,664

2,353,043

2,847,182

8 Doanh thu ăn uống 1,811,160

2,131,450

2,509,134

2,966,338

3,503,521

4,143,357

4,768,734

9 Doanh thu từ spa, thể thao và vui chơi giải trí

301,860

355,242

418,189

494,390

583,920

690,560

794,789

1 Doanh thu khác

0 181,116 213,145 250,913 296,634 350,352 414,336 476,873

TỔNG CỘNG 35,974,108

26,490,986

23,089,200

18,151,870

17,646,937

21,240,318

23,279,177

Stt Diễn giải

2021 2022 2023 2024 2025 2026 2027

11 12 13 14 15 16 17

1 Doanh thu từ phòng khách sạn 12,365,136

12,979,008

13,592,880

14,294,448

14,996,016

15,785,280

16,574,544

2 Thu từ chuyển quyền sử dụng đất biệt thự

3 Thu từ bán biệt thự

4 Thu từ chuyển quyền sử dụng đất căn hộ

5 Thu từ bán căn hộ

6 Doanh thu từ căn hộ cho thuê 2,904,368

3,194,805

3,514,285

3,690,000

3,874,499

4,073,760

4,272,480

7 Doanh thu từ cho thuê biệt thự 3,445,090

3,889,328

4,278,260

4,492,173

4,716,782

4,952,621

5,200,252

8 Doanh thu ăn uống 5,518,990

6,018,942

6,415,628

6,742,986

7,076,189

7,443,498

7,814,183

9 Doanh thu từ spa, thể thao và vui chơi giải trí

919,832

1,003,157

1,069,271

1,123,831

1,179,365

1,240,583

1,302,364

10

Doanh thu khác 551,899

601,894

641,563

674,299

707,619

744,350

781,418

TỔNG CỘNG

25,705,315

27,687,134

29,511,887

31,017,737

32,550,470

34,240,092

35,945,241

Bảng ước lượng vốn luân chuyển

Stt Diễn giải Tổng cộng 2010 2011 2012 2013

0 1 2 3

A CHI ĐẦU TƯ (TMDT) 105,346,007

2,557,895

28,980,040

28,644,445

45,163,626

1 Chi phí xây dựng 75,394,958

22,618,487.40

22,618,487.40

30,157,983.20

2 Chi phí trang thiết bị nội thất và thiết bị khác

11,309,244

1,130,924.40

1,696,386.60

8,481,933.00

3 Chi phí thiết kế và quản lí dự án

4,472,886

3,131,020.20

670,932.90

670,932.90

4 Chi phí trước khai trương 1,884,874

471,218.50

471,218.50

942,437.00

5 Chi phí đất 2,557,895

2,557,895

6 Vốn lưu động 607,966 607,966

7 Chi phí dự phòng 5,000,000

1,500,000

1,500,000

2,000,000

8 Lãi vay trong thời gian xây dựng

4,118,184

0

128,389.91

1,687,420.06

2,302,374.46

B NGUỒN VỐN 105,346,007

2,557,895

28,980,040

28,644,445

45,163,626

1 Vốn góp của CDT 29,500,000

2,557,895 26,942,105

2 Thu tiền từ bán biệt thự và cănhộ

10,478,000

1,860,000

8,618,000

3 Vốn vay 65,368,007

0

2,037,935

26,784,445

36,545,626

Dòng ngân quỹ dự án theo quan điểm chủ đầu tư

Stt

Diễn giải2010 2011 2012 2013 2014 2015 2016 2017

0 1 2 3 4 5 6 7

Quan điểm tổng đầu tư

1 Ngân lưu vào -

-

-

-

35,974,108

26,490,986

23,089,200

18,151,870

Doanh thu 35,974,108

26,490,986

23,089,200

18,151,870

Thu hồi VLD

2 Ngân lưu ra 2,557,895

28,851,651

26,957,025

42,861,252

24,592,058

15,960,110

13,451,648

7,596,827

Chi phí 24,592,058

15,960,110

13,451,648

7,596,827

Thuế TNDN -

-

-

-

Chi đầu tư ( trừ lãi vay trong TGXD)

2,557,895

28,851,651

26,957,025

42,861,252

3 Ngân lưu ròng tự do củadự án

(2,557,895)

(28,851,651)

(26,957,025)

(42,861,252)

11,382,050

10,530,876

9,637,553

10,555,043

NPV 44,505,151

IRR 10.22%

Quan điểm chủ đầu tư

1 Ngân lưu vào -

2,037,935

26,784,445

36,545,626

35,974,108

26,490,986

23,089,200

18,151,870

Doanh thu 35,974,108

26,490,986

23,089,200

18,151,870

Thu hồi VLD

Nhận nợ vay 2,037,935

26,784,445

36,545,626

2 Ngân lưu ra 2,557,895

28,980,040

28,644,445

45,163,626

33,068,110

24,161,616

21,378,608

15,249,242

Chi phí 24,592,058

15,960,110

13,451,648

7,596,827

Thuế TNDN -

-

-

-

Chi đầu tư (TMDT) 2,557,895

28,980,040

28,644,445

45,163,626

Trả nợ 0 0 0 0 8476051.58

8201505.95

7926960.32

7652414.689

Nợ gốc 4,357,867

4,357,867

4,357,867

4,357,867

Lãi vay 4,118,184

3,843,639

3,569,093

3,294,548

3 Ngân lưu ròng của chủ sở hữu

(2,557,895)

