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Appraisal Report – Diyar Jeddah 31 December 2018
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Appraisal Report
Diyar Jeddah Land as of 31st December 2018
Al-Mubarak Diyar Jeddah Real-Estate Fund
Deeds No. 320224003402, 320224003403
Appraisal Report – Diyar Jeddah 31 December 2018
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Table of contents
Disclaimer 3
Introduction 4
Scope of the appraisal Procedure 4
Valuation Method 4
Definition of Value 5
The Studied Area 6
Identification of the property 7
Aerial View 8
Sample Pictures of the project 9
Analysis of the physical variables that affect the valuation of the property 10
Supply and Demand 10
Risks associated to the land 10
Fair Market Value Estimate 11, 12
Appraisal Report – Diyar Jeddah 31 December 2018
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Disclaimer
We, to the best of our ability and professional knowledge, have conducted this assignment
and prepared this report.
We have adhered to generally accepted valuation standards and code of professional ethics.
We have no personal interest in the property “ Diyar Jeddah Land” and have no personal
interest or bias with respect to the party involved.
The reported analyses, opinions, and conclusions are our personal, impartial, unbiased
professional analysis, opinions, and conclusions
Appraisal Report – Diyar Jeddah 31 December 2018
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No. 119/anb
December 2018 st31Date:
Attention:
Al Mubarak Diyar Jeddah Real Estate Fund Manager
ANB Invest
Subject: Appraisal of Diyar Jeddah Land
Dear Sir,
Per your request, we herewith submit our real estate appraisal report relating to the above referenced
land.
We have made the necessary inspection and analysis to appraise the above referenced property. The
conclusions reached are based upon our present knowledge of properties in a competitive real estate
market, as of the completion of our fieldwork and research.
The below report provides essential data and detailed reasoning employed to reaching our
conclusions.
Purpose of Valuation: To consider the fair market value of the property in a real estate investment
fund
Scope of the appraisal Process
The property in question (Diyar Jeddah Land) was thoroughly inspected by us. Related formal
documents which were supplied by the ANB Invest such as a copy of the title deed, location map
were studied.
Valuation Method
Comparable property data of the Al Hamadaniah neighborhood was used. Both vacant land prices
and rental data were gathered and studied.
Comparisons were made on per square meter basis of developed vacant saleable land lot areas. The
current situation of natural economical factors for the land were studied and analyzed for the
challenges and opportunities to produce an estimated value for a property on the date of valuation
that the potential buyer willing to pay.
A real estate information “can’t be confirmed” form brokerage offices in the surrounded area being
considered.
Appraisal Report – Diyar Jeddah 31 December 2018
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Sales comparison approach were considered, in addition, we have relied on the following sources in
valuation process:
- Market Survey
- Site inspection
- Local Real Estate Agents “uncertain information”
The valuation has been prepared in accordance with:
TAQEEM (Saudi Authority for Accredited Valuers)
IVS (International Valuation Standards)
Definition of value:
Fair market value, as defined by the International Valuation Standards, is “The estimated amount
for which a property should exchange on the date of valuation between a willing buyer and a willing
seller in an arm’s – length transaction after proper marketing wherein the parties had each acted
knowledgeably, prudently, and without compulsion”.
Appraisal Report – Diyar Jeddah 31 December 2018
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The studied area
Appraisal Report – Diyar Jeddah 31 December 2018
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Identification of the property
The appraised property is a fully-serviced residential & commercial real estate project land.
The Project covers development of residential and commercial plots, all of which are licensed to
accommodate 4-story buildings, including allocation of plots for construction of
commercial/shopping centers, mosques, schools, public parks and government offices.
Development services include construction of an integrated infrastructure:
electricity network
street lighting
water supply network
sewage system
telephone network
Roads and all other necessary service oriented developments.
