Desktop Valuations of 30 Nos.

Residential Furnished Apartments

in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

Desktop
Valuation Report

THIRTY (30 NOS.) FURNISHED APARTMENTS

BUILDING – THE PAD TOWER,
BUSINESS BAY
DUBAI, UAE.

SUBMISSION TO:
MEFIC CAPITAL

ValuStrat Management Consultancies

Dubai, United Arab Emirates
[email protected]

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M/s. MEFIC Capital – 20th July 2023
 Desktop Valuations of 30 Nos. Residential Furnished Apartments
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EXECUTIVE SUMMARY
Valuation Report date 20th July 2023

Properties Addresses 30 Nos. Residential Furnished Apartments in The Pad Tower, Plot No. 72,
Makani No. 26858 – 86527, Business Bay, Dubai, United Arab Emirates.

Client and intended users M/s. MEFIC Capital (Client) and for their advisors.

Property interests to be Private Freehold Interests with vacant possession in Thirty (30 Nos.) Residential
valued Apartments, The Pad Tower, Business Bay, Dubai, UAE.

Valuation Approach/Method Market (comparable) valuation approach.

Location of Properties / Brief The subject apartments 30 Nos. Residential Furnished Apartments)are situated
Description within The Pad tower located in ‘Business Bay’ community of Dubai. The Pad
by Omniyat Tower is located on Al Abraj Street in Business Bay, and which
community is approachable from Sheikh Zayed Road (E11), Financial Centre
Road (Al Dawha Road) and Al Khail Road (E44). Business Bay community is
situated within the Downtown Dubai District which extends from Al Khail Road
to the south to Sheikh Zayed Road to the north.

Owner of Properties Amar Real Estate Development and Investment (One Person Company)

Extent of investigation DESKTOP valuation

Purpose of valuation Internal management decision / transaction purpose.

Basis of Valuation Market Value

Valuation Date 30th June 2023

1. Valuation with vacant possession in the Subject Properties.

Valuation Assumptions /
2. No Special Assumptions are applied in the valuation.
Special Assumptions

Aggregate Market Value (AED) AED 53,006,000.00

of Subject Properties In Words (UAE Dirhams Fifty-Three Million Six Thousand)

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Contents

1. INTRODUCTION.................................................................................................................. 4
2. VALUATION INSTRUCTION / PROPERTY INTERESTS TO BE VALUED ...................................... 4
3. CLIENT AND OTHER INTENDED USERS ................................................................................. 4
4. VALUATION PURPOSE ........................................................................................................ 4
5. RESTRICTIONS ON USE, DISTRIBUTION OR PUBLICATION ..................................................... 4
6. VALUATION REPORTING COMPLIANCE ............................................................................... 4
7. BASIS OF VALUATION ......................................................................................................... 5
8. SURVEYOR ......................................................................................................................... 5
9. VALUER ............................................................................................................................. 5
10. STATUS OF VALUER/ VALUATION DATE .............................................................................. 5
11. EXTENT OF INVESTIGATION – DESKTOP VALUATION / REPORTING RESTRICTIONS ................ 6
12. SOURCES OF INFORMATION / DOCUMENTS ........................................................................ 6
13. OWNER OF SUBJECT PROPERTIES ....................................................................................... 6
14. Amar Real Estate Development and Investment (One Person Company) – as per Initial
Contract of Sale. .......................................................................................................................... 6
15. TITLE INTERESTS ................................................................................................................. 6
15.1 ABOUT THE PAD APARTMENTS BY OMNIYAT ............................................................... 6
15.2 Address/ Location: ...................................................................................................... 7
15.3 Description of Properties ............................................................................................. 8
15.4 Floor Area Measurements ........................................................................................... 8
15.5 Accommodation Details: ........................................................................................... 10
16. AGE AND CONDITION OF PROPERTIES............................................................................... 10
17. SERVICES ......................................................................................................................... 11
18. LEGAL NOTICE .................................................................................................................. 11
19. ENVIRONMENT MATTERS................................................................................................. 11
20. VALUATION GENERAL ASSUMPTIONS ............................................................................... 11
21. VALUATION SPECIAL ASSUMPTIONS ................................................................................. 12
22. VALUATION APPROACH AND REASONING ........................................................................ 12
23. VALUATION ..................................................................................................................... 16
Aggregate Market Value: ........................................................................................................ 16
24. VALUATION UNCERTAINTY ............................................................................................... 17
25. CONCLUSION ................................................................................................................... 17
26. APPENDIX 1- MARKET COMMENTARY .............................................................................. 18
27. APPENDIX 2- MARKET VALUE DEFINITION......................................................................... 23
28. APPENDIX 4- PHOTOGRAPHS ............................................................................................ 24
29. APPENDIX 5- VALUATION INSTRUCTION & PROPERTIES DOCUMENTS ................................ 29

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M/s. MEFIC Capital – 20th July 2023
 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

20th July 2023

Ziyad Alhisan
Associate - Real Estate
MEFIC Capital
King Fahd Road, First Floor - Riyadh
Kingdom of Saudi Arabia

DESKTOP - VALUATION REPORT OF THIRTY (30 NOS.) FURNISHED APARTMENTS

30 Nos. Residential Apartments in The Pad Tower, Plot No. 72, Makani No. 26858 – 86527, Business Bay,
Dubai, United Arab Emirates.

Dear Sir,

Pursuant to your instructions received under Proposal Reference: PRE – 23_6726 for a Desktop valuation of the
Subject Properties as per details below, we hereby submit our report of findings as under:

1. INTRODUCTION
In accordance with instructions received, we have undertaken a Desktop valuation of the Subject Properties as
on 30th June 2023 (the ‘date of valuation’) and described hereunder is our report and findings.

2. VALUATION INSTRUCTION / PROPERTY INTERESTS TO BE VALUED

We received your instructions to carry out the valuation of the Private Freehold Interests – superior, perpetual,
legally un-encumbered and transferable ownership titles with vacant possession in the Subject Properties.

In accordance with instructions received, and for the required valuation purpose, this report has been prepared
subject to valuation assumptions, reporting conditions and restrictions as stated hereunder.

