s.c. sigma business consult s.r.l. - tase · nr. Înregistrare registrul comerţului::...

S.C. SIGMA BUSINESS CONSULT S.R.L.

Consultanţă pentru finanţări FEADR, FEP şi Fonduri structurale; evaluări

Nr. Înregistrare Registrul Comerţului:: J40/15117/2005; Cod f i sca l : 17922587 Adresa: Bucureşt i , St r. Dr. List er Nr. 8, Ap. 3 , Sector 5

Tel: 021 335 23 36, Fax: 021 335 23 30

www.sigmaconsult.ro

To whom it may concern

Re: Declaration Regarding valuation Reports prepared for Land Portfolio of TAGOR

PROPERTIES at 31st December 2011

From: S.C. SIGMA BUSINESS CONSULT S.R.L.

Date: March, 23, 2012

Dear Madame, dear Sir,

Trough this letter we declare the following:

1. SIGMA BUSINESS CONSULT as company and/or its valuers acted as an External Valuer and

has no recent or future interest in the valued property of T AGOR PROPERTIES.

2. In our valuation reports prepared for T AGOR PROPERTIES at 31st

December 2011, we

appreciate market values of real estate properties and we consider that estimated costs

necessary to make the sale have a minor effect on the obtained values.

For further information, please do not hesitate to contact us.

Yours sincerely,


Marian Tutui

Task Manager Valuer

Eugen Breazu

Valuer


Consultanţă pentru finanţări FEADR, FEP şi Fonduri structurale; evaluări

Nr. Înregistrare Registrul Comerţului:: J40/15117/2005; Cod f i sca l : 17922587 Adresa: Bucureşt i , St r. Dr. List er Nr. 8, Ap. 3 , Sector 5

Tel: 021 335 23 36, Fax: 021 335 23 30

www.sigmaconsult.ro

March, 23, 2012

To: TAGOR CAPITAL LIMITED,

35 Ahad Ha'am St. Floor 4,

Tel Aviv 65202 Tel Aviv

ISRAEL

Re: Confirming Letter of Approval to Use Appraisals in Financial Statements

To whom it may concern

In accordance to your request, we confirm our approval to attach our appraisals of the related

company of TAGOR CAPITAL LIMITED (Patron Tagor B.V.) to your Annual Financial Statements to

be disclosed in March 2012:

1. Oberon Equity SRL - Arad (70,075 sq. m);

2. Nova Market Grup SRL - Timisoara (61,825 sq.m);

3. Cheetah Capital SRL - Oradea (17,818 sq.m);

4. Ferrer Imobiliare SRL - Pipera (40,000 sq.m);

5. Cougar Capital SRL - Pipera (36,234 sq.m)

Yours sincerely,


Marian Tutui,Valuer Partner

VVAALLUUAATTIIOONN RREEPPOORRTT TTiimmiissooaarraa // DDeecceemmbbeerr 22001111

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PDF processed with CutePDF evaluation edition www.CutePDF.com

VALUATION REPORT: TIMISOARA LAND, TAGOR PROPERTIES

SIGMA BUSINESS CONSULT S.R.L. 2

1. EXECUTIVE SUMMARY

BBEENNEEFFIICCIIAARRYY: S.C. TAGOR PROPERTIES S.R.L

OOWWNNEERR: S.C. NOVA MARKET GRUP S.R.L. BUCHAREST

VVAALLUUEERR: EUGEN BREAZU – VALUER, ANEVAR MEMBER,

Identification Card No. 3833

VVEERRIIFFIIEEDD BBYY: MARIAN ŢUŢUI - TASK MANAGER, VALUATION

DEPARTMENT, VALUER, ANEVAR MEMBER,

Identification Card No. 9188

OOBBJJEECCTT OOFF VVAALLUUAATTIIOONN: Real property: plot of land located in the built-up area with a total

surface of 61,825 sqm located in Timis County, Timisoara City,

Constructorilor Street, Lipovei neighborhood, intabulated in the

Land Book as follows:

• 32,499 sqm, registered in Land Book 131317 Timisoara

• 29,326 sqm, registered in Land Book 118574 Timisoara

PPUURRPPOOSSEE OOFF VVAALLUUAATTIIOONN: Establishing the fair value of the real estate for financial reporting

PPRROOPPEERRTTYY RRIIGGHHTTSS AAPPPPRRAAIISSEEDD: Fee Simple Estate

DDAATTEE OOFF VVAALLUUAATTIIOONN: 31.12.2011

RREEFFEERREENNCCEE EEXXCCHHAANNGGEE RRAATTEE:: 4.3197 lei/Euro

EESSTTIIMMAATTEEDD MMAARRKKEETT VVAALLUUEE

Real estate property S[mp] Total Value

[Euro]

Value

[Euro/sqm]

The direct comparison method 61.825,00 10,940,000 177

SIGMA BUSINESS CONSULT S.R.L.

MMAARRIIAANN ŢŢUUŢŢUUII -- TTAASSKK MMAANNAAGGEERR,,

VVAALLUUAATTIIOONN DDEEPPAARRTTMMEENNTT

EEUUGGEENN BBRREEAAZZUU –– VVAALLUUEERR

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22.. IINNTTRROODDUUCCTTIIOONN

2.1 Scope and object of the valuation

Valuation object: land within the built-up area that is registered in the Land Book as follows:

Land Book no. 131317

No. Cadastral no. Surface(sqm)

1 2234/1-2/2/1, 2239/3/4/2/b 5,982

2 2239/3/4/2/1/1/1/1/2 15,652

3 2236/2/1/1/1/2 10,157

4 2234/5/2/2/1/2 708

Total 32,499

Land Book no. 118574

No. Cadastral no. Surface(sqm)

1 2236/2/5,2239/3/4/2/3/1 2,071

2 2239/3/4/1/2 1,644

3 3491/2/2/2 437

4 3495/2/2/2 76

5 3508/3/2 163

6 3505/2/3/2 1,422

7 3507/2 136

8 2239/3/4/2/1/1/1/1/1 15,247

9 2239/3/4/2/1/1/1/1/3 918

10 2236/2/1/1/1/1 6,070

11 2236/2/1/1/1/3 600

12 2234/5/2/2/1/1 332

13 2234/5/2/2/1/3 210

Total 29,326

We mention that the land was previously valued, for the same purpose, on December 31st 2010 .