(26,942,105)

(1,860,000)

(8,618,000)

2,905,999

2,329,370

1,710,592

2,902,629

NPV 37,108,546

IRR 11.80%

Bảng ước lượng chi phí

Stt

Chi phí Diễn giải 2014 2015 2016 2017 2018

I. CHI PHÍ PHÂN BỔ 24,242,058

15,960,110

13,451,648

7,548,195

8,924,118

1 Chuyển quyền sử dụng đất USD 992,356 439,628 477,184

Giá vốn đất biệt thự 1,606,145 803,072 377,444 425,628

Giá vốn đất căn hộ 158,803 106,398 37,319 15,086

Chi phí bán hàng và marketing 3% doanh thu chuyển quyền sử dụng đất

31,082 9,325 13,676

Phí quản lý 5% doanh thu chuyển quyền sử dụng đất

51,803 15,541 22,793

2 Bán biệt thự, căn hộ USD 17,927,149

9,686,070

6,525,020

Giá vốn xây lắp biệt thự 8,088,189 5,419,087

2,022,047

647,055

Giá vốn xây lắp căn hộ 24,375,463 11,700,2 7,312,63 5,362,60

22 9 2

Chi phí bán hàng và marketing 3% doanh thu bán nhà 302,940 131,769 193,261

Phí quản lý 5% doanh thu bán nhà 504,900 219,615 322,102

3 Khách sạn 3,129,710

3,196,316

3,272,620

3,711,130

4,288,368

Chi phí vận hành 45% DTKS và tối thiểu 2700000USD/năm

2,700,000

2,700,000

2,700,000

3,047,461

3,521,470

Thay thế sửa chữa 5%DTKS 219,240 253,222 292,153 338,607 391,274

Phí quản lý cơ bản 3%DTKS 131,544 151,933 175,292 203,164 234,765

Phí tham gia hệ thống marketing 1.5%DTKS 65,772 75,967 87,646 101,582 117,382

Phí hệ thống đặt phòng toàn cầu 0.3%DTKS 13,154 15,193 17,529 20,316 23,476

4 Biệt thự cho thuê 544,320 658,627 796,939 964,296

1,166,798

Chi phí vận hành 25%DT cho thuê biệt thự 226,800 274,428 332,058 401,790 486,166

Thay thế sửa chữa 5%DT cho thuê biệt thự 45,360 54,886 66,412 80,358 97,233

Thanh toán cho các chủ sở hữu căn hộ

30%DT cho thuê biệt thự 272,160 329,314 398,469 482,148 583,399

5 Căn hộ cho thuê 447,120 565,607 715,493 905,098

1,144,949

Chi phí vận hành 25%DT cho thuê căn hộ 186,300 235,670 298,122 377,124 477,062

Thay thế sửa chữa 5%DT cho thuê căn hộ 37,260 47,134 59,624 75,425 95,412


30%DT cho thuê căn hộ 223,560 282,803 357,746 452,549 572,475

6 Ăn uống 55%DT ăn uống 996,138 1,172,298

1,380,023

1,631,486

1,926,936

7 Spa, thể thao và vui chơi giảitrí

35%Dt từ spa, thể thao và vui chơi giải trí

105,651 124,335 146,366 173,036

204,372

8 Khác 55%DT khác 99,614 117,230 138,002 163,149

192,694

II. CHI PHÍ KHÁC 350,000 0 0 48,632 48,632

Chi phí khai trương trọn gói 350,000

Tiền thuê đất ổn định 5 năm và tăng 15%/5 năm 48,632 48,632

TOTAL 24,592,058

15,960,110

13,451,648

7,596,827

8,972,750

Stt

Chi phí Diễn giải 2019 2020 2021 2022 2023


12,159,498

14,072,457

15,355,541

16,380,125

1 Chuyển quyền sử dụng đất USD

Giá vốn đất biệt thự 1,606,145

Giá vốn đất căn hộ 158,803



2 Bán biệt thự, căn hộ (không bao gồm

USD

chuyển quyền sử dụng đất)

Giá vốn xây lắp biệt thự 8,088,189

Giá vốn xây lắp căn hộ 24,375,463

Chi phí bán hàng và marketing 3% doanh thu bán nhà

Phí quản lý 5% doanh thu bán nhà

3 Khách sạn 4,956,229

5,703,728

6,601,852

7,112,496

7,448,898


4,069,896

4,683,718 5,421,229 5,840,554 6,116,796





4 Biệt thự cho thuê 1,411,826

1,708,309

2,067,054

2,333,597

2,566,956

Chi phí vận hành 25%DT cho thuê biệt thự 588,261 711,796 861,273 972,332 1,069,565



