The Marina Bay Cruise Centre Singapore (also known as the International Cruise Terminal and abbreviated as MBCCS) is a cruise terminal in Singapore, located at Marina South. Its address is 61 Marina Coastal Drive, Singapore 018947. The construction was completed on 22 May 2012.

MBCCS has a 3 storey terminal building, 300 lots carpark and two piers for the berthing of the ships. The whole property sits on the foreshore land. For the purpose of this tutorial Question 1, you are to assume and use the following information to advise the annual value of this property from 1 January 2021.

Land area	53,000sqm
Building floor area	60,000 sqm
Current construction cost of the 3 storey terminal building and carpark:	$530m
Current cost of the 2 piers:	$20m
Lifespan of the terminal building, carpark and piers	50 years
Evidences of land value of foreshore land with 60 years tenure as 4th Quarter 2020 and 1st Quarter 2021	$1,000 psm per PR
Net Rate of Return	6%

Using a straight line depreciation method and Contractors Test Method of assessment , calculate the following

1. The effective capital value for this property
2. The annual value for this property