3. CLIENT AND OTHER INTENDED USERS

The subject valuation assignment is being produced strictly for M/s. MEFIC Capital (Client) and for their advisors.

4. VALUATION PURPOSE
This valuation is prepared for Internal management decision / transaction purposes.

5. RESTRICTIONS ON USE, DISTRIBUTION OR PUBLICATION

This valuation is for the sole use of the named Client. This report is confidential to the Client, and to other
intended users as stated above, and we accept no responsibility whatsoever to any third party/parties. No
responsibility is accepted to any third party/parties who may use or rely upon the whole or any part of the
contents of this report. It should be noted that any subsequent amendments or changes in any form thereto will
only be notified to the Client to whom it is authorised.

6. VALUATION REPORTING COMPLIANCE

The valuation has been conducted in accordance with Royal Institution of Chartered Surveyors (RICS) Valuation
– Global Standards 2022 and the International Valuation Standards Council (IVSC) International Valuations

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Standards (Edition 2022). It should be further noted that this valuation is undertaken in compliance with
generally accepted valuation concepts, principles and definitions as promulgated in the IVSC International
Valuation Standards (IVS) as set out in the IVS General Standards and IVS Asset Standards.

7. BASIS OF VALUATION
Market Value

The valuation of the Subject Properties, and for the above stated valuation purpose, has been undertaken on
the Market Value basis of valuation in compliance with the above-mentioned Valuation Standards as
promulgated by the IVSC and adopted by the RICS. Market Value is defined as: -
‘The estimated amount for which an asset or liability should exchange on the valuation date between a willing
buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had
each acted knowledgeably, prudently and without compulsion.’ (See Appendix 2 for detailed definition)

8. SURVEYOR
This Desktop valuation has been prepared by Mr. Shahid Nazir.

9. VALUER
The Valuer on behalf of ValuStrat Management Consultancies, with responsibility of this report is Mr. Vismer
Mulenga, BSc (Hon), MRICS, IRRV (RICS Registered Valuer). We confirm that the Valuer meets the requirements
of RICS Valuation – Global Standards, having sufficient and current knowledge of the UAE market and the skills
and understanding to undertake an objective and unbiased valuation competently.

We confirm that we previously valued the Subject Properties for the same Client and purpose in a report dated
30th December 2022. We further confirm that to the best of our knowledge we have no conflict of interest in us
undertaking this assignment.

We further confirm that the proportion of total fees payable by the client during the preceding year relative to
the total fee income of ValuStrat Management Consultancies during that year was minimal (less than 5%).

10. STATUS OF VALUER/ VALUATION DATE

External Valuer

Valuation Date: 30th June 2023

Date of previous Inspection: 4th February 2019

We assume that there are no material changes to the physical attributes of the Subject Properties, or the nature
of their location, between the date of valuation and the date of our previous inspection.

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 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

11. EXTENT OF INVESTIGATION – DESKTOP VALUATION / REPORTING RESTRICTIONS

In accordance with instructions received we have carried out a DESKTOP valuation of the Subject Properties. The
Subject Properties have not been inspected due to limitations / restrictions arising from instructions received
and is based on information provided by the Client.

For valuation purpose, we assume that the information provided and relied upon is accurate, and any deviation
from this will mean that our reported valuation will be materially affected, and we reserve the right to re-assess
/ amend our report.

It should further be noted that a Desktop valuation results in a degree of un-certainty as the Subject Properties
have not been inspected and limited information has been provided by the Client.

12. SOURCES OF INFORMATION / DOCUMENTS

We have been provided with copies of the following documents which have been of prime importance to us in
forming our opinion:

Document Verification

Initial Contract of Sale for all units as issued by Land Department, Government of Dubai. Reliable

Building Completion Certificate dated 29-04-2020 issued by Dubai Development Authority. Reliable

Individual Unit Details. Reliable

Master Lease Amendment Agreement dated 01/08/2021 between Amar Real Estate
Development and Investment (One Person Company) LLC and PAD Properties Nine Limited by Reliable
the customer of 9 January 2023.

For reporting purpose, we assume that information provided to us by the Client is up to date, complete and
accurate, and any deviation from this will mean that our reported valuation will be materially affected, and we
reserve the right to amend and re-assess our report.

Copies of the above documents are attached in the appendix below.

13. OWNER OF SUBJECT PROPERTIES

14. Amar Real Estate Development and Investment (One Person Company) – as per Initial Contract of Sale.

15. TITLE INTERESTS

Private Freehold Interests – superior, perpetual, legally un-encumbered and transferable ownership title
(UAE/GCC/Non GCC Nationals).

15.1 ABOUT THE PAD APARTMENTS BY OMNIYAT

The Pad Apartments by Omniyat are furnished apartments in Business Bay tilted at angle of 6.5° angle,
incorporating LED decoration. The Pad comprises of furnished apartments developed by Dubai real estate
developer Omniyat. The Pad is located at the waterfront of Dubai Creek, in the tract of Business Bay, just off the
commercial corridor of Sheikh Zayed Road. The Tower accommodates 253 apartments which are offered in
various arrangements such as studios, one- and two-bedrooms apartments and the loft.

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15.2 Address/ Location:

Unit Nos.:

M05 P06 P08 P09 P10 110 111 201 211 311

401 404 602 609 704 1108 1202 1203 1205 1210

1511 1603 1706 1909 2104 2110 2204 2207 2208 2209

Plot Number: 72 – As per Initial Contract of Sale

Community: Business Bay
Building Name: The Pad Tower
Property Type: Serviced Residential Apartments
Floor Number: M, P, 1, 2, 3, 4, 6, 7, 11, 12, 15, 16, 17, 19, 21 and 22 (for
all 30 units)
Locality: Business Bay
Dubai
United Arab Emirates
The subject apartments 30 (Serviced Residential Apartments) are situated within The Pad tower located in
‘Business Bay’ community of Dubai. The Pad by Omniyat Tower is located on Al Abraj Street in Business Bay, and
which community is approachable from Sheikh Zayed Road (E11), Financial Centre Road (Al Dawha Road) and Al
Khail Road (E44). Business Bay community is situated within the Downtown Dubai District which extends from
Al Khail Road to the south to Sheikh Zayed Road to the north.

