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1、第一章 项目概况1.1 建设单位 本项目的开发商为上海海联置业有限公司。1.2 项目位置 “江宁路大厦”项目位于静安区昌平路以南，康定路以北，江宁路以东，昌化路以西区域，处江宁路、康定路交界处。主入口在江宁路上。1.3 项目规模“江宁路大厦”为1幢27层楼的点式商办楼，其中地下一层为车库，14层为裙房，510层为敞开式办公楼，1126层为公寓式办公楼，27层为屋顶花园。总建筑面积约为21900平方米。1.4 主要建筑技术指标本项目的主要建筑指标详见表11。表11 主要建筑指标表序号指标名称单位指标值1基地面积平方米2总建筑面积平方米21900其中：地下部分建筑面积平方米1900地上裙房部分建筑
2、面积平方米5500地上其他部分建筑面积平方米145003总户数（非裙房部分）户881.5 项目现状 “江宁路大厦”项目于2000年竣工，至今已空置两年余。本案的现状为：主体为框剪结构，主楼部分的建安工程已完成；裙房部分除设备未安装，其余已完成；公用部位装饰及小区建设基本没有；大产证已获得。基于上述现状，本案的开发商要求以13000万元的价格整体托盘转让。第二章 市场研究为了明确接盘的可行性和项目定位的合理性，特对本案周边物业进行调研。2.1 调研区域说明 本调研区域为安远路以南，新闸路以北，常德路以东，昌化路以西的闭合区域。2.2 办公楼物业行情经调研，本区域的办公楼基本上以租为主，租金水平为
3、23元/天平方米，详见表21“本区域办公楼个案汇总表”。表21 本区域办公楼个案汇总表序号个案名称所处位置租金（元/天平方米）包物业管理费与否1艺海大厦江宁路、康定路3不包2时美大厦江宁路、康定路2包3和一大厦江宁路、昌平路2.32.5包4新城大厦江宁路、新闸路3包2.3 住宅物业行情静安区是上海典型的城市中心区，也是上海房价最高的区域，该区域住宅的平均售价为800010000元/平方米，详见表22“本区域住宅个案汇总表”。表22 本区域住宅个案汇总表序号个案名称所处位置个案类别售价（元/平方米）交房 状态1康宁雅庭江宁路、康定路高层住宅750011000毛坯2新格公寓江宁路、康定路酒店式公寓
4、1100014000全装修3静安枫景常德路、新闸路高层住宅1000012300全装修4静安晶华安远路、陕西北路高层住宅700010000毛坯酒店式公寓未定全装修2.4 定位建议根据上述调研结果，结合中心城区寸金寸土的地段价值以及目前住宅产品价格普遍上扬的市场特点，建议将本案定位为商住楼，即裙房以上部分为酒店式公寓，经改建包装后推向市场。第三章 租售计划3.1 销售定价 “销售定价”针对裙房部分而言。根据“市场研究”章节中所列明的周边楼盘的价格及本案的自身条件，作出以下有竞争力的定价。l 裙房：均价8000元/平方米（不含设备报价），可售建筑面积按5500平方米计，销售收入为44000000元。
5、3.2 租金定价 “租金定价”针对酒店式公寓部分而言。l 酒店式公寓：价格分布详见表31“酒店式公寓价格定位表”。表31 酒店式公寓价格定位表房型面积（平方米）数量（套）单价（USD/月）理论年租金（USD/年）两房130441500792000待添加的隐藏文字内容2三房1804420001056000小计881848000实际年租金收入（USD/年）（按入住率65计）1201200实际年租金收入（合：人民币/年）（按汇率8.3计）9969960l 车位：600元/月/个，可租车位按40个计。年租金收入为288000元。3.3租售进度及租售收入3.3.1 租售进度假定接盘日为2003年4月1日
6、，租售起始日为2003年7月1日，裙房的销售期为1.5年（18个月），于2004年12月31日销售完毕。3.3.2 租售收入详见表32“租售收入预测表”。表32 租售收入预测表（单位：万元）销售部分序号收入名称/年月2003年2004年小计1-67-121-67-121裙房销售收入1467146714664400年度小计146729334400租赁部分序号收入名称/年小计1酒店式公寓租金收入9972车位租金收入29年度小计1026第四章 投资估算4.1 投资估算的依据和说明本投资估算的测算期为二次开发商接盘日至本案销售完毕日，假定接盘日为2003年4月1日，裙房销售完毕日为2004年12月31
7、日。本投资估算的编制依据为项目示意图，非竣工图。本投资估算参照了近年上海已建成的同类建筑工程竣工的有关资料。本投资估算暂不考虑裙房部分的设备安装及屋顶花园的装饰费用。4.2 投资估算4.2.1 购置成本本案的整体转让价格为13000万元，即二次开发商的购置成本，其中包括土地成本、建造成本、一次开发期间的间接费用及原始开发商利润。4.2.2 二次建造成本由于以下原因，产生了二次建造成本：l 本案的原始定位为商办楼，现定位为商住楼，即裙房以上部分为酒店式公寓，所以内部格局将有所变动；l 改建为住宅项目，将增补公用部位装饰、小区装饰和智能化建设；l 本案已空置两年余，部分建材有所损毁或不适应当前的市
8、场要求，须修补或调换。l 本案裙房部分外立面装饰未完成。l 因定位为酒店式公寓，所以将新增酒店式公寓的装修及配置费用。这部分建造成本的具体数额详见表41“二次建造成本明细表”。表41 二次建造成本明细表（注：“指标”栏的计算基数为总建筑面积21900平方米）部位内容内容明细金额 （万元）指标（元/平方米） 主 楼 部 分设计费内部房型及窗体结构变动104.6 建 安 费 公用部位装饰（电梯厅、大堂墙、地、门套大理石）10045.7510层新砌半砖隔墙104.6内墙板面满批腻子粉刷209.1换窗(凿除，新开)230105进户门（88樘）及五金52.3楼梯地砖，木扶手，防滑条52.3智能化（红外报
9、警、楼宇对讲、电视监控、宽带）5022.8卫星电视104.6小区围墙、门头、绿化209分户门内装修配置24201105小计128801315裙房部分建安费外立面装饰750342小计2750342地下车库建安费停车管理系统（人工）31小计331预备费不可预见费按上述费用的20计提727332小计4727332总计436019904.2.3 间接费用4.2.3.1 管理费用：按“二次开发建造成本”的3计提。4.2.3.2 销售费用：按销售收入的2%计提。4.2.3.3 财务费用：购置成本及二次建造成本总额的20为自有资金，80为银行贷款。因租金收入非一次性收入，具体财务费用的金额及发生时机详见表5
10、1“投资回收期计算表”。上述费用详见表42“间接费用明细表”。表42 间接费用明细表费用名称金额（万元）指标（元/平方米）管理费用13160销售费用329150财务费用见“表51”见“表51”总计4602104.2.4 总投资详见表43 “总投资明细表”。表43 总投资明细表名称金额（万元）指标（元/平方米）购置成本130005936二次建造成本43601990间接费用460210总投资178208136 如上表所示，本项目的总投资为17820万元。第五章 财务效益分析5.1 分析依据及说明本财务分析根据国家现行财税制度进行。本财务分析测算起始日为2003年4月1日。本财务分析测算中暂不考虑物
