VALUATION REPORT FOR PROPERTY BELONGING TO MR. & MRS. WINSTON LEWIS LOCATION: ROSE COTTAGE, VILLA ST. VINCENT AND THE GRENADINES

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1 VALUATION REPORT FOR PROPERTY BELONGING TO MR. & MRS. WINSTON LEWIS LOCATION: ROSE COTTAGE, VILLA ST. VINCENT AND THE GRENADINES PREPARED BY: MOULTON MAYERS ARCHITECTS APRIL 29th, 2016 [1]

2 PURPOSE Mr. Sebastian Forde, staff of the St. Vincent Building and Loan Association requested an inspection of Mr. and Mrs. Winston Lewis property for the purpose of preparing a valuation report (market value). LEGAL We have not received the legal aspect of the property to ascertain if it is free from any encumbrances. INSPECTION The inspection was undertaken considering the following:- a) Value of interest in the property b) External influences c) Changes in taste and demand d) Effect of adjacent activities e) Economic activities f) Changes in legislation g) Inflation h) Relationship to other investment sources Inspection was done on April 29th, LOCATION The property is located in Rose Cottage, Villa, SVG. LOT SIZE/REGISTRATION NUMBER/DEED NUMBER The area of the land is 17,373sf.; registration #G5/23, deed #708/1983. BOUNDARIES The property is bounded on the North by property belonging to Mr. James Ollivierre, on the South by lands belonging to Mr. Findley, on the East by private access and property belonging to Mr. Findlay and on the West by property belonging to Mr. Biscuit McIntosh. PROPERTY APPRAISAL The land is located in a dense upper income residential neighbourhood and is terraced. The yard is landscaped with varied flowering plants and grassed lawn. The property commands an [2]

3 exhilarating view of the Caribbean Sea and the northern side of Bequia. The property is approximately three (3) mile away from Kingstown where all essential services abound. The property is barricaded with a chain link fence on RC foundation wall. The main entrance to the property is missing a double gate. BUILDING APPRAISAL AGE The two and half (2-1/2) storey apartment building (3 self-contained apartments) is approximately twenty (20) years old. The lowest level constitutes two (2) laundries and a storeroom with an open space that could be developed into a one (1) bedroom apartment. STRUCTURE (substructure/superstructure) The foundation is RC strip footing and RC pad footing to sustain concrete block walls and RC columns respectively. The floor slabs partially sits on grade and partially suspended. The super structure consists of RC columns, beams and RC floor slabs with RC block infill. ROOF The roof is constructed of industrial corrugated galvanize sheeting on timber lath on painted groove ply on painted timber rafters. The rafters are imbedded and anchored into the RC ring beam to sustain winds of 150 miles per hour. CEILING The ceiling for the upper level apartment is predominantly groove ply on 2 x 6 TPP rafters. There are RC slab above one of the bathroom and the main entrance. The ceiling of the other two apartments and the two (2) laundries and storeroom are painted RC. WALLS The interior and exterior walls are concrete blocks, plastered and painted. The bathroom walls are finished with ceramic wall tiles. The walls between the kitchen counter cabinets and overhead cabinets are finished with ceramic tiles. FLOORS The area of the floor slab is 5,400sf. The floors are finished with ceramic tiles except the two (2) laundries, storeroom on the lowest level and the carport on the upper level. [3]

4 WINDOWS The windows are bronze aluminum colonial sash windows with insects nets and steel security bars. DOORS Interior doors are raised panel timber doors. The exterior doors are panel timber doors. The entrance doors to the two (2) lower apartments are raised aluminum panel doors. The doors are fitted with steel hinges and mortise locks with some dead bolts. HARDWARE The locks are mortice locks with varying finished. The hinges are steel. FIXED FITTINGS The kitchen cabinets are made of raised panel timber doors. All of these kitchen cabinets are infested with termites. Also the timber moldings (base and casement) are infested with termites. All the bedrooms are fitted with fixed clothes closet. There is a fixed linen closet off the corridor in all three apartments. MECHANICAL/ELECTRICAL/PLUMBING There is a solar hot water system for the upper apartment and electrical hot water system for the two (2) lower apartments. The electrical lamps are fitted with energy efficient bulbs. The voltage is 220 and 110. The cycle is 50 and the circuit breakers are modern. The sanitary wares are intact and are connected with PVC domestic water pipe and PVC waste pipes. The WCs are connected to a common septic tank and soakaway via 4 Ø pvc pipes. There are two (2) sinks dedicated to the two (2) lower apartments. SCHEDULE OF ACCOMMODATION There are three (3) apartments in the building envelope. Apartment #1 is the upper apartment labeled Apt. #1 and the two (2) lower apartments are labeled #2 and #3. The [4]

5 schedule of accommodation for apartments #2 and #3 are similar in size, finishes, layout and schedule of accommodation. Apartment #1-1 L shaped porch and 2 rectangular porches - 1 kitchen - 1 dining - 1 living room - 3-3pc washrooms - 3 bedrooms including 1 master - 1 corridor - 1 laundry - 1 garage Apartment #2 & #3-1 porch each - 1 living/dining each - 1 kitchen each - 1-3pc washroom each - 2 bedroom each - 1 corridor each - 1 laundry each on the lowest level - 1 external RC sink each There is a general storeroom on the lowest level which is occupied by the Landlord. UTILITIES & WATER Electricity, cable TV, water and telephone are present on site. Access road is in poor condition. AREA ANALYSIS The area is approximately three (3) miles out of Kingstown and one and a half (1-1/2 ) miles from the E. T. Joshua Airport. The village is an upper class neighbourhood and is suburb to Calliaqua and Kingstown. Kingstown and Arnos Vale which have all the essential amenities. This neighbourhood is located in a tourist belt and has the highest concentration of hotels. Housing stock in the area is superb. Demand for property in this neighbourhood is higher than the supply. Because of the global economic downturn, sale of properties on the local market is slow. Property sale on the foreign market is more attractive. [5]

6 VALUE APPRAISAL Based on the factors mentioned above, given the trend of property prices and the precedent set by comparable properties; it is our opinion that should the property in question be offered for sale on bona fide terms the property should be valued as follow:- 17,373 sq.ft. of $15.00 sf. $260, ,400 sq. ft. of $ sf. $810, $1,070, Photographs are attached. Say EC 1.1million Prepared by... Moulton Mayers ARCHITECT/ VALUATOR [6]

SDA APARTMENTS AT ARATI INTRODUCTION

SDA APARTMENTS AT ARATI INTRODUCTION APARTMENTS AT ARATI INTRODUCTION A TOTAL OF 12 APARTMENTS, ARATI S LATEST AND LAST PART OF DEVELOPMENT WILL HAVE SINGLE, COUPLE AND FAMILY HOMES WITH SPACIOUS FLOOR PLANS RANGING BETWEEN 52 AND 116 SQM