OFFICE FOR LEASE, COMMERCIAL SERVICES AND RESIDENTIAL
BUILDING VP6
I.
OVERVIEW
1. Project owner:
COMA 18 JOINT STOCK COMPANY
-
Main office: Km No.10, Nguyen Trai Road, Thanh
Xuan District, Hanoi City, Vietnam
-
Tel: 04.33544667
-
COMA 18 is an joint stock company with
independent accounting shares under the General
Engineering Construction Company (COMA) The Ministry of Construction and be transformed
into Construction Engineering JSC No. 18 based
on Decision No. 2102/QD-BXD issued by the
Ministry of Construction. On 23/12/2010, the
company officially changed its name to COMA 18
JSC.
2. Construction site:
Linh Dam, Hoang Liet ward, Hoang Mai district, Hanoi
3. Project Scale
Construction of building and outside infrastructure for the
area of 2637.4 m2
Constructing a 25-storey block and 3 basement floors
with a total construction area is 31,344 m2.
4. Total investment:
458,466,137,000 VND (in words: four hundred and fiftyeight billion, four hundred and sixty-six million, one
hundred and thirty seven thousand)
5.
Capital investment:
6.
Forms of
Management:
Project Self- implementation by the project owner
7. Date for completion:
II.
Own equity, capital form investors and loans.
1st quarter 2014
BRIEF INFORMATION ABOUT PROJECT
Page | 1
1. Project objective:
The project is designed to contribute to reduce pressure on very high housing
demand, as follows :
Based on findings of Population & Housing Survey carried out on April 1, 2009 ,
each year Vietnam 's population increased by over 1 million people , while the
average housing area of 18.6 m2 per person . To keep the average area, 19 million
square meters of housing should be created for each year.
The demand for housing is still very large. The average housing area per capita in
Vietnam has just reached over 13 m2. According to the Decision of the Prime
Minister, Vietnam, up to 2015, will meet the target of 15 - 20 m2/person in 2020.
Vietnam currently has over 1 billion m2 of housing; Vietnam should have a total
area of over 2 billion m2 house in 2020. It means that in 10 years we have to build
about 1 billion m2 of housing. It is average of 100 million m2 need to be build per
year.
It is expected that Hanoi has about 60,000 apartments will be completed in 2012,
but according to statistics, Hanoi needs more than 110,000 apartments in this phase.
By 2020 , Hanoi City need to have 450,000 apartments to meet the needs of the
people
Due to the high population density and limited land for developing projects in the
city center, the demand for apartments tend to move to the outside districts with
good infrastructure such as: Hoang Mai, Tu Liem, Cau Giay and Tay Ho.
Meet the needs of the general construction plan of Hanoi.
Create landscape architecture contribute to Linh Dam area in Hoang Liet Ward,
Hoang Mai district, Hanoi.
Using and exploiting land effectively.
Contributing to reduce housing demand , office and commercial center of the city
Addressing the housing needs for people in the city of Hanoi.
Empowerment, brand improvement for COMA 18 Company in the field of real estate
investment.
2. Scope of Study
Page | 2
Investment in new construction and equipment installation for a 25-storey block and
3 basements.
Technical connection of system building into the existing infrastructure around the
building.
The project is built in an area of 2637.4 m2, of which construction area for almost
half the total area of 1,170 m2 with inherited prime location of new urban areas of
Linh Dam, located in the south of Hanoi, 15km from the capital center. The area
have lake with 74ha, high green rate, an average of 13m2 water per person, the urban
infrastructure system is synchronous. Detail of the construction scope is presented in
Table below:
No
Criteria
Quantity
Unit
1
The total plot area
2,637.4
m2
2
Construction land
1,170
m2
3
Total floor area of building
31,344
m2
178
m2
Trade center area
4,503
m2
Office area
3,092
m2
Auxiliary Area
2,454
m2
Resident area
16,176
m2
Basement floor area (3 basements)
4,941
m2
25
Floor
Nursery area
4
Building stories
07 foundation floors, 03 basement and 02
engineering floors
5
Building density throughout the
44.3
%
6
The coefficient of land use
9,9
times
3. Products and service provided:
Page | 3
VP6 Linh Dam project with 25 floors and 3 basements
located in prime locations in urban Linh Dam area,
including the function of commercial services, office
rental and apartments, of which :
7-storey foundation from 1st floor to 5th
floor is the area is arranged for public and
commercial services
6th floor to 9th floor are the offices.