11、业管理的收入及成本。本财务分析中不考虑租金递增因素。5.2 收入详见表32“租售收入预测表”。5.3 支出5.3.1成本支出本项目的总投资为17820万元。5.3.2 税金支出税金分租赁税金和销售税金两部分，按5计提。5.3.3 财务费用指尚未收回的投资在每年产生的利息支出，在原始投资收回后，利息支出转为利息收入，利息支出按一年期固定资产贷款利息5.31计，利息收入按暂按2计取。具体详见表51“投资回收期计算表”。 5.4 投资回收期详见表51“投资回收期计算表”。表51 投资回收期计算表（单位：万元）第*年收入支出净现金流量（1）（2）累计净现金流量净现值（折现率为10）累计净现值租金收入售
12、房收入小计（1）成本支出税金财务费用小计（2）114671467178207375718650-17183-17183-15619-1561921026293339591987349323027-141562500-1311931026102651562613413-13743310-1280941026102651541592434-13309296-1251351026102651517568458-12851284-1222961026102651493544482-12369272-1195771026102651468519507-11862260-11697810261026514
13、41492534-11328249-1144891026102651412463563-10765263-11185101026102651382433593-10172251-10934l 说明：1 从静态角度看，本项目约在第25年开始盈利；从动态角度看，按10的折现率计算，本项目的盈利起始期将在第30年。2 计算上述投资回收期时，尚未包括酒店式公寓部分的现值，即可用于抵押、出售的产权价值。第六章 结论根据上述分析，本项目裙房以上的部分定位为酒店式公寓的运作方式，相对于纯销售项目，前期资金的投入量明显偏大，投资的回收期明显偏长，且因房地产市场的不可控因素较多，相应的投资风险也较大。王茵二零零
14、三年三月三日Editors note: Judson Jones is a meteorologist, journalist and photographer. He has freelanced with CNN for four years, covering severe weather from tornadoes to typhoons. Follow him on Twitter: jnjonesjr (CNN) - I will always wonder what it was like to huddle around a shortwave radio and throu
15、gh the crackling static from space hear the faint beeps of the worlds first satellite - Sputnik. I also missed watching Neil Armstrong step foot on the moon and the first space shuttle take off for the stars. Those events were way before my time.As a kid, I was fascinated with what goes on in the sk
16、y, and when NASA pulled the plug on the shuttle program I was heartbroken. Yet the privatized space race has renewed my childhood dreams to reach for the stars.As a meteorologist, Ive still seen many important weather and space events, but right now, if you were sitting next to me, youd hear my foot
17、 tapping rapidly under my desk. Im anxious for the next one: a space capsule hanging from a crane in the New Mexico desert.Its like the set for a George Lucas movie floating to the edge of space.You and I will have the chance to watch a man take a leap into an unimaginable free fall from the edge of
18、 space - live.The (lack of) air up there Watch man jump from 96,000 feet Tuesday, I sat at work glued to the live stream of the Red Bull Stratos Mission. I watched the balloons positioned at different altitudes in the sky to test the winds, knowing that if they would just line up in a vertical strai
19、ght line we would be go for launch.I feel this mission was created for me because I am also a journalist and a photographer, but above all I live for taking a leap of faith - the feeling of pushing the envelope into uncharted territory.The guy who is going to do this, Felix Baumgartner, must have th
20、at same feeling, at a level I will never reach. However, it did not stop me from feeling his pain when a gust of swirling wind kicked up and twisted the partially filled balloon that would take him to the upper end of our atmosphere. As soon as the 40-acre balloon, with skin no thicker than a dry cl