MAP 1: The Pad Tower within Business Bay Community

Source: Google earth maps

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M/s. MEFIC Capital – 20th July 2023
 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

MAP 2: The Pad Tower

Source – Makani.ae

15.3 Description of Properties

The subject building, The Pad (Serviced Residential Apartments) is located in Business Bay, in a multi-storied
residential/commercial mixed-use building extending over 29 levels; (3 basements, Ground plus Mezzanine plus
podium floors plus 22 floors plus roof top) which is completed and occupied approx. 84% [H1 2023] – source
REIDIN.

Assumed the subject units have been handover to the owner and occupied by various tenants. We reserve the
right to amend our valuation should this prove not to be the case.

These apartments have access to the communal leisure facilities comprising of swimming pool; Jacuzzi,
gymnasium and changing room. A CCTV security monitoring system installed to the building with 24-hour
manned security service.

These units benefit from Canal, community and partial / full Burj Khalifa views.

The subject building is finished as per the design specification of the developer- M/s. Pad Properties Nine limited.

15.4 Floor Area Measurements

Floor area measurements for the Subject Properties as indicated on the provided Initial Contract of Sales is as
follows:

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 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

FA (Floor Area) Common area (unit

Sr.
Apt No. Type View Floor Nos. measurement is not
No. (SQ.M) (SQ.FT.) stated)
1 201 2BR Canal 2 118.63 1,276.92 26.3659
2 211 2BR Canal 2 118.63 1,276.92 26.3659
3 311 2BR Canal 3 118.63 1,276.92 26.3659
4 401 2BR Canal 4 118.63 1,276.92 26.3659
5 404 1BR Canal 4 63.54 683.94 14.1219
6 M05 1BR Canal M 63.54 683.94 14.1219
7 P06 1BR Canal PODIUM 114.18 1,229.02 -
1BR Partial Burj
P08 PODIUM 80.18
8 Khalifa 863.05 -
1BR Partial Burj
P09 PODIUM 89.37
9 Khalifa 961.97 -
1BR Partial Burj
P10 PODIUM 87.89
10 Khalifa 946.04 -
11 1108 Studio Burj Khalifa 11 54.00 581.25 12.0018
12 1205 1BR Canal 12 63.54 683.94 14.1219
13 1210 1BR Burj Khalifa 12 61.88 666.07 13.7531
14 2104 2BR loft Canal 21 114.43 1,231.71 25.4324
15 2110 2BR loft Burj Khalifa 21 108.51 1,167.99 24.1167
16 2204 2BR loft Canal 22 114.43 1,231.71 25.4324
17 2207 2BR loft Burj Khalifa 22 110.02 1,184.24 24.4524
Studio
2208 Burj Khalifa 22 94.25
18 Loft 1,014.50 20.9475
19 2209 2BR loft Burj Khalifa 22 112.28 1,208.57 24.9546
20 1010 1BR Burj Khalifa 1 61.59 662.95
21 602 1BR Canal 6 62.48 672.53 13.8863
1BR Partial Burj
609 6 63.54
22 Khalifa 683.94 14.1219
23 704 1BR Canal 7 63.54 683.94 14.1219
Burj Khalifa
1511 2BR 15 119.83
24 /Canal 1,289.83 26.6326
25 1603 1BR Canal 16 63.54 683.94 14.1219
26 1909 1BR Burj Khalifa 19 63.84 687.17 14.1886
27 111 2BR Canal 1 118.63 1,276.92 26.3659
28 1706 1BR Canal 17 61.88 666.07 13.7531
29 1202 1BR Canal 12 62.40 671.66 13.8686
30 1203 1BR Canal 12 63.54 683.94 14.1219
Notes:
• Conversation rate used is 1 sq. m = approx. 10.7639 sq. ft.

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 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

We assume that above mentioned Floor Area measurements for the Residential units as stated on the Unit Site
Plans provided is somewhat equivalent to Floor area as per IPMS 3B - Residential definition in RICS Property
measurement (Edition 2018) and IPMS 3.2 (Exclusive Occupation Internal Measurement) definition in IPMS: All
Buildings (Edition 2023). We reserve the right to amend our report should this information prove to be to the
contrary.

IPMS 3.2 in IPMS: All Buildings (Edition 2023) defines Floor area as:
‘The Floor Area available on an exclusive basis to an occupier measured internally to any Notional Boundaries,
the Internal Dominant Face, Demising Walls and including and External Floor Areas, Sheltered Areas and
Secondary Areas.

Source: IPMS 3.2.1 - Copyright 2023 International property Measurement Standards Coalition.

15.5 Accommodation Details:

The accommodation detail of each apartment is as mentioned below:

Simplex Studio Apartments

A studio comprising an entrance and kitchen combined, fitted cupboards and integrated living/bedroom with
en-suite dressing room/bathroom.

Loft Studio Apartments

Lower Level

Entry foyer, open kitchen and living area.

Upper Level

Living/bedroom with bathroom.

One Bedroom Apartments

Entry foyer, open kitchen, integrated living/dining area and one bedroom with built-in cupboards and common
bathroom.

Two Bedroom Simplex Apartments

Entry foyer, open kitchen, integrated living/dining area, two bedrooms each with built-in cupboards and
attached bathroom and a powder room.

Two Bedroom Duplex Apartments

Lower Level

Entry foyer, open kitchen, integrated living/dining area, laundry room and a powder room.

Upper Level

Two bedrooms each with built-in cupboards and attached bathroom.

16. AGE AND CONDITION OF PROPERTIES

The age of the building is approx. 26 months – as per Completion Certificate, and the estimated remaining life
expectancy of the building is approximately 38 to 43 years.

As this is a desktop valuation and we have not inspected the subject properties; we have for the purpose of
valuation assumed that the subject properties are in good condition with no material defects or items of
concern. We reserve the right to amend our valuation should this prove not to be the case.

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17. SERVICES
For valuation purposes, we have assumed that the Subject Properties are connected to mains water, drainage,
and electricity - as supplied by the Dubai Electricity and Water Authority (DEWA). We have not carried out any
tests on these installations and assume that they are in fit for purpose and in working condition. We reserve the
right to amend our report should any of our assumptions prove to be incorrect.