From 10th – 25th floor are apartments,
including
138
luxuries
furnished
apartments designed for the type of area
from 83.62 m2 to 194.56 m2. Each floor
has 6-9 apartments with system 3 highspeed elevators, high-end furniture.
The basement has a floor area of 4,941 m2 building
4. Time and cost estimate
Cost estimate:
The project has a total cost of 405,085.27 million (excluding VAT) and 437,485.93 million
(inclusive of VAT), which includes plans for the project include: (1) construction costs; (2)
the cost of equipment, (3) PMU costs & other costs, (4) provision expense, (5) interest in
the construction loan. Details about the costs presented in the table below:
Total project cost
No
1
2
3
4
Content
Construction costs
Equipment Costs
PMU & Other Costs
Provision expense
Page | 4
Unit
Calculating way
VND
Excel
VND
Excel
VND
VND
Excel
Excel
Amount
Before Vat
246,450.2
2
53,099.4
7
65,764.1
3
39,771.4
5
After Vat
27
1,095.24
58,409.42
68,209.82
39,771.45
5
Interest in construction
loans
VND
Excel
20,980.2
1
20,980.21
405,085.2
7
43
7,485.93
426,065.4
7
45
8,466.14
The total investment
Not Excluding
construction interest
VND
Excluding construction
interest
III.
Duration of the project: The project is prepared to invest time and construction
from July 2011 - June 2014 (duration: 35 months)
WORK BEAKDOWN STRUCTURE
Investment in construction projects include a lot of work, but the study only focuses and
summaries two main stages include: (1) preparation, and (2): the investment period.
Phase 1: Preparation tasks
- Step 1: Prepare the browser application for approval End of 9/2011
of premises and preliminary architectural plans.
- Step 2: Preparation of investment projects
construction: including TKCS and project notes
to 4/10/2011
- Step 3: Evaluation of basis design
End of month 15/10/2011
- Step 4: Evaluation of investment projects
End of month 15/10/2011
- Step 5: Approval of project construction investment
Last 10/2011
Phase 2: Project implementation
- Step 6: Make a record of the construction drawing
End of 11/2011
design and cost estimate
- Step 7: Verification of the construction drawing
design and estimate
to 15/12/2011
- Step 8: Approval of the construction drawing design
End of 12/2011
Page | 5
and estimates
- Step 9: Start of construction
12/2011
- Step 10: Construction
24 months
Works
breakdown
structure
(WBS)
is
presented
as
following:
Project VP6
Preparation tasks
IV.
Project
implementation
Prepare the browser application for
approval of premises and
preliminary architectural plans.
Make a record of the
construction drawing design
and cost estimate
Preparation of investment projects
construction: including TKCS and
project notes
Verification of the construction
drawing design and estimate
Evaluation of basis design
Approval of the construction
drawing design and estimates
Evaluation of investment
projects
Approval of the construction
drawing design and
estmates
Approval of project
construction investment
Construction
ESTIMATE ACTIVITIES
The financial targets of the project are presented in the table "financial analysis of the
project."
Page | 6
Criteria
Unit
Value
NPV
Million
35.907>0
IRR
%
24,1%>20,0%
Year
8th year
Payback Time
Note
With the discount rate =
20.0%
Assess
The financial
feasibility
Criteria
Unit Value
NPV
million
IRR
%
Notes
35 907 > 0
24.1%> 20.0%
Return period: Year 8
With the discount rate = 20.0%
Financial evaluation: the project is financially feasible.
V.
