Development capital expenditure register (R m)
|
Category |
Amount |
Depreciation life |
|---|---|---|
|
Land acquisition |
45 |
Not depreciated |
|
Building & construction |
240 |
40 years |
|
Interior design & FF&E |
95 |
10 years |
|
Kitchen & restaurants |
30 |
8 years |
|
Spa & wellness |
18 |
10 years |
|
Technology systems |
15 |
5 years |
|
Landscaping |
12 |
15 years |
|
Working capital |
35 |
n/a |
|
Marketing & brand launch |
10 |
n/a |
|
Contingency |
20 |
n/a |
|
Total |
520 |
Assumptions register
|
Parameter |
Value / treatment |
|---|---|
|
Repo / prime rate |
7.0% / 10.5% (SARB, mid-2026) |
|
Senior debt |
R290m at 12.75% (prime + 225bps); 2-yr grace then 13-yr amortisation |
|
Equity |
R230m |
|
Corporate tax |
27%, assessed losses carried forward |
|
FF&E reserve |
~3% of revenue from Year 2 (10-yr depreciation) |
|
Working capital |
2% of revenue |
|
Revenue mix |
Accommodation, F&B, conferences & events, wellness, other |
|
Exit multiple |
8×–12× EV/EBITDA (cap rate ~8–12.5%) |
|
Phase-2 capital (disclosed) |
~R875m additional (Cape Town / Durban / Kruger) |