18. LEGAL NOTICE

We are not aware of, nor have we been informed of any legal notices served on the properties, outstanding or
pending in the courts of law. For the purpose of this valuation, we have assumed that no legal encumbrances /
liens exist on the properties that would have a detrimental factor on the reported Market Value.

19. ENVIRONMENT MATTERS

We are not aware of the content of any environmental audit or other environmental investigation or soil survey
which may have been carried out on the property and which may draw attention to any contamination or the
possibility of any such contamination. In undertaking our work, we have been instructed to assume that no
contaminative or potentially contaminative use has ever been carried out on the property. We have not carried
out any investigation into past or present use, either of the property or of any neighboring land, to establish
whether there is any contamination or potential for contamination to the subject property from its use or site
and have therefore assumed that none exist.

However, should it be established subsequently that contamination exists at the property or on any neighboring
land, or that the property has been or is being put to any contaminative use, then this might reduce the value
now reported.

20. VALUATION GENERAL ASSUMPTIONS

This valuation assignment is undertaken under the following general assumptions:

1. The Subject Properties are valued under the assumption of titles being held under Private Freehold Interests
– superior, perpetual, legally un-encumbered and transferable ownership title (UAE/GCC/Non-GCC
Nationals) with vacant possession;
2. That information provided to us by the Client is up to date, complete and correct in relation to issues such
as land tenure, planning use/consent, and other relevant matters that are set out in the report;
3. That no contaminative or potentially contaminative use has ever been carried out on the site;
4. We assume no responsibility for matters legal in character, nor do we render any opinion as to the title
relating to the Properties, which we assume to be good and free of any undisclosed onerous burdens,
outgoings, restrictions, or other encumbrances. Information regarding the status of title must be checked
by your legal advisors;
5. This subject is a valuation report and not a structural/building survey, and hence a building and structural
survey is outside the scope of the subject assignment. We have not carried out any structural survey, nor
have we tested any services, checked fittings or any parts of the structure which are covered, exposed or
inaccessible, and, therefore, such parts are assumed to be in good repair and condition and the services are
assumed to be in full working order;

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6. We have not arranged for any investigation to be carried out to determine whether, or not, any deleterious
or hazardous materials have been used in the construction of the Properties, or have since been
incorporated, and we are therefore unable to report that the Properties is free from risk in this respect. For
valuation purpose, we have assumed that such investigations would not disclose the presence of any such
material to any significant extent;
7. We have not inspected the properties with a view to check the use of hazardous materials in the
construction process such as asbestos, high aluminum cement, etc. We are not aware of any contamination;
8. We have made no investigation, and are unable to give any assurances, on the combustibility risk of any
cladding material that may have been used in construction of the subject building. We would recommend
that the Client makes their own enquiries in this regard;
9. We assume that there are no material changes to the physical attributes of the Subject Properties, or the
nature of their location, between the date of valuation and the date of our previous inspection; and
10. The Market Value conclusions arrived at for the Properties reflect the full contract values and no account is
taken of any liability to taxation on sale or of the costs involved in effecting the sale.

21. VALUATION SPECIAL ASSUMPTIONS

No Special Assumption has been applied in valuing the Subject Properties.

22. VALUATION APPROACH AND REASONING

We have used the Direct Comparison Valuation Approach to ascertain the Market Value estimates of the Subject
Properties.

The Direct Comparison Approach

The Direct Comparison Approach involves adjusting the sale price of comparable properties to account for
differences in location, plot area and shape, potential built-up area allowance, height allowance, date of sale,
potential views, and other individual characteristics. Comparison of transactional evidence of similar properties
which have traded in the open market in arm’s length transactions, provide the most accurate means of
assessing value.

In use of this valuation approach, we have had regard of sale transactional evidence (from Dubai Land
Department’s sales property registry data base) and as well as observations of property price listings (from
property firms, agents, and brokers) of similar apartments that are trading in the area. It should be further noted
that properties in this community generally trade at varying prices ranges reflecting on the property’s location,
site and situation, type, floor, view, desirability and finishing specifications.

From Dubai Land Department’s sales registry database, we have noted that there have been minimal sales
transactions of similar type / size apartments in The Pad Tower and neighboring similar types of apartments
buildings for example, DAMAC Royale (Damac Towers) by Paramount Tower A, DAMAC Royale (Damac Towers)
by Paramount Tower B, and J One Tower. During the period from February 2023 to June 2023 similar apartments
have sold at prices in the range of approx. AED 17,028 to 26,102 per sq m (AED 1,582 to 2,425 per sq. foot) of
gross floor area (GFA) depending upon influencing factors such as unit type (Studio, 1BR & 2BR), location /
position, unit size (Net/Gross), condition, age of the building, and views offered.

Recorded transactions of similar type serviced apartment units that have sold in The Pad Tower and other
neighboring buildings within Business Bay Community were the following: -

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Studio units

Sale Gross Floor Area (GFA) Sale Price on GFA (AED)

Sale Price
Registered Building Name
SQ M SQ FT (AED) /SQ M /SQ FT
Date
22/05/2023 J One Tower 47.38 510 1,106,177 23,325 2,167
21/02/2023 J One Tower 47.38 510 1,086,769 22,916 2,129

Source: REIDIN

One-bedroom units

Sale Registered Gross Floor Area (GFA) Sale Price Sale Price on GFA (AED)
Building Name
Date SQ M SQ FT (AED) /SQ M /SQ FT
06/07/2023 The Pad 60.67 653 1,275,000 21,000 1,951
23/06/2023 The Pad 61.97 667 1,400,000 22,593 2,099
19/06/2023 The Pad 60.20 648 1,420,000 23,573 2,190
06/03/2023 The Pad 60.67 653 1,225,000 20,182 1,875

