• Scenario 1: Conservative Assessment.
• Scenario 2: Very Conservative Assessment.

• 30% of increase in population is considered as Addressable Market on the Demand Side.

• 40% of the previous year & 30% of the current year Planned Roll-Out units are considered as Completed on the Supply Side. Meaning that in total more than 63% of overall Planned Roll-Out units will be completed, and only 37% remain incomplete.

This is a very optimistic view of the supply side, which has been lagging behind on an average 2-year delay.

• Conclusion: In this scenario, we anticipate a constant & continuous Under-Supply situation in the residential property market to prevail.

• 20% of increase in population is considered as Addressable Market on the Demand Side.
  This is a very conservative assumption on the Demand Side.

• 60% of the previous year & 40% of the current year Planned Roll-Out units are considered as Completed on the Supply Side. Meaning that in total more than 88% of overall Planned Roll-Out units will be completed, and only 12% remain incomplete.

• This is an extremely optimistic view of the supply side, which has been lagging behind on an average 2-year delay.

• Conclusion: In this scenario, which is extremely unlikely, we anticipate an overall 8% Over-Supply situation in the residential property market by 2010.
  However, it is our conviction that due to sever shortages in construction resources, delays will prevail thus creating an Under-Supply situation more likely.