Draft Report JTL Akij

REPORT ON VALUATION AND
LEASE FEE OF PROPERTY OF

AKIJ GROUP, BANGLADESH
PROPERTY APPRAISED
1. Landed Property of DITL at Morkun, Tongi, Gazipur

2. Landed Property of DITL, GLT at Golora, Charkhanda, Manikgonj
3. Landed Property of PTC Unit-I at Kaburhat, Kushtia
4. Landed Property of PTC Unit-II at, Swastipur, Vadaldi, Kushtia
APPRAISED FOR
JT International (Asia Pacific) Limited
42nd Floor, Tower 1
Times Square, 1 Matheson Street
Causeway Bay
Hong Kong
Survey Date: April 19-22, 2018

Effective Date of Value: April 30, 2018
Issue Date : April 30, 2018
Appraised by: BALTIC CONTROL (BD) LTD., 34 Purana Paltan Line, Nurul Tower, 3rd floor, Dhaka-1000, BANGLADESH
Phone: +8802 9351037, Fax: +8802 9351094, email: mail@balticcontrolbd.com, Web: www.balticcontrolbd.com
BALTIC CONTROL (BD) LTD
34 Purana Paltan Line, Nurul Tower, 3rd floor, Dhaka-1000
Phone: +880 2 9351032 , Fax:+880 2 9351094; E-mail:mail@balticcontrolbd.com
Web : www.balticcontrolbd.com
April 30, 2018 Ref # BCBD/D-293/2018

42nd Floor, Tower 1
Times Square, 1 Matheson Street
Causeway Bay
Hong Kong
RE: REPORT ON MARKET VALUE AND LEASE FEE OF PROPERTY OF AKIJ GROUP.
Dear Sir,
Enclosed is the report on landed property of Akij Group, Bangladesh. The subject properties are situated
in 4 locations of three districts of Bangladesh. In accordance with the agreement signed on 12 April,2018
our surveyors visited the sites on 19th to 22nd April, 2018 in order to estimate the present market value
and yearly ground rental/lease fee of subject four properties. The details of properties and uses are as
follows:
Sl. Land Area Geographical
Property Type/ Uses
No. (acres) Coordinate
01. Dhaka Tobacco Industries, About 455,000 sft permanent,
23.905304°N,
Morkun, Tongi, Gazipur 14.157 semi- permanent structure and
90.414017°E
used as Tobacco factory.
23.895366 °N,
Golora, Charkhanda, 23.825 semi- permanent structure and
90.03337°E
Manikgonj used as Tobacco factory.
03. Perfect Tobacco Company 23.872703°N, Factory Occupied: 4.944 acres
(Unit-1),Kaburhat, Khshtia 8.426
89.079084°E Free space: 3.482 acres
04. Perfect Tobacco Company
23.848657°N, Factory Occupied: 18.657 acres
(Unit-2), Swastipur, Vadalia, 47.195
Khshtia
The Scope of the service was outlined as follows:

- Estimate a fair market value of land of above properties.
- Estimate a market based lease fee for each land area over the 30 year lease period.
METHODOLOGY:
Estimate of Market Value of Land: There are permanent and semi-permanent factory buildings
situated in all locations; but, as per agreement the value of building and civil structures has not been
included in this report; we have estimated the market value of land only. The fair market value of the
subject landed properties estimated as per standard appraisal practice in Bangladesh. The estimate
of market value, in this particular instance, is predicated upon by adopting Sales Comparison
Approach - this is an appraisal technique in which the market value estimate is predicated upon prices
paid in actual market transactions and current listings. It is a process of correlation and analyses of
recently sold properties of similar type, size and purpose in the adjacent location. Adjustments were
made to reflect and account for differences between the subject and the comparable sales utilized.
Estimate of Lease fee/rate of Land: A ground lease is typically a long-term lease of land. Lease terms
typically run 30 to 99 years, and generally no less than 30 years. The tenant typically holds ownership
of the improvements during the term of the lease and the tenant has the obligation to pay all expenses
attributable to the property. Leasing of private industrial land is not usual practice in Bangladesh. Only
agricultural lands are leased for a nominal ground rent. Land in specialized economic zones which are
mainly developed by the Government of Bangladesh are generally leased for 30 years. To estimate the
lease rate p.a. the market was surveyed for current ground leases and leasing practices of both private
firms and public agencies to derive the estimated net operating income attributable to the land.
Chittagong Office : 60 Agrabad C/A, 1st Floor, Chittagong, Phone: 724310, Fax: 880 31 714416
Khulna Office: Golden King Bhaban, 4th floor, 25 Sir Iqbal Road, Phone: 731770, Fax: 880 41 731770
No recent similar type long-term private land leases were discovered in the subject areas except
short-term lease of similar type property found in Kushtia area. Therefore, ground rent was
calculated based on hypothetical condition that the present use and future uses of land will be same. In
estimating leasehold value from freehold vale we used Bala’s table and then calculate the ground rental
rate of subject properties and also compared with a leasehold property in Kushtia. The attached
narrative report describes the property and our method of approach to the valuation and lease rent
of land.
 SUMARRY OF ANALYSIS
Based on the inspection of the properties and the investigation and analyses undertaken, we have
formed the opinion that, as of the effective date of the appraisal April 30, 2018, and subject to the
assumptions and limiting conditions set forth in this appraisal report, the Estimated Market Value &
Yearly Ground Rental of the subject property is:
 PRESENT MARKET VALUE
Land Area Present Market Present Market

Property
(Decimal) Value [BDT] Value [USD.]
DTI, Morkun, Tongi, Gazipur 1415.65 1,698,780,000 20,472,162
DTI, Golora, Charkhanda, Manikgonj 2382.48 714,744,000 8,613,449
PTC-1, Kaburhat, Khshtia 842.55 463,402,500 5,584,508
PTC-2, Vadalia Bazar, Khshtia 4719.45 1,179,862,500 14,218,637
Total : 9360.13 4,056,789,000 48,888,756
[Exchange rate: 1 USD = 82.98 BDT]
Source: Central Bank Website; https://www.bb.org.bd/econdata/exchangerate.php
 EXPOSURE TIME
In view of the current economy, it is felt that a sale could be affected at the above value within a twelve
month period.
 GROUND RENT / LEASE FEE OF LAND
Land Area Yearly Rent per Total Rent per
Property SQM (USD) year (USD)
(Decimal) (SQM)
DTI, Morkun, Tongi, Gazipur 1415.65 57309.98 7.15 409,766
DTI, Golora, Charkhanda, Manikgonj 2382.48 96406.05 1.80 173,531
PTC-1, Kaburhat, Khshtia 842.55 34093.64 3.00 102,281
PTC-2, Vadalia Bazar, Khshtia 4719.45 190970.7 1.50 286,456
Total : 9360.13 378780.37 972,034
 RENT RESET PERIOD