SCHEDULE, HUMAN RESOUCES AND BUDGET
1. Schedule
The schedule of the project: Due to limited framework of this article, we only offer items
schedule overall nature without going more
A. Construction project team:
PM
Project Leader
Project Accounting Department
Project engineering department
Parts Supply Chain Management ( Procurement )
Page | 7
Project Secretary.
B. Construction schedule
- Manicure 1.1:
piles
Construction of basement foundation
- 1.2 Construction of ground floor
Pour concrete frame ground
Raw Ground
- 1.3 Construction of 1st floor
Pour concrete floor frame
1st floor
- 1.4 Construction of 2nd floor
2 storey concrete frame
raw Building 2nd floor
- 1.5 Construction of 3rd floor
3 storey concrete frame
Building 3rd floor
C. Equipment installation:
Installation of electrical system
Installing water supply systems
Installed drainage system
Installation of sanitary equipment
Door Installation
Installation of the machinery
D. Complete works
Tiles
Paint
Page | 8
Attach
Kitchen Cabinets
Other Work
E. Handing work
Hygiene
Delivering
F. End of project:
Identify the work is done in accordance with the requirements
Check Actually Works
Project legal documents
Checking the quality of the records
Disposals procurement contracts and tenders
Settlement contracts
Records disposal contracts.
Report overall project completion
Approval of the investor
Organization of test council
Test records
Handing over of works
Transfer Products
Hand over the records of the
Handover
Meetings of the overall draw lessons
Dissolution
Construction equipment
Organize farewell party
Virgin human
Page | 9
2. Preparation of HR:
The specialized components of the project based on the original scale of the project, total
investment, and project progress to plan:
Human: suitable for professional competence, sufficient in quantity and quality.
Materials: Construction and shall sign the contract with the supplier to make supply
chain to ensure the safety and quality of the materials needed for the project, with
the note contingency plans for the bad amalgams of market volatility.
The equipment and construction machines ensure enough quality to work well for
construction work
Finance: Arranging roughly the capital to ensure financial resources are meeting the
requirements of the project.
3. Budget:
Fixed capital investment.
*) The total investment of the project (including interest during construction) is: 458
465 million.
*) The credit terms are included in the economic analysis calculated for the
following projects:
+ Capital of investors: 15.02%
+ Customer capital raising (selling apartments): 63.76%
+ Loans of commercial banks are: 21.22%, estimated interest rate of 20% / year.
Detailed capital structure is presented below:
No
1
2
3
Resource
Loan credit institutions
Own capital
Capital raising customer
Total
Page | 10
Investment budget
%
Amount
21.22%
97,286,514,271
15.02%
68,861,613,777
63.76%
292,318,008,951
100.00%
458,466,137,000
The project includes the following costs:
Personnel costs
Direct Costs
Indirect Costs
Incremental Costs
Determine the time the costs are incurred
Provision expense
Prepare detailed budgets for each of the above
Unit: million
No
Cost
Value
Total cost
up to year
0
Time
year
>7/2011
I
Investment cost:
Construction
costs
2012
2013
>6/2014
6,576.41 115,273.91 173,481.23 109,753.72 405,085.27
246,450
86,257.58 123,225.11
36,967.53 246,450.22
Equipment Costs
53,099
PMU & Other
Costs
Provision
expense
II
II.1
II.2
II.3
65,764
39,771
The ability to
raise capital:
Own capital
Capital Bank
Borrowing
Capital mobilized
Page | 11
6,576.41
5,309.95
26,549.73
21,239.79
53,099.47
19,729.24
19,729.24
19,729.24
65,764.13
3,977.14
3,977.14
31,817.16
39,771.45
6,576.41 115,273.91 173,481.23 109,753.72 405,085.27
15.02%
21.22%
63.76%
6,576.41
23,054.78
31,226.62
60,857.82
27,650.53
64,568.60
45,401.71
96,852.90
12,900.82 85,953.05
96,852.90 258,274.40
from customers
III
III.1
III.2
Balance (II)-(I)
>=0
Debt and Interest
during
Construction
Principal
investor Loan for
Construction
27,650.53
45,401.71
12,900.82
Paying interest
loans (selfbalancing
payment source)
Total to first
period
Arising during
the year
20,980.21
27,650.53
75,817.29
94,269.87
2,765.05
8,316.82
9,898.34
2,765.05
8,316.82
30,415.58
81,369.05
95,851.39
30,415.58
81,369.05
95,851.39
Interest
payment period
before
Left at end of
period
Total payable
outstanding
loans and
interest
The cost of the project include :
Cost of building management and operation: (includes salary, annual
insurance costs , utility costs ... ) : Estimated range 42.000d ( $ 2 ) / m2 per
year
Expenses Depreciation and amortization
Page | 12
85,953.05
The value of depreciated assets includes all costs to create assets that are
accounted for by separate groups of assets. Depreciation according to
Circular dated 20/10/2009 203/2009/TT-BTC Depreciation and amortization
of the Minister of Finance.