Source: REIDIN

Large one-bedroom units

Gross Floor Area

Sale Registered Sale Price Sale Price on GFA (AED)
Building Name (GFA)
Date (AED)
SQ M SQ FT /SQ M /SQ FT
DAMAC Royale
14/06/2023 (Damac Towers) by 86.31 929 1,470,000 17,028 1,582
Paramount Tower B
DAMAC Royale
29/05/2023 (Damac Towers) by 86.31 929 2,000,000 23,175 2,153
Paramount Tower A
DAMAC Royale
09/03/2023 (Damac Towers) by 87.24 939 1,857,000 21,280 1,977
Paramount Tower B
DAMAC Royale
08/03/2023 (Damac Towers) by 85.84 924 1,729,700 20,139 1,871
Paramount Tower A

Source: REIDIN

Two-bedroom units

Sale Gross Floor Area

Sale Price Sale Price on GFA (AED)
Registered Building Name (GFA)
(AED)
Date SQ M SQ FT /SQ M /SQ FT
16/05/2023 The Atria Apartment 111.86 1,204 2,000,000 17,879 1,661
02/05/2023 The Pad 112.97 1,216 2,948,275 26,102 2,425
20/02/2023 The Pad 112.97 1,216 2,000,000 17,707 1,645

Source: REIDIN

Our observations from current property listings of similar Units (Furnished Apartments) in The Pad Tower and
other neighbouring buildings within Business Bay Community are ranging as follows: -

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in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

Studio Apartments in neighboring buildings

Gross Floor Area

Building Type / Asking Price Asking Price (AED) on GFA Listed
(GFA)
Name View (AED) Date
SQ M SQ FT /SQ M /SQ FT
DAMAC Studio,
Paramount partial Burj 47.94 516 1,200,000 25,037 2,326 Jun'23
Tower C Khalifa view
Studio –
Marquise
Burj Khalifa 48.03 517 1,100,000 22,906 2,128 Jun'23
Square
view
Marquise Studio –
52.86 569 1,050,000 19,859 1,845 Jun'23
Square canal view
Source: Dubizzle, Property Finder and Bayut

One-bedroom Apartments

Gross Floor Area

Building Asking Price Asking Price (AED) on GFA Listed
Type / View (GFA)
Name (AED) Date
SQ M SQ FT /SQ M /SQ FT
1BR-
The Pad furnished, 60.67 653 1,499,000 24,703 2,295 Jun'23
Canal view
1BR- Canal
The Pad view, high 60.67 653 1,495,000 24,639 2,289 Jun'23
floor
1BR-
community /
The Pad 59.46 640 1,330,000 22,367 2,078 Jun'23
Burj Khalifa
views
1BR- Canal
The Pad view, high 60.67 653 1,450,000 23,896 2,220 Jun'23
floor
1BR- city
The Pad 59.37 639 1,400,000 23,584 2,191 Jun'23
view
Source: Property Finder, Bayut and Dubizzle

Two-bedroom Apartments

Gross Floor Area

Building Asking Price Asking Price (AED) on GFA Listed
Type (GFA)
Name (AED) Date
SQ M SQ FT SQ M SQ FT
2BR- Canal
The Pad 113.06 1,217 3,400,000 30,074 2,794 Jun'23
view
2BR- Burj
The Pad Khalifa 112.88 1,215 3,250,000 28,793 2,675 Jun'23
view
2BR- Canal
The Pad 113.06 1,217 3,500,000 30,957 2,876 Jun'23
view
Source: Property Finder, Bayut and Dubizzle

From analysis of the current market offerings we note the price range of between approx. AED 19,859 to 30,074
per sq. meter (AED 1,845 to 2,794/sq. foot) of gross floor area (GFA) depending on the properties features, type
(Studio, 1BR and 2BR), accommodation, location, position, age, FA (net/gross), and view offered of the
properties. It is to be noted that the current offerings will be subject to negotiation between a willing and
able buyer and a willing seller and are likely to transact slightly below from the above listing price.

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From observations of the above current properties listings and taking into account that these apartments
would be subject to price negotiations between willing buyers and sellers. We are of the opinion that the
Market Value of the subject properties (taking into consideration Omniyat brand, finishing specification, and
location) would be within the following price ranges: -

GFA range (SQFT) Price rate per on

Type of Unit Type
approx. GFA Sq. ft. (AED)

Studio (smaller unit) Simplex unit 581.25 1,975

Studio (larger unit) Loft duplex unit 1,014.50 1,700

One-bedroom apartment (small

Simplex 662.95 to 687.17 1,860 to 1,950
unit)

One-bedroom apartment (mid

Simplex 863.05 to 961.97 1,815
unit)

One-bedroom apartment (large

Simplex 1,229.02 1,775
unit)

Two-bedroom apartment Simplex 1,276.92 to 1,289.83 1,880

Loft duplex unit on high

Two-bedroom apartment 1,167.99 to 1,231.71 1,900
floor

In considering and adopting the above rates, we have also taken the opinion of reputable brokers trading in the
area.

In applying the above mentioned price rates our opinion of the Market Values for the Subject Properties are as
follows:

Market Value
Property Unit GFA Unit GFA Price (AED) per
S.I. Valuation (AED) (AED) Rounded
No. Size (SQM) Size (SQFT) on GFA (Sq. Ft.)
(Say)
1 201 118.63 1,276.92 1,880.00 2,400,609.60 2,401,000.00
2 211 118.63 1,276.92 1,880.00 2,400,609.60 2,401,000.00
3 311 118.63 1,276.92 1,880.00 2,400,609.60 2,401,000.00
4 401 118.63 1,276.92 1,880.00 2,400,609.60 2,401,000.00
5 404 63.54 683.94 1,930.00 1,320,004.20 1,320,000.00
6 M05 63.54 683.94 1,930.00 1,320,004.20 1,320,000.00
7 P06 114.18 1,229.02 1,775.00 2,181,510.50 2,182,000.00
8 P08 80.18 863.05 1,815.00 1,566,435.75 1,566,000.00
9 P09 89.37 961.97 1,815.00 1,745,975.55 1,746,000.00
10 P10 87.89 946.04 1,815.00 1,717,062.60 1,717,000.00
11 1108 54 581.25 1,975.00 1,147,968.75 1,148,000.00
12 1205 63.54 683.94 1,930.00 1,320,004.20 1,320,000.00
13 1210 61.88 666.07 1,950.00 1,298,836.50 1,299,000.00
14 2104 114.43 1,231.71 1,900.00 2,340,249.00 2,340,000.00
15 2110 108.51 1,167.99 1,900.00 2,219,181.00 2,219,000.00
16 2204 114.43 1,231.71 1,900.00 2,340,249.00 2,340,000.00
17 2207 110.02 1,184.24 1,900.00 2,250,056.00 2,250,000.00