The results of the previous valuation are as follows:

Date of valuation Total Value /Unitary Value Reference exchange rate

31.12.2010 V=10.820.000 Euro/175 Euro/sqm 1 Euro= 4,2848 lei

The elements from the previous report are to be found in what follows, the changes from the previous

situation being signaled, especially those that have influenced the value variation in their time interval.

We used one approach to assess the land surface: comparative approach.

The valuation aim remains the same - determining the fair value for financial reporting:



� The fair value represents the amount for which an asset could be willingly exchanged or a debt could

be deducted between the two parties with full knowledge of the facts, within the frame of a transaction

with an objectively determined price. (IAS 16, 6th paragraph).

� Market value. The amount estimated for which a property will be exchanged at the valuation date,

between a determined buyer and a resolute seller, within the frame of a transaction with an objectively

determined price, after an appropriate marketing activity in which the involved parties have acted with

full knowledge of the facts, cautiously and without constraint (IVS 1, 3.1st paragraph 3.1).

� The terms market value and fair value, the way they constantly appear in accounting standards are,

by and large, compatibles, even though they are not always total equivalents. The fair value, as an

accounting concept, is defined in the International Accounting Standards and in other accounting

standards as being the amount for which an asset can be willingly transacted or a debt can be deducted

between the parties who have full knowledge of the facts, within the frame of a transaction with an

objectively determined price. The fair value is generally used for financial reporting not only of the

market value, but also of the non-market value. When one can establish the market value of an asset,

this value will be equal to the fair value. (IVS – Concepts and Principles, 8.1st paragraph)

� Within the International Valuation Application Standard 1 (IVA1), according to IAS 16 and IAS 2,

the following specifications regarding the valuation activity for valuation reporting are being made:

“5.4 Valuations according to IAS 16

When an entity chooses the revaluation based on the fair value, according to IAS 16, the assets are

included in the balance sheet at the fair value, as follows:

a) „The fair value of land and buildings is generally determined by the record data on the market,

through an evaluation made by qualified professional valuers. The fair value of tangible assets is,

generally, their market value, determined through valuation” (IAS 16, 32nd

paragraph).

b) „If there is no market data regarding the fair value, on account of the specialized nature of the element

of tangible asset, and if the element is seldom sold, except the case in which it represents part of a

continuous activity, an entity might need to estimate the fair value, by using an income approach or by

the net depreciated replacement cost” (IAS 16, 33rd

paragraph).

5.4.1 IVSC considers that a qualified valuer should report the assets market value when he performs a

valuation with this purpose (financial positions). Any hypotheses or opinions expressed in the application

of the market value must be discussed with the representatives of the entity and must be included in the

report.

5.4.2 The valuation conclusion must be reported according to IVS 3, International Valuation Standards,

8th edition of Valuation reporting. The valuers must ensure themselves that the valuation reports, which

were made with a view to draw up the financial standings, contain enough data, according to the

requirements of IAS 16, 77th paragraph:

a) the revaluation comes into force date

b) if an independent valuer was involved (Note: according to IVSC interpretation, this is an external

valuer)



c) significant methods and hypotheses applied

d) the extent to which the assets’ fair values have been directly determined, by referring to the prices

which exist in transactions made on an active market or in recent impartial transactions, or they have

been estimated by using other valuation techniques

Valuations according to IAS 2 –Inventories

“Definitions

6. The following terms are used in this standard, with the meanings specified below:

…

Net realizable value is the estimated selling price of an asset in the normal course of business, less the

estimated costs to complete its production and necessary to conduct the sale.

Fair value is the amount by which it can be exchanged an asset or a liability cancelled, among

stakeholders and duly informed, engaged in a transaction at arm's length.”

This valuation is made in accordance with the International Valuation Standards in force, out of which,

taking into account the valuation aim, mainly with IVA 1 - Valuation for Financial Reporting.

2.2 Value acknowledgement

• The following Valuation Report was performed by Mr. Eng. Breazu Eugen, Valuer, ANEVAR

member, Identification Card No. 3833.

• The valuer is acting as an External Valuer, having no recent or future interest in the valuated

property.

• All data and information used in the Valuation Report are true and accurate and have been verified by

the valuer, when possible.

• All analysis, opinions and conclusions of the report are personal and limited by different assumptions

and specific restrictive conditions, and are not influenced by any moral or financial obligations.

• The valuer undertakes to preserve the independence and integrity in carrying out the valuation report.

The amount which represents the payment for the drafting of the report, paid by the Owners, has no

relation to the declaration of a certain market value or a range of values of the property plot which

favors the Owners.

• The valuation has been performed in accordance with the Deontological Code of the valuer’s

profession and with the International Valuation Standards, 8th edition. The beneficiary has agreed on

the content of the Report.

• The Valuation Report was verified by Mr. Marian Ţuţui, Task Manager, Valuation Department - S.C.

SIGMA BUSINESS CONSULT S.R.L., valuer and ANEVAR member, Identification Card No. 9188.

• The company SIGMA BUSINESS CONSULT S.R.L. is an associated member of ANEVAR, the

National Association of Romanian Valuers, with the Identification no. F09/0229.

• Since 2006, SBC has been a recommended valuation company for BRD Groupe Societe Generale

bank.

• Up to the present, the number of valuation reports has reached a total of 1,500. These reports refer to

buildings, pieces of land, commercial centers, office spaces, warehouses, dwellings, etc.



2.3. Inspection date and effective valuation date

The documentation for valuation was made between 15.12.2011 - 31.01.2012, interval in which the field

inspection was also performed. The inspection was made without the participation of a representative of

the company which owns the property right on the real property, since we know the land from previous

visits .

Value estimation date: 31.12.2011

It is mentioned that the result of the valuation is prone to variation on the real estate market, making it

valid for a limited period of time (usually up to 3 months).

2.4 Assumptions and restrictive conditions

The valuer assumes whole responsibility regarding the opinions he provided in this valuation report.

During the elaboration of the Report, several hypotheses and restrictive conditions were considered, as

follows:

• The valuation is made, assuming that the property is not entailed.

• It was assumed by the valuer that there are no hidden or unknown property conditions which may

change the value of the property. The valuer declines his responsibility regarding the existence of the

above mentioned conditions, or regarding any necessarily professional investigations in order to

reveal such conditions.

