CHOSAAN BASES FOR VALUATION AND COMMENTS

CHOSAAN BASES FOR VALUATION AND COMMENTS

VALUATION: PROPERTY OF CHOSAAN ENTERPRISES AT THE BIJILO TOURISM
DEVELOPMENT AREA, KOMBO NORTH DISTRICT, WEST COAST REGION,
THE GAMBIA; SUB-LEASE SERIAL REGISTRATION NUMBER K406/2009 –
FOR LAMIN SILLAH T/A CHOSAAN ENTERPRISES.

BASES FOR VALUATION
The valuation is based on Estimated Market Value as at January 2012.

Market value is the estimated amount for which an asset 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 acted knowledgeably, prudently and without compulsion”
Source: International Valuation Standards

The method used in arriving at the value is the Depreciated Replacement Cost Method for the buildings and the Comparison Method for the land.

This valuation is carried out in accordance with International Valuation Standards

VALUATION
It is our opinion that the Current Estimated Open Market Value of the above property as at
January 2012 is D13,905,000.00 (Thirteen million, nine hundred and five thousand Dalasi).

DATE:
17th January 2012
Prepared by
Malick Njai - B.Sc (Hons), MRICS
(Chartered Quantity Surveyor)

VALUATION: PROPERTY OF CHOSAAN ENTERPRISES AT THE BIJILO TOURISM
DEVELOPMENT AREA, KOMBO NORTH DISTRICT, WEST COAST REGION,
THE GAMBIA; SUB-LEASE SERIAL REGISTRATION NUMBER K406/2009 –
FOR LAMIN SILLAH T/A CHOSAAN ENTERPRISES.

COMMENTS
This valuation only covers fixed assets, i.e. Land, Building(s) and other improvements. It excludes equipment, plant and furniture.

This report has been prepared, unless otherwise stated, in accordance with the guidance notes of the International Valuation Standards.

We have not been advised of any outstanding notices, disputes or encumbrances, which would otherwise affect the value.

In accordance with the terms of our instructions, we have not undertaken a structural survey or arranged a test of any of the services and are therefore not able to report that the structure is free from any structural faults.

No provision has been made in respect of any retention of title claims upon goods supplied, and for which values are contained in this report.

This report has been prepared having regard to the economic and property market conditions as at January 2012. Any change in these conditions may materially affect the views expressed.

BASES FOR VALUATION AND COMMENTS

BASES FOR VALUATION AND COMMENTS

VALUATION: PROPERTY OF CHOSAAN ENTERPRISES AT THE BIJILO TOURISM
DEVELOPMENT AREA, KOMBO NORTH DISTRICT, WEST COAST REGION,
THE GAMBIA; SUB-LEASE SERIAL REGISTRATION NUMBER K406/2009 –
FOR LAMIN SILLAH T/A CHOSAAN ENTERPRISES.

BASES FOR VALUATION
The valuation is based on Estimated Market Value as at January 2012.

Market value is the estimated amount for which an asset should exchange on the date of valuationbetween a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had acted knowledgeably, prudently and without compulsion”
Source: International Valuation Standards
The method used in arriving at the value is the Depreciated Replacement Cost Method for the buildingsand the Comparison Method for the land. This valuation is carried out in accordance with International Valuation Standards

VALUATION
It is our opinion that the Current Estimated Open Market Value of the above property as at
January 2012 is D13,905,000.00 (Thirteen million, nine hundred and five thousand Dalasi).

DATE:
17th January 2012
Prepared by
Malick Njai - B.Sc (Hons), MRICS
(Chartered Quantity Surveyor)

VALUATION: PROPERTY OF CHOSAAN ENTERPRISES AT THE BIJILO TOURISM
DEVELOPMENT AREA, KOMBO NORTH DISTRICT, WEST COAST REGION,
THE GAMBIA; SUB-LEASE SERIAL REGISTRATION NUMBER K406/2009 –
FOR LAMIN SILLAH T/A CHOSAAN ENTERPRISES.

COMMENTS
This valuation only covers fixed assets, i.e. Land, Building(s) and other improvements. It excludes equipment, plant and furniture. This report has been prepared, unless otherwise stated, in accordance with the guidance notes of the International Valuation Standards.

We have not been advised of any outstanding notices, disputes or encumbrances, which would otherwise affect the value.

In accordance with the terms of our instructions, we have not undertaken a structural survey or arranged a test of any of the services and are therefore not able to report that the structure is free from any structural faults.

No provision has been made in respect of any retention of title claims upon goods supplied, and for whichvalues are contained in this report.

This report has been prepared having regard to the economic and property market conditions as at January 2012. Any change in these conditions may materially affect the views expressed.

CHOSAAN BUILDING(S)/IMPROVEMENTS

CHOSAAN BUILDING(S)/IMPROVEMENTS

VALUATION: PROPERTY OF CHOSAAN ENTERPRISES AT THE BIJILO TOURISM
DEVELOPMENT AREA, KOMBO NORTH DISTRICT, WEST COAST REGION,
THE GAMBIA; SUB-LEASE SERIAL REGISTRATION NUMBER K406/2009 –
FOR LAMIN SILLAH T/A CHOSAAN ENTERPRISES.

BUILDING(S)/IMPROVEMENTS
Two-Storey Reception & Administration Block

This building has a total floor area of 72 m2 or thereabout and comprises of a veranda, an office, a store and a reception area on the ground floor; and a balcony with offices on the top floor.

It is constructed with concrete frame, cement/sand block wall cladding, rendered and painted.

The roof is made of non-metallic ‘onduline’ roofing sheets on steel and timber members with gypsum ceiling.

The doors are timber panel; the windows are glazed aluminium sliding and the floor is concrete finished with porcelain floor tiles.

Two-Storey Night Club Building
The building has a total floor area of 400 m2 or thereabout and comprises of a D. J’s cage, a dancing hall, an office with toilet, a bar, a kitchen and five toilets on the ground floor; and on the top floor balconies, a bar and five toilets.

It is constructed with concrete frame, fired red brick walls rendered and painted.

The roof is made of nonmetallic ‘onduline’ roofing sheets on steel and timber members with a mix of gypsum and plywood ceiling. The doors are a mix of timber panel and steel; the windows are glazed aluminium sliding and the floor is concrete finished with porcelain floor tiles.

Two-Storey Training Block
The building has a total floor area of 580 m2 or thereabout and comprises of a veranda, five training rooms and toilets on the ground floor; and on the top floor, a balcony, a hall, a sitting room en-suite with toilet and toilets on the top floor.

It is constructed with concrete frame,
cement/sand block wall cladding rendered and painted.

The roof is made of reinforced concrete slab with gypsum ceiling; the doors are timber panel and the windows are glazed aluminium sliding. The floor is concrete finished with gypsum floor tiles.