The above rate is estimated to provide an idea to our client about the probable leasing rate of private sector
land around subject locations in Bangladesh. The ground rent initially can be fixed for first five years and
may be reset /reassessed or escalated certain % in every 5 years or mutual agreement between the
both parties.
The above values are extracted from the attached appraisal report and should not be read in isolation of the main
report. Furthermore, the value presented in this report is subject to the value definitions, assumptions, limiting
conditions and certifications contained in this report.
This report has been issued WITHOUT PREJUDICE.
For Baltic Control (BD) Ltd.
Engr. K. Shahadat Hossain

Director
APPRAISAL REPORT
This is a Summary Appraisal Report, which presents only summary discussions of the data, reasoning, and
analyses that were used in the appraisal process to develop the appraiser’s opinion of market value and
ground rental of the subject property. The depth of discussion contained in this report is specific to the
needs of the client and for the intended use stated below. The appraiser is not responsible for unauthorized
use of this report.

42nd Floor, Tower 1
CLIENT Times Square, 1 Matheson Street
Causeway Bay
Hong Kong
CLIENT’S REF. Agreement on 12 April, 2018
REPORT NO. 777/D-0293/2018
Report on Market Value and Lease Fee of Property of

ASSIGNMENT
Akij Group, Bangladesh
PROJECT LOCATION Tongi, Manikgonj & Kushtia of Bangladesh
DATE OF INSPECTION 19th – 22nd April 2018
EFFECTIVE DATE OF VALUE 30th April, 2018
DATE OF REPORT 30th April, 2018
Baltic Control (BD) Ltd.

34 Purana Paltan Line
APPRAISED BY
3rd Floor, Dhaka-1000
Bangladesh.
Khandaker Shahadat Hossain

SIGNATORY B.Sc. Engg. (Civil), BUET
MBA (Finance), DU
34PuranaPaltan Line,Nurul Tower, 3rd floor, Dhaka-1000
INDEX
Sl No. Description Page No.
01. Preamble .............................................................................................................. 1
02. Currency & measurement .................................................................................... 1
03. Subject of the appraisal ......................................................................................... 1
04. Scope of service .................................................................................................... 1
05. Ownership ............................................................................................................ 1
06. Intended use of this report .................................................................................... 1
07. Definitions of pertinent terms................................................................................. 2
08. Site Description of 4 sites ...................................................................................... 3-6
09. Valuation Methodology and Value of Property
Methodology of Valuation ............................................................................... 7
Comparable sales ........................................................................................... 7-8
Present Market Value ..................................................................................... 8
10. Lease fee estimation
General scenario of leasing of land in Bangladesh ........................................ 8
Existing leasing Rate in EPZs and Sreehatta Economic Zone ....................... 9
11. Methodology of lease fee estimation and Comparable lease .............................. 10-11
12. Estimated ground rent .......................................................................................... 11
13. Assumptions and limiting conditions .................................................................... 12-13
14. Conclusion
Present market value .................................................................................... 13
Exposure time ............................................................................................... 13
Ground rent / lease fee of land ..................................................................... 14
Rent reset period .......................................................................................... 14
15. Certification .......................................................................................................... 14
17. Addendum-A- Location Map of DITL Tongi Site ................................................. 15
18. Addendum-B- Site Layout & List of Buildings of DITL Tongi Site...................... 16-17
19. Addendum-C- Photograph of DITL Tongi Site ..................................................... 18-26
20. Addendum- D- Location Map of DITL Manikganj Site ........................................ 27
21. Addendum-E- Site Layout & List of Buildings of DITL Manikganj Site ............... 28-29
22. Addendum-F- Photograph of DITL Manikganj Site ............................................. 30-36
23. Addendum-G- Location Map of PTC-1, Kushtia ................................................. 37
24. Addendum-H- Site Layout & List of Buildings of PTC-1, Kushtia ....................... 38-39
25. Addendum-I - Photograph of PTC-1, Kushtia ...................................................... 40-44
26. Addendum- J- Location Map of PTC-2, Kushtia ................................................. 45
27. Addendum-K - Site Layout & List of Buildings of PTC-2, Kushtia ....................... 46-47
28. Addendum-L - Photograph of PTC-2, Kushtia ..................................................... 48-52
PREAMBLE
In accordance with the agreement signed with JT International (Asia Pacific) Limited on 12 April 2018,
our surveyor inspected the subject properties at Tongi, Manikganj and Kushtia, Bangladesh on 19th to 22nd
April, 2018 in ordered to estimate present market value and yearly lease fee of subject four properties.
CURRENCY & MEASUREMENT

The Currency used in this report for the Land Value & Ground Rental is in Bangladeshi Taka (BDT). This
is the currency normally used for property transactions in Bangladesh. The final value is then converted to
equivalent US Dollar (USD). Different units of measurements used as per the prevailing market practice in
Bangladesh. Land value is assessed on per decimal (1 decimal = 435.60 sft, square feet) basis and ground
rental estimated per sqm (square meter) basis. Different unis were; 1 sqm = 10.76 sft, 1 Katha = 720 sft,
1 acre = 100 decimal.
SUBJECT OF THE APPRAISAL

The subject of the appraisal is 4 properties located in three districts of Bangladesh. Brief description of
properties are as follows:
Sl. Land
Geographical
No. Property Area Type/ Uses
Coordinate
(acres)
23.905304°N,
Morkun, Tongi, Gazipur 14.157 semi- permanent structure used as
90.414017°E
Tobacco factory.
23.895366 °N,
Golora Charkhanda, 23.825 semi- permanent structure used as
90.03337°E
Manikgonj Tobacco factory.
03. Perfect Tobacco Co. (Unit-1), 23.872703°N, Factory Occupied: 4.944 acres
Kaburhat, Khshtia 8.426
04. Perfect Tobacco Co. (Unit-2), 23.848657°N, Factory Occupied: 18.657 acres
Swastipur, Vadalia, Khshtia 47.195
SCOPE OF SERVICE
As per agreement, the Scope of the service outlined as follows:

- Estimate a fair market value of land in above 4 locations of Bangladesh.
- Estimate a market based lease fee for each land area over the 30 year lease period.
OWNERSHIP
Fee simple interest (Freehold Property).
INTENDED USE OF THIS REPORT