• No investigations were performed in order to determine whether soil contaminants are present on site

or not, so we are unable to confirm that the valuation is free of risk on this regard. Therefore, for the

purpose of the valuation, it was assumed that there are no soil contaminants on the property, which

could pollute the environment and diminish the value of the property.

• Any value estimation from this report is related to the valuated property, as a whole; any splitting of

the property (not mentioned in the report) or partial rights on the property would invalidate this value.

• It was assumed by the valuer that all data and information are genuine and accurate.

• It was assumed by the valuer that the property is well hold and managed.

• The valuer will not be asked to offer subsequent support regarding the valuated property or to testify,

unless previous arrangements were made between parties.

• The content of this Valuation Report could be reproduced, partially or as a whole, in other documents,

circulars or statements. S.C. SIGMA BUSINESS CONSULT S.R.L. and its valuer are not responsible

to the beneficiary or any third party if, by publishing this report, prejudices should occur to them.

This Valuation Report does not contain investment suggestions, therefore, neither the valuer, nor the

company S.C. SIGMA BUSINESS CONSULT S.R.L., are responsible for any prejudices occurred to

the beneficiary, or other third party, following the use of these data as investment decision.

Additional assumptions:

In the eventuality of merger, the pieces of land should be considered as a compact plot. The eventual

discontinuities (of relatively small proportion) cannot influence this hypothesis, because the whole can

rather form itself around bigger plots rather than missing strips.



Moreover, it should be mentioned that a compaction of the valuated land can also be made by exchanging

lands in favor of those who own big surfaces (e.g. the actual owners), who have this option as opposed to

the other owners, who are divided.

The real estate market acknowledges the compact plot for the valuated land, and places the emphasis on

lands which were initially divided and which have been bought by the same owner. In the given case, we

consider the two plots as forming a whole.

2.5. Highest and best use appraisal

The “Highest and best use” is a market concept.

Through “Highest and best use” analysis of the valuated property one can identify the most competitive

and profitable use.

In accordance with the International Valuation Standards, the “Highest and best use” concept is defined as

“the most probable use of a property which is physically possible, appropriately justified, legally

permissible, financially feasible, and which results in the highest value of the property being valued”.

Physically possible

The valuated property could have multiple uses, but as the market states, as market data shows, the micro-

zone specific aims towards the residential sector, collective or individual, and commercial spaces.

Probable use

It is valuer’s opinion that the specific of the area could change in the near future, and the investments that

could be made on the land subject of this report could only have a residential or commercial use. For this

reason, the “Highest and Best Use” will be limited to the above considerations, regarding the use of the

property.

Legally permissible

CU for PUZ purposes have been issued on 15th November 2010 valid 12 months

PUZ process in progress. PUZ designer = EURODESIGN,

The PUZ package was submitted to the City Hall Urbanistic Committee on 22nd

February, 2011 and their

approval was given on 24th March 2011.

Building Permit application date is 07th September 2011.

Financially feasible

By analyzing the above facts and, also, by applying the appropriate justification filtration, the valuer

considers that the best use of the property, in the near future, is collective residential estate, and this is

because there are mostly developing residential ensembles in the area.



3. DESCRIPTION OF THE SUBJECT PROPERTY

3.1 Description of the location and of the area

The real property, i.e. the subject of the present valuation report, consists of two merged plots, having an

industrial destination at the time being. The property is located at the border between Timisoara City and

Dumbravita village. Dumbravita village has registered an intense real estate development, building

individual dwellings of the type P+1+M, and this is due to the forest vicinity.

At present, the former industrial platform located at the city’s outskirts is ceasing its activity and land is

now being used for building collective dwellings or individual houses.

Main characteristics:

• The land is bounded on the north by the forest, on the east, south and west by industrial units to be

decommissioned and offered for sale;

• There are two ways of access:

o From Calea Lipovei through Constructorilor Street (the street which bounds Timisoara

from Dumbravita) or through Ion Ionescu de la Brad Street and Albinelor Street;

o From Aleea Demetriade through Albinelor Street;

• The access through central, eastern and western areas is easy;

• Vicinities: forest, Dumbravita residential district, Lipovei neighborhood and the former industrial

platform, on which the Continental plant is located;

• The network utilities exist on the land: electricity, water, sewage, gas pipes from the city’s

networks

3.2 Juridical status of the subject property - ownership rights

The ownership right is given by the following sell-purchase agreements:

• Sell – purchase agreement with authentication completion no. 3052/07.24.2008;

� Contracting parties: S.C. EUROCONSTRUCT S.A., located in G-ral Dragalina Street, no. 27,

Timisoara, in capacity of Seller, and S.C. NOVA MARKET GRUP S.R.L., located in Calea

Victoriei no. 63-81, Mezzanine, 2nd room, 1st District, Bucharest, in capacity of Buyer.



• Sell – purchase agreement with authentication completion no. 3054/07.24.2008;

� Contracting parties: S.C. EUROPREFABRICATE S.R.L., located in Calea Sagului, 7th km.,

Timisoara, in capacity of Seller, and S.C. NOVA MARKET GRUP S.R.L., located in Calea

Victoriei no. 63-81, Mezzanine, 2nd

room, 1st District, Bucharest, in capacity of Buyer.

The ownership right is intabulated as follows:

• 32,499 sqm, registered in Land Book 131317 Timisoara;

• 29,326 sqm, registered in Land Book 118574 Timisoara;

3.3 Land description

The plot is flat, good for backing the foundation and presenting the characteristics of a land with a

building destination.

Main characteristics:

• Total currently accumulated surface: 61,825 sqm.

• Utilities: all existing on the land

• Access: from the main roads, asphalted roads: Constructorilor Street and Albinelor Street;

Building restrictions required by:

• high voltage aerial networks: no

• main gas pipes: no

• railway networks: no

• existing or designed public roads (extensions of county highways, roads, highways): no

• public projects in progress: no



4. MARKET ANALYSIS

4.1. National economy overview

In 2011, the Romanian economy grew in the third quarter, up 1.9% from the second quarter, respectively

4.4 % compared to corresponding period of 2010, mainly due to the evolution beyond expectations of the

agricultural sector.

