No. 789456
Valuation Report
Unit 14, The Capital, Sandton
Capital Drive, Johannesburg, South Africa
Reference
VAL-2026-005
Valuation date
30 May 2026
Report date
—
Basis of value
Market Value
Currency
ZAR
Status
draft
Client
Apex Bank — Commercial Lending
Lead valuer
R. Pereira
Reviewer
A. Mokoena
Letter of transmittal
30 May 2026
P. Khumalo
Senior Credit Manager
Apex Bank — Commercial Lending
Apex House, 3 Diagonal Street
Dear P.,
Re: Valuation of Unit 14, The Capital, Sandton
In accordance with your instruction dated 30 May 2026, we have inspected the above property and have prepared this valuation report stating our opinion of the market value as at 30 May 2026, for the purpose of secured lending — bond switch.
The valuation has been prepared in accordance with IVS 2025, SACPVP. The opinion of value is set out in the executive summary that follows, and is supported by the analysis, methodology and evidence detailed in the body of this report.
We trust the report meets your requirements. Please do not hesitate to contact the undersigned should you require further clarification.
Yours faithfully,
R. Pereira
Candidate Valuer (SACPVP)
Acme Valuers Ltd
1. Executive summary
| Property | Unit 14, The Capital, Sandton |
| Address | Capital Drive, Sandton CBD, Johannesburg, South Africa |
| Category | Residential |
| Tenure | sectional title |
| Valuation date | 30 May 2026 |
| Basis of value | market value |
| Purpose | Secured lending — bond switch |
| Client | Apex Bank — Commercial Lending |
Market Value
—
Forced Sale Value
—
2. Scope of work & terms of reference
This valuation has been prepared in accordance with the International Valuation Standards (IVS) 2025 and the RICS Valuation – Global Standards (Red Book) 2025, and complies with the SACPVP Code of Professional Conduct.
Conflicts of interest
The valuer confirms that no conflicts of interest exist in respect of this engagement.
3. Property description
| Property name | Unit 14, The Capital, Sandton |
| Address | Capital Drive, Sandton CBD, Johannesburg, South Africa |
| Category | Residential |
| Tenure | sectional title |
| Title deed number | ST234/14/2018 |
| Erf number | Erf 901, Sandton |
| Year built | 2017 |
| Building area | 142 m² |
| Bedrooms | 3 |
| Bathrooms | 2 |
| Garages | 2 |
| Parking bays | 2 |
| Condition | excellent |
| Scheme number | SS 234/2017 |
| Unit number | Unit 14 |
| Participation quota | 1.9% |
| Monthly levy | ZAR 4,250 |
4. Locality & market commentary
The subject is located in Sandton CBD, Johannesburg, South Africa.
5. Methodology
No methods have been applied to this valuation yet.
Comparable / market approach
Sales of properties similar to the subject are analysed for unit rates per m². Each comparable is adjusted for differences in location, size, time, condition, tenure, quality and any special factors to derive an adjusted rate that is comparable to the subject. Adjusted rates are weighted by the valuer's assessment of relevance to arrive at an indicated unit rate, applied to the subject's area.
Income capitalisation approach
The current rental income is analysed against market rents to determine sustainable gross income. Vacancy and operating expenses are deducted to arrive at net operating income, which is capitalised at a market-supported rate to indicate value.
DCF approach
Cash flows are projected over a defined hold period and discounted at a risk-adjusted discount rate. The terminal value at the end of the hold is derived from a market exit yield. The sum of the present values represents the indicated value.
Depreciated replacement cost (DRC / GRC)
The cost to replace the building improvements is calculated using current rates, less allowances for physical, functional and economic obsolescence, plus the underlying land value. Used as a cross-check and for insurance reinstatement valuations.
6. Comparables schedule
No comparables pinned. Pin relevant library records on the workspace Comparables tab to populate this schedule.
9. Reconciliation & opinion of value
Primary reliance is placed on the approach that best reflects the subject's investment characteristics and the available market evidence. The remaining approaches are used as cross-checks.
10. Risk register
No material risks identified beyond standard valuation assumptions.
12. Limitations & confidentiality
The opinion of value reflects market conditions at the valuation date. The valuer has not undertaken structural, geotechnical or environmental investigations and assumes no responsibility for matters that would be disclosed by such investigations. Areas have been quoted as supplied by the client and have not been independently verified by survey.
This report is confidential to the addressee for the purpose stated. No responsibility is accepted to any third party who may rely on this report without our express written consent. The report may not be reproduced, quoted from or referred to in whole or in part without the prior written consent of Acme Valuers Ltd.
13. Certificate of value
The valuer has acted independently of the parties to the transaction and has no interest, direct or indirect, in the property valued. This valuation has been performed in accordance with International Valuation Standards (IVS) and the RICS Valuation – Global Standards (Red Book). The signatory firm is a member of SACPVP · RICS · REIV.
Lead valuer
R. Pereira
Candidate Valuer (SACPVP)
Reg. No. CV-3421/1
Reviewing valuer
A. Mokoena
MRICS, Professional Valuer (SACPVP)
Reg. No. PV-1234/4
14. Appendices
- Appendix A — Photographs of the subject property (3 on file)
- Appendix B — Title deed extract / proof of ownership
- Appendix C — Approved building plans (where available)
- Appendix D — Tenancy schedule / rent roll
- Appendix E — Letter of instruction & signed terms of engagement
- Appendix F — Comparable evidence working file (CSV / spreadsheet)
Appendix A — Photographs