Project Location: north-east of Jeddah City at Al Hamdaniyah District adjacent to Al Haramain
Road and in close proximity to a number of already populated residential neighborhoods
Deeds No: 022400340232 , 320224003403
Land Area: 799,414 m2
Zoning: Residential / Commercial
Height of building: 4 Floors
3 Lands Lots allocated for commercial centers
6 Lands Lots allocated for Mosques
12 Lands Lots allocated for Schools " Both Gender "
4 Lands Lots allocated for Governmental facilities.
5 Gardens
Appraisal Report – Diyar Jeddah 31 December 2018
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Aerial View
Land Kruki
Appraisal Report – Diyar Jeddah 31 December 2018
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Sample Picture for the land
Appraisal Report – Diyar Jeddah 31 December 2018
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Analysis of the physical variables that affect the valuation of the property – 31st December
2018
Below
Average
Average Good Very Good Excellent
Site
Major surrounding streets
Infrastructure
Municipality Services
Accessibility
Supply and Demand Trends
Supply
Law Medium High
Demand Law Medium High
Real Estate in Jeddah currently - as other cities in the Kingdom – is still in a state of real estate
recession, general decline due to slide of Demand and high Supply which had led to a sharp drop
in prices.
Risks associated to the land:
Because of the Land Features:
Located on full municipality services Area
Near to Al Haramain railway
Direct road to Al Haramian expressway
Easy to acsess and easy to exit
We consider risks related to the land currently is low
Appraisal Report – Diyar Jeddah 31 December 2018
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Value Estimate – Diyar Jeddah Land
799,414 m2
Total Land Area
271,751.10 m2
Total Residential Area
1,150 SR
Estimated Selling Price per sqm for the Residential Area taking into
consideration Land Use 4 Floors
312,513,765 SR
Total Estimated Value of Sold Residential Area
155,679.76 m2
Total Commercial Area
2,000 SR
Estimated Selling Price per sqm for the Commercial Area
311,359,520 SR
Total Estimated Value of Sold Commercial Area
623,873,285 SR
Initial Value Estimation of Residential + Commercial Lands
25%
Estimated Vacancies Rate taking into consideration Sharp Drop of
Demand
155,968,321 SR Estimation of Vacancies Value
585.3 SR
Estimate the average market value of square meter of the land “To the
nearest decimal fraction” taking into consideration the estimated
vacancies
467,897,014 SR
Final Value Estimation of Residential + Commercial Lands after
deducting estimated vacancies value
2%
Estimated Rate of Lowest and Highest Price
458,539,074 SR
Estimated Lowest Price
477,254,954 SR
Estimated Highest Price
467,897,014 SR
Estimated Fair Market Value Of The Land as its Current Situation and
Taking Into Consideration Estimated Vacancies
Appraisal Report – Diyar Jeddah 31 December 2018
12 6686060فاكس - 6100022هاتف - 21533جده 50625ص. ب
Diyar Jeddah Land as of 31st December 2018
Al-Mubarak Diyar Jeddah Real-Estate Fund
Deeds No. 320224003402, 320224003403
799,414 m2
Total Land Area
585.3 SR
Estimated Fair Market Value of square meter of the land
467,897,014 SR
Estimated Fair Market Value Of The Land as its Current Situation
“ Developed” taking into consideration current real estate market
circumstances which led to sharp drop of demand
CEO Eng. Mohammed Massairi
Meshal Al Nashmi
License number: 11000071 Membership number: 1210000543
Real Estate
Disclaimer: This report was accomplished per request of the client ANB Invest, and prepared based on
information and documents provided by the client. All information's quality, data analyzes, prices listed in
this report are results of field research in area of the property. We emphasize that all results and values
mentioned in this report are estimated data related to an average and cost prices in competitive market. All
Results are subject to be change increasing or decreasing beyond our control and according to supply,
demand, inflation, variation in costs of various inputs, and economic factors able to be changed in general.
These estimations are results of current market analysis and according to the date specified for this report.