The annual inflation rate followed a strong downward course in Q3 2011, from 4.25 pct in August to 3.45

pct, returning after more than one year to the variation corridor around the target (3 percent), the

reduction being mainly the effect of the decrease over June-September in foodstuff volatile prices and of

the first wave of the VAT increase fading out.

The National Institute of Statistic (NIS), reported in November 2011, that due to rises in electricity, gas,

steam and air conditioning supply (+10.2%) and manufacturing (+1.3%), the national index of industrial

production (gross series) increased by 2.2% compared to the previous month, and by 4.3% compared to

the same month of 2010.

In the first 11 months of 2011, Romania exported goods worth 41.75 billion euro, up by 22.5% (7.66

billion euro) over the same period in 2010, and made imports of 50.4 billion euro, up 17.8% over the

corresponding period of 2010.

According to the Inflation Report issued by NBR in November 2011, exports will most likely post a faster

pace of increase than that of imports.

Monthly Foreign Trade over last 3 years (billion euro)



Conversely, imports growth is projected to accelerate slightly in 2012 amid the rebound in domestic

demand, while exports growth is seen to be influenced by the slower dynamics of external demand. In this

context, the current account deficit will widen moderately, without any noticeable inflationary pressures

coming from domestic currency exchange rate dynamics.

Even with this positive economic evolution in 2011 and a favorable outlook for 2012, it's raining bad

news in many other directions. There are negative signs related to services and constructions, both civil

and industrial, as well as infrastructure area – on the supply side – and investment – on the demand side.

2012 will be a difficult year: the debt crisis, the problem of deficits, drought in agriculture and the general

elections are some of the most important reasons why any forecast for economic growth in Romania at

this time seems hazardous. In addition, financial institutions have no encouraging messages, and the

evolution of the economy is fragile, being influenced by the international situation.

According to the Center for European Economic Research (ZEW), Mannheim, and Erste Group Bank

AG, Vienna, the economic expectations for Romania, ranking fourth in Central and Eastern Europe

(CEE) concerning economical outlook, have deteriorated significantly in December 2011. The respective

indicators have dropped by 20.4 points and have thus reached levels of minus 52.7 points.

Beyond all these negative aspects, however there are some grounds for optimism as, in Q3 2011 the

evolution of consumption, the sector whose share in GDP is above 60%, recorded the first increase since

the beginning of the crisis.

According to data published by the National Institute of Statistics (NIS) during the first 10 months of

2011, the number of private sector employees increased by 142,000 and the number of employees in the

public sector fell by 42,300.

The total number of employees over last 3 years



Thus, from January to October 2011, the economy gained almost 100,000 employees, the best annual

performance after 1989. The official number of permanent employees in Q3 2011 was of 6.172 million,

up 139,000 from Q3, 2010.

The official unemployment rate came, in April 2011, to 5.41%, down from 6.87% in December and

8.07% in April 2010; the minimum was recorded in Bucharest (1.98%). Although the registered

unemployment rate declined further (5.1 percent against 5.3 percent in 2011 Q2), the estimated

unemployment rate points to a relative stability (at approximately 7.3 percent).

At the end of October 2011, the average net wage per economy was of 1,457 lei, up 8.7% from October

2010.

In the same period, the inflation dropped at 3.55%, thus the purchasing power has increased with about

5%.

As a result, in the third quarter of 2011 the consumption raised by 3.1%, the first increase since

the beginning of the crisis, and in Q4 the performance is expected to be even better, considering the

winter holiday period in December, when many companies give to the employees holiday bonuses.

4.2. Real estate market at the national level

The economic and financial turbulence hit all parts of the Romanian real estate sector and markets are

only now is beginning to see some patchy signs of stabilization. After three year of crisis, the real estate

market is more mature and follows with some delay, the evolution of the economy, as it is influenced by

interest rates and financing policy in general.

The conservative policy NBR and the problems encountered by several European banks, especially those

of Greece, tend to reduce lending and hence to limit the demand in the real estate market.

The average net wage evolution, 2010-2011



Also, both buyers and sellers have nowadays a better perception of value, whether it is a property or a

sum of money, and purchases are no longer based strictly on emotional factors, leaving more room for the

rational factors: prices, surfaces, etc. On the other hand, psychological factor acts as a brake, as buyers are

much more apprehensive about the purchase, especially in housing, seen by most of the population as the

most important investment in life.

The three quarters of 2011 have brought a sale boost compared to 2010 especially due to the “First

House IV” governmental program. Contrary to all expectation, the number of registered transactions in

the first ten months of 2011 increased from 472,240 to a total of 526,556 transactions. Of these, over 80%

are of housing sales.

Starting with October 2011, the trend was downward, due to the pessimistic forecasts and the anxiety on

the financial markets.

Residential market

The credit crunch has had an effect on the re-pricing of all apartments. However, the re-pricing was not

uniform and we can now see a two-tier market in the residential sector, with stronger price differences

between prime and secondary residential schemes depending on location, access to public transport,

quality of apartments, building structure etc, with prices better reflecting the individual scheme’s

qualities.

The three quarters of 2011 have brought a sale boost compared to 2010 especially due to the “First House

IV” program.

“First House IV” – started in June 2011, is a governmental program to sustain acquisition of a house by

young people which never had one, under special conditions:

• Interest rate for loans: o in EURO will be maximum three-month EURIBOR + 4%; o in RON will be maximum three months ROBOR + 2.5%.

• The maximum ceiling of loan guaranteed by the state program remained unchanged: o 60,000 euros when buying an old house; o 70,000 euros for new homes; o 75,000 euros for building a house;

• The down payment remaining 5% of the building and commission of 0.49% per year to the

Guarantee Fund has not changed either.

• The state will not fully guarantee loans and banks will assume 50% default risk.

In H2 2011, the program “First House IV” facilitated the acquisition of ca. 15,034 units countrywide.



The state also supports the improvement of the “energy efficiency” of the old residential block of flats,

mainly through facade renovations, better insulation and new thermo glazed windows in Bucharest and

other major cities in Romania. The refurbishment costs are split between the state and the landlords,

which are allowed to spread the costs over a period of 20 years.

This will gradually improve the old stock of residential buildings in the major cities potentially closing

the gap in quality between old and new stock.

