You are the consultant to an Asset Management company advising the strategic investment team on land valuation. You are examining a vacant land site that is zoned for commercial and office use. The table below presents the land site information. Usable Area after development (square feet) Rent per sf per month (HK$) Construction Cost R ($million) Expected annual growth rate of NOI (g) Time Constraint for development (t) Investors' required rate of return Other relevant information on the land site are: There is no maintenance cost on the undeveloped land site. 600,000 11 600 6% 3 20% The construction cost is expected to remain constant for the indefinite future. The property has an infinite life. The time constraint for development is 3 years-if the development fails to start within 3 years, the right of development will be forfeited by the government. (a) Should the land site be developed immediately? Briefly explain. (5 points)