This appraisal is intended to assist JT International (Asia Pacific) Limited in determining the fair
market value and yearly lease fee of the subject properties which is said to required for their future
investment plan.
Page | 1
DEFINITIONS OF PERTINENT TERMS
Market Value1 is defined by as follows:

The most probable price which a property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and
assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of
a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
1) buyer and seller are typically motivated;
2) both parties are well informed or well advised, and acting in what they consider their own
best interests;
3) a reasonable time is allowed for exposure in the open market;
4) payment is made in terms of cash or in terms of financial arrangements comparable thereto;
and
5) the price represents the normal consideration for property sold unaffected by special or
creative financing or sales concessions granted by anyone associated with the sale.
OTHER DEFINITIONS2
Fee Simple Interest Absolute ownership interest unencumbered by any other interest or estate;
subject only to the limitations of eminent domain, escheat, police power, and
taxation.
Leased Fee Estate An ownership interest held by a landlord with the right of use and occupancy
conveyed by lease to others; usually consists of the right to receive rent and
the right to repossession at the termination of the lease.
Leasehold Estate The right to use and occupy real property for a stated term and under certain
conditions; conveyed by a lease.
Market Rent The rental income that a property would most probably command on the
open market.
Exposure Time As stated in the definition of "Market Value" found above, the value estimate
derived herein presumes that a "reasonable time is allowed for exposure in
the open market". Exposure time is defined by the Appraisal Standards
Board as follows: "The estimated length of time the property interest being
appraised would have been offered on the market prior to the hypothetical
consummation of a sale at market value on the effective date of the
appraisal: a retroactive estimate based upon an analysis of past events
assuming a competitive and open market".
Exposure time is presumed to precede the effective date of the appraisal. It

is our judgment that an exposure time of twelve months would be considered
reasonable for the purpose.
1
Uniform Standards of Professional Appraisal Practice, 2000
2
The Dictionary of Real Estate Appraisal, Third Edition, The Appraisal Institute, 1993
Page | 2
SITE DESCRIPTION
A. DHAKA TOBACCO INDUSTRIES, MORKUN, TONGI, GAZIPUR, BANGLADESH
The factory is situated on Dhaka-Kaliganj Road and located at Morkun, Tongi, Gazipur under Gazipur
City Corporation. Geographical coordinates of the site is 23.905304°N, 90.414017°E. The site is about
25 km from Zero point, Dhaka and about 7.40 km from Hazrat Shahjalal International Airport, Dhaka
and about 271km from Chittagong port, and easily accessible through highway.
Shape and Area The parcel is irregular in shape and comprises of an area of approximately
57,309.98 m2/ 1415.65 decimal/ 856.47 katha.
Topography The subject property is developed land with buildings (Total covered area
is about 455,000 sft). .
Soils and Geology No soil report dealing with the subject site has been examined by the
appraiser.
Utilities Onsite Electricity and Gas connection. Water supply from deep tube well.
Streets and Access The subject has good street access and visibility. The east, on which the
subject fronts, is a two-way, north/south direction Dhaka-Kaliganj Road.
Easements Typical utility and public service easements common to industrial area is
exist. No easements were uncovered which would have a negative impact
on the parcel or its value.
Nuisances & Hazards No nuisances or hazards such as noise, or odor, other than those typical
to all industrial areas, were uncovered which would have a negative
impact on the subject.
Hazardous Materials
Contamination
Determining the presence of hazardous materials in the subject property’s
soil or improvement is beyond the scope of this appraisal. The estimations
of value derived within are predicated on the subject being free of
hazardous/toxic materials which may have an adverse impact on value.
Site Exposure North : National Text Book Board Warehouse

South : Factory of Hatim Industries
East : 40 feet wide Dhaka-Kaliganj Road.
West : Others land and Land of Akij Group
POSSESSION :
During our physical inspection, we found that the subject property is under possession of Dhaka
Tobacco Industries, a concern of Akij Group.
ADDENDA:
- Location Map of the Site --- ADDENDUM - A
- Site Layout Plan & list of buildings & Civil Structures --- ADDENDUM - B
- Photograph --- ADDENDUM - C
Page | 3
B. DHAKA TOBACCO INDUSTRIES, GOLORA CHARKHANDA, MANIKGANJ, BANGLADESH
The factory is situated on Dhaka-Aricha Highway and located at Golora Charkhanda area under ward
# 6 of Jagir Union, Manikganj Sadar, Manikganj. Geographical coordinate of the site is 23.895366 °N,
90.03337°E. The site is about 58 km from Zero Point, Dhaka and about 4.5km from Manikganj Bus
Stand and near BSCIC (Bangladesh Small & Cottage Industries Corporation) Manikganj and about
300km from Chittagong port. The factory is easily accessible through highway.
96,406.05 m2/ 2382.48 decimal/ 1440.73 katha.
is about 589,000 sft).
appraiser.
Utilities Onsite Electricity and Gas connection. Water supply from deep tube well.
subject fronts, is a two-way, north/south direction Dhaka-Aricha Highway.
Hazardous Materials
Contamination
Site Exposure North : Road

South : Akij Textile Ltd. then BSCIC, Manikganj
East : 35 feet wide Dhaka-Aricha Highway.
West : Others Vacant land
POSSESSION :
During our physical inspection, we found that the subject property is under possession of Dhaka
Tobacco Industries, a concern of Akij Group.
ADDENDA:
- Location Map of the Site --- ADDENDUM - D
- Site Layout Plan & list of buildings & Civil Structures --- ADDENDUM - E
- Photograph --- ADDENDUM - F
Page | 4
C. PERFECT TOBACCO COMPANY (UNIT-I), KABURHAT, KUSHTIA, BANGLADESH
The factory is situated on Kushtia-Poradah/Chuadanga Road and located at Kaburhat Madrashapara