The number of building permits issued for residential buildings fell by 5.6 percent in the first nine months

of 2011, compared to the same period last year, down to 31,012, according to the National Statistics

Institute (INS).

3,800 building permits were issued for residential buildings in September 2011, down by 11.5 percent

compared to August 2011, and by 5.6 percent compared to September 2010.

Source: INS

For local residential market, 2011 was characterized by a clear trend towards price stability. According to

imobiliare.ro in the last 12 months the price difference was reduced significantly (only by 4.1%),

compared to 2009 and 2010, when prices fell by about 21% and 16%.

Residential building permit issued, by development regions



In 2011, prices have decreased, followed by small increases, but the overall trend was slightly downward;

nationally the average price stood at 991 euro per square meter, about 4% less than the value of 1033 euro

recorded in early January 2011.

The annual evolution of prices was slightly different on the old and the new apartment segments, whether

in the first case the price trajectory was rather downward, in the second situation was reversed.

2011 trends:

• atypical for the real estate market was that, in 2011, the positive sales evolution was registered even

in the summer period.

• another essential difference from 2010 is the appearance of a new category of buyers, interested in the

buy-back system, usually requiring a larger area of the apartment and a bigger number of rooms.

Through the Buy-back system, the potential customer pays the advance for a new apartment through

his old one, where she/he can live until the completion of the new apartment, without paying rent.

• demand for one bedroom apartments with prices of 40,000 - 45,000 euro (compared to studios, with

prices between 25,000 and 30,000 euro and to two bedroom apartments with prices between 65,000

and 70,000 euro).

• the one bedroom apartments are no longer the top-selling properties. The most were traded in 2011

were studios and 2 bedrooms apartments.

Imobiliare.ro Index for apartments, Romania level



Source: anunturiparticulari.ro

Land market

The volume of land transactions in 2011 slightly exceeded 55 hectares and the total value of the most

important purchases reached about 68 million euro.

In 2011 land transactions halved, compared to 2010, when only in Bucharest and its surroundings were

traded over 100 hectares, to a total of about 100 million euro.

The biggest transactions made in 2011 are:

No. Buyer Seller Surface

(ha)

Location Price

(milions

euro)

1 Auchan Pryconsa 2.7 Bucharest, Drumul Taberei 21

2 Maveco Holdings Jaffal Imad 35 Bucharest, Policolor 18

3 Ikea Baduc 2 Bucharest, Calea Plevnei 13

4 GED Heineken 3.6 Bucharest, Militari 4

5 Polisano Republica 0.5 Bucharest, Republica 0.45

6 NEPI Dan Ostahie 5.8 Ploiesti N.A.

7 Alpha Property Development Subex 1.9 Bacau 4.56

8 Dedeman Ario Bistrita 1.9 Bistrita 1.6

Area Studio 1 bedroom ap. 2 bedrooms ap.



Office buildings and commercial activities

In 2011, office construction activity was limited, with few sites in progress:

• Sky Tower, near Aurel Vlaicu subway station - bought by Raiffeisen Bank Vienna, for

headquarters of the local subsidiary.

• Ana Tower office building: partnership between Globe Trade Centre, the biggest developer of

offices in Romania, and businessman George Copos. Completion scheduled for 2013.

• AFI Business Park, a complex of five office buildings located near the AFI Cotroceni Palace.

Rents for prime office remain stable, around 19 euro / sqm / month, and is expected to keep this level for

the first half of 2012. The vacancy rate decreased to 16.3% in office buildings class A and B.

In 2011, the most active areas were the center-north of Bucharest (32% of contracts), in Pipera North

(12% of contracts), and in Floreasca (11% of contracts).

Main transactions with commercial spaces in 2011:

• MacroMall Brasov was sold by Carpathian Fund with 1 milion Euro.

• City Mall Bucharest has been sold by UniCredit Tiriac Bank to a local developer, former owner

of City Mall. Transaction value was EUR 17.3 million.



4.3. Specific market of the valuated property

The land price in Timisoara – a relatively small number of land transactions was observed in 2011. The land surfaces from transactions are small,

suitable for individual dwellings. No major transaction was found during that period.

We performed a survey for collecting information about land market, we checked to notary offices, real estate brokers and announcements on

specialized sites. Because of the lack of real estate transparency deals in Romania, our analysis more elaborate on current market offers. We select

from the offers available a sufficient number of offers with similar characteristics like property appraised (location, surface, relevant information).

Also we performed a check of main residential projects in Timisoara, similar to Tagor project, used to obtain information for current

apartments’ selling prices:

Project Location Projected

Commercial

spaces

Projected

Units

Units

Rooms

Completion

Date

Stage Price/sqm

Built

Units

sold

Comments

Fructus Plaza-

Cavanaro

26, Gh. Lazar

Street

yes 81 1-4 2010 selling 1200 48 High, and

better location

Bogdanestilor-

Bias

Calea

Bogdanestilor-

Mehala

yes 23 1-4 2009 selling 950 12 Medium and

better location

Global Imob P-ta Aurora yes 18 3, Ph 2010 selling 900 8 Less quality

Iris 2- Sedako Calea Aradului yes 43 1,2,3,4 2010 selling 865 32 Medium

quality

finishing

Iris 3- Sedako Grigore

Alexandrescu

yes 57 2,3 2011 pre-selling

(october)

865 24 Medium

Grunwald- Mega

Group

Calea Lugojului no 30 2,3 2009 selling 750 11 Medium



Conclusions of apartments market analysis:

• Execution and sale period are around 2 years;

• The degree of finish is medium;

• The offer is made to suit “First House” requirements;

• The offer prices are in range of transaction prices from the notary office.

We also made researches regarding notary offices and all real estate transactions are made in front of a notary. Transaction prices are written in the

contracts. For this approach we have split the map of Timisoara in 4 areas, A being the best and D the worst located (this is not a general rule).



Selling prices for new apartments in Timisoara’s residential projects 01.01-30.09.2011 – information from local notary offices:

Price (€/built sqm)

Rooms: Surface A Area B Area C Area D Area

1 room <40 sqm 0 0 846 742

≥40 sqm 0 849 0 687

2 rooms <70 sqm 1333 881 : 919 829 : 855 707

70 sqm - 90 sqm 1260 888 : 893 870 : 880 660

>90sqm 0 0 0 0

3 rooms <80 sqm 987 0 853 793

80 sqm - 100 sqm 894 0 752 0

>100sqm 0 0 0 0

4 rooms <110 sqm 0 0 0 0

≥110 sqm 0 0 0 0

PENTHOUSE 0 0 758 : 793 0 0



Note:

1. Values are expressed in Euro per square meter of built area.

2. The average value of transactions per square meter of built area (sqm) in the period 01.01.-30.09.2011

is 855 Euro.

