Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
de Empreendimento Imobiliário
Módulo 1 - Apresentação
Introdução
O presente estudo de viabilidade objetiva orientar e fornecer embasamento técnico a
cerca da decisão gerencial de investir ou não investir em empreendimento imobiliário,
conforme expectativas dos investidores envolvidos no processo.
Metodologia
Os dados do estudo de viabilidade que compõe os custos do empreendimento estão
embasados no CUB - Custo Unitário Básico de Construção, fornecido mensalmente pelo
SINDUSCON TO - Sindicato da Indústria da Construção Civil do Estado do Tocantins,
elaborado conforme NBR 12.721. Já os dados que compõe custos de terrenos, e valores
de venda de unidades autônomas estão referenciados em preços médios praticados no
mercado local.
Os dados referentes à áreas construídas seguem diretivas dos últimos projetos aprovados
pela construtora conforme legislação municipal da Prefeitura Municipal de Palmas.
Por fim, para a correta tomada de decisão a cerca da viabilidade do empreendimento pelo
investidor, são fornecidos além dos custos totais de construção e do empreendimento, o
valor geral de vendas - VGV, e o fluxo destes ao longo do período de tempo, a taxa
interna de retorno - TIR, o valor presente líquido - VPL, a exposição máxima do capital, e
a lucratividade pretendida.
Índice
M1 Apresentação
M2 Resumo das variáveis do empreendimento imobiliário
M3 Custos planejados dos macro-estágios do empreendimento imobiliário
M4 Evoluções Físico-financeiras Mensais e Acumuladas do Empreendimento
M5 Planejamento da Estratégia de Vendas
M6 Planejamento Econômico-financeiro do Empreendimento Imobiliário
M7 Definição da Tabela de Vendas do Empreendimento
M8 Análise Gráfica Resumo do Investimento
00-049M1
Página 1 de 16
Estudo de Viabilidade Econômica Preliminar de Empreendimento
Imobiliário
25.00%
0.50%
0.29%
4.00%
0.75%
58.50%
9.83%
12.0%
10.0%
8.0%
4.0%
2.0%
0.0%
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
100.0%
80.0%
60.0%
20.0%
0.0%
-20.0%
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
01
Rev. do estudo de viabilid. do empreendimento - EVE:
Resp. pela ultima atualização das variaveis: Engº Victor Alexandre Barros - CREA DF 12.956/D
Data da ultima atualização das variaveis: 16/11/10
Historico da ultima atualização das variaveis: Primeira versão, atualizado conforme projeto aprovado e vendas
Estudo de Viabilidade Econômica Preliminar de Em
Módulo 5 - Planejamento da estratégia de vendas, cenário, fluxo de receitas estimadas [ Cenário estimado a ser projetado:
Tabela 5.1 - Política planejada de preços de vendas das Unidades Habitacionais Parceladas
1.1.1 - Etapa planej. % à Vista % Durante a Construção do Empreendimento % Durante a Entrega das Chaves Preço Médio da U
1.1.2 - % planej. 10.67% de entrada 19.00% em 22.00 meses 70.33%
1.1.3 - Valor planej. 17,149.65 R$ 30,547.82 R$ 1,388.54 R$/mês 113,080.52 R$
Mês de venda Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11
Quantidade de vendas
reais 0 0 0 0 0 0 0 0 0 0 0
Quantidade acumulada
de vendas reais 0 0 0 0 0 0 0 0 0 0 0
Tabela 5.3 - Receita Planejada de Vendas com Base na Velocidade Planejada de Vendas – UH Parceladas
Mês de venda 01 02 03 04 05 06 07 08 09 10 11
Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11
Valor mensal das
vendas - A receber 0.00 964,667.93 964,667.93 964,667.93 964,667.93 964,667.93 964,667.93 964,667.93 964,667.93 964,667.93 964,667.93
Valor acumulado das
vendas - A receber 0.00 964,667.93 1,929,335.85 2,894,003.78 3,858,671.71 4,823,339.63 5,788,007.56 6,752,675.48 7,717,343.41 8,682,011.34 9,646,679.26
Módulo 5 - estimado
[ Cenário Planejamento Pessimista
da estratégia
a ser projetado: de vendas,
] cenário, fluxo de receitas estimadas
Tabela 5.1 - Política planejada de preços de vendas das Unidades Habitacionais Parceladas
1.1.1 - Etapa planej. Preço Médio da UH
1.1.2 - % planej.