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Market Value
Property Unit GFA Unit GFA Price (AED) per
S.I. Valuation (AED) (AED) Rounded
No. Size (SQM) Size (SQFT) on GFA (Sq. Ft.)
(Say)
18 2208 94.25 1,014.50 1,700.00 1,724,650.00 1,725,000.00
19 2209 112.28 1,208.57 1,900.00 2,296,283.00 2,296,000.00
20 110 61.59 662.95 1,860.00 1,233,087.00 1,233,000.00
21 602 62.48 672.53 1,930.00 1,297,982.90 1,298,000.00
22 609 63.54 683.94 1,930.00 1,320,004.20 1,320,000.00
23 704 63.54 683.94 1,930.00 1,320,004.20 1,320,000.00
24 1511 119.83 1,289.83 1,880.00 2,424,880.40 2,425,000.00
25 1603 63.54 683.94 1,950.00 1,333,683.00 1,334,000.00
26 1909 63.84 687.17 1,950.00 1,339,981.50 1,340,000.00
27 111 118.63 1,276.92 1,880.00 2,400,609.60 2,401,000.00
28 1706 61.88 666.07 1,950.00 1,298,836.50 1,299,000.00
29 1202 62.40 671.66 1,950.00 1,309,737.00 1,310,000.00
30 1203 63.54 683.94 1,950.00 1,333,683.00 1,334,000.00
Aggregate Market Value of 30 Units 53,006,000.00

We further wish to state that our opinioned Market Value rates adopted in our valuation has been applied to
the Floor area measurement as shown on Initial Contract of Sales for the Subject Properties since comparable
price rates observed and analysed are based on floor areas as would typically be stated on Unit Site Plans for
comparable properties examined.

23. VALUATION

Aggregate Market Value:

It is our considered opinion that the Aggregate Market Value of the Private Freehold Interests – superior,
perpetual, legally un-encumbered and transferable ownership title (UAE/GCC/Non-GCC Nationals) with vacant
possession in the Subject Properties; subject to the contents herein, and which values have been arrived at using
the Market (Sales Comparable) valuation approach considering prevailing market conditions and sentiments, as
on the date of valuation (30th June 2023), are as follows:-

Aggregate In Figures 53,006,000

Market Value In Words Fifty-Three Million Six Thousand)

The above aggregate Market Value for the Subject Properties represents the total of Market Values of each
property. The properties are held on individual separate titles, and which can be individually sold, and the
above valuation figure considers this assumption as the possibility of selling of the entire group of properties
at once on the market may result in a flooding effect which may likely affect the value / sale price for the
properties.
Desktop valuation necessitates reporting under restricted information and Client should be aware of the
possible impact that this may have upon the accuracy of the figures reported herein.

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24. VALUATION UNCERTAINTY

In line with the RICS Valuation - Global Standards 2022 Valuation Practice Guidance Application 10 (VPGA 10):
we believe that a reasonable period in which to negotiate a sale at our opinion of Market Values is 3 - 10 months.
It should be noted, however, that if credit conditions substantially worsen or any other change were to occur to
the investment market then the liquidity of the investment and the value, may change. We do not consider
there to be a special prospective purchaser in the market for the Subject Properties who would pay more than
our opinion of Market Values.

25. CONCLUSION
This report is compiled based on the information received to the best of our belief, knowledge and
understanding. The information revealed in this report is strictly confidential and issued for the consideration of
the Client and their advisors. No part of this report may be reproduced either electronically or otherwise for
further distribution without our prior written consent. This report is issued without any prejudice and personal
liability.

For and on behalf of, ValuStrat Management Consultancies,

Shahid Nazir Vismer Mulenga, BSc (Hons), MRICS, IRRV

Head of Freehold Residential Valuation RICS Registered Valuer
Director - Valuations

Sean Swinburne BSc (Hons) MRICS

RICS Registered Valuer
Associate Director – Commercial Valuations

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26. APPENDIX 1- MARKET COMMENTARY

AP1.1 DUBAI

Dubai is a member of the seven emirates federation forming the United Arab Emirates. The emirate is located
on the south-east coast of the Arabian Gulf. It is the most populous city within the UAE reaching more than 3.55
million residents by Q4 2022. The current growth rate is below the long-term historical trend, growing at
approximately 3.6% on average during the last five years. It occupies the second-largest land territory (4,114 sq
km) after the capital, Abu Dhabi. The city of Dubai shares borders with Sharjah in the northeast, Abu Dhabi to
the south, and the Sultanate of Oman in the southeast.

Dubai’s inflation rate jumped to a record high of 4.32% YoY, as of March 2023. Dubai’s population stood at
3,567,482 as of March 2023.

Residential Property Market

Total estimated completions as of the first quarter stood at 6,564 apartments and 1,178 villas, equivalent to
14% of preliminary estimates for the whole of 2023. Notable apartment completions included Summer at Creek
Beach with 298 units, Sunset at Creek Beach with 536 apartments, Waves Tower in Sobha Hartland with 414
units, Binghatti Creek at Al Jaddaf with 400 properties, Azizi Berton in Al Furjan with 245 units. Based on
developer schedules for 2023 handovers, preliminary estimates suggest 48,209 apartments remain under
construction, with 54% being located in Mohammed Bin Rashid (MBR) City, Dubailand, Jumeirah Village Circle
and Business Bay. An 81% share of the city’s upcoming 7,654 villas will be concentrated in MBR City, Dubailand
and Dubai South. Key off-plan projects launched include Can Heights by de Grisogono with 376 apartments,
Upper House by Ellington with 754 units, Elitz by Danube with 553 properties, Gardenia Townhouses ll with 92
townhouses, Damac Lagoons Ibiza Cluster with 746 townhouses. Jomana Cluster at Madinat Jumeirah Living
with 346 propeties. Additional launches include Verde by Sobha, Luce on Palm Jumeirah by Taraf and Baccarat
Hotel and Residences in Downtown Dubai.

