The Parkhouse Nishi-Shinjuku Tower 60

CASHFLOW ANALYSIS - Pass Through

Purchase Price of 1 Bedroom

Yen
60,980,000

SG$1=JPY88.00
SG$
692,955

70% Financing

42,686,000

485,068

30% Cash

18,294,000

207,886

70% Financing (subject to approval by bank)

Monthly Pricipal + Interest Repayment
@3.62% in JPY or 3.14% in S$ over 30 years

194,550 per month

2,082 per month

Interest Portion to Offset Nett Rental Income

128,769 per month

1,269 per month

Estimated Gross Monthly Rental Income

280,000 per month

3,182 per month

less Letting and Management Fee

15,120 per month

172 per month

less Maintenance Service Charge

less Property (Fixed Asset & City Planning) Tax*

25,797 per month

293 per month

40,000 per month

455 per month

Estimated Nett Monthly Rental Income

199,083 per month

2,262 per month

less Interest Portion

128,769 per month

1,269 per month

66,634 per month

3,680 per month

less Building Depreciation

Nett Rental Income Subject to Japan Income Tax

757 per month

236 per month

Estimated Current Gross Rental Yield

5.5%

5.5%

Estimated Current Nett Rental Yield

3.9%

3.9%

Real Estate Acquisition tax**

460,000

5,227

Registration and License tax**

509,800

5,793

15,000

170

593,910

6,749

18,790

214

132,000

1,500

Fire Insurance (10 years)

TBD

TBD

Air Cons and installment

TBD
1,729,500

TBD

Estimated Acquisition Cost (One-Time)

Document Stamp Tax

Initial Repair Reserve Fund
Service Charge Reserve
Legal Fee

NB: The above is an example and to be used for indicative purposes only.
*Calculated based on the current reduced tax rate for the first 5 years, and the tax rate may change in a future.
**Please consult your own accountant regarding Japan tax.

Page 1 of 6

19,653

The Parkhouse Nishi-Shinjuku Tower 60

CASHFLOW ANALYSIS - Guarantee

Purchase Price of 1 Bedroom

Yen
60,980,000

SG$1=JPY88.00
SG$
692,955

70% Financing

42,686,000

485,068

30% Cash

18,294,000

207,886

70% Financing (subject to approval by bank)

Monthly Pricipal + Interest Repayment
@3.62% in JPY or 3.14% in S$ over 30 years

194,550 per month

2,082 per month

Interest Portion to Offset Nett Rental Income

128,769 per month

1,269 per month

Estimated Gross Monthly Rental Income

212,000 per month

2,409 per month

less Letting and Management Fee

- per month
25,797 per month

less Maintenance Service Charge

less Property (Fixed Asset & City Planning) Tax*

per month

293 per month

40,000 per month

455 per month

Estimated Nett Monthly Rental Income

146,203 per month

1,661 per month

less Interest Portion

128,769 per month

1,269 per month

less Building Depreciation

Nett Rental Income Subject to Japan Income Tax

66,634 per month

(49,200) per month

757 per month

(365) per month

Estimated Current Gross Rental Yield

4.2%

4.2%

Estimated Current Nett Rental Yield

2.9%

2.9%

Real Estate Acquisition tax**

460,000

5,227

Registration and License tax**

509,800

5,793

15,000

170

593,910

6,749

18,790

214

132,000

1,500

Fire Insurance (10 years)

TBD

TBD

Air Cons and installment

TBD
1,729,500

TBD

Estimated Acquisition Cost (One-Time)

Document Stamp Tax

Initial Repair Reserve Fund
Service Charge Reserve
Legal Fee

NB: The above is an example and to be used for indicative purposes only.
*Calculated based on the current reduced tax rate for the first 5 years, and the tax rate may change in a future.
**Please consult your own accountant regarding Japan tax.

Page 2 of 6

19,653

The Parkhouse Nishi-Shinjuku Tower 60

CASHFLOW ANALYSIS - Pass Through

Purchase Price of 2 Bedroom

Yen
71,280,000

SG$1=JPY88.00
SG$
810,000

70% Financing

49,896,000

567,000

30% Cash

21,384,000

243,000

70% Financing (subject to approval by bank)

Monthly Pricipal + Interest Repayment
@3.62% in JPY or 3.14% in S$ over 30 years

227,411 per month

2,434 per month

Interest Portion to Offset Nett Rental Income

150,520 per month

1,484 per month

Estimated Gross Monthly Rental Income

310,000 per month

3,523 per month

less Letting and Management Fee

16,740 per month

190 per month

less Maintenance Service Charge

less Property (Fixed Asset & City Planning) Tax*

24,847 per month

282 per month

38,333 per month

436 per month

Estimated Nett Monthly Rental Income

230,080 per month

2,615 per month

less Interest Portion

150,520 per month

1,484 per month

82,348 per month

(2,788) per month

less Building Depreciation

Nett Rental Income Subject to Japan Income Tax

936 per month

195 per month

Estimated Current Gross Rental Yield

5.2%

5.2%

Estimated Current Nett Rental Yield

3.9%

3.9%

Real Estate Acquisition tax**

420,000

4,773

Registration and License tax**

502,500

5,710

15,000

170

570,590

6,484

18,060

205

132,000

1,500

Fire Insurance (10 years)

TBD

TBD

Air Cons and installment

TBD
1,658,150

TBD

Estimated Acquisition Cost (One-Time)

Document Stamp Tax

Initial Repair Reserve Fund
Service Charge Reserve
Legal Fee

NB: The above is an example and to be used for indicative purposes only.
*Calculated based on the current reduced tax rate for the first 5 years, and the tax rate may change in a future.
**Please consult your own accountant regarding Japan tax.

