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Date of Valuation: 9 April 2025

CONSULTANCY REPORT

“Jasmine”

38 Manchester Drive, Schofields, NSW

Executive Summary

Instructions

Instructing Party Aland

Reliant Party Jasmine 88 Development Pty Ltd

Purpose

Property Details

Address

Description of Property

To provide an overview of the suburb of Schofields and the “Jasmine” development, local market overview and sales evidence of residential apartments.

“Jasmine” 38 Manchester Drive, Schofields, NSW

The subject property comprises 405 residential apartments over five towers forming part of a six storey residential development over one level of basement car parking.

Our brief is to consider the specific design, features and innovations that characterise the “Jasmine” development, and in particular review and assess the value proposition(s) that may evolve from, or otherwise be attributed to, in particular, those identified elements that may not necessarily be regarded as typical in this market sector.

As part of this report, we have been requested to provide a current opinion of value ranges for the various apartment configurations within the development, together with relative references to support those opinions, in particular those characteristics that may contribute to value, not ordinarily found in the market sector being considered.

Based on the sales evidence outlined within this report, together with clearly identified value add initiatives not normally found in competing market evidence, we are of the view that current value ranges for the various apartment configurations as part of “Jasmine” are as follows:

As outlined above, there is a vast range of values per apartment configuration type. This is primarily due to the individual attributes of each apartment type including internal size, internal configuration, aspect and view profile

This is a summary only and is not to be relied upon for any purpose. The valuation assessment for this property is subject to the assumptions, conditions and limitations as set out in the accompanying full valuation report.

1. Overview

Location

Map

Source: Google Maps

Source: SIX Maps

Road System, Access and Exposure

Situated

Main Roads

Access

Surrounding Development

• The subject property has frontages to Manchester Drive, Isla Street and Jacqui Street

• Approximately 35 radial kilometres north-west of the Sydney CBD.

• Located within proximity of Schofields Road and Richmond Road

• Vehicle access available via Isla Street.

In the general vicinity of the subject property comprises a mix of low and medium density residential development

Public Transport

Bus Stop

Jerralong Drive after Isla Street.

Train Schofields Train Station is located within proximity to the subject property.

Education

Primary and Secondary Schools

Located within proximity of Nirimba Fields Public School, Galungara Public School, Riverbank Public School, St Joseph’s Primary School, The Ponds High School and Wyndham College.

Tertiary Located within proximity of Western Sydney University Nirimba Campus and TAFE Nirimaba.

Parks and Recreation

Glory Park

Aurora Park

Galungara Reserve

Retail Amenity

Shopping Centre

Services

Located within proximity of the subject to the east

Located within proximity of the subject to the east.

Located within proximity of the subject to the north.

Schofields Village is located within proximity of the subject to the west

All usual urban services are connected or available to be connected to the individual subject apartments

2. Development

Development Overview

Overview

The subject property benefits from Development Consent (JRPP-16-03329) for the staged construction of five residential flat buildings containing 424 units, basement car parking, including stormwater and landscaping works and the construction of a private road on approved Lots 15C, 16K, 16L & 16M in the subdivision of Lot 16 in DP 31797.

Furthermore, the subject property benefits from Section 4.55 Modification Approval (MOD-22-00402) for the modifications to the approved residential flat buildings, including facade changes, increase in building heights, reduction by 19 units, changes in unit mix, internal reconfigurations and revised landscape and stormwater designs.

Lastly, the subject property benefits from Section 4.55 Modification Approval (MOD-24-00233) for the modification to the approved 5 x 5 storey residential flat buildings under JRPP-16-03329 to revise the facade materiality and colour finishes, and provide weather protection awnings to the rooftop communal open spaces.

Development Summary

No. of Apartments 405

No. of Towers Five.

No. of Levels

Six (Including rooftop terrace)

Architect Place Studio.

Plan Reference

Date of Plans

S4.56-0004 – S4.56-5000

6 September 2022

Endorsed Blacktown City Council.

Base Building Construction Details

Structure

Suspended concrete slab floors.

Floors Reinforced concrete.

Roof Combination of cladding, rendered and painted concrete.

External Walls

Internal Walls

Ceilings

Floor Coverings

Access and Services

Combination of hebel, render, paint, and face brick.

