京御地产 OFFICE PARK 项目定位报告

OFFICE PARK

OFFICE PARK2060CBDCBDOffice Park

Office ParkOffice Park

Office Park

GDP300010000 Office Park2007GDP2461GDP7000GDPOffice Park 1965-1978GDP GDP4958-10309GDP3000 Office Park5000

Chart2

32622001

35341

4219.10519951632

4969.64933494564

5631.22676579938

6461.843790012814

7677.260273972619

800024

GDP()

Sheet1

1965196919741978

GDP()37104958701410309

4756128170

20012002200320042005200620072008

GDP()32623534421949705631646276778000

1248141924

20013000

2002120023500

200312003348928.274219.1051995163

200422004410998.274969.6493349456

200442005454448.075631.2267657993

200452006504677.816461.8437900128

200452007560447.37677.2602739726

200542008

2005

2006

20062003

MAX20062004

20062005

BDA20062006

BDA20062007

link2007

5604434892U2007

7.30467672.42559483067672.4255948306BDA2007

4361.52007

2008

2008

2008

2008

Sheet1

&A

Page &P

GDP()

Sheet2

GDP()

Sheet3

MAXBDABDAlinkUBDA

2002200320042004200420042005200520062006200620062006200620072007200720072008200820082008

GDPOffice Park 2001GDP30003262 2002Office Park 20022008Office ParkGDP 2005GDP5000 Office ParkOffice Park

Chart3

0.7647580645

0.7688664098

0.7729080496

0.7754473453

0.780593459

0.7855536818

0.7905108487

0.7953373082

0.8362158648

0.8433270082

0.8450091855

0301

3-1 (1978-2007)

() ()

()()()

1978871.5443.2428.3479.0392.512.936.126.81849.7

1979897.1454.6442.513.675.927.75870.6

1980904.3457.8446.515.566.309.26885.7

198598150048115.455.759.70957.9

1986102852450415.824.4711.35971.2

1987104752552217.295.4011.89988.0

1988106153452714.435.089.351001.2

1989107553853712.845.357.491021.1

1990108654554179828813.045.817.231032.2

199110945475478082868.035.822.211039.573.86%

199211025545488192839.226.113.111044.974.32%

199311125595538312819.356.163.191051.274.73%

199411255645618462798.965.763.201061.875.20%

19951251.1627.0624.1946.2304.97.925.122.801070.375.63%

19961259.4639.0620.4957.9301.58.025.342.681077.776.06%

19971240.0628.7611.3948.3291.77.916.021.891085.576.48%

19981245.6630.6615.0957.7287.96.05.30.71091.576.89%

19991257.2636.4620.8971.7285.56.55.60.91099.877.29%

20001363.6710.9652.71057.4306.26.25.30.91107.577.54%

20011385.1722.1663.01081.2303.96.15.30.81122.378.06%

20021423.2743.1680.11118.0305.26.605.730.871136.378.56%

20031456.4761.2695.21151.3305.15.065.15-0.091148.879.05%

20041492.7779.9712.81187.2305.56.135.390.741162.979.53%

20051538.0778.7759.31286.1251.96.295.201.091180.783.62%

20061581.0807.4773.61333.3247.76.264.971.291197.684.33%

20071633.0829.0804.01379.9253.18.324.923.401213.384.50%

1. 1978-19801985-1989198219901990

199520051%2000

2. 19781990

-19991990200020001999

()2001-20052006-20072006

0301

Office ParkOffice ParkOffice Park

Office Park Office ParkOffice Park 200784.5

GEABBSMC

Office Park

11 2020 Office Park

2010

Office Park

Office Park////Office parkOffice parkOffice parkOffice parkOffice park

Office Park

Office ParkOffice Park60Office Park2002 Office Park Office Park Office ParkCBD Office ParkCBDOffice Park


