Part One: An investor owns a vacant land. Three property developers have approached the landowner with a view of purchasing the land. The first developer wants to build apartments, while the second shopping mall and the third an industrial building. The following relates to the three possible land usages - Land use, Cap rate, Annual NOI (Sh) and Cost of construction (Sh) respectively (a) Apartment - 12%, Sh. 300,000 and Sh, 1,500,000 (b)Shopping mall - 9%, Sh. 400,000 and Sh. 3,000,000 (c) Industrial building - 10%, Sh. 500,000 and Sh. 3,600,000 Required (i) Calculate the value of the land using the highest and best use analysis (7 marks)