OUR REF: CP / VAL / 217 / 14. REPORT AND VALUATION JACARANDA VILLAS TITLE NUMBER CHEMBE / KIBABAMSHE / 387 WATAMU, KILIFI COUNTY

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1 OUR REF: CP / VAL / 217 / 14. REPORT AND VALUATION OF JACARANDA VILLAS TITLE NUMBER CHEMBE / KIBABAMSHE / 387 WATAMU, KILIFI COUNTY TERMS OF REFERENCE: WE RECEIVED WRITTEN INSTRUCTIONS ON 5 TH SEPTEMBER, 2014, M/S. JACARANDA BEACH RESORT, OF P. O. BOX WATAMU, TO CARRY OUT A VALUATION FOR BOOK PURPOSES AND OPEN MARKET VALUE OF THE ABOVE MENTIONED PROPERTY, AND WE SUBMIT OUR REPORT AND VALUATION AS HEREUNDER:

2 LIMITING CONDITIONS. This property Report and Valuation is subject to the following limiting conditions: 1. The responsibility of the Company in connection with this Report and Valuation is limited to the client to whom the Report is addressed, and for the purpose specified and cannot be used for any other purpose for the benefit by a third party. 2. Neither the whole nor any part of this Report and Valuation, or any reference to it, maybe included in any published document, circular or statement, nor published in any way, without the prior written approval of the Company of the form and context in which it may appear. 3. Where it is stated in the report that information has been supplied to the Company by another party, this information is believed to be reliable but the Company cannot accept any responsibility if this should prove not to be so. Where information is given without being attributed directly to another party, this information has been obtained by our own search of records and examination of documents, or by enquiry from Government or other appropriate documents. 4. The values assessed in this Report are for the subject property and any allocation of values between parts of the property apply only in the terms of, and for the purpose, of this Report. The value assessed should not be used in conjunction with any other assessment as they may prove incorrect if so used. 5. While due care is taken to note significant building defects in the course of inspection, this is a Report and Valuation and not a structural survey and no guarantee is given in respect of rot, termite or pest infestation or other defects whether exposed or unexposed. 6. Where market values are assessed, they reflect the full contract value and no account is taken of any liability to taxation on sale, or of the costs involved in effecting a sale. 7. The Valuation is based on information presently available from the records in the Land registry and in the event that such records may be incomplete or not up to date, responsibility cannot be accepted for any resulting deficiency or inaccuracy in the information contained herein. 8. The valuation does not take into account any encumbrances that may be registered against the title. 9. It is the responsibility of the addressee to verify all legal aspects with the lawyer. 10. Where the values assessed are given within particular terms of reference they should not be used outside such terms of reference. Except where it is specifically stated, the values shown in the Report should not be used for insurance purposes. 11. We confirm neither this firm nor the undersigned valuer have any conflict of interest in undertaking this report and valuation. 12. This valuation is invalid unless it is signed by Director and bears the official company seal. 2

3 REPORT AND VALUATION DATE OF The property was inspected for valuation on 9 th September, INSPECTION: L.R. NUMBER: CHEMBE / KIBABAMSHE / 387 WATAMU, KILIFI COUNTY. SITUATION: The property JACARANDA VILLAS is situated next to Jacaranda Hotel, along Watamu Beach, approximately 9 kilometers from Kijiwetanga area the junction of the leading to Mombasa Malindi Road. It s a 2 nd row property to the beach. See appended location maps and aerial views for easily accessing and identifying the same. TITLE: The title is held on a freehold interest. REGISTERED OWNER: DREAM GEAST LIMITED, P. O. BOX 5338, MALINDI. AREA: 3 hectares or acres, approximately. USER: The plot is zoned for residential. ENCUMBRANCES: Nil, as per copy of the postal search. THE PLOT & SITEWORKS: A rectangular shaped, level gradient, coral/ sandy soils plot with coral stone outcrops. Boundaries are marked by rubble finished stone walls. Access to the property is via a double leaf metal gate opening onto a partly pebble and murram driveway and parking area. 3

4 SERVICES: Water: Mains water is connected from the municipal water from Mawasco and stored in underground concrete water tank, fitted with booster pumps and delivers it to consumer points. A borehole provides water for the swimming pools, gardens, washing and cleaning. Also provided are plastic water storage tanks, on the roofs, and an underground tank around the service area. Electricity: Three-phase electricity is connected to the property. Standby generators are provided to ensure constant power supply in case of power shortage. Fire Fighting: Fire fighting services are provided by fire extinguishers, at strategic points, and hydrant system, connected to the pool. Drainage: Drainage is to a number of septic tanks and soakage pits at strategic points. Air Conditioning: All the rooms, administration offices and some of the public areas have wall mounted split units. Hot Water System: All the rooms are connected with hot water systems. Telephone Connection: All the rooms are connected with telephone lines. Roads: The property is accessed from a tarmacked road. Internal walkways and footpaths are paved with galana stones. Beautiful landscaped gardens are done by the walkways and footpaths. 4