Office ParkOffice Park5633

1Plantation Key Office ParkFlorida, USA10,2190.2450kmUnknown2Carnegie Office ParkPennsylvania, USA7,617.80.23Pittsburgh 10km3Olde Towne Office ParkWisconsin, USA13,9350.77MadisonUnknown4Denver WestDenver, USA139,3500.99DenverIT5Westborough Office ParkMassachusetts, USA20,0000.33Boston 48.3kmIT6SWAN Office ParkRomania55,0000.57Bucharest 25kmUnknown7Crow Canyon Office ParkSan Francisco, USA10,776.40.89San Francisco50km 8Corporate Woods Office ParkKansas, USA195,0900.61Kansas10km9Cambridge Business ParkCambridge, UK31,6000.345510OAKDALE Business ParkCaephilly, Wales1,092,6520.671111Copenhagen Airport Office ParkCopenhagen, Denmark220,0000.532412Warrington Business ParkWarrington, England650,0000.2913Jurong International Business ParkSingapore227,0000.69IT14Changi Business ParkSingapore1,090,0001.64IT15Cobalt Office ParkNewcastle, UK220,0000.14 12kmIT16Smales Farm Technology Office ParkAuckland, New Zealand110,0001.02CBD 15km

Smales Farm Technology Office Park CDB15 60408 13 5 Takapuna 26 103

1110.81.024SovereignTelstra ClearAir New Zealand Q4Smales Farm Technology Office Park

Sovereign House 600 90011514500

22Smales Farm Technology Office Park

TelstraClear 941800030%Smales Farm Technology Office Park

Air New Zealand 56 CO25,500Smales Farm Technology Office Park

Q4100080004,200Smales Farm Technology Office Park

30% Smales Farm Technology Office Park

10~209513.5/ 15%Smales Farm Technology Office Park

Q4 5.92%Smales Farm Technology Office Park

ASB Bank Q4Body Tech Gym SovereignChild Preschool Education SovereignColumbus Caf Q4Dymocks Book Store Q4Hatsuhana Sushi Bar Q4Servilles Mens Hair Q4Subway Q4Quarry Bar Q4SkinFit Q4

Smales Farm Technology Office Park

60090010001400

Chart2

0.37225089410.56157987870.2844748005

0.38012518630.5076002080.3200494633

0.38817630790.45256467640.3574636908

0.39641112550.39641112550.3964111255

0.40483689760.33881154310.4374043548

0.41346130390.27941286830.4807200927

0.42229247840.21857477670.526553023

IRR

Sheet1

1225/102250

260/106002250

31500/1015000600

4250/10250015000

545/104502500

690.5/10905450

82215.5/1021705905

9676/1021705

102891/10

2170539.64

360009800

1123510020

8426456

38.82 2.69

()

100,0001225/

100,000225

024%

01,500

3 0

1500/

0/

5.50%

25%4250/

533%

5.88%

65%

70.0%

3%

()

()40004,0001

()002009100%

2200920%

201080%

(%)201020112012

10%50%30%3 201020%

0%0%0%201145%

201235%

8,4264201020%

38.82%201145%

39.64%201235%

&F

()(/)()

.2,2500.0225100,00010.37%

1.2,2500.0225100,00010.37%

.6000.0060100,0004.0%2.76%()

.15,0000.1500100,00069.11%

1.15,0000.1500100,00069.11%

2.00.000000.00%

.2,5000.0250100,00011.52%

20,35093.76%

.4500.0045100,0002.07%

1.4500.0045100,0003.0%2.07%()