Residential market strength broadens to the affordable segment. This quarter, Dubai Silicon Oasis, Jumeirah
Village, and Dubailand Residence Complex, broke their individual records with the highest number of homes
traded during March, highlighting a possible shift in buyer demand towards the mid to affordable segment of
Dubai’s real estate market, particularly homes priced under AED 1 million. The average ticket size of ready-to-
move-in properties fell by 5% YoY to AED 2.52 million. Ready home sales witnessed a 13.9% annual increase to
10,889 deals equivalent to investments of AED 27 billion over AED 27 billion properties fell by 5% YoY to AED
2.52 million. The citywide average transacted price for ready units during Q1 was AED 14,170 per sq m (1,316
per sq ft). With higher costs of borrowing, lack of supply for good quality ready homes in some areas, as well as
developers offering attractive payment plans, Dubai’s off-plan sales volume jumped 103.5% YoY to 16,209
transactions worth more than AED 37 billion, representing 57.9% of all residential homes sales. The average
ticket size of off-plan homes rose 22.2% YoY to AED 2.33 million. The citywide average transacted price for off-
plan properties was AED 17,783 per sq m (AED 1,652 per sq ft).

The ValuStrat Price Index (VPI) covering Dubai’s residential market grew 11.4% annually to achieve 88 points.
Villas which represent 13% of residential homes in Dubai, observed 17.1% annual capital gains, while apartment
prices grew 6.6% YoY. The VPI for typical villas witnessed a 2.4% quarterly rise to reach 110.1 points, just 3% shy
of 2014 price peaks. The highest quarterly performers were Jumeirah Islands (5%), Palm Jumeirah (4.6%), Dubai
Hills Estate (4.5%), and Jumeirah Park (3.8%). The apartment VPI grew just 1.5% quarterly to reach 74.1 points,
34.2% below the peaks of 2014. Top apartment locations with the highest quarterly capital gains were registered
in Palm Jumeirah (4.1%), Jumeirah Beach Residence (3.6%), The Greens (3.4%), and Discovery Gardens (3.1%).
The month of March observed capital gains of typical villas stabilise, whilst apartments witnessed marginal
acceleration for the first time since the pandemic.

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Prime villa prices surpassed the price peaks of 2014 by 1.2%. The valuation-based price index for luxury villas
grew 16.8% YoY and 3.2% QoQ to achieve 119.8 points. Prime apartments lagged behind their villa counterparts,
with annual capital gains of 10.2% and quarterly growth of 1.7% to reach 82.9 index points.

Residential asking rents for new contracts jumped 33% when compared to the same period last year, and 4.1%
since the previous quarter. Villas led the increase in new rents, up 51.5% annually and 4.2% quarterly to achieve
an average asking rent of AED 380,500 per annum, the highest in 10 years. Apartment asking rents grew 20.7%
YoY and 4% QoQ. Residential occupancy in Dubai was estimated at 86.7% during the first quarter.

BUSINESS BAY COMMUNITY

ABOUT BUSINESS BAY

Business Bay (Al Khaleej Al Tejari) is dubbed as the region’s business capital and offers a large supply of prime
commercial office space.

Business Bay is an area that features upscale commercial, residential and hospitality properties spread across a
total gross leasable area of 78.5 million sq ft. Strategically located next to Burj Khalifa area and accessible
through main arterial highways, Sheikh Zayed Road (E11) and Al Khail Road (E44). The opening of the Dubai
Water Canal last October 2016 along the banks of Business Bay has fueled the desirability for residential,
commercial and infrastructural investments from major developers and investors.

• Strengths
o Driving proximity to Downtown Dubai, DIFC, Al Khail Rd, Sheikh Zayed Road
o Views of canal
o Access to Marasi Business Bay
o Iconic design
o Freehold Ownership
o Dubai Mall and Burj Khalifa in close proximity
o Metro within short walking distance
o Entertainment, Hotels, Restaurants and Retail

• Weakness
o Underdeveloped area, a number of vacant plots evident - construction in surrounding area
ongoing for medium term
o Delayed project, project began in 2006 with Zaha Hadid Architects as the initial designer,
now no longer involved, the project was put on hold from December 2009 to October 2013
o No Schools
o Business Bay is high built by nature and design.
o Not many green spaces
o Can be heavily trafficked and congested in peak periods.
o Noise levels – close to Skh Zayed Road and ongoing construction
• Opportunities
o Potential vibrant waterfront community
o Possible uses, residential, serviced apartments, short-term rentals

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Rental Summary

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New supply entering the market.

Supply Summary

DUBAI RESIDENTIAL MARKET

The ValuStrat Price Index (VPI) Residential Performance

The ValuStrat Price Index for June 2023 grew 1.4% monthly and 11.7% annually to reach 91 points, apartments
at 76.1 points, and villas at 114.9 points, topping price peaks of 2014 by 1.2%.

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Villa prices increased 1.7% when compared with May, and 15.8% since last year. The top annual performers
were villas in Jumeirah Islands (20.8%), Emirates Hills (19.6%), Palm Jumeirah (17.9%), and Dubai Hills Estate
(17.3%). Emirates Hills and Palm Jumeirah surpassed 2014 peak levels by 15.7% and 30.1% respectively. Villa
prices located in Jumeirah Islands and Arabian Ranches are less than 2% away from their all-time highs. The
apartment submarket saw capital gains of 1% monthly and registered 8.1% annual growth. The best apartment
annual performance was recorded in Palm Jumeirah (16.6%), The Greens (11.4%), Jumeirah Beach Residence
(9.8%), and Downtown Dubai (9.2%). Dubai Sports City saw no capital gains in the last 12 months.