Painted plasterboard.

Suspended concrete slab floors with a combination of tile and carpet

Pedestrian Access Via Manchester Drive, Isla Street and Jacqui Street

Vehicle Access Via Manchester Drive

Lift 13 lifts across five towers available from the basement level to the top floor.

Car Parking One level of basement car parking.

Development Mix – Mixed Use

Residential Accommodation

Three

Fixtures and Fittings

We highlight that the level of finishes for the development has the potential to significantly impact the achievable sale prices. In undertaking our valuation and as part of our inspection, we note the development incorporates a good level of finishes.

We note the development provides for a suitable level of accommodation consistent with current market demands and provides a reasonable level of utility. Our valuation assumes that the development has been completed in a good workmanlike manner in accordance with all relevant statutory requirements. We have provided further detail with regard to the level of finishes below:

Kitchen Specifications

Appliances Fisher and Paykel dishwasher. Fisher and Paykel gas cooktop. Fisher and Paykel oven. Fisher and Paykel rangehood.

Benchtop Stone

Splashback Glass

Bathroom and Ensuite Specifications

Floor Porcelain.

Shower Screen Frameless.

Toilet Concealed cistern toilet.

Living Room Specifications

Floor Tile

Bedrooms Specifications Floors Carpet.

We consider the proposed finishes to be appropriate for the subject property’s market.

Subject Property

Typical Balcony

Typical Bedroom

Typical Bathroom

Typical Kitchen

Typical Laundry

Typical Living/Dining

Communal Rooftop Terrace

Basement Parking Storage

3. Market Sales Evidence

Market Sales Evidence

Subject Development Presales

Marketing for the subject development commenced circa August 2023 with Quarter Acre acting as the primary selling agents for the project.

We note that a total of 251 contracts relating to residential apartments have exchanged as at the date of valuation.

“Jasmine” 38 Manchester Drive, Schofields NSW

Forms a mixed-use development currently being marketed “off the plan” and in the final stages of construction completion situated on the corner position of Manchester Drive and Isla Street

Furthermore, the subject property benefits from Section 4.55 Modification Approval (MOD22-00402) for the modifications to the approved residential flat buildings, including facade changes, increase in building heights, reduction by 19 units, changes in unit mix, internal reconfigurations and revised landscape and stormwater designs.

Lastly, the subject property benefits from Section 4.55 Modification Approval (MOD-2400233) for the modification to the approved 5 x 5 storey residential flat buildings under JRPP16-03329 to revise the facade materiality and colour finishes, and provide weather protection awnings to the rooftop communal open spaces.

A summary of the sales achieved to date within the proposed development may be summarised as follows:

Sales Evidence – Off the Plan Apartments Sales

Lot 3 in Deposited Plan 1264542, Ketley Circuit, Marsden Park NSW

Currently under-construction and being marketed “off the plan” this development is located on the south-eastern alignment of Ketley Circuit, within Marsden Park.

The property benefits from Development Consent (DA-17-02760) which provides for the construction of a four-storey residential flat building (RFB) containing a total of 72 apartments, with basement car parking; associated civil engineering and landscaping works.

Furthermore, the property benefits from Section 4.55 Modification Approval (MOD-23-00090) for the modifications to DA-17-02760 to delete condition 2.2, deletecondition 2.5.1 and replace with BASIX certificate 1371979M dated 24 February 2023, delete condition 4.12.1 and replace with BASIX certificate 1371979M dated 24 February 2023 and condition 6.5.1 is deleted and replace with BASIX certificate 1371979M dated 24 February 2023.

A summary of the sales achieved to date within the proposed development may be summarised as follows:

A summary of the sales achieved to date within the proposed development is outlined below:

Forms a smaller scale residential development located in an inferior location. Similar internal areas to the one-bedroom and two-bedroom apartments with a similar level of finishes. Consider the prices achieved as being broadly indicative of those applicable to the subject twobedroom and the prices achieved as being below those applicable to the subject one-bedroom apartments.

Lots 5, 9 and 11 in Deposited Plan 1264542, McGaw Street, Cribbin Street and Abell Road, Marsden Park NSW

Currently under-construction and being marketed “off the plan” this development is located on the frontages to McGaw Street, Cribbin Street and Abell Road, within Marsden Park.