5 IMPROVEMENTS: a) General Description: The developments comprise of 15 Villas, Swimming pool Store-cum-Guards residence, Club house, Guard room, Reception, Generator room and Concrete tank. b) Construction: i) Villa Homes (3,943 sq.m. approx.): They are constructed of concrete stone walls supported by rubble stone columns, plastered and painted externally and internally, partly beneath a double pitched makuti thatched roof. Floors are finished in galana tiles. Windows are either glazed sliding windows set in wooden casements or louvers, with mosquito mesh protection. External doors are Lamu doors while all internal doors are hardwood timber flush. Ceilings are plastered and painted supported with boriti poles to the ground and first floors but open to the second floor. Accommodation: FIFTEEN (15) VILLAS each comprising of: Ground Floor: VERANDAH; ENTRANCE PORCH; LOUNGE; DINING ROOM; KITCHEN; SHARED CLOAKROOM with 1 w.c., 1 bidet, wash hand basin; BEDROOM; STORE. Reinforced concrete staircase leads to: First Floor: TWO (2) BEDROOMS ensuite with 1 w.c., bidet, pedestal wash hand basin, shower cubicle and SHARED BALCONY; Second Floor: OPEN TERRACE. 5

6 IMPROVEMENTS CONT D : ii) Store-cum-Guards Residence (44 sq.m. approx): This is constructed of rubble stone walls, plastered and painted internally beneath a double pitched makuti thatched roof. Floors are finished galana tiles Windows are glazed wooden casement, with mosquito mesh. Doors are either steel grilled door or hardwood timber flush. Ceilings are plastered and painted supported with boriti poles. Service walls are lined with ceramic tiles to dado height. Accommodation: TWO (2) BEDROOMS; SHARED CLOAKROOM. iii) Club House (164 sq.m. approx.): Similarly constructed to the Villas. It comprise: Ground Floor: VERANDAH; ENTRANCE PORCH; LOUNGE; DINING ROOM; KITCHEN; STORE; Reinforced concrete staircase leads to: First Floor: OPEN TERRACE. iv) Swimming pool (410 sq.m. approx.): This is in the centre of the villas. It is irregular shaped, fully tiled pool with galana slabs on the surrounds. There are two pools attached, a smaller and bigger. v) Reception (23 sq.m. approx.): Constructed of rubble stones walling with timber flush door and wooden casement windows. It comprises: ONE (1) ROOM. 6

7 IMPROVEMENTS CONT D : vi) Guard Room (4 sq.m. approx.): Similarly constructed to the reception. vii) Generator Room (22 sq.m. approx.): Similarly constructed to the reception. This has a grilled steel gate. viii) Concrete Tank (4 sq.m. approx.): Constructed of rubble stone walling. CONDITION OF REPAIR: The developments are in a satisfactory state of repair and maintenance. GENERAL REMARKS: This is an easily accessible beach hotel in Watamu, Kilifi County with modest facilities and services. The improvements are strategically spread within the property. The basis of the valuation is Net Current Value of all the buildings but reflecting obsolescence and continued usefulness of the assets. This basis also assumes continued profitability/performance of the hotel operations. We were however, not able to inspect the books of accounts for profitability. Land has been valued on the basis of open market for the existing use. The current open market valuation assumes the estimated amount, which the property should exchange as at today s date, between a willing buyer and a willing seller, in an arm s length transaction after proper marketing wherein the parties involved each act knowledgeably, prudently and without compulsion. There are no factors that would adversely affect the plot in the event of sale by public auction. We have inspected the relevant survey maps and confirm that what is depicted thereon conforms to the subject plot. The plot was never set aside for public utility. 7

8 VALUATION: We value the freehold interest of the above property, as at today s date, free from all encumbrances, as follows: Open Market Value:..Kshs.260,000,000/=. (KENYA SHILLINGS TWO HUNDRED AND SIXTY MILLION ONLY). Mortgage Value:...Kshs.210,000,000/=. (KENYA SHILLINGS TWO HUNDRED AND TEN MILLION ONLY). Forced Sale Value:...Kshs.180,000,000/=. (KENYA SHILLINGS ONE HUNDRED AND EIGHTY MILLION ONLY). Insurance Value Kshs.180,000,000/=. (KENYA SHILLINGS ONE HUNDRED AND EIGHTY MILLION ONLY). Yours Faithfully, For and On Behalf of CORAL PROPERTY CONSULTANTS LTD.:... N. SHAH (MRS). Bsc (Hons) L.M.& D., M.I.S.K., R.E.A. Registered And Practising Valuer DATED: 18 th November

9 . PHOTOGRAPHS OF THE PROPERTY Entrance to the property Store-cum-Guards residence Typical Villa Club House Sitting Room Open Terrace 9

10 PHOTOGRAPHS CONTINUATION External view of the villas Swimming pool Side pool showers Reception Access road 10

11 AERIAL VIEW LOCATION PLAN SHOWING NEIGHBOURHOOD Image for identification purposes only 11

12 LOCATION PLAN FOR IDENTIFICATION PURPOSE (NOT TO SCALE) 12