area under Battoil Union, Kushtia Sadar, Kushtia. Geographical coordinate of the site is 23.872703°N,
89.079084°E. The site is about 184 km from Zero Point, Dhaka and about 6 km from Kushtia DC Office
and about 196km from Mongla port, and easily accessible through road.
34093.64 m2/ 842.55 decimal/ 509.51 katha.
is about 162,000 sft). Total factory occupied area is 4.944 acres and Free
space is 3.482 acres.
appraiser.
Utilities Onsite Electricity. Water supply from deep tube well.
Streets and Access The subject has good street access and visibility. The west, on which the
subject fronts, is a two-way, north/south direction Kushtia-Poradah/
Chuadanga Road.
Hazardous Materials
Contamination
Site Exposure North : 12 feet wide road then Rice Mill of Mr. Dulal
South : Vacant land of Mr. Delowar Hossain & Others
East : Others vacant land
West : 35 feet wide Kushtia Poradah Road & Land of RHD
POSSESSION :
During our physical inspection, we found that the subject property is under possession of Perfect
Tobacco Company, a concern of Akij Group.
ADDENDA:
- Location Map of the Site --- ADDENDUM - G
- Site Layout Plan & list of buildings & Civil Structures --- ADDENDUM - H
- Photograph --- ADDENDUM - I
Page | 5
D. PERFECT TOBACCO COMPANY (UNIT-II), VADALIA, KUSHTIA, BANGLADESH
The factory is situated on Kushtia-Jhenaidah Highway and located at Swastipur, Vadalia area under
Alampur Union, Kushtia Sadar, Kushtia. Geographical coordinate of the site is 23.848657°N,
89.094209°E. The site is about 186 km from Zero Point, Dhaka and about 8.20 km from Kushtia DC
Office, and about 191km from Mongla port and easily accessible through road.
190970.65 m2/ 4719.45 decimal/ 2853.95 katha.
is about 366,000 sft). Total factory occupied area is 18.657 acres and Free
space is 28.537 acres.
appraiser.
Utilities Onsite Electricity connection. Water supply from deep tube well.
subject fronts, is a two-way, north/south direction Kushtia-Jhenaidah
Highway.
Hazardous Materials
Contamination
Site Exposure North : 12 feet wide road then BRB Group

South : 16 Feet Wide Vadalia Hat Road
East : 100 feet wide Kushtia-Jhenaidah Highway.
West : Others land
POSSESSION :
During our physical inspection, we found that the subject property is under possession of Perfect
Tobacco Company, a concern of Akij Group..
ADDENDA:
- Location Map of the Site --- ADDENDUM - J
- Site Layout Plan & list of buildings & Civil Structures --- ADDENDUM - K
- Photograph --- ADDENDUM - L
Page | 6
VALUATION METHODOLOGY & VALUE OF PROPERTY

 METHODOLOGY OF VALUATION
There are permanent and semi-permanent factory buildings situated in all locations, but, as per
agreement with the client the value of building and civil structures has not been considered in this report;
we have estimated the market value of land only. It is very difficult to determine the basis of valuation
of land in an area, as there is no such uniformity in prices of land. It has been observed on many
occasions that the plot lying side by side and having equal facilities may fetch different price without
any apparent and convincing reasons.
To evaluate the current value of land, we applied the ‘Sales Comparison Approach’- this is an appraisal
technique in which the market value estimate is predicated upon prices paid in actual market transactions
and current listings. It is a process of correlation and analyses of recently sold properties of similar type,
size and purpose in the adjacent location. Generally, adjustments are necessary to reflect and account
for differences between the subject and the comparable sales utilized. The resulting value indication
is an estimate of the probable price at which the property would sell if currently offered in the
marketplace.
While undertaking the valuation of the land of the subject area, we have taken into accounts the
information from different sources in conjunction with the following attributes:
 Location of the land
 Size of land
 Commercial/industrial importance
 Infrastructural facilities available in and around
 Past trends and likely future appreciation
 Reduce Level (in the event of flooding)
 COMPARABLE SALES
In Bangladesh, the sub-registry office does not list actual transaction or actual selling rate, rather they
yearly publish a ‘lowest/minimum registry rate’ per decimal for each type of land in each mouza.
The ‘registry rate’ which is also known as ‘government rate’ is average of the registry rate of all land
(each type) sold in a particular mouza in a particular year and published on 31st December of each
calendar year. If there is no sell in a mouza in a year then the rate for previous year is considered as
minimum/lowest registry rate for the current year. The rate is the minimum benchmark registry value
for each type of land and used for calculation of different taxes and charges during transfer of
ownership. There is no relation between the ‘registry rate/value’ and ‘actual market price’ of a
land; generally the actual market price ranges from 2 to 6 times higher than registry price. The
actual value/price is not listed anywhere and one has to collect the information verbally by interviewing
with the local people who are related with real estate sector or buying/selling of property. The property
market is more or less in stagnant condition during the last one year and therefore, the government
value is not published/updated for the year 2018 and rate of 2017 is used for current registration
purpose.
Page | 7
Exact market value of a parcel of land cannot be ascertained unless the same is offered for sale. The
subject properties are of very large parcel of land and comparable sale of such large parcel is not
available. But, buying and selling of small size similar type of land is available in subject locations. To
evaluate the current value of land we collected the price recently paid for land of similar type in the
adjacent locations. We also discussed land prices with local people, brokers and other parties involved
in purchase and selling of land in that area. Based on our findings and interpolating it with all factors
described in the methodology we conclude that the applicable market rate of land in subject area is as
follows:
Sl. Prevailing Market Rate per

Property
No. Decimal (BDT)
01. Dhaka Tobacco Industries, Morkun, Tongi, Gazipur 1,200,000
02. Dhaka Tobacco Industries, Golora Charkhanda, Manikgonj 300,000
03. Perfect Tobacco Co. (Unit-1),Kaburhat, Khshtia 550,000
04. Perfect Tobacco Co. (Unit-2), Swastipur, Vadalia, Khshtia 250,000
Land Area Rate Present Market Present Market

Property
(Decimal) [BDT] Value [BDT] Value [USD]
DTI, Morkun, Tongi, Gazipur 1415.65 1,200,000 1,698,780,000 20,472,162
DTI, Golora, Charkhanda, Manikgonj 2382.48 300,000 714,744,000 8,613,449
PTC-1, Kaburhat, Khshtia 842.55 550,000 463,402,500 5,584,508
PTC-2, Swastipur, Vadalia, Khshtia 4719.45 250,000 1,179,862,500 14,218,637
Total : 9360.13 4,056,789,000 48,888,756
LEASE FEE ESTIMATION
 GENERAL SCENARIO OF LEASING OF LAND IN BANGLADESH