The property benefits from Development Consent (SP-17-00024) which provides for the construction of a six-storey residential flat buildings with basement car parking on three super lots created from aseparate subdivision (DA-16-03182), stormwater drainage and landscaping works, in proposed lots 5, 9 and 11 in the re-subdivision of Lot 4 in Deposited Plan 1245610, otherwise known as 1086 Richmond Road, Marsden Park.

A summary of the sales achieved to date within the proposed development may be summarised as follows:

A summary of the sales achieved to date within the proposed development is outlined below:

Lot 1, 143 South Street, Marsden Park NSW

Currently being marketed “off the plan” this development is located on the southern alignment of South Street, within Marsden Park.

We note that the property has submitted Section 4.55 Modification Application (MOD-23-0044) which provides for the consolidation of three allotments (Lots 4,3 and 2 in Deposited Plan 1206952) and the development of the super lot comprising of 64 residential flat building units on Lot 1, 62 residential flat buildings on Lot 2A, 114 residential flat building units on Lot 2B, five Torrens title lots on Lot 3 and nine Torrens title lots on Lot 4, with construction of associated private and public roads, stormwater drainage and tree removal. This Modified Construction Certificate is for revised bulk earthworks due to a Section 4.55 Modification approval.

A summary of the sales achieved between 2022 and 2024 within the proposed development is outlined below:

Forms a smaller scale residential development located in an inferior location. Larger internal areas for the one-bedroom apartments and similar internal areas for the two-bedroom and three-bedroom apartments with a similar level of finishes. Consider the prices achieved as being below those applicable to the subject apartments.

A summary of the sales achieved in 2024 within the proposed development is outlined below:

Lot 2, 143 South Street, Marsden Park NSW

Currently being marketed “off the plan” this development is located on the southern alignment of South Street, within Marsden Park.

A summary of the sales achieved between 2023 and 2025 within the proposed development is outlined below:

Forms a smaller scale residential development located in an inferior location. Similar internal areas to the one-bedroom and two-bedroom apartments and smaller internal area to the three-bedroom apartments and a similar level of finishes. Consider the prices achieved as being broadly indicative of those applicable to the subject one-bedroom apartments and the prices achieved as being below those applicable to the subject two-bedroom and three-bedroom apartments.

A summary of the sales achieved in 2024 and 2025 within the proposed development is outlined below:

12C Grima Street, Schofields NSW

Currently being marketed “off the plan” this development is located on the eastern alignment of Grima Street, within Schofields.

The property benefits from Development Consent (DA-23-00875) for the strata subdivision of 2x 5 storey residential flat buildings approved on Lot 12C under DA-15-01171 into 76 strata lots.

A summary of the sales achieved to date within the proposed development may be summarised as follows:

A summary of the sales achieved between 2022 and 2025 within the proposed development is outlined below:

Forms a smaller scale residential development located in a similar location. Similar internal areas to the one-bedroom plus study, two-bedroom and three-bedroom apartments, however smaller internal areas to the one-bedroom apartments and a similar level of finishes. Consider the prices achieved as being below those applicable to the subject one-bedroom, two-bedroom and three-bedroom apartments and the prices achieved as being above those to the subject one-bedroom plus study apartments.

A summary of the sales achieved in 2024 and 2025 within the proposed development is outlined below:

25 Macquarie Road, Rouse Hill NSW

Currently under-construction and being marketed “off the plan” this development is located on the northern alignment of Macquarie Road, within Rouse Hill.

We note that the property benefits from Development Consent (SPP-16-04466) which provides for the demolition of existing structures and staged construction of 6 x 4 storey residential flat buildings containing 320 units and 360 basement car parking and new half width road construction.

Furthermore, the subject property benefits from Section 4.56 Modification Approval (MOD-2100515) to amend an approved residential flat building development including altered basement carpark design, increase carparking, changes to ground floor and remove split level, amendments to apartment mix, increase in number of units, altered unit layouts, remove rooftop communal open space on buildings A and F and modify staging of the development plus other related changes.