30%DT cho thuê biệt thự 705,913 854,155 1,033,527 1,166,798 1,283,478

5 Căn hộ cho thuê 1,448,361

1,584,201

1,742,621

1,916,883

2,108,571

Chi phí vận hành 25%DT cho thuê căn hộ 603,484 660,084 726,092 798,701 878,571



30%DT cho thuê căn hộ 724,180 792,100 871,310 958,441 1,054,286

6 Ăn uống 55%DT ăn uống 2,278,847

2,622,804

3,035,445

3,310,418

3,528,595



241,696 278,176 321,941 351,105 374,245

8 Khác 55%DT khác 227,885 262,280 303,544 331,042 352,860

II. CHI PHÍ KHÁC 55,926 55,926 55,926 55,926 55,926

Chi phí khai trương trọn gói

Tiền thuê đất ổn định 5 năm và tăng 15%/5 năm 55,926 55,926 55,926 55,926 55,926

TOTAL 10,620,7 12,215,4 14,128,3 15,411,4 16,436,0

69 24 84 67 52

Stt

Chi phí Diễn giải 2024 2025 2026 2027 2028


18,066,458

19,003,683

19,949,897

20,915,928







USD






3 Khách sạn 7,833,358

8,217,817

8,650,333

9,082,850

9,515,367


6,432,502

6,748,207

7,103,376 7,458,545 7,813,714






2,830,069

2,971,573

3,120,151

3,276,159

Chi phí vận hành 25%DT cho thuê biệt thự 1,123,043

1,179,195

1,238,155 1,300,063 1,365,066



30%DT cho thuê biệt thự 1,347,652

1,415,035

1,485,786 1,560,076 1,638,079


2,324,700

2,444,256

2,563,488

2,690,172

Chi phí vận hành 25%DT cho thuê căn hộ 922,500 968,625 1,018,440 1,068,120 1,120,905



30%DT cho thuê căn hộ 1,107,000

1,162,350

1,222,128 1,281,744 1,345,086


3,891,904

4,093,924

4,297,801

4,505,769



393,341 412,778 434,204 455,827 477,885

8 Khác 55%DT khác 370,864 389,190 409,392 429,780 450,577

II. CHI PHÍ KHÁC 64,315 64,315 64,315 64,315 64,315



TOTAL 17,279,824

18,130,773

19,067,998

20,014,213

20,980,244

Stt

Chi phí Diễn giải 2029 2030 2031 2032 2033


23,040,461

24,200,028

25,447,051

26,716,624







USD






3 Khách sạn 9,995,941

10,476,515

11,005,146

11,581,835

12,158,524


8,208,346

8,602,978

9,037,073 9,510,631 9,984,190

Thay thế sửa chữa 5%DTKS 912,038 955,886 1,004,119 1,056,737 1,109,354





3,611,965

3,792,563

3,982,192

4,181,301


1,504,985

1,580,235 1,659,246 1,742,209


Thanh toán cho các chủ sở hữu 30%DT cho thuê biệt thự 1,719,98 1,805,98 1,896,282 1,991,096 2,090,651

căn hộ 3 3


2,965,896

3,114,936

3,271,428

3,435,372

Chi phí vận hành 25%DT cho thuê căn hộ 1,176,795

1,235,790

1,297,890 1,363,095 1,431,405




1,482,948

1,557,468 1,635,714 1,717,686


4,963,337

5,213,156

5,481,977

5,755,455



501,921 526,415 552,910 581,422 610,427

8 Khác 55%DT khác 473,240 496,334 521,316 548,198 575,545

II. CHI PHÍ KHÁC 73,963 73,963 73,963 73,963 73,963



TOTAL 22,041,742

23,114,424

24,273,990

25,521,014

26,790,587

Stt

Chi phí Diễn giải 2034 2035 2036 2037 2038


29,456,995

30,939,074

32,436,500

34,100,906





Phí quản lý 5% doanh thu chuyển quyền sử

dụng đất


USD






3 Khách sạn 12,735,213

13,408,017

14,080,821

14,753,624

15,522,543


10,457,748

11,010,233

11,562,718

12,115,202

12,746,614

Thay thế sửa chữa 5%DTKS 1,161,972

1,223,359

1,284,746 1,346,134 1,416,290





4,609,884

4,840,379

5,082,398

5,336,518


1,920,785

2,016,824 2,117,666 2,223,549



30%DT cho thuê biệt thự 2,195,183

2,304,942

2,420,189 2,541,199 2,668,259


3,785,616

3,979,368

4,173,120

4,381,776

Chi phí vận hành 25%DT cho thuê căn hộ 1,502,82 1,577,34 1,658,070 1,738,800 1,825,740

0 0




1,892,808

1,989,684 2,086,560 2,190,888


6,345,848

6,665,093

6,987,508

7,346,289



639,940 673,044 706,904 741,099 779,152

8 Khác 55%DT khác 603,372 634,585 666,509 698,751 734,629

II. CHI PHÍ KHÁC 85,057 85,057 85,057 85,057 85,057



TOTAL 28,094,436

29,542,052

31,024,131

32,521,557

34,185,963

_______Hết ________

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