Long-term leasing of private land is not usual practice in Bangladesh. Agricultural land is
available for short-term leasing only. Lands in Export Processing Zones and special Economic
Zones mainly developed by the Government of Bangladesh are leased for a period of 30 years to 50
years.
The Economic Zones in Bangladesh can be broadly classed into three main groups, Bangladesh
Export Processing Zones (BEPZs), Korean Export Processing Zone, (KEPZ) and the third and most
recent kind is Special Economic Zones. The segregation has been done on two grounds, the
ownership and the intended market it caters to. There are some basic differences between export
processing zones and special economic zones. The export processing zones, under Bangladesh
Export Processing Zone Authority (BEPZA) and the Youngone Corporation, host export-driven
industries that focus on the fiscal and non-fiscal incentives to attract foreign direct investments. On
the other hand, the special economic zones, under Bangladesh Economic Zone Authority (BEZA), are
being developed with the intention to accommodate industries for both the local and international
markets and to emphasize both local and foreign investment.
Page | 8
Existing leasing Rate in EPZs and Sreehatta Economic Zone
Name of Zone Area and Location Rent & Lease Period
Chittagong Zone area: 183.37 hectares (453 acres) Land: US$ 2.20/Sqm/Year
EPZ
Shouth Halishahar. 3.10km from the sea port, 5.50km Readymade Factory Building Space:
from the main business center, US$ 2.75/Sqm/Month
11.3km from Shah Amanat International Airport, Period: 30 years and the rent is
Chittagong constant throughout the leasing
period
Dhaka EPZ Zone area: 361 acres

Savar. 35km from Dhaka city center, 25km from Hazrat =Do=
Shahjalal (R) Airport. 304km from Chittagong Sea Port.
Comilla EPZ Zone area: 108.28 hectares (267.46 acres)
Comilla Old Airport area. 167km from Chittagong port, =Do=

97km from Dhaka.
Adamjee EPZ Zone area: 118.62 hectares (293 acres)

Adamjee Nagar, Shiddirgonj, Narayanganj, 15 km =Do=
from Dhaka City, 40km from Hazrat Shahjalal (R)
Airport, 255 km from Chittagong Port.
Karnaphuli EPZ Zone area: 222.42 acres. North Potenga and

=Do=
Halishahar, within 6km from
Mongla EPZ Zone area: 186.21 hectares (460 acres prop.). Mongla Land: US$ 1.25/Sqm/Year
port area, Bagerhat. 105km from Jessore Airport and
Readymade Factory Building Space:
397km from Dhaka and 664km from Chittagong port. US$ 1.60/Sqm/Month
Period: 30 years and the rent is
constant throughout the leasing period
Zone area: 124.99 hectares (308.77 acres )
Ishwardi EPZ
Pakshi, Pabna.3.7km from Pakshi Bridge through by-pass
road, 10.60km from Ishwardi Airport, 130km from
=Do=
Bangabandhu (Jamuna) Bridge, 220km from Dhaka,
280km from Mongla port, 110km from Rajshahi Airport
and 484km from Chittagong port.
Uttara EPZ Zone area: 211.99 acres. Shongalshi, Nilphamari.

(Nilphamari) 18km from Syedpur Airport, 401km from Dhaka, 650km =Do=
from Chittagong Port, 586km from Mongla Sea Port.
Zone Area: Total 240 acres. i) Developed Land:

Shreehatta EZ Location: Sherpur, Brahmangaon, Ainpur, Moulavibazar. US$ 1.50 /Sqm/Year
Located along the Dhaka-Sylhet highway, only 40 km away ii) Un-Developed Land:
from Sylhet city and 208 km from Dhaka. Osmani US$ 0.75 /Sqm/Year
International Airport is only 55 km and Shahajalal
International Airport 208 km from the zone. Distance of Period: 50 years and the rent is
Tamabil Land Port from the zone is only 100 km. constant throughout the leasing period
Beside the above zones the Government of Bangladesh declared 55 Government Economic Zone and 11 Private
Economic Zone in different locations of Bangladesh which are regulated by Bangladesh Economic Zone
Authority (BEZA). However, leasing rate and other terms and conditions for the zones has not been finalized
(preliminary estimated rate is in between US$ 0.8 - US$ 0.4 per SQM per annum and will vary from zone to zone)
yet.
Page | 9
 METHODOLOGY OF LEASE FEE ESTIMATION & COMPARABLE LEASE

A ground lease is typically a long-term lease of land. Lease terms typically run for 30 to 99 years, and generally
no less than 30 years. The tenant typically holds ownership of the improvements during the term of the lease
and the tenant has the obligation to pay all expenses attributable to the property. Typically, ground lease with
terms less than 40 years have scheduled rental payments established at the commencement of lease that
cover the entire term of ground lease.
Traditionally, in most countries, valuers assess ground rentals by applying a “ground rental rate” or
percentage per annum to the property’s land value at the beginning of the lease or renewal term and
calculate Ground Rental (per annum) = Land Value X Ground Rental Rate (GR%). However, there is no
fixed GR% for a specific type of land. Another method is application of Bala’s table for estimating ground
rental per annum. In some countries, especially in the UK ground rental is estimated as certain percentage
of income generated from the property.
To estimate the lease rate p.a. the market was surveyed for current ground leases and leasing practices of
both private firms and public agencies to derive the estimated net operating income attributable to the land.
No recent similar type long-term private land leases were discovered in the subject areas except
short-term lease of similar type property found in Kushtia area. Therefore, ground rent was calculated
based on hypothetical condition that the present use and future uses of land will be same. In estimating
leasehold value from freehold value we used Bala’s table and then calculate the ground rental rate of subject
properties.
Comparable Site: Bangladesh Leaf Tobacco factory at Barakhada, Kushtia on Khshtia - Bheramara Road
which is about 9.50Km from PTC-1 and 11.90km from PTC-2 and only 5.5 km from DC office, Kushtia. Total
area of the site is 7.16 acres with about 128000 sft buildings is leased @ Tk. 75,60,000 per year which is
renewable in every two years. Where value of land is @ BDT 550,000 per decimal.
COMPARABLE
SITE
Bangladesh Leaf Tobacco – 5.50 km from Town

PTC, Unit-I – 6.00 km from Town
PTC, Unit-II – 8.20 km from Town
Page | 10
Now, by analyzing the rent of Bangladesh Leaf Tobacco factory we found:

Total Rent per year: 7,560,000 BDT
Total Land Area: 716.00 Decimal
Yearly rent per decimal: 10,559 BDT
Yearly rent per sqm: 260.82 BDT
Yearly rent per sqm: 3.14 USD
There is only one private comparable site available, therefore, we calculated ground rent based on
hypothetical condition that the present use and future uses of land will be same and applied the Bala’s table
to calculate the same. Then compare the rate derived from the calculation with the available leasing rate of
public and private sector data to arrive a ground rental of each site.
CALCULATION OF GROUND RENTAL BASED ON BALA’S TABLE:
Bala’s Table
The proposed lease period is 30 years. So, from the above graph we find Bala’s Factor for 30 years leasehold
property is 60%. Value of Per decimal land of Bangladesh Leaf Tobacco is same as PTC-1 and the area of
each site is almost same. Therefore, the above rental rate of Bangladesh Leaf Tobacco can be compared with
the calculated yearly rental of PTC-1. The calculated rent is found as follows:
Land Total Present 30 years Total Rent Yearly Yearly Yearly
Bala's
Site Area Market Value lease hold per annum Rent per Rent per Rent per
Factor
(Decimal) (BDT) value (BDT) (BDT) Dec (BDT) sqm (BDT) sqm ($)
Dhaka 1,415.65 1,698,780,000 60% 1,019,268,000 33,975,600 24,000 592.88 7.15
Manikganj 2,382.48 714,744,000 60% 428,846,400 14,294,880 6,000 148.17 1.79
PTC-1, Kushtia 842.55 463,402,500 60% 278,041,500 9,268,050 11,000 271.69 3.28
PTC-2, Kushtia 4,719.45 1,179,862,500 60% 707,917,500 23,597,250 5,000 123.52 1.49
The ground rental is directly proportional to the market value of land and therefore, higher rental rate at
Dhaka and Lower rental rate at PTC-2. We found from the above that the calculated ground rental of
PTC-1 is almost same of the market rental of Bangladesh Leaf Tobacco which supports validity of above
calculation.
Page | 11
From the above it is observed that the calculated yearly ground rental rate is 2% of the present market
value of land. However, the lessor/owner may expect higher return from their land. Based on the
foregoing, we estimate that the yearly ground rent of the proposed 4 site should be:
 ESTIMATED GROUND RENT

(Decimal) (SQM)
PTC-2, Swastipur, Vadalia, Khshtia 4719.45 190970.7 1.50 286,456
Total : 9360.13 378780.37 972,034
It should be noted that the above rates were hypothetically calculated from prevailing present market value
of land as the main limitation is non-availability of ground rental data of private sector land. The above
rate is estimated to provide an idea to our client about the probable leasing rate of private sector land in
Bangladesh. The ground rent can initially be fixed for first five years and may be reset /reassessed or
escalated at certain % in every 5 years.
ASSUMPTIONS AND LIMITING CONDITIONS

1. This appraisal is for no purpose other than stated in this report. The reader should be aware that there
are also inherent limitations to the accuracy of the information and analysis contained in this appraisal.
Before making any decision based on the information and analysis contained in this report, it is
critically important to read this entire section to understand these limitations. The reader also should
keep in mind that an appraisal is made under conditions of uncertainty with limited data.
2. All site measurement data have been extracted from the site map provided by JTI and Akij Group and
no responsibility is assumed for accuracy of the same.
3. There are permanent and semi-permanent factory buildings situated in all locations, but, as per
agreement with the client the value of building and civil structures has not been considered in this
report; we have estimated the market value of land only which may influence the ground rental rate.
4. No responsibility is assumed for legal matters, opinions of title, soil or sub-soil conditions, engineering
or other technical matters. It is assumed that there are no hidden or unapparent conditions of the
property or subsoil that render it more or less valuable. No responsibility is assumed for such
conditions or for arranging for engineering studies that may be required to discover them.
5. The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy.
6. It is assumed that the utilization of the land is within the boundaries or property lines of the property
described and that there is no encroachment or trespass, unless otherwise stated in this report.
7. No responsibility is assumed for any environmental conditions, or for any expertise or engineering
knowledge required to discover them. The appraiser’s descriptions and resulting comments are the
result of the routine observations made during the appraisal process.
8. All of the facts, conclusions and observations contained herein are consistent with information available
as of the date of valuation. The value of asset is affected by many related and unrelated economic
conditions. Baltic Control (BD) Ltd. therefore assumes no liability for the effect on this subject property of
any unforeseen precipitous change in the economy.
9. The conclusions presented in this report are estimates based on the data available or assembled by
the appraiser. These conclusions must be considered opinions and not facts.
10. The valuation, which applies only to the property described herein, was prepared for the purpose so
stated and should not be used for any other purpose.
Page | 12
11. While this report estimates value of the subject property, no assurance is expressed or implied that
the subject property, in fact, can be sold at the stated value estimates.
12. If there are inquiries concerning the inclusion or exclusion of items not covered by the appraisal, or
the valuation set forth in the appraisal, such inquiries must be transmitted in writing to BCBD within 14
days of receipt of the appraisal report. If no such inquiries are transmitted within the stipulated period,
the complete appraisal and valuation set forth herein shall be deemed to have been acceptable to the
client.
13. The signatories herein shall not be required to give testimony or attend court or appear at any
governmental hearing with reference to the subject property.
14. This report is made for the information and/or guidance of the client and possession of this report or
a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by
any person other than the party to whom it is addressed without the written consent of the appraiser,
and in any event, only with proper written qualification and only in its entirety.
15. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of
the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public
through advertising Public relations, news sales or other media without prior written consent of the
appraiser.
16. This appraisal report has been prepared for the exclusive benefit of the client, and complying with service
and non-disclosure agreement. It may not be used by any other party. Any party who uses any information
in this report, without the preparer’s written consent, does so at his own risk.
17. Acceptance of, and/or use of, this appraisal report constitutes acceptance of the above conditions.
CONCLUSION:
SUMMARY OF VALUE OF PROPERTY
Based on the inspection of the properties and the investigation and analyses undertaken, we have
formed the opinion that, as of the effective date of the appraisal April 30, 2018, and subject to the
assumptions and limiting conditions set forth in this appraisal report, the Estimated Market Value &
Yearly Ground Rental of the subject property is:
Land Area Present Market Present Market

Property
(Decimal) Value [BDT] Value [USD.]
DTI, Morkun, Tongi, Gazipur 1415.65 1,698,780,000 20,472,162
DTI, Golora, Charkhanda, Manikgonj 2382.48 714,744,000 8,613,449
PTC-1, Kaburhat, Khshtia 842.55 463,402,500 5,584,508
PTC-2, Swastipur, Vadalia, Khshtia 4719.45 1,179,862,500 14,218,637
Total : 9360.13 4,056,789,000 48,888,756

EXPOSURE TIME
In view of the current economy, it is felt that a sale could be affected at the above value within a twelve
month period.
Page | 13
 GROUND RENT / LEASE FEE OF LAND

(Decimal) (SQM)
PTC-2, Swastipur, Vadalia, Khshtia 4719.45 190970.7 1.50 286,456
Total : 9360.13 378780.37 972,034
RENT RESET PERIOD