The characteristics of this project are a mixture of office, commercial and
apartment should only amortize to the office area and the commercial floor
apartment.
Identify the depreciation period for each type of asset.
According to Appendix 01 " The time frame used for fixed assets " issued Circular
No. 203/2009/TT-BTC Depreciation and amortization on 20/10/2009 by the
Minister of Finance , determine the time fixed assets used for the following projects:
No
Time for use
Time for project
1
Types of fixed assets
Buildings and structures
25-50
25
2
Machinery Equipment
10-20
10
3
The deduction gradually (clearance,
other expense, provision expense,
interest building ...)
5-10
5
Planning depreciation of fixed assets
Pursuant to Article 13 of the Regulation on management, use and depreciation of
fixed assets issued under Circular No. 203/2009/TT-BTC, choose the method of
depreciation for office building project, commercial and residential apartments VP6
Linh Dam: straight-line depreciation method.
General expenses , administrative costs , marketing , sales ... equal to 1 % of
turnover
Cost of repair and maintenance works: Estimated 150,000 VND / m2 per
year / (area public office + commercial).
Interest payment in operation
The taxes in accordance with the project 's current state , including:
Page | 13
VAT : 10 % of sales
Corporate Income Tax : 25 % of taxable profits
Based on the total investment, based on the progress and schedule of the project’s
accounting department will project planning how to budget initiative, the most
appropriate and effective to serve up the requirements of each project phase. The
budget plan will be approved by the investor and the investor to understand the
disbursement for the project to avoid delays affects the project implementation.
Finally, when you have the schedule, resources and budget plans clear, essential and
important time management is the ability to run as well as the actual implementation
of the project, how to achieve all of the project objectives outlined. This is a very
carefully the possibility of project management, due diligence with serious mental
attitude of all the members of the project management department to direct the
construction.
VI.
CONCLUSION: The economic efficiency of the project finance
Leasing Office : 3.092m2
Commercial rental : 4.681m2
Looks basement parking : 35 cars , 345 motorcycles
Service fee apartments : 138 apartments
Apartments: 138 apartments
ECONOMIC EFFICIENCY
During operations, the project will contribute to the state budget the following amounts:
Value Added Tax :1,439 billion
Corporate income tax: 3,483 billion
EFFECTIVE SOCIAL PROJECTS
• Meet the requirements for infrastructure, housing, apartments for People Capital and the
accompanying public utilities in the immediate future and in the future.
• Promoting economic efficiency and the advantages Linh Dam.
• Create jobs and incomes for workers.
Page | 14
• Ensure business goals, business functions of the Corporation Coma 18.
• Increased revenues of the city.
• The project will be put to use to form new residential planning system complete with
integrated technical infrastructure and modern improve life for the people of the city,
creating economic opportunities sales to businesses operating in the city, contribute
positively to the economic growth of the city.
Page | 15
REFERENCES
1. Handbook of project management
2. Project Management
3. Balancing hard project management skills and soft skills
Page | 16
- Xem thêm -