21、eaning bag, scraped the ground I knew it was over.How claustrophobia almost grounded supersonic skydiverWith each twist, you could see the wrinkles of disappointment on the face of the current record holder and capcom (capsule communications), Col. Joe Kittinger. He hung his head low in mission cont
22、rol as he told Baumgartner the disappointing news: Mission aborted.The supersonic descent could happen as early as Sunday.The weather plays an important role in this mission. Starting at the ground, conditions have to be very calm - winds less than 2 mph, with no precipitation or humidity and limite
23、d cloud cover. The balloon, with capsule attached, will move through the lower level of the atmosphere (the troposphere) where our day-to-day weather lives. It will climb higher than the tip of Mount Everest (5.5 miles/8.85 kilometers), drifting even higher than the cruising altitude of commercial a
24、irliners (5.6 miles/9.17 kilometers) and into the stratosphere. As he crosses the boundary layer (called the tropopause), he can expect a lot of turbulence.The balloon will slowly drift to the edge of space at 120,000 feet (22.7 miles/36.53 kilometers). Here, Fearless Felix will unclip. He will roll
25、 back the door.Then, I would assume, he will slowly step out onto something resembling an Olympic diving platform.Below, the Earth becomes the concrete bottom of a swimming pool that he wants to land on, but not too hard. Still, hell be traveling fast, so despite the distance, it will not be like di
26、ving into the deep end of a pool. It will be like he is diving into the shallow end.Skydiver preps for the big jumpWhen he jumps, he is expected to reach the speed of sound - 690 mph (1,110 kph) - in less than 40 seconds. Like hitting the top of the water, he will begin to slow as he approaches the
27、more dense air closer to Earth. But this will not be enough to stop him completely.If he goes too fast or spins out of control, he has a stabilization parachute that can be deployed to slow him down. His team hopes its not needed. Instead, he plans to deploy his 270-square-foot (25-square-meter) mai
28、n chute at an altitude of around 5,000 feet (1,524 meters).In order to deploy this chute successfully, he will have to slow to 172 mph (277 kph). He will have a reserve parachute that will open automatically if he loses consciousness at mach speeds.Even if everything goes as planned, it wont. Baumga
29、rtner still will free fall at a speed that would cause you and me to pass out, and no parachute is guaranteed to work higher than 25,000 feet (7,620 meters).It might not be the moon, but Kittinger free fell from 102,800 feet in 1960 - at the dawn of an infamous space race that captured the hearts of many. Baumgartner will attempt to break that record, a feat that boggles the mind. This is one of those monumental moments I will always remember, because there is no way Id miss this.