Initially it may be reset in every 5 years or mutual agreement between the both parties.
CERTIFICATION
We certify that to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions, and are our personal, unbiased, professional analyses, opinions, and conclusions.
3. We have no present or prospective interest in the property that is the subject of this report and we
have no personal interest or bias with respect to the parties involved.
4. Our compensation is not contingent upon the reporting of a predetermined value or direction in value
that favors the cause of the client, the amount of value estimate, the attainment of a stipulated result, or
the occurrence of a subsequent event.
5. This appraisal was not based on a requested minimum or specific valuation or ground rental; or for
the approval of a loan.
This report has been issued WITHOUT PREJUDICE.
For Baltic Control (BD) Ltd.
Engr. K. Shahadat Hossain

Director
Page | 14
ATTACHED TO AND FORMING PART OF
REPORT No.777/293/2018 ADDENDUM - A
PROPOSED PROPERTY
N.C.T.B GODOWN
DHAKA TOBACCO
INDUSTRIES
HATIM GROUP
LOCATION MAP
NOT TO SCALE
Page | 15
ADDENDUM-B
DHAKA TOBACCO -TONGI FACTORY

Page | 16
ADDENDUM-B
DHAKA TOBACCO‐ TONGI FACTORY
List of Buildings
Sl. Total
Building Name Type
No. Area (sft)
1 DTI Factory Building RCC slab, Brick Wall 95,133
2 Office Building (3 story) RCC slab, Brick Wall 13,764
3 PMD Building CI Sheet Roof, Brick Wall 123,872
4 SMD Building (2 story) Pre‐feb steel structure 160,034
Zamil Steel Godown
5 Pre‐feb steel structure 21,000
(2 story)
6 Generator Room (2 story) RCC slab, Brick Wall 14,666
7 Boiler Room RCC slab, Brick Wall 2,377

8 Security Barrack GF‐RCC, 1st Floor‐ Semi pucca 3,520
9 Softener Plant RCC slab, Brick Wall 923
10 FHPH RCC slab, Brick Wall 321
11 Workshop CI Sheet Roof, Brick Wall 2,617
12 Wastage Store Pre Feb steel Structure 2,570
13 By product Godown CI Sheet Roof, Brick Wall 9,720
14 Carpenter Store CI Sheet Roof, Brick Wall 2,882
Security Gate House
15 RCC slab, Brick Wall 1,460
(2 story)
Total 454,859
Page | 17
REPORT No.777/293/2018
OFFICE BUILDING INNER VIEW OFFICE BUILDING TONGI- KALIGANJ ROAD (SOUTH TO NORTH DIRECTION)
Page | 18
ADDENDUM - C
REPORT No.777/293/2018 ADDENDUM - C
FACTORY BUILDING
Page | 19
P.M.D BUILDING
Page | 20
S.M.D BUILDING
Page | 21
GENERATOR & BOILER BUILDING
Page | 22
JAMIL STEEL BUILDING

SECURITY SHED
SOFTENER PLANT
Page | 23
CIVIL WASTAGE STORE & WORKSHOP

BY PRODUCT GODOWN
WASTAGE GODOWN
Page | 24
A/C CABIN
BC ROAD
Page | 25
GUARD GATE ROOM

CAR PARKING
MOSQUE
Page | 26
REPORT No.777/293/2018 ADDENDUM - D
PROPOSED PROPERTY
DHAKA TOBACCO
INDUSTRIES
AKIJ TEXTILE LTD AREA
LOCATION MAP
NOT TO SCALE
Page | 27
ADDENDUM-E
DHAKA TOBACCO - MANIKGANJ FACTORY

Page | 28
ADDENDUM-E
DHAKA TOBACCO‐ MANIKGANJ FACTORY
List of Buildings
Sl.
Building Name Type Area (sft)
No.
1 GLT Main Factory CI Sheet Roof, Brick Wall 85,510
2 Green Leaf Feeding Area CI Sheet Roof, Brick Wall 15,521
3 Godown‐01 (Green Leaf) Pre feb steel structure 25,992
4 Godown‐02 (Green Leaf) Pre feb steel structure 54,744
5 Godown‐03 (Prized Tobacco) Pre feb steel structure 53,678

Godown‐04
6 Pre feb steel structure 96,185
(Export Prized Tobacco)
7 Godown‐05 (Prized Tobacco) Pre feb steel structure 132,424
8 Godown‐06 (By product) Pre feb steel structure 27,256
9 Godown‐07 (By product) Pre feb steel structure 33,561
10 By product processing area Pre feb steel structure 12,763
11 Packing Materials Warehouse Pre feb steel structure 6,025
12 Guest House (3 story) RCC Slab, Brick wall 8,463
13 Utility Area CI Sheet Roof, Brick Wall 6,811
14 Engg. Workshop CI Sheet Roof, Brick Wall 2,443
15 Akiz Zarda Factory Tin shed 18,872

16 Akiz Zarda Factory Can Unit CI Sheet Roof, Brick Wall 5,071
17 RCC Slab, Brick wall
Admin Building 3600
Total 588,919
Page | 29
REPORT No.777/293/2018 ADDENDUM - F
MAIN ROAD
MAIN ENTRANCE
MAIN ENTRANCE
Page | 30
GUEST HOUSE
Page | 31
ADMIN OFFICE
ADMIN OFFICE
BRIDGE SCALE ROOM
Page | 32
G L T MAIN FACTORY BUILDING

G L T MAIN FACTORY BUILDING INNER VIEW
Page | 33
GODOWN
GODOWN
BY PRODUCT PROCESSING BUILDING
Page | 34
GODOWN
GODOWN
AKIJ ZARDA FACTORY
Page | 35
UTILITY AREA
WORKSHOP & STORE ROOM
POND
Page | 36
REPORT No.777/293/2018 ADDENDUM - G
PROPOSED PROPERTY
RICE MILL
RICE MILL
PERFECT TOBACCO
(UNIT-I)
LOCATION MAP
NOT TO SCALE
Page | 37
ADDENDUM-H
PERFECT TOBACCO CO (UNIT-I) KABURHAT, KUSHTIA

Page | 38
ADDENDUM-H
PERFECT TOBACCO CO (UNIT‐I)‐ KABURHAT, KUSHTIA
List of Buildings
Sl.
No.
1 Factory Shed 1 CI Sheet Roof, Brick Wall 24,846
2 Factory 2 & Godown 1&2 CI Sheet Roof, Brick Wall 43,976
3 Green Tobacco Store CI Sheet Roof, Brick Wall 24,122
4 Godown 4 CI Sheet Roof, Brick Wall 40,931
5 Waste Godown CI Sheet Roof, Brick Wall 3,059
6 Store Room CI Sheet Roof, Brick Wall 6,210
7 Office Room RCC Slab, Brick wall 12,592

