High-rise

No. Land LA (m2) Construction Ratio

Total LA 4,073 45%
In-planning land 2,343
High rise 1,406 60%
Infrastructure 2,667

No. High-Rise GFA NFA

HR Total GFA (incl Basement) 23,430 15,839
Basement 2,343 1,874.40
Podium 4,686 3,045.90
Apartment 16,401 12,793
Total GFA (excl. Basement) 21,087
LR Total GFA (incl Basement) - -

Total GFA (excl. Basement) 58,872

Plot Ratio Construction Area
9.00

7.0

Unit Avg. unit size Population

1,100
94
8
210 61

-
HOANG THAO MY - THUAN AN, BINH DUONG

PARAMETERS
No Parameters Unit
1 Total land area m2 4,073
Land out of planning
Land within planning 4,073
Highrise function 3,749 92.0%
Lowrise function 0.0%
2 Land uses ratio time
For highrise
Residential function
Service function
Number of basement 1
3 Construction ratio 0.0%
Construction area 3,749
4 Numer of units unit
Average unit size m2

BUILD CONSTRUCTION & RELATED COSTS

No Parameters Unit Item Description $/ % VND/CFA

1 Total GFA m2 26,097 1 Construction cost $ 11,332,140 294,635,640,000
1.1 For highrise 23,430 1.1 For highrise $ 11,012,100 $/ NFA $/ CFA
Commercial APT Commercial APT
Basement 2,343 Basement $ 400 $ 937,200 10,400,000 $ 715 $ 434
Podium 4,686 Podium $ 400 $ 1,874,400 10,400,000
Apartment 16,401 Apartment $ 500 $ 8,200,500 13,000,000
1.2 For lowrise - 1.2 For lowrise - -
0 - 0 $ - -
1.3 Infrastructure/ landscape 2,667 1.3 Infrastructure $ 120 $ 320,040
2 Design and professional fees 1.5% $ 169,982
3 Construction supervision fees (CS) 1.5% $ 169,982
4 Contingency 2.5% $ 283,304
Total Construction cost & relevant costs $ 11,955,408 335,349,186

PRODUCT REVENUE
No Description Unit Q'ty No Description Unit rate Amount VND
Total NFA m2 Total revenue $ 37,970,658 987,237,108,000
1 For highrise 15,839 1 For highrise 37,970,658
Commercial APT m2 Commercial APT $ - - -
Apartment m2 12,793 Apartment $ 2,300 $ 29,423,394 59,800,000 65,780,000
Podium (shophouse, retail) m2 3,046 Podium (shophouse, retail) $ 2,760 $ 8,406,684 71,760,000 78,936,000
Parking lots 94 Parking $ 5,000 $ 140,580 130,000,000 143,000,000
2 For lowrise - 2 For highrise - -
- - - $ - - -

LAND COST, PRODUCT SELLING PRICE, AND DEVELOPMENT COST

LAND COSTS PRODUCT SELLING PRICE VND

Item Description Unit Amount Land price $ 4,061 $/m2 land 105,573,288
1 Land area for pricing m2 4,073 Apartment- sale price $ 2,300 $/m2 NFA 59,800,000
Asking unit price $/m2 GFA $ 4,061 105,573,288 Shophouse - sale price $ 2,760 $/m2 NFA 71,760,000
Total asking land cost $ $ 10,769,231 280,000,000,000 Discounted rate 10.0%
Land Tax (if applicable) $ $ 5,769,231 Interest rate 7.5%
Total Landcost & related costs $ $ 16,538,462 US$ rate 26,000
Total Landcost & related costs VND $ 430,000,000,000 Total land tax 150,000,000,000 VND
5,769,231 USD

TOTAL DEVELOPMENT COST

Item Description Amount (USD) % per… % TDC
1 Total investment cost 29,516,368 91%
1.1 Land cost & related costs $ 16,783,859 52%
Land cost $ 10,769,231 33% $ 5,904,332
Legal fee $ 245,397 2.0% per Cons cost & related costs (Contigency excl.) + OVH 1%
Land tax $ 5,769,231
1.2 Construction cost & related costs 11,955,408 37%
1.3 Misc expenses 119,554 1.0% per Construction cost & related costs 0%
1.4 OVH 597,770 5.0% per Construction cost & related costs 2%
1.5 Apartment warranty (5 years) 59,777 0.5% per Construction cost & related costs
2 Total operational cost 2,795,356 9%
2.1 Operational cost (Mar, sales, etc.) $ 1,898,533 6%
2.2 Interest expense $ 896,823 3%
2.3 Management fee (if any) $
Total Development Cost 32,311,724 840 VNDbn
 OVERALL INFORMATION & ASSUMPTIONS
PHUC HOANG GIA - BINH NHAM, BINH DUONG
Component: APARTMENT & COMMERCIAL
No. Criteria Unit Parameter
1 Land size sq m
2 Plot ratio times
Highrise
Lowrise
3 Construction ratio %
Highrise
Lowrise
4 Floors floor
5 Basement floor
1 GFA sq m
Commercial sq m
Basement
Highrise Residential
Podium (shophouse, retail)
Lowrise sq m
CFA
2 NFA sq m
Commercial sq m
Podium (shophouse, retail)
Apartment
Lowrise sq m
Landed house (land + house)
3 No. of landed house
Average apt size sq m
4 No. of apartment
Average apt size sq m
5 No. of Podium shophouse
Average size of Commercial sq m
Cost Details Total
01. Land cost USD $ 1
02. Land tax USD $
03. Construction cost USD/sqm GFA GFA
TOTAL
Highrise Residential USD/sqm GFA sqm
Basement 400 2,343
Highrise Residential 500 16,401
Podium (shophouse, retail) 400 4,686
Lowrise USD/sqm GFA sqm
Landed house (CFA) 600 -
Infrastructure 120 2,667
04. Design and Professional fee $
05. Construction supervision fees (CS) $
06. Other development cost $
07. OVH $
08. Contigencies $
09. Apartment warranty (5 years) $
10. Management and Operational cost $
TOTAL $ 3
Revenue Details Total
1 Highrise Residential USD/sqm NFA
Highrise Residential $ 2,300 12,793
Podium (shophouse, retail) $ 2,760 3,046
2 Lowrise
Landed house (land + house) $ - -
3 Basement (lot) $ 3,500
TOTAL
Financial Criteria Total
Discounted rate 10%
Net profit 4,527,147
NPV 552,748
Project IRR 12.0%
Equity IRR 16.3%
Return on Total Investment 14.0%
Return on Total Revenue 11.9%
Parameter
4,073