A summary of the sales achieved to date within

A summary of the sales achieved to date within the proposed development is outlined below:

“Ophora”

37 Reis Street, Tallawong NSW

Currently under-construction and being marketed “off the plan” this development is situated on the eastern alignment of Reis Street with secondary frontage to Ayla Street, within Tallawong.

The property benefits from Development Consent (DA-17-02175) which provides for the construction of a residential flat building comprising of 81 residential units (9 x 1-bedroom, 67 x 2-bedroom and 5 x 3-bedroom units) and 101 car parking spaces within the lower ground and basement levels with associated landscaping works and strata subdivision.

Furthermore, the property benefits from Section 4.55 Modification Approval (MOD-18-00592) for the modification to allow the provision of a deeper bio retention basin through increasing the height of the fence to provide a one metre high fence above the ground level – on proposed lot 3.

Lastly, the property benefits from Section 4.56 Modification Approval (MOD-21-00432) for the changes to the overall amenity and functionality of the residential flat buildings as well as Construction Certificate coordination.

A summary of the sales achieved to date within the proposed development may be summarised as follows:

A summary of the sales achieved to date within the proposed development is outlined below:

Forms a smaller scale residential development located in a similar location. Similar internal areas to the two-bedroom and three-bedroom apartments and smaller internal area to the one-bedroom apartments and a similar level of finishes. Consider the prices achieved as being below those applicable to the subject apartments.

Sales Evidence – Existing Apartments Sales

50 Jacqui Avenue, Schofields NSW

Forms a circa December 2021 completed residential development located on the northern alignment of Jacqui Avenue with additional frontages to Isla Street and Grima Street, within Schofields.

Finishes to the apartments are of a good standard including stainless steel appliances, built in wardrobes, open plan living and dining together with internal laundry.

Recent sales within the development may be summarised as follows:

Similar residential development located within proximity of the subject property Similar internal areas with an

of finishes provided. Consider the prices achieved as being below those applicable to the subject apartments

75A Grima Street, Schofields NSW

Forms a circa August 2022 completed residential development located on the corner of Grima Street and Manchester Drive, within Schofields.

Finishes to the apartments are of a good standard including stainless steel appliances, built in wardrobes, open plan living and dining together with internal laundry.

Recent

12 Isla Street, Schofields NSW

Forms a circa November 2021 completed residential development located on the corner of Isla Street and Manchester Drive, within Schofields.

Finishes to the apartments are of a good standard including stainless steel appliances, built in wardrobes, open plan living and dining together with internal laundry.

Forms a circa November 2020 completed residential development located on the corner of Jerralong Drive and Grima Street, within Schofields.

Finishes to the apartments are of a good standard including stainless steel appliances, built in wardrobes, open plan living and dining together with internal laundry.

Similar residential development located within proximity of the subject property. Similar internal areas with an inferior level of finishes provided Consider the prices achieved as being below those applicable to the subject apartments.

125A Jerralong Road, Schofields NSW

Forms a circa July 2021completed residential development located on the corner of Jerralong Drive and Grima Street, within Schofields.

Finishes to the apartments are of a good standard including stainless steel appliances, built in wardrobes, open plan living and dining together with internal laundry.

A summary of the recent sales achieved within the development is outlined below:

5-7 Manchester Drive, Schofields NSW

Forms a circa December 2020 completed residential development located on the southern alignment of Manchester Drive, within Schofields.

Finishes to the apartments are of a good standard including stainless steel appliances, built in wardrobes, open plan living and dining together with internal laundry.

Forms a circa November 2021 completed residential development located on the corner of Manchester Drive and Grima Street, within Schofields.

Finishes to the apartments are of a good standard including stainless steel appliances, built in wardrobes, open plan living and dining together with internal laundry.

Recent sales within the development may be summarised as follows:

A summary of the recent sales achieved within the development is outlined below:

Forms a circa November 2022 completed residential development located on the corner alignment of Manchester Drive and Isla Street, within Schofields.

Finishes to the apartments are of a good standard including stainless steel appliances, built in wardrobes, open plan living and dining together with internal laundry.