Toilet, Generator Room, WTP,
8 RCC Slab, Brick wall 2,485
FHPH
9 Meter Room CI Sheet Roof, Brick Wall 102
10 Boiler Room CI Sheet Roof, Brick Wall 770
11 Diesel Tank CI Sheet Roof, Brick Wall 670
12 Generator Room CI Sheet Roof, Brick Wall 978
13 Bridge Scale CI Sheet Roof, Brick Wall 290
14 Guard Room CI Sheet Roof, Brick Wall 421
15 Waste Shed (Rear Side) CI Sheet Roof, Brick Wall 317
Total 161,769
Page | 39
REPORT No.777/293/2018 ADDENDUM - I
Page | 40
Page | 41
Page | 42
Page | 43
Page | 44
REPORT No.777/293/2018 ADDENDUM - J
PROPOSED PROPERTY
PERFECT TOBACCO
(UNIT-I)
LOCATION MAP
NOT TO SCALE
Page | 45
ADDENDUM-K
PERFECT TOBACCO CO (UNIT-II) VADALDI, KUSHTIA Page | 46

ADDENDUM-K
PERFECT TOBACCO CO (UNIT‐II)‐ VADALIA, KUSHTIA
List of Buildings
Sl.
No.
1 Leaf Processing Factory CI Sheet Roof, Brick Wall 173,273
2 Warehouse‐1 RCC Slab, Brick wall 64,513
3 Warehouse‐2 CI Sheet Roof, Brick Wall 53,876
4 Byproduct Packing Area CI Sheet Roof, Brick Wall 14,212
5 Workshop CI Sheet Roof, Brick Wall 2,097
6 Machineshop CI Sheet Roof, Brick Wall 1,173
7 Neptune Guest House (4 story) RCC Slab, Brick wall 8,948
8 Boiler Room CI Sheet Roof, Brick Wall 3,208
9 Generator & Sub‐station Room RCC Slab, Brick wall 3,203
10 Oil & Chemical Store CI Sheet Roof, Brick Wall 1,819
11 Forklift Shed CI Sheet Roof, Brick Wall 14,601

Dining Room, Toilet & Smoking
12 CI Sheet Roof, Brick Wall 5,614
Room
13 Jupiter Guest House (3 story) RCC Slab, Brick wall 9,111
14 Drivers Room RCC Slab, Brick wall 1,312
15 Platinum Guest House (2 story) RCC Slab, Brick wall 2,972
16 Security Shed‐1 CI Sheet Roof, Brick Wall 2,788
17 Security Shed‐2 CI Sheet Roof, Brick Wall 2,790
18 Kitchen CI Sheet Roof, Brick Wall 822
Total 366,332
Page | 47
REPORT No.777/293/2018 ADDENDUM - L
Page | 48
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REPORT ON VALUATION AND

LEASE FEE OF PROPERTY OF

1. Landed Property of DITL at Morkun, Tongi, Gazipur

Survey Date: April 19-22, 2018

April 30, 2018 Ref # BCBD/D-293/2018

JT International (Asia Pacific) Limited

The Scope of the service was outlined as follows:

Land Area Present Market Present Market

 RENT RESET PERIOD

This report has been issued WITHOUT PREJUDICE.

For Baltic Control (BD) Ltd.

Engr. K. Shahadat Hossain

JT International (Asia Pacific) Limited

CLIENT’S REF. Agreement on 12 April, 2018

REPORT NO. 777/D-0293/2018

Report on Market Value and Lease Fee of Property of

PROJECT LOCATION Tongi, Manikgonj & Kushtia of Bangladesh

DATE OF INSPECTION 19th – 22nd April 2018

EFFECTIVE DATE OF VALUE 30th April, 2018

DATE OF REPORT 30th April, 2018

Baltic Control (BD) Ltd.

Khandaker Shahadat Hossain

CURRENCY & MEASUREMENT

SUBJECT OF THE APPRAISAL

As per agreement, the Scope of the service outlined as follows:

INTENDED USE OF THIS REPORT

DEFINITIONS OF PERTINENT TERMS

Market Value1 is defined by as follows:

Exposure time is presumed to precede the effective date of the appraisal. It

Site Exposure North : National Text Book Board Warehouse

B. DHAKA TOBACCO INDUSTRIES, GOLORA CHARKHANDA, MANIKGANJ, BANGLADESH

Site Exposure North : Road

C. PERFECT TOBACCO COMPANY (UNIT-I), KABURHAT, KUSHTIA, BANGLADESH

The factory is situated on Kushtia-Poradah/Chuadanga Road and located at Kaburhat Madrashapara

Utilities Onsite Electricity. Water supply from deep tube well.

D. PERFECT TOBACCO COMPANY (UNIT-II), VADALIA, KUSHTIA, BANGLADESH

Site Exposure North : 12 feet wide road then BRB Group

VALUATION METHODOLOGY & VALUE OF PROPERTY

Sl. Prevailing Market Rate per

 PRESENT MARKET VALUE

Land Area Rate Present Market Present Market

LEASE FEE ESTIMATION

 GENERAL SCENARIO OF LEASING OF LAND IN BANGLADESH

Existing leasing Rate in EPZs and Sreehatta Economic Zone

Name of Zone Area and Location Rent & Lease Period

Dhaka EPZ Zone area: 361 acres

Comilla EPZ Zone area: 108.28 hectares (267.46 acres)

Comilla Old Airport area. 167km from Chittagong port, =Do=

Adamjee EPZ Zone area: 118.62 hectares (293 acres)

Karnaphuli EPZ Zone area: 222.42 acres. North Potenga and

Uttara EPZ Zone area: 211.99 acres. Shongalshi, Nilphamari.

Zone Area: Total 240 acres. i) Developed Land:

 METHODOLOGY OF LEASE FEE ESTIMATION & COMPARABLE LEASE

Bangladesh Leaf Tobacco – 5.50 km from Town

Now, by analyzing the rent of Bangladesh Leaf Tobacco factory we found:

CALCULATION OF GROUND RENTAL BASED ON BALA’S TABLE:

 ESTIMATED GROUND RENT

Land Area Yearly Rent per Total Rent per

ASSUMPTIONS AND LIMITING CONDITIONS

 PRESENT MARKET VALUE

Land Area Present Market Present Market

[Exchange rate: 1 USD = 82.98 BDT]

 GROUND RENT / LEASE FEE OF LAND

Land Area Yearly Rent per Total Rent per