1.1.3 - Valor planej. 160,777.99 R$
Mês de venda Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12
Quantidade de vendas
reais 0 0 0 0 0 0 0 0 0 0 0
Quantidade acumulada
de vendas reais 0 0 0 0 0 0 0 0 0 0 0
Tabela 5.3 - Receita Planejada de Vendas com Base na Velocidade Planejada de Vendas – UH Parceladas
Mês de venda 12 13 14 15 16 17 18 19 20 21 22
Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12
Valor mensal das
vendas - A receber 643,111.95 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Valor acumulado das
vendas - A receber 10,289,791.21 10,289,791.21 10,289,791.21 10,289,791.21 10,289,791.21 10,289,791.21 10,289,791.21 10,289,791.21 10,289,791.21 10,289,791.21 10,289,791.21
Mês de venda Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13
Quantidade de vendas
reais 0 0 0 0 0 0 0 0
Quantidade acumulada
de vendas reais 0 0 0 0 0 0 0 0
Tabela 5.3 - Receita Planejada de Vendas com Base na Velocidade Planejada de Vendas – UH Parceladas
Mês de venda 23 24 25 26 27 28 29 30
Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13
Valor mensal das
vendas - A receber 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Valor acumulado das
vendas - A receber 10,289,791.21 10,289,791.21 10,289,791.21 10,289,791.21 10,289,791.21 10,289,791.21 10,289,791.21 10,289,791.21
Valor Geral de Vendas do EVE: 10,289,791.21 Preço Médio da UH no EVE: 160,777.99 Índice da Tabela Inicial de Vendas:
VGV da Tabela de Vendas: 4,167,688.95 Preço Médio da UH na Tabela: 160,777.99
Percentual médio da entrada: 10.67% Percentual médio das chaves: 70.33%
T1: % Total 100.00% 12.00% 0.80% 0.80% 0.80% 0.80% 0.80% 2.50% 0.80%
% Médio Preço Médio - 1 2 3 4 5 6 7
1.83% 173,653.66 - Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11
Variação de
UH Bloco Pavim. Ident. Valor da UH Entrada Parcela Parcela Parcela Parcela Parcela Balão Parcela
Preço
1 1 1 01 -1.00% 168,822.06 20,258.65 1,350.58 1,350.58 1,350.58 1,350.58 1,350.58 4,220.55 1,350.58
2 1 1 02 -1.00% 168,822.06 20,258.65 1,350.58 1,350.58 1,350.58 1,350.58 1,350.58 4,220.55 1,350.58
3 1 1 03 -1.00% 168,822.06 20,258.65 1,350.58 1,350.58 1,350.58 1,350.58 1,350.58 4,220.55 1,350.58
4 1 1 04 -1.00% 168,822.06 20,258.65 1,350.58 1,350.58 1,350.58 1,350.58 1,350.58 4,220.55 1,350.58
5 1 2 01 -0.50% 169,674.69 20,360.96 1,357.40 1,357.40 1,357.40 1,357.40 1,357.40 4,241.87 1,357.40
6 1 2 02 -0.50% 169,674.69 20,360.96 1,357.40 1,357.40 1,357.40 1,357.40 1,357.40 4,241.87 1,357.40
7 1 2 03 -0.50% 169,674.69 20,360.96 1,357.40 1,357.40 1,357.40 1,357.40 1,357.40 4,241.87 1,357.40
8 1 2 04 -0.50% 169,674.69 20,360.96 1,357.40 1,357.40 1,357.40 1,357.40 1,357.40 4,241.87 1,357.40
9 1 3 01 0.50% 171,379.97 20,565.60 1,371.04 1,371.04 1,371.04 1,371.04 1,371.04 4,284.50 1,371.04
10 1 3 02 0.50% 171,379.97 20,565.60 1,371.04 1,371.04 1,371.04 1,371.04 1,371.04 4,284.50 1,371.04
11 1 3 03 0.50% 171,379.97 20,565.60 1,371.04 1,371.04 1,371.04 1,371.04 1,371.04 4,284.50 1,371.04