2.00.0000100,0005.0%0.00%

3.00.0000100,0004.0%

.9050.0091100,0005.0%4.17%

.21,7050.2171100,000100.00%

1,0800.0108100,0003.0%

4560.0046100,000

36,000

136,0000.4000100,00090%

20

1,9805.50%

11,235

8,426

38.82%

2009201020112012

.2,2502,250

1.2,2502,250

100%100%

.600120360120

100%20%60%20%

.15,0003,0002,8132,8132,8132,813750

100%20%18.75%18.75%18.75%18.75%5%

.2,50003753753753751,000

100%0%15%15%15%15%40%

20,3505,3703,5483,3083,1883,1881,750

.450459090909045

1.450459090909045

2.00000

3.00000

.90590.5181.0181.0181.0181.090.5

0%

.21,7055,5063,8193,5793,4593,4591,886

2009201020112012

1234

()90,0000.05,0005,00025,00025,00030,000

()0.00.00.00.00.00.00.0

.36,0000.02,0002,00010,00010,00012,000

1()36,0000.02,0002,00010,00010,00012,000

4,000

0.0

*36,0000.02,0002,00010,00010,00012,000

*0.00.00.00.00.00.00.0

.25,2215,5064,0283,8654,5014,4162,906

1,886

21,7055,5063,8193,5793,4593,4591,886

3.0%1,0800.06060300300360

4560.0391171921080.0

5.5%1,9800.0110110550550660

.10,779-5,506-2,028-1,8655,4995,5849,095

.25.0%2,6950.00.00.00.00.02,695

.8,084-5,506-2,028-1,8655,4995,5846,400

200920102010201120112012

21,7055,5063,8193,5793,4593,4591,886

136,0000.02,0002,00010,00010,00012,000

29,8005,5061,1461,0741,0381,0380.030%

310,0200.02,6732,5052,4212,4210.070%

0.0

22,1615,5063,8583,6953,6513,5661,886

121,7055,5063,8193,5793,4593,4591,886

24560.0391171921080.0

0.0

-13,8395,5061,8581,695-6,349-6,434-10,115

200920102010201120112012

10,494002,7125,3342,4480

10,02002,6732,5052,4212,4210

4560391171921080

20,97002,7125,3347,9474,9770

10,4760005,4994,9770

-10,49402,7125,3342,44800

8,084-5,506-2,028-1,8655,4995,5846,400

5.88%

-

;

200920102010201120112012

123456

.36,0000.02,0002,00010,00010,00012,000

36,0000.02,0002,00010,00010,00012,000

.23,2415,5063,9183,7553,9513,8662,246

21,7055,5063,8193,5793,4593,4591,886

1,0800.06060300300360

4560.0391171921080.0

.12,759-5,506-1,918-1,7556,0496,1349,755

.1,9800.0110110550550660

1,9800.0110110550550660

10,779-5,506-2,028-1,8655,4995,5849,095

.2,6950.00.00.00.00.02,695

.8,084-5,506-2,028-1,8655,4995,5846,400

.-5,5066456402,4213,0286,400

-5,506-7,533-9,398-3,8991,6858,084

39.6%

NPV8%$5,521.43

0.00%-5,506-1,074-1,0380.0

&F

-

0%0%0%

39.6%39.6%39.6%

15%37.2%15%56.16%15%28.4%

10%38.0%10%50.76%10%32.0%

5%38.8%5%45.26%5%35.7%

0%39.6%0%39.64%0%39.6%

-5%40.5%-5%33.88%-5%43.7%

-10%41.3%-10%27.94%-10%48.1%

-15%42.2%-15%21.86%-15%52.7%

&F

IRR

14510180002U1818700031566.086.0813000426887500514067.7160006288490076020550084207.2()10000925528164800101188882212000118.865.0679001212121800013/2500150711000149963501535.0835.0860001688815152300174.54.5

40 2005Office Park180017860201121364-3886

A1250-15504-5B1/B21500-20006-7B3/B41450-17506-7C2000-22008-9D42009

ICIPM30500()R9

200595500/601//

100101/41/2Office Park Office Park104510 Office Park8-10

Office Park 0.4-11.6Changi0.14Cobalt0.6 Office Park0.81.40.62.6Office ParkOffice Park

14Office Park2Swan Office Park Cambridge Office Park Office ParkOffice Park

1/4Office ParkOffice Park

Office Park 3000-4000Office Park 500030000300800 8001500 15003-46 Office Park3-6Office Park10Office Park3~6Office Park

Smales Farm Technology Office Park2Office Park

Office Park Cobalt Park65 Office Park Plantation Key Office Park

Office ParkOffice Park70%30%Office ParkOffice Park Office Park

2=50 UOffice Park

Office Park 102-3332Office Park

102005.670U2008.35%2007.7100%2005.8100%()2003.11100%2007.580%2006.45060%2007.7502008.525%2006.12006.550%12007.5100%2007.3100%2007.1140%2007.8302006.830%2008.03

5623Office ParkOffice ParkOffice Park49162924

U Office Park

Office Park Office Park Office Park Office ParkOffice Park

1 Office Park Office Park

Office Park24Office Park1000Office Park200582008108Office Park

123456Office Park

Office Park

BDABDABDA UMAXlink

Office Park

149.62106503943404

20101220102010

10-1520-401/3-1/2

10152040

U

1100%2350% 30035005 100010

SWOTS:W:O:T: 4

Office Park

213152249148Office Park

362222146

30-100

34400-8003000-5000

/ Office Park4000/Office Park

/ / soufun150180040002.22 BEKA7590040004.44 3946840008.55

Office Park

300-5006008001000

4.53.6,

2891/303758/30

1225/12/260/34%31500/4250/545/33%690.5/2~45%745/3%82215.5/1~79676 /930.5%102891 /8~9