Recent sales within the development may be summarised as follows:

A summary of the recent sales achieved within the development is outlined below:

37 Manchester Drive, Schofields NSW

129 Jerralong Drive, Schofields NSW

Forms a circa November 2021 completed residential development located on the corner of Jerralong Drive and Isla Street, within Schofields.

Finishes to the apartments are of a good standard including stainless steel appliances, built in wardrobes, open plan living and dining together with internal laundry.

Recent

A summary of the recent sales achieved within the development is outlined below:

Conclusion

Based on the sales evidence outlined above we are of the view that current value ranges for the various apartment configurations as part of “Jasmine” are as follows:

We have adopted the above-mentioned ranges having regard to:

• Located approximately 35 kilometres from the Sydney CBD. Positioned within short distance of Schofields Railway Station and Bus Routes directly to the Sydney CBD along Isla Street.

• Within proximity of Western Sydney Univeristy University, Nirimba Campus

• Within close proximity of Schofields Village.

• Glory Park is located within proximity to the east

• The project will incorporate a good level of finishes including Fisher and Paykel appliances.

• Sizes of both internal and external areas for each apartment configuration is typical in the local market

• All of the apartments include secure basement parking.

4. Market Comment

Economy

World Economy

Most advanced economies are expecting inflation to be under control over the next year with some central banks still cautious about easing interest rates. Inflation remains problematic in other parts of the world with some central banks raising rates to battle long term inflation. Global trading and economic uncertainties are forecast to remain high, with likely risk of disruption to global supply chains and oil price hikes. Australian’s economy will be impacted by these global headwinds over the short term, with the market remaining cautious as a result.

Australian Economy

GDP December Qtr. 2024 $658.49b 1.3% Oxford Economics Australia are forecasting economic growth to continue growing at 2% over 2025 as the global economy faces uncertainty over potential US tariffs sparking a trade war.

2.4% The Consumer Price Index has dropped further by 0.4% over the last quarter to December 2024 compared to 1% drop in the September 2024 quarter. Inflation peaked in December 2022 but has dropped to within RBA’s margin.

Unemployment Rate February 2024 4.10% 0.4% By state: NSW (4.00 %), Vic (4.60%), Qld (4.10%), SA (3.70%), WA (3.40%), Tas (4.00%), NT (4.50%) and ACT (3.00%). The unemployment rate is expected to continue trending downward as inflation stabilise and interest rate drop.

Cash Rate April 2025 4.10% -25 bps The RBA has kept the cash rate target at 4.10% at its April meeting following the 25 basis points cut in February 2025. While underlying inflation is moderating, the RBA is still concerned with weak economic output and tighteninglabour market conditions, notingthatthe outlook remains uncertain.

Retail Turnover December 2024

3.65% Retail sales have been volatile over recent months. Retail turnover for the February 2025 year on year increased by 3.65%. National retail turnover is forecast to increase in 2025, with real household income and spending improving slightly post interest cut. Average Weekly Earnings

Wages growth has strengthened in response to the tight unemployment rate and inflation.

Sentiment has increased 13.6% over the past year as the RBA rate cut lifts consumers spending and is expected to continue rising throughout 2025 as the RBA moderate their monetary policy. Business Conditions (Index - net balance)

Business conditions have been volatile over the first few months of 2025. The interest rate cut is expected to enhance business outlook despite global economic uncertainty looming in 2025. Population^ September 2024

Dwellings Approved

10 Year Government Bond (original)

Population growth drives stronger investment, spending, and general economic growth.

Approvals have been showing monthly volatility and are up 21.73% year on year. Approval numbers are expected to volatile in the short term.

Bond yields are forecast to remain stable in 2025.

Source: ABS, RBA, NAB, Westpac – Melbourne Institute, Oxford Economics Australia, and M3 Property. Seasonally adjusted, except where stated. *Deviation from average. ^estimated population from Oxford Economics Australia.

Growth in the domestic economy is expected to return to the regular growth level by late 2025, with headlining inflation already within the target range. However, the RBA’s battle with underlying inflation may yet come under pressure as the labour market remains tight, stimulating higher labour costs and inflation. The four major banks have agreed to pass on the most recent interest rate cut in full.