Page 3 of 6

18,843

The Parkhouse Nishi-Shinjuku Tower 60

CASHFLOW ANALYSIS - Guarantee

Purchase Price of 2 Bedroom

Yen
71,280,000

SG$1=JPY88.00
SG$
810,000

70% Financing

49,896,000

567,000

30% Cash

21,384,000

243,000

70% Financing (subject to approval by bank)

Monthly Pricipal + Interest Repayment
@3.62% in JPY or 3.14% in S$ over 30 years

227,411 per month

2,434 per month

Interest Portion to Offset Nett Rental Income

150,520 per month

1,484 per month

Estimated Gross Monthly Rental Income

240,000 per month

2,727 per month

less Letting and Management Fee

- per month
24,847 per month

less Maintenance Service Charge

less Property (Fixed Asset & City Planning) Tax*

per month

282 per month

38,333 per month

436 per month

Estimated Nett Monthly Rental Income

176,820 per month

2,009 per month

less Interest Portion

150,520 per month

1,484 per month

less Building Depreciation

Nett Rental Income Subject to Japan Income Tax

82,348 per month

(56,048) per month

936 per month

(410) per month

Estimated Current Gross Rental Yield

4.0%

4.0%

Estimated Current Nett Rental Yield

3.0%

3.0%

Real Estate Acquisition tax**

420,000

4,773

Registration and License tax**

502,500

5,710

15,000

170

570,590

6,484

18,060

205

132,000

1,500

Fire Insurance (10 years)

TBD

TBD

Air Cons and installment

TBD
1,658,150

TBD

Estimated Acquisition Cost (One-Time)

Document Stamp Tax

Initial Repair Reserve Fund
Service Charge Reserve
Legal Fee

NB: The above is an example and to be used for indicative purposes only.
*Calculated based on the current reduced tax rate for the first 5 years, and the tax rate may change in a future.
**Please consult your own accountant regarding Japan tax.

Page 4 of 6

18,843

The Parkhouse Nishi-Shinjuku Tower 60

CASHFLOW ANALYSIS - Pass Through

Purchase Price of 3 Bedroom

Yen
78,180,000

SG$1=JPY88.00
SG$
888,409

70% Financing

54,726,000

621,886

30% Cash

23,454,000

266,523

70% Financing (subject to approval by bank)

Monthly Pricipal + Interest Repayment
@3.62% in JPY or 3.14% in S$ over 30 years

249,425 per month

2,669 per month

Interest Portion to Offset Nett Rental Income

165,090 per month

1,627 per month

Estimated Gross Monthly Rental Income

350,000 per month

3,977 per month

less Letting and Management Fee

18,900 per month

215 per month

less Maintenance Service Charge

less Property (Fixed Asset & City Planning) Tax*

31,307 per month

356 per month

49,167 per month

559 per month

Estimated Nett Monthly Rental Income

250,626 per month

2,848 per month

less Interest Portion

165,090 per month

1,627 per month

81,176 per month

4,361 per month

less Building Depreciation

Nett Rental Income Subject to Japan Income Tax

922 per month

298 per month

Estimated Current Gross Rental Yield

5.4%

5.4%

Estimated Current Nett Rental Yield

3.8%

3.8%

Real Estate Acquisition tax**

670,000

7,614

Registration and License tax**

654,900

7,442

15,000

170

726,130

8,251

22,970

261

132,000

1,500

Fire Insurance (10 years)

TBD

TBD

Air Cons and installment

TBD
2,221,000

TBD

Estimated Acquisition Cost (One-Time)

Document Stamp Tax

Initial Repair Reserve Fund
Service Charge Reserve
Legal Fee

NB: The above is an example and to be used for indicative purposes only.
*Calculated based on the current reduced tax rate for the first 5 years, and the tax rate may change in a future.
**Please consult your own accountant regarding Japan tax.

Page 5 of 6

25,239

The Parkhouse Nishi-Shinjuku Tower 60

CASHFLOW ANALYSIS - Guarantee

Purchase Price of 3 Bedroom

Yen
78,180,000

SG$1=JPY88.00
SG$
888,409

70% Financing

54,726,000

621,886

30% Cash

23,454,000

266,523

70% Financing (subject to approval by bank)

Monthly Pricipal + Interest Repayment
@3.62% in JPY or 3.14% in S$ over 30 years

249,425 per month

2,669 per month

Interest Portion to Offset Nett Rental Income

165,090 per month

1,627 per month

Estimated Gross Monthly Rental Income

266,400 per month

3,027 per month

less Letting and Management Fee

- per month
31,307 per month

less Maintenance Service Charge

less Property (Fixed Asset & City Planning) Tax*

per month

356 per month

49,167 per month

559 per month

Estimated Nett Monthly Rental Income

185,926 per month

2,113 per month

less Interest Portion

165,090 per month

1,627 per month

less Building Depreciation

Nett Rental Income Subject to Japan Income Tax

81,176 per month

(60,339) per month

922 per month

(437) per month

Estimated Current Gross Rental Yield

4.1%

4.1%

Estimated Current Nett Rental Yield

2.9%

2.9%

Real Estate Acquisition tax**

670,000

7,614

Registration and License tax**

654,900

7,442

15,000

170

726,130

8,251

22,970

261

132,000

1,500

Fire Insurance (10 years)

TBD

TBD

Air Cons and installment

TBD
2,221,000

TBD

Estimated Acquisition Cost (One-Time)

Document Stamp Tax

Initial Repair Reserve Fund
Service Charge Reserve
Legal Fee

NB: The above is an example and to be used for indicative purposes only.
*Calculated based on the current reduced tax rate for the first 5 years, and the tax rate may change in a future.
**Please consult your own accountant regarding Japan tax.

Page 6 of 6

25,239