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Notes to the Consolidated Financial Statements
(Thousands of US dollars)
55
Dar Al-Maal Al-Islami Trust
Annual Report 2014
14. Fair values of land
and buildings
(continued)
Description
Fair
Value
Valuation
technique(s)
Unobservable
inputs
Range of
unobservable inputs
(probability –
weighted average)
Relationship of
unobservable
inputs to fair value
Domaine Saint Alexandre
Canada
13,359
1,033
528
(i) Sales Compa-
rable Approach &
(ii) Income (Direct)
Capitalisation
Approach
Cost Approach
(Replacement
Cost)
Sales Comparison
Approach
(i) Price per square
foot & (ii) present
value of Net
Operating Income
(after all costs and
expenses)
Capitalisation
Cost of land
including vacant
building per square
foot
Price per square
foot
Net Marketable Area
CAD .95-3.07
(CAD 3.07), Sales
Comparable Rate
CAD 7.02-17.04, or
CAD 15.50-17.32
16%
Land CAD 15.50,
Office building CAD
102.94
Land CAD 10.00
(i) The higher the
price per square
foot the higher the
fair value.
(ii) The higher the
estimated cost the
lower the fair value.
Replacement cost
which represents
the highest and
best use of land
and building will
have impact on fair
value.
The higher the price
per square foot
the higher the fair
value.
Barbar Land
Bahrain
62,115 Sales Comparable
& Market value
approach
Price per square
foot
BD 15.02
The higher the price
per square foot
the higher the fair
value.
Polish Assets
Poland
45,096 Residual Method Price per square
meter
PLN 2,223-8,651
per square meter
(PLN 5,437 per
square meter)
The higher the price
per square meter
the higher the fair
value.
Health Island
Bahrain
At 31 December 2013
149,775 Sales Comparable
approach
Price per square
foot
BD 29.60
The higher the price
per square foot
the higher the fair
value.
Tour de Cointrin
Switzerland
52,239 Market comparable
rents & sales and
discounted cash
flow
Rents per square
meter, price per
square meter,
capitalisation /
discount rate
CHF 270-605
(CHF 453),
CHF 7,500-9,000
(CHF 8,230), 5.0-
5.25% (5.125%)
The higher the rent
or price the higher
the fair value
Barbar Land
Bahrain
59,933 Sales Comparable
and Market value
approach
Price per square
foot
BD 14.92
The higher the price
per square foot
the higher the fair
value.
Polish Assets
Poland
56,212 Residual Method Price per square
meter
PLN 2,166-8,635
per square meter
(PLN 5,401 per
square meter)
The higher the price
per square meter
the higher the fair
value.
Health Island
Bahrain
149,775 Sales Comparable
approach
Price per square
foot
BD 30.12
The higher the price
per square foot
the higher the fair
value.