-
7.00

0%
60%
40
2
21,087
21,087
2,343
16,401
4,686

-
15,839
15,839
3,046
12,793
-
-
-
-
210
61
8
381
Total 1508000000
10,769,231
5,769,231
TOTAL
$ 11,332,140

$ 937,200
$ 8,200,500
$ 1,874,400

$ -
$ 320,040
169,982
169,982
364,952
597,770
283,304
 59,777
2,795,356
32,311,724
Total
REVENUE
$ 29,423,394
$ 8,406,684

$ -
$ 140,580
$ 37,970,658
Total
10%
4,527,147
552,748
12.0%
16.3%
14.0%
11.9%
PROJECT TIMELINE

2025 2026
Timeline
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
1. PROJECT PREPARATION
1 Land cost 100% 20% 80% 0% 0%
2 Land tax 100% 50.0% 50.0%
3 Design and Professional fee 100% 33.3% 33.3% 33.3%
4 Authority approval for new design 100% 33.3% 33.3% 33.3%
5 Construction Supervision fee 100% 9.1% 9.1% 9.1% 9.1%
6 Legal fee 100% 9.1% 9.1% 9.1% 9.1%
II. PROJECT EXECUTION
2. CONSTRUCTION
1 Construction - Basement + Infras 100% 50% 50%
2 Construction - Tower 100% 10% 10% 10%
3 Construction - Lowrise 100% 10% 10% 10%
4 Contigency 100% 10% 10% 10%
5 Misc expense 100% 10% 10% 10%
6 OVH 100% 10% 10% 10%
3. SALE ACTIVITIES
1 Apartment - Commercial 100% 25% 20% 10%
2 Shophouse - Commercial 100% 20%
5 Parking 30%
 2027
Q2

9.1%
9.1%

10%
10%
10%
10%
10%

10%
15%
 TIMELINE 2025
Work Q1 Q2 Q3

I. PROJECT PREPARATION

Land cost

Land tax
Design and Professional
fee
Authority approval for
new design
Construction Supervision
fee

Legal fee

II. PROJECT EXECUTION

CONSTRUCTION
Construction - Basement
+ Infrastructure
Construction - Tower
Construction - Lowrise

Contigency
Misc expense
OVH
SALE ACTIVITIES
Apartment - Commercial
Shophouse -
Commercial

Townhouse

Parking

2025
Investment cost Total
Q1 Q2

1 Land cost

Land cost 10.77

Land tax 2.88

Legal fee 0.22

Cons cost - Basement +
2 Infras 0.00
3 Cons cost - Tower 9.07
4 Cons cost - Lowrise 0.00
5 Design fee 0.17
 6 Construction supervision 0.15
7 Contingency 0.25
8 Misc expense 0.11
9 OVH 0.54
10 APT warranty 0.00
24.17 0.00 0.00

KUSTO EQUITY Total 2025 2026 2027

Cashflow from business

performance
Revenue #REF! #REF! #REF! #REF!
Investment cost &
operation cost #REF! #REF! #REF!

Cashflow from financial

activities -
Inflow -
Loan 1 - 1

Kusto equity 1 0 1
Outflow -

Loan principle 1 - 0
Interest expense - - -

Equity repayment for

Kusto - - -
EBT 1 - -
CIT 1 - -
Net profit 0 - -
 2026 2027
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

20% 80% 0%

50% 0%

33% 33% 33%

33% 33% 33%

9% 9% 9% 9% 9% 9%

9% 9% 9% 9% 9% 9%

50% 0%

10% 10% 10% 10% 10%

10% 10% 10% 10% 10%

10% 10% 10% 10% 10%

10% 10% 10% 10% 10%

10% 10% 10% 10% 10%

20% 10% 10% 10% 5%

15% 10% 10%

0% 5% 5%

2025 2026 2027

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2.2 8.6 0.0

2.9 0.0

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0

1.0 1.0 1.0 1.0
0.0 0.0 0.0 0.0
0.1 0.1 0.1
 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.1 0.1 0.1 0.1

0.00 2.15 8.67 2.94 0.09 1.15 1.15 1.15 1.15

2028 2029 2030

#REF! #REF! #REF!

#REF! #REF! #REF!

- - -

- - -

0 0 -
- - -

- - -
0 0 -
0 1 -
0 0 -
 2028 2029 2030
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

9% 9% 9% 9% 0%

9% 9% 9% 9% 0%

10% 10% 10% 10% 0%

10% 10% 10% 10% 0%

10% 10% 10% 10% 0%

10% 10% 10% 10% 0%

10% 10% 10% 10% 0%

15% 5% 0%
10% 15% 15% 5% 0%

20% 20% 15% 15% 0%

5% 5% 5%

027 2028 2029

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0

1.0 1.0 1.0 1.0 1.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.1 0.1 0.1 0.1 0.1 0.0
0.0
1.15 1.15 1.15 1.15 1.15 0.00
2030
Q3 Q4