FCC Proudreed Properties 2005 HSBC SG CORPORATE ...
FCC Proudreed Properties 2005 HSBC SG CORPORATE ...
FCC Proudreed Properties 2005 HSBC SG CORPORATE ...
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We attach schedule of values, divided into three Appendices as requested, upon which the properties in<br />
this portfolio are identified. A summary report, tenancy schedule and valuation sheets for each property<br />
are also attached.<br />
We confirm that we are able to comply with the applicable listing rule of the relevant stock exchange and<br />
listing authority, whether it is in London, Luxembourg or Dublin. We also confirm that the valuations have<br />
been carried out by a competent Independent Valuer and that Savills has no conflict of interest in advising<br />
the addressees of the report. We also confirm that Savills has sufficient professional indemnity insurance<br />
on a per claim basis in respect of the services herewith provided.<br />
The report and valuation have been prepared in accordance with the latest edition of the RICS ‘‘Red<br />
Book’’, the Appraisal and Valuation Standards (5 th Edition). We refer you to the documents entitled<br />
‘‘Valuation Procedure and Assumptions’’ and ‘‘Specific Valuation Assumptions’’ attached to this<br />
certificate for details of the basis of our valuation, the work we have undertaken and the general<br />
assumptions upon which it has been prepared.<br />
You have requested that valuations be prepared upon the following basis:<br />
Market Value<br />
Market value means ‘‘the estimated amount for which a property should exchange on the date of<br />
valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper<br />
marketing wherein the parties had each acted knowledgably, prudently and without compulsion’’.<br />
Market Value with Vacant Possession<br />
As for market value, but assuming that the property is vacant at the valuation date.<br />
Reinstatement Cost<br />
This is an estimate of the cost of current reinstatement cost of the property in its current form, including<br />
costs of clearance, demolition and professional fees, but excluding VAT.<br />
We would underline that this indication of reinstatement cost for insurance purposes is given as a<br />
guideline only, since a formal estimate can only be given by a qualified Quantity Surveyor or equivalent<br />
person with sufficient current experience of construction costs. As the property has not been inspected by<br />
a Quantity Surveyor, the estimates of replacement cost are provided without liability.<br />
Valuation<br />
A schedule of individual net market values as at 31 May <strong>2005</strong> is attached. The sum of the individual<br />
property values should not be considered as our opinion of the value of the portfolio if sold as a whole.<br />
No allowance has been made in our valuation for the costs of realisation, any liability for tax which might<br />
arise in the event of disposal or deemed disposal or for the existence of any mortgage or similar financial<br />
encumbrance over the property.<br />
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