Key Economic Indicators

Source: ABS, M3 Property

Source: ABS, CoreLogic, SQM Research, M3 Property

Source: ABS, M3 Property

Sydney Residential Market Overview

NSW Residential Snapshot

Factor Comment Six Month

Dwelling Supply Housing Australia forecast net dwelling completions in NSW to total 22,800 for 2025 (compared to 24,500 in 2024) as new house and land sales as well as dwelling approvals materialise into supply completions.

Over the medium-term, dwelling completions are forecast to remain low in 2026 at 22,9800 dwelling completions, before increases from 2027. Over the longer term, completions are expected to increase to reach 28,100 completions by 2030. However, supply completions are likely to continue to be impacted by elevated construction costs, labour and materials shortages, and tightening credit conditions.

Dwelling Demand Approvals are likely to continue facing increased challenges due to decreasing dwelling prices, construction cost blow-outs and the prospect of lengthy project delays.

Median Unit Price Unit prices are expected to stabilise over 2025. Unit growth will benefit from worsening housing affordability as buyers look to purchase more affordable apartments or townhouses rather than houses. Prior to the interest rate cuts in February 2025, Oxford Economics Australia were forecasting units would experience a modest increase of 2.5% for FY2025. The recent interest rate cut is likely to provide a modest boost to the market, and we now expect there to be slightly higher growth than this forecast during 2025. Medium term Oxford is forecasting that unit prices will increase by 7.8% per annum in 2026 and 5.5% per annum in 2027.

Median House Price The Sydney market recovery slowed through the first half of 2024 and prices have seen a slight decline over the last three months. Prior to the interest rate cuts in February 2025, Oxford Economics Australia were forecasting an modest decline of -1.0% for FY2025. However, the recent interest rate cut is likely to provide a modest boost to the market, and we now expect there to be nominal growth during 2025. Medium term Oxford is forecasting that house prices will increase by 7% per annum in 2026 and 4.7% per annum in 2027.

Vacancy Levels The vacancy rate is expected to remain around current levels over the short-term. Increasing population growth and affordability constraints in the purchasermarket will continue to contribute to astrengthening in rental demand.

Unit Rents Rental growth is likely to continue over the coming year, being driven by a forecast continued tightening of the vacancy rate. Oxford Economics Australia are forecasting two-bedroom unit rents to increase by 4.0% in 2025.

House Rents House rents are forecast to continue growing, albeit at a more modest pace than the last few years, being driven by the tight vacancy rate and rising affordability constraints in the owner occupier market. According to Oxford Economics Australia, median rents for three-bedroom houses are expected to increase by 3.9% in 2025.

Subject Locality

The Blacktown Local Government Area (LGA) is located in the North West region of Sydney, covering part or all of the suburbs of Acacia Gardens, Angus, Arndell Park, Bidwill, Blackett, Blacktown, Bungarribee, Colebee, Dean Park, Dharruk, Doonside, Eastern Creek, Emerton, Glendenning, Glenwood, Grantham Farm, Hassall Grove, Hebersham, Huntingwood, Kellyville Ridge, Kings Park, Kings Langley, Kings Park, Lalor Park, Lethbridge Park, Marayong, Marsden Park, Melonba, Minchinbury, Mount Druitt, Nirimba Fields, Oakhurst, Parklea, Plumpton, Prospect, Quakers Hill, Riverstone, Rooty Hill, Ropes Crossing, Rouse Hill, Schofields, Seven Hills, Shalvey, Shanes Park, Stanhope Gardens, St Marys, Tallawong, The Ponds, Toongabbie, Tregear, Vineyard, Whalan, Willmot and Woodcroft.

Median Unit Price Increases

• The Blacktown LGA median unit price was at $660,000 recording a 1.5% increase for the 12 months to March 2025

• The suburb of Schofields median unit price was at $640,000 recording a 2.4% increase for the 12 months to March 2025

Blacktown LGA and Schofields

Blacktown LGA

Source: Domain Group – Pricefinder

Vacancy Rate Stabilises

• Vacancy across the Western Sydney residential market increased to 1.2% over the 12 months to March 2025

• Vacancy is slightly below the National Vacancy of 1.4%.

• The vacancy rate is below the equilibrium vacancy rate of 3.0% where supply equals demand.

Source: SQM Research, m3property

Schofields