3. The most demanded apartments are 1 room and 2 rooms.

4. The differences between them lies in the constructive elements of the site, built surface, equipments,

utilities, access roads, position, etc..

5. Incidentally, in some cases the selling price is lower than the initial offer price.

We have also researched the site www.imobiliare.ro, where it is published a price index for apartments in

Romania’s major cities for new and old apartments. The graphic for Timisoara is presented below (blue is

for new apartments):

It can be observed that prices have been stagnating in the year 2011. The price for a new apartment in

December is 885 Euro/sqm built.



Following the market analysis from the given area, we have selected the following comparable offers:

� 1st Offer (see annexes): Vacant land located on Ialomitei street, near Dedeman Store, and

close to Iulius Mall and Praktiker – Demetriade areas

o Offer from www. depozite-eurorent.ro, posted by Gratian , EURORENT Timisoara,

Str. Polona nr. 2, tel: 0720. 444.644

o Vacant land, within the build-up area, of 3,600 sqm, with 50 m road openings;

o Existing utility networks: fully equipped;

o Residential / business center destination;

o PUZ in process of approval: 2 UG+G+10;

o The offer price is of 280 Euro/sqm.

� 2nd

Offer (see annexes): Vacant land located on Calea Aradului – Felix Street area

o Offer ID no. X1BR1301N from www. hitchmosher.ro, posted by Adrian COSTIL,

Hitch&Mosher, Str. Paul Chinezu nr. 2, et. 2, ap. 1, Timisoara, tel: 0256/430.221,

0747.770.077;

o Vacant land, within the build-up area, with the surface of 4,709 sqm and a 46 m

opening to the road;

o Existing utility networks: fully equipped;

o Fit for residential / commercial destination;

o PUD approved, building permit approved (for 129 apartments)

o The offer price: 300 Euro/sqm.

� 3rd

Offer (see annexes): Vacant land located in Ion Ionescu de la Brad Street

o Offer ID no. X1BR13007 from www. hitchmosher.ro, posted by Adrian COSTIL,


0747.770.077;

o Land within the build-up area, with a total surface of 1,010 sqm and a 20 m opening

to the road;

o Existing utilities networks: fully equipped;

o Fit for residential development;

o PUZ in process of approval (for G+4+5 limited);




� 4th

Offer (see annexes): Vacant land located on the left side of Lipovei road

o Offer ID no. X006130DL, from www.e-imobiliare.ro, [email protected], tel:

0256/221.484, 0742.088.129

o Land for agriculture, inside build-up area, with posibility to be used for construction,

with a total surface of 17.000 sqm and a 47 m opening to the road;



o The transaction price: 220 Euro/sqm

� 5th

Offer (see annexes): Vacant land located on the left side of Torontalului road

o Offer ID no. X1BR13024, from www. hitchmosher.ro, posted by Adrian COSTIL,


0747.770.077;


to the road;



o PUZ in process of approval (for G+9+10 limited);


� 6th

Offer (see annexes): Vacant land located on Stuparilor Street

o Offer ID no. ACKRR, from www.norc.ro;


to the road;



o PUD approved for one block house with max. 26 apartments (for UG+G+3 limited);




5. PROPERTY VALUATION

In accordance with International Valuation Standards, “Market value: 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 where the parties had each acted knowledgeably, prudently and

without compulsion”.

If there isn't an active market or the property is specialized, an asset can be valuated taking into

consideration the potential of services it can generate in the future, for instance the future economic

benefits represented by the asset in the sense of its potential to have a direct or indirect contribution to the

cash flows and the cash equivalents for the entity.

In this case, the fair value would be used. The fair value of the asset is generally used in the financial

reporting of the market value and also, of other, not based on market value, amounts. If the market value

of an asset can be determined, this amount will be equal with the fair value.

In addition to the facts presented above, the property valuation made in this report presupposes:

• approach based on market elements - through direct comparison method

• the established value is the Market value (in this case it is equal with the Fair value).

55..11 TThhee ddiirreecctt ccoommppaarriissoonn mmeetthhoodd

The major premise of the direct comparison approach is that the Market value of a real estate property is

in direct relation with the prices of competitive and comparable real estate properties.

The method of the direct comparison uses the process in which the Market value is estimated by

analyzing the market in order to find similar properties and compare them to the evaluated property.

The comparative analysis is based on the resemblances and the differences between properties and

transactions that influence the value.

Regarding the subject property, the direct comparison method can be applied because there are enough

offers for similar properties.

The selection of comparables was made, according to previous mentioning, following mainly:

• The closeness to the valuated property;

• The closeness of transaction/offer date to the valuation date.

We have searched significantly recent transactions or similar offers, comparable by means of surface,

location and existing utilities, in the analyzed area, north and west part of the city, namely Ion Ionescu de

la Brad neighborhood, Calea Lipovei, Calea Aradul and the entrance in Dumbravita village.



As a general characteristic of the real estate market, the land is a limited resource, and each land presents

unique characteristics; at the same time, the offers of lands with big surfaces within the cities are limited.

What follows is the lack of offers or transactions with similar, comparable dimensions.

The offers of land with small surfaces usually have bigger values per sqm and the negotiation margin is

smaller, whereas the offers with big surfaces have smaller prices per sqm and the negotiation margin is

much bigger.

Following the market analysis from the given area, we have selected the following comparable offers -

see annex.

In using the comparison method, respectively in making the data grid, the following comparison criteria

shall be used:

� 1 Transaction/offer: refers to the date of transaction/ offer, reflecting the market conditions and the

possibility of negotiating the price which is valid at that time. The correction applied in accordance

with this criterion expresses:

• The hardening of financial conditions related to the financial effort;

• The sellers’ willingness to negotiate in the analyzed area (it has been shown that there is a

pretty limited interval for negotiation under normal conditions, the sellers knowing the history

of past transactions to which they refer);

After talking to real estate agents about the comparable offers no. 4 and 5, and accordingly to

market evolution, a 50% negative correction was applied on offer no. 5 and a 25% negative

correction was applied on offer no. 4.