12 1 3 04 0.50% 171,379.97 20,565.60 1,371.04 1,371.04 1,371.04 1,371.04 1,371.04 4,284.50 1,371.04
13 1 4 01 2.00% 173,937.88 20,872.55 1,391.50 1,391.50 1,391.50 1,391.50 1,391.50 4,348.45 1,391.50
14 1 4 02 2.00% 173,937.88 20,872.55 1,391.50 1,391.50 1,391.50 1,391.50 1,391.50 4,348.45 1,391.50
15 1 4 03 2.00% 173,937.88 20,872.55 1,391.50 1,391.50 1,391.50 1,391.50 1,391.50 4,348.45 1,391.50
16 1 4 04 2.00% 173,937.88 20,872.55 1,391.50 1,391.50 1,391.50 1,391.50 1,391.50 4,348.45 1,391.50
17 1 5 01 4.00% 177,348.42 21,281.81 1,418.79 1,418.79 1,418.79 1,418.79 1,418.79 4,433.71 1,418.79
18 1 5 02 4.00% 177,348.42 21,281.81 1,418.79 1,418.79 1,418.79 1,418.79 1,418.79 4,433.71 1,418.79
19 1 5 03 4.00% 177,348.42 21,281.81 1,418.79 1,418.79 1,418.79 1,418.79 1,418.79 4,433.71 1,418.79
20 1 5 04 4.00% 177,348.42 21,281.81 1,418.79 1,418.79 1,418.79 1,418.79 1,418.79 4,433.71 1,418.79
21 1 6 01 6.00% 180,758.97 21,691.08 1,446.07 1,446.07 1,446.07 1,446.07 1,446.07 4,518.97 1,446.07
22 1 6 02 6.00% 180,758.97 21,691.08 1,446.07 1,446.07 1,446.07 1,446.07 1,446.07 4,518.97 1,446.07
23 1 6 03 6.00% 180,758.97 21,691.08 1,446.07 1,446.07 1,446.07 1,446.07 1,446.07 4,518.97 1,446.07
24 1 6 04 6.00% 180,758.97 21,691.08 1,446.07 1,446.07 1,446.07 1,446.07 1,446.07 4,518.97 1,446.07
T2: % Total 100.00% 10.00% 0.70% 0.70% 0.70% 0.70% 0.70% 2.70% 0.70%
% Médio Preço Médio - 1 2 3 4 5 6 7
0.50% 135,026.64 - Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11
Variação de
Bloco Pavim. Ident. Valor da UH Entrada Parcela Parcela Parcela Parcela Parcela Balão Parcela
Preço
25 2 1 01 -2.00% 131,667.77 13,166.78 921.67 921.67 921.67 921.67 921.67 3,555.03 921.67
26 2 1 02 -2.00% 131,667.77 13,166.78 921.67 921.67 921.67 921.67 921.67 3,555.03 921.67
27 2 1 03 -2.00% 131,667.77 13,166.78 921.67 921.67 921.67 921.67 921.67 3,555.03 921.67
28 2 1 04 -2.00% 131,667.77 13,166.78 921.67 921.67 921.67 921.67 921.67 3,555.03 921.67
29 2 2 01 -1.00% 133,011.32 13,301.13 931.08 931.08 931.08 931.08 931.08 3,591.31 931.08
30 2 2 02 -1.00% 133,011.32 13,301.13 931.08 931.08 931.08 931.08 931.08 3,591.31 931.08
31 2 2 03 -1.00% 133,011.32 13,301.13 931.08 931.08 931.08 931.08 931.08 3,591.31 931.08
32 2 2 04 -1.00% 133,011.32 13,301.13 931.08 931.08 931.08 931.08 931.08 3,591.31 931.08
33 2 3 01 0.00% 134,354.87 13,435.49 940.48 940.48 940.48 940.48 940.48 3,627.58 940.48
34 2 3 02 0.00% 134,354.87 13,435.49 940.48 940.48 940.48 940.48 940.48 3,627.58 940.48
35 2 3 03 0.00% 134,354.87 13,435.49 940.48 940.48 940.48 940.48 940.48 3,627.58 940.48
36 2 3 04 0.00% 134,354.87 13,435.49 940.48 940.48 940.48 940.48 940.48 3,627.58 940.48
37 2 4 01 1.00% 135,698.41 13,569.84 949.89 949.89 949.89 949.89 949.89 3,663.86 949.89
38 2 4 02 1.00% 135,698.41 13,569.84 949.89 949.89 949.89 949.89 949.89 3,663.86 949.89
39 2 4 03 1.00% 135,698.41 13,569.84 949.89 949.89 949.89 949.89 949.89 3,663.86 949.89
40 2 4 04 1.00% 135,698.41 13,569.84 949.89 949.89 949.89 949.89 949.89 3,663.86 949.89
