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SHK Property Development (SHK) has formed a joint venture with CK Property Development (CK) to compete for a property that might be turned into a 60,000-square-foot commercial mall. SHK and CK will each provide 80% and 20% of the equity capital, respectively. The joint venture anticipates that the average rent from this new development will be either $80 per square foot or $40 per square foot. Assume that the operational costs are equivalent to 40% of the rent received. Rent is expected to grow at a rate of 3% indefinitely, and the joint venture demands a 10% return on investment. The mall will cost $500 per square foot to build, and it will take one year to complete.

Question:

1(a) Calculate the land value again using the Real Options Approach.

1(b) Based on your answer in part 1(a), how much should be contributed by CK to acquire the site?