Also we used, based on information received, a 10% negative correction was applied on offer

nos. 1, 2 and 3 and 5% negative correction was applied on offer no. 6.

Due to the present economic conditions, the number of investors has diminished, and the sellers

accept these margins, especially when it comes to important transactions sums of money. What is

more, we have obtained this margin after we have also discussed with real estate agents, who

know the minimum limit up to which the buyers are willing to negotiate.

� 2 The surface of the land: it is known that by increasing the surface of the land, the financial effort

increases and the number of potential buyers’ decreases, thus the unitary price tends to decrease. In

the case of lots jointed, the largest jointed area is taken into consideration;

There is limited number of offers for big surface plots within de build-up area of the city, and none

in the subject property’s area, thus negative corrections were applied on all offers, as follows:

o -15% on offers no. 4 and 5, with surfaces of about 30% of the valued plot of land;

o -30% on offers no. 1 and 2, with surfaces smaller then 10% of the valued plot of land;

o -40% on offers no. 3 and 6, with surfaces smaller then 5% of the valued plot of land.

Also, smaller surfaces are much easily sold, due to the smaller transaction sum.

� 3 The location: built-up/unincorporated area or the belonging to field considered better. The

correction is of 10-20 E/sqm in favor of the land located in the built-up area. It offers the

possibility of immediate construction, of course providing that one has obtained all legal

documents (as for the valuated plot, the terms necessary for obtaining the permits have already

been met, according to the hypothesis).



All comparable offers are located within the built-up area of Timisoara. Offers no. 2, 3 and 6

have the same position as the subject property, so no correction was applied. The 1st offer has a

better position, near Iulius Mall; its price was decreased with 10 Euro.

All other offers have worst positions so their prices were corrected with 10 Euro, considerate a

reasonable amount to justify the difference between the two locations.

� 4 The technical and urbanite equipment and the distance from the public networks of gas, water,

sewage, electricity (if they exist), the type of road to which the land has access. The coefficients

vary with the distance to the utilities and they cumulate one with each other;

The 2nd

, 3rd, 4th and 5

th Offers have similar endowments, so no correction was applied.. On the 1

st

and 6th Offers a 5% correction was applied because of the difficult access to the land.

� 5 The shape and the dimensions, the possibility of future division in lots: max. 25%. This criterion

makes practical impossible to diminish the unitary price for the transaction for the big surface.

This explains why lands with big surfaces have practically the same value with small plots, only in

as much as it creates the premises of a future residential development;

A 5% correction was applied on the 4th

offer, due to the shape and size characteristics of the plot,

less favorable for residential development.

� 6 Strong points given by the proximity to the forest (or an opening at the forest skirt), lake, future

projects (highway, belt highway), variable according to the precise location of the valuated land;

A -5% negative correction was applied on the 2nd

offer, due to its better position, with good

visibility towards Calea Aradului and Felix street , and a 5% correction on the 4th offer (ring road

traffic) and the 6th offer (plot behind old block houses, with no visibility).

� 7 Possible restrictions/limitations given by the location (gas pipes, L.E.A., public roads extension,

the routes of future public roads).

A 5% correction was applied on the 4th offer, as the plot of land is intended for agricultural use.

� 8 Additional criteria: in the case of lands within the built-up area, the building restrictions

imposed by the Urbanism Certificate will be additionally analyzed (P.O.T. max., C.U.T. max.,

alignment retreat) which express the most efficient use of the land.

Offers no. 2 and 6 have PUD/PUZ approved, thus negative corrections of -3 Euro were applied.

The property on Offer no. 4 has no PUD/PUZ approved, thus a 3 Euro correction was applied, for

taxes.

In order to reach a value, the valuer calculates the amount of the corrections and a bigger trust will be

granted to that property that registers the smallest total net corrections reported to the price of the

transaction/offer.

The grid of the market data - is annexed to the present report.

The unitary value of the land is rounded to:

V= 177 Euro/sqm.

The total value of the land (S=61.825 mp) is:

10,940,000Euros



6. APPENDIX

• Comparison grid

• Offers location map

• Offers of free land properties

• Photos of the valuated property

• Copies of valuer’s Identification Card

Address:

Property: Land

Date: 12/31/2011

Comparison element Valued land Offer no. 1 Offer no. 2 Offer no. 3 Offer no. 4 Offer no. 5 Offer no. 6

Unitary price [Euro/sqm] ??? 280 300 327 220 400 278

1 Tranzaction/ offer offer offer offer offer offer offer

Correction [%] -10% -10% -10% -25% -50% -5%

Corrected price [Euro/sqm] 252 270 294.3 165 200 264.1

28 30 32.7 55 200 13.9

2 Surface 61,825 3,600 4,709 1,010 17,000 17,000 1,440

Surface correction[%] 10,943,000 -30% -30% -40.0% -15.0% -15.0% -40.0%

Corrected price 176.40 189.00 176.58 140.25 170.00 158.46

75.6 81 117.72 24.75 30 105.64

3 Location Exit to Dumbravita better position,

near Iulius Mall same position same position worst position worst position same position

Correction [EURO/sqm] -10.00 0.00 0.00 10.00 10.00 0.00

Corrected price [Euro/sqm] 166.40 189.00 176.58 150.25 180.00 158.46

10 0 0 10 10 0

4 Infrastructure (utilities systems,

access road)

Fully equipped,

with access by two

roads

Fully equipped,

second plot

from street

Fully equipped,

direct access to

main road

Fully equipped,

main road

access

Fully equipped,

main road

access

Fully equipped,

main road

access

Fully equipped,

secondary road

access

Correction [%] 5.0% 0.0% 0.0% 0.0% 0.0% 5.0%


8.32 0.00 0.00 0.00 0.00 7.92

5 Shape and size (possibility to parcel

out for future residential

development)

Favorable for

residential

development 2

fronts

Favorable for

residential

development

1:1.5

Favorable for

residential

development

1 front

1:2.23

Favorable for

residential

development

1 front

1:2.5

Less favorable

for residential

development

1 front

1:7.7

Favorable for

residential

development

1 front

1:3

Favorable for

residential

development

1 front

1:3.6

Correction [%] 0% 0% 0% 5% 0% 0%


0.00 0.00 0.00 7.51 0.00 0.00

6 Strengths (vecinatate forest/ lake/ DN

vicinity, future projects, etc.)