VPI Summary

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27. APPENDIX 2- MARKET VALUE DEFINITION

The definition of Market Value is applied in accordance market or inflated. The Market Value transaction is
with the following conceptual framework: presumed to be between unrelated parties each acting
independently;
“The estimated amount” Refers to a price expressed in
terms of money payable for the asset in an arm's-length “after proper marketing” Means that the asset would be
market transaction. Market Value is the most probable exposed to the market in the most appropriate manner
price reasonably obtainable in the market on the to affect its disposal at the best price reasonably
valuation date in keeping with the Market Value obtainable in accordance with the Market Value
definition. It is the best price reasonably obtainable by definition. The method of sale is deemed to be that most
the seller and the most advantageous price reasonably appropriate to obtain the best price in the market to
obtainable by the buyer. This estimate specifically which the seller has access. The length of exposure time
excludes an estimated price inflated or deflated by is not a fixed period but will vary according to the type of
special terms or circumstances such as atypical financing, asset and market conditions. The only criterion is that
sale and leaseback arrangements, special considerations there must have been sufficient time to allow the asset
or concessions granted by anyone associated with the to be brought to the attention of an adequate number of
sale, or any element of value available only to a specific market participants. The exposure period occurs prior to
owner or purchaser; the valuation date;
“an asset or liability should exchange” Refers to the fact ‘where the parties had each acted knowledgeably,
that the value of an asset or liability is an estimated prudently’ presumes that both the willing buyer and the
amount rather than a predetermined amount or actual willing seller are reasonably informed about the nature
sale price. It is the price in a transaction that meets all and characteristics of the asset, its actual and potential
the elements of the Market Value definition at the uses and the state of the market as of the valuation date.
valuation date; Each is further presumed to use that knowledge
prudently to seek the price that is most favorable for their
“on the valuation date” requires that the value is time-
respective positions in the transaction. Prudence is
specific as of a given date. Because markets and market
assessed by referring to the state of the market at the
conditions may change, the estimated value may be
valuation date, not with benefit of hindsight at some later
incorrect or inappropriate at another time. The valuation
date. For example, it is not necessarily imprudent for a
amount will reflect the market state and circumstances
seller to sell assets in a market with falling prices at a price
as at the valuation date, not those at any other date;
that is lower than previous market levels. In such cases,
“between a willing buyer” refers to one who is as is true for other exchanges in markets with changing
motivated, but not compelled to buy. This buyer is prices, the prudent buyer or seller will act in accordance
neither over eager nor determined to buy at any price. with the best market information available at the time;
This buyer is also one who purchases in accordance with
‘and without compulsion’ establishes that each party is
the realities of the current market and with current
motivated to undertake the transaction, but neither is
market expectations, rather than in relation to an
forced or unduly coerced to complete it.
imaginary or hypothetical market that cannot be
demonstrated or anticipated to exist. The assumed buyer Market value is the basis of value that is most commonly
would not pay a higher price than the market requires. required, being an internationally recognized definition.
The present owner is included among those who It describes an exchange between parties that are
constitute “the market”; unconnected (acting at arm’s length) and are operating
freely in the marketplace and represents the figure that
“and a willing seller” is neither an over eager nor a forced
would appear in a hypothetical contract of sale, or
seller prepared to sell at any price, nor one prepared to
equivalent legal document, on the valuation date,
hold out for a price not considered reasonable in the
reflecting all those factors that would be taken into
current market. The willing seller is motivated to sell the
account in framing their bids by market participants at
asset at market terms for the best price attainable in the
large and reflecting the highest and best use of the asset.
open market after proper marketing, whatever that price
The highest and best use of an asset is the use of an asset
may be. The factual circumstances of the actual owner
that maximizes its productivity and that is possible,
are not a part of this consideration because the willing
legally permissible and financially feasible.
seller is a hypothetical owner;
Market value is the estimated exchange price of an asset
“in an arm’s-length transaction” Is one between parties
without regard to the seller’s costs of sale or the buyer’s
who do not have a particular or special relationship e.g.
costs of purchase and without adjustment for any taxes
Parent and subsidiary companies or landlord and tenant,
payable by either party as a direct result of the
that may make the price level uncharacteristic of the
transaction.

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28. APPENDIX 4- PHOTOGRAPHS

PICTURESOF THE PROPERTIES

PHOTOGRAPHS (Taken on 22nd June 2017)

Subject Tower (The Pad) front elevation Building name identification

Subject Tower (The Pad) rear elevation Neighbouring properties

Subject Tower (The Pad) Project Identification

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The Pad Tower – Main lobby Common Corridor – 2nd Level

Integrated living/dining area Kitchen

Integrated living/dining / staircase – loft unit Loft – upper level

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Loft bathroom Integrated living/dining / staircase – loft unit

Unit No. 201 (Show Apartment) Integrated living/dining area – Unit No. 201
(Show apartment)

Kitchen – Unit No. 201 (Show apartment) Bedroom - Unit No. 201 (Show apartment)

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Bathroom - Unit No. 201 (Show apartment) View – Canal

View - V. partial Burj Khalifa / Community View – from high floor – Burj Khalifa

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View – Pool View – Community

The Pad – front entrance area Neighbouring Properties

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29. APPENDIX 5- VALUATION INSTRUCTION & PROPERTIES DOCUMENTS

Initial Contract of Sale

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in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

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M/s. MEFIC Capital – 20th July 2023
 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

Page | 54
M/s. MEFIC Capital – 20th July 2023
 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

Page | 55
M/s. MEFIC Capital – 20th July 2023
 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

Page | 56
M/s. MEFIC Capital – 20th July 2023
 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

Page | 57
M/s. MEFIC Capital – 20th July 2023
 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

Page | 58
M/s. MEFIC Capital – 20th July 2023
 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

Page | 59
M/s. MEFIC Capital – 20th July 2023
 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

Building Completion Certificate

Page | 60
M/s. MEFIC Capital – 20th July 2023
 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

Individual Unit Details

Page | 61
M/s. MEFIC Capital – 20th July 2023
 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

Master Lease Amendment Agreement

Page | 62
M/s. MEFIC Capital – 20th July 2023
 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

Page | 63
M/s. MEFIC Capital – 20th July 2023
 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

Page | 64
M/s. MEFIC Capital – 20th July 2023
 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

Page | 65
M/s. MEFIC Capital – 20th July 2023
 Desktop Valuations of 30 Nos. Residential Furnished Apartments
in The Pad Tower, Plot No. 72, Business Bay, Dubai, UAE.

Page | 66
M/s. MEFIC Capital – 20th July 2023