289130%867 3758

3114000/ 4000/

7500 /* 7980 /U7000 / 7500 /12000 / 13800 /4000/3800-4100/

8-101-2

Office Park

12/0.810000034%1500/250/33%2~45%

5.6770

3%4000/32010905.5025

21705 39.71 36000 9800 11235 10020 8426 439 38.82 2.69

217051500025002250

225/10225060/106001500/1015000250/10250045/1045090.5/109052215.5/1021705

.2,250 0.0225100,000 10.37%1.2,250 0.0225100,000 10.37%.600 0.0060100,000 4.0%2.76%().15,000 0.1500100,000 69.11%1.15,000 0.1500100,000 69.11%2.0 0.00000 0.00%.2,500 0.0250100,000 11.52%~20,350 93.76%.450 0.0045100,000 3.0%2.07%().905 0.0091100,000 5.0%4.17%(~).21,705 0.2171100,000 100.00%1,080 0.0108100,0003.0%456 0.0046100,00036,000 90%1,980 5.50%11,235 8,426 38.82%

()200920102010201120112012.2,250 2,250 1.2,250 2,250 100%100%.600 120 360 120 100%20%60%20%.15,000 3,000 2,813 2,813 2,813 2,813 750 100%20%18.75%18.75%18.75%18.75%5%.2,500 0 375 375 375 375 1,000 100%0%15%15%15%15%40%(~)20,350 5,370 3,548 3,308 3,188 3,188 1,750 .450 45 90 90 90 90 45 1.450 45 90 90 90 90 45 .905 90.5 181.0 181.0 181.0 181.0 90.5 .21,705 5,506 3,819 3,579 3,459 3,459 1,886

200920102010201120112012 () 90,000 - 5,000 5,000 25,000 25,000 30,000 . 36,000 - 2,000 2,000 10,000 10,000 12,000 1 () 36,000 - 2,000 2,000 10,000 10,000 12,000 * 36,000 - 2,000 2,000 10,000 10,000 12,000 . 25,221 5,506 4,026 3,861 4,494 4,412 2,906 21,705 5,506 3,819 3,579 3,459 3,459 1,886 3.0% 1,080 - 60 60 300 300 360 439 - 38 112 185 103 - 5.5% 1,980 - 110 110 550 550 660 . 10,779 -5,506 -2,028 -1,865 5,499 5,584 9,095 . () 25.0% 2,695 - - - - - 2,695 . 8,097 -5,506 -2,026 -1,861 5,506 5,588 6,395

200920102010201120112012 21,705 5,506 3,819 3,579 3,459 3,459 1,886 1 36,000 - 2,000 2,000 10,000 10,000 12,000 29,800 5,506 1,146 1,074 1,038 1,038 - 30%3 10,020 - 2,673 2,505 2,421 2,421 - 70% 22,161 5,506 3,856 3,691 3,644 3,562 1,886 1 21,705 5,506 3,819 3,579 3,459 3,459 1,886 2 439 - 38112 185 103 - -13,839 5,506 1,858 1,695 -6,349 -6,434 -10,115

20092010201020112011201210,467 0 0 2,711 5,328 2,428 0 10,020 0 2,673 2,505 2,421 2,421 0 439 0 38 112 185 103 0 20,926 0 2,711 5,328 7,934 4,952 0 10,459 0 0 0 5,506 4,952 0 10,467 0 2,711 5,328 2,428 0 0 8,097 -5,506 -2,026 -1,861 5,506 5,588 6,395

200920102010201120112012 . 36,000 - 2,000 2,000 10,000 10,000 12,000 36,000 - 2,000 2,000 10,000 10,000 12,000 . 23,224 5,506 3,916 3,751 3,944 3,862 2,246 21,705 5,506 3,819 3,579 3,459 3,459 1,886 1,080 - 60 60 300 300 360 439 0 38 112 185 103 0 . 12,759 -5,506 -1,918 -1,755 6,049 6,134 9,755 . 1,980 - 110 110 550 550 660 1,980 - 110 110 550 550 660 10,796 -5,506 -2,026 -1,861 5,506 5,588 9,095 . 2,699 - - - - - 2,699 . 8,097 5,506 2,026 1,861 5,506 5,588 6,395 . 5,506 647 644 2,421 3,057 6,395 -5,506 7,532 -9,393 3,887 1,702 8,097 39.71%NPV8%5,532.73

京御地产 OFFICE PARK 项目定位报告

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