Padurea Verde

direct vicinity

Str. Ialomitei,

near Dedeman

Store

Calea Aradului

with Felix

Street, good

visibility

Ion Ionescu de la

Brad st.

Left side of

Lipovei road,

ring road traffic

Left side of

Tolontalului

road

Stuparilor Street,

no visibilty,

backside of old

blocks

Correction [%] 0% -5% 0% 5% 0% 5%

Corrected price 174.72 179.55 176.58 165.65 180.00 174.70

0.00 9.45 0.00 7.89 0.00 8.32

7 Possible restrictions (network

electricity. main gas pipe line. public

roads (existing or in project) etc.)

Free land with no

restrictionsNo restrictions No restrictions No restrictions Land for

agriculture,

inside build-up

area, with

posibility to be

used for

construction

No restrictions No restrictions

Correction [%] 0% 0% 0% 5% 0% 0%


0.00 0.00 0.00 8.28 0.00 0.00

8 Buiding restrictions established by the

urbanism regulations (the coefficients

cumulative)

PUZ in the proccess of

approval - I consider

POT=30-40%, CUT 2-

2.5; Rh=G+7

PUD in

proccess of

approval

2UG+G+10

PUD approved,

building premit

approved, 129

apartments

PUD in proccess

of approval

G+4+5 limited No

PUZ in proccess

of approval

G+9+10 limited

PUZ approved,

UG+G+3

Correction [EURO] 0 -3 0 3 0 -3

Corrected price [Euro/sqm] 175 177 177 177 180 172

CUT 2-2.5;

Rh=P+7E

0.28 2.55 0.42 3.07 0.00 2.70

177

Brut correction 122 123 151 117 240 138

% Brut correction 44% 41% 46% 53% 60% 50%

Net correction related to offer -105 -123 -150 -43 -220 -106

% Net correction related to offer -37.50% -41.00% -45.87% -19.55% -55.00% -38.13%

Comparison Grid

Timis County, Timisoara City, Lipovei area

Unitary Value Resulted [EUR/sqm]: Total Value 10,940,000

Offers MapTimisoara

PDF processed with CutePDF evaluation edition www.CutePDF.com

Ultima căutare » Detalii anunț imobiliar

Vanzare teren Timisoara

De vanzare teren edificabil, intravilan, situat in Timisoara, zona Felix, judetul Timis, cu proiect rezidential,

autorizatie de construire obtinuta, pentru edficarea a129 de apartamente.

Suprafata totala a terenului este de 4.709 mp, cu un front stradal de 46 ml x 102 ml.

Sunt prevazute parcari subterane, conform normativelor…

Mai mult

Detalii anunț imobiliar: Vanzare teren Timisoara

Hartă & street-view

Preț 1.412.700 EURpreț +39.8%

Preț/mp 300 EUR

Tip teren nespecificat

Suprafață teren (mp) 4709

Deschidere la stradă (m) 46

Zile in Norc 202

Modificat la 02:11 02-Feb-2012

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Toate punctele de interes

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Contactează agent

Contactează agenția

Adrian COSTIL

HITCH & MOSHER SRL

Adresa agenției, Agenți

Cod anunț AKCH3

Oferte similare în apropiere


6.800.000 EUR

17000 mp

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1 din 2 2/7/2012 6:00 AM


Transport în comunla 1.17 km

la 1.4 km

Educație

gradinita particulara Chip si Dale

grădinițe

Gradinita nr 47

grădinițe

pizza

Impresie generală:

Avem prea putine evaluari pentru a

face un scor general

Evaluează

Evaluează această zonă(NU această proprietate!)

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Ultima căutare » Detalii anunț imobiliar

Vanzare teren Ion Ionescu de la Brad, Timisoara

Teren de vanzare, cu suprafta totala de 1.010 mp, situat in zona Lipovei, localitatea Timisoara, judetul Timis,

ideal pentru dezvoltare proiect rezidential.

Utilitatile sunt situate in imediata apropiere.

Vicii: Nu exista.

Vecinătăți: Kaufland, Mall, zona limitrofa

Utilități: Apa, Canalizare, Gaz, Curent, Curent trifazic

Zona: I. I. de la Brad

Alte detalii zona: Amenajare strazi (asfaltate), Mijloace de transport, Iluminat stradal

Detalii anunț imobiliar: Vanzare teren Ion Ionescu de la Brad, Timisoara

Hartă & street-view

Preț 330.000 EUR

Preț/mp 327 EUR

Tip teren nespecificat

Suprafață teren (mp) 1010

Deschidere la stradă (m) 20

Zile in Norc 328

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Vanzare teren Ion Ionescu de la Brad, Timisoara


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Adrian COSTIL

HITCH & MOSHER SRL

Adresa agenției, Agenți

Cod anunț AE7HB

Oferte similare în apropiere

Vanzare teren Ion Ionescu de la Brad,

Timisoara

128.500 EUR

570 mp

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640 mp

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1 din 2 2/7/2012 6:03 AM


Transport în comunla 0.78 km

la 0.97 km

Educație

Gradinita 27

grădinițe

Gradinita particulara Children Care

Centrer

grădinițe

Gradinita nr 47

la 0.34 km

la 1.18 km

Club 43

fitness, masaj, solar

Fotbal Club Ripensia 2000

Timisoara

sporturi de echipă, fotbal

la 0.15 km

la 1.29 km

la 0.76 km

la 1.01 km

la 1.06 km

Imperial

hotel, hotel ***, internațional

Angellis

hotel, hotel ****, internațional

Adriatico

italian, pizza, hotel, hotel ***

Pizza Amedeea

românesc, pizza, italian

Burgund

internațional, românesc

Impresie generală:

Avem prea putine evaluari pentru a

face un scor general

Evaluează

Evaluează această zonă(NU această proprietate!)

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Cele mai apropiate anunțuri imobiliare similare Ultimele anunțuri vizitate Anunțurile favorite

Vanzare teren Ion

Ionescu de la Brad,

Timisoara

128.500 EUR


51.200 EUR

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