41 2 5 01 2.00% 137,041.96 13,704.20 959.29 959.29 959.29 959.29 959.29 3,700.13 959.29
42 2 5 02 2.00% 137,041.96 13,704.20 959.29 959.29 959.29 959.29 959.29 3,700.13 959.29
43 2 5 03 2.00% 137,041.96 13,704.20 959.29 959.29 959.29 959.29 959.29 3,700.13 959.29
44 2 5 04 2.00% 137,041.96 13,704.20 959.29 959.29 959.29 959.29 959.29 3,700.13 959.29
45 2 6 01 3.00% 138,385.51 13,838.55 968.70 968.70 968.70 968.70 968.70 3,736.41 968.70
46 2 6 02 3.00% 138,385.51 13,838.55 968.70 968.70 968.70 968.70 968.70 3,736.41 968.70
47 2 6 03 3.00% 138,385.51 13,838.55 968.70 968.70 968.70 968.70 968.70 3,736.41 968.70
48 2 6 04 3.00% 138,385.51 13,838.55 968.70 968.70 968.70 968.70 968.70 3,736.41 968.70
T3: % Total 100.00% 10.00% 0.60% 0.60% 0.60% 0.60% 0.60% 2.00% 0.60%
% Médio Preço Médio - 1 2 3 4 5 6 7
1.83% 173,653.66 - Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11
Variação de
Bloco Pavim. Ident. Valor da UH Entrada Parcela Parcela Parcela Parcela Parcela Balão Parcela
Preço
49 1 1 01 -1.00% 168,822.06 16,882.21 1,012.93 1,012.93 1,012.93 1,012.93 1,012.93 3,376.44 1,012.93
50 1 1 02 -1.00% 168,822.06 16,882.21 1,012.93 1,012.93 1,012.93 1,012.93 1,012.93 3,376.44 1,012.93
51 1 1 03 -1.00% 168,822.06 16,882.21 1,012.93 1,012.93 1,012.93 1,012.93 1,012.93 3,376.44 1,012.93
52 1 1 04 -1.00% 168,822.06 16,882.21 1,012.93 1,012.93 1,012.93 1,012.93 1,012.93 3,376.44 1,012.93
53 1 2 01 -0.50% 169,674.69 16,967.47 1,018.05 1,018.05 1,018.05 1,018.05 1,018.05 3,393.49 1,018.05
54 1 2 02 -0.50% 169,674.69 16,967.47 1,018.05 1,018.05 1,018.05 1,018.05 1,018.05 3,393.49 1,018.05
55 1 2 03 -0.50% 169,674.69 16,967.47 1,018.05 1,018.05 1,018.05 1,018.05 1,018.05 3,393.49 1,018.05
56 1 2 04 -0.50% 169,674.69 16,967.47 1,018.05 1,018.05 1,018.05 1,018.05 1,018.05 3,393.49 1,018.05
57 1 3 01 0.50% 171,379.97 17,138.00 1,028.28 1,028.28 1,028.28 1,028.28 1,028.28 3,427.60 1,028.28
58 1 3 02 0.50% 171,379.97 17,138.00 1,028.28 1,028.28 1,028.28 1,028.28 1,028.28 3,427.60 1,028.28
59 1 3 03 0.50% 171,379.97 17,138.00 1,028.28 1,028.28 1,028.28 1,028.28 1,028.28 3,427.60 1,028.28
60 1 3 04 0.50% 171,379.97 17,138.00 1,028.28 1,028.28 1,028.28 1,028.28 1,028.28 3,427.60 1,028.28
61 1 4 01 2.00% 173,937.88 17,393.79 1,043.63 1,043.63 1,043.63 1,043.63 1,043.63 3,478.76 1,043.63
62 1 4 02 2.00% 173,937.88 17,393.79 1,043.63 1,043.63 1,043.63 1,043.63 1,043.63 3,478.76 1,043.63
63 1 4 03 2.00% 173,937.88 17,393.79 1,043.63 1,043.63 1,043.63 1,043.63 1,043.63 3,478.76 1,043.63
64 1 4 04 2.00% 173,937.88 17,393.79 1,043.63 1,043.63 1,043.63 1,043.63 1,043.63 3,478.76 1,043.63
65 1 5 01 4.00% 177,348.42 17,734.84 1,064.09 1,064.09 1,064.09 1,064.09 1,064.09 3,546.97 1,064.09
66 1 5 02 4.00% 177,348.42 17,734.84 1,064.09 1,064.09 1,064.09 1,064.09 1,064.09 3,546.97 1,064.09
67 1 5 03 4.00% 177,348.42 17,734.84 1,064.09 1,064.09 1,064.09 1,064.09 1,064.09 3,546.97 1,064.09
68 1 5 04 4.00% 177,348.42 17,734.84 1,064.09 1,064.09 1,064.09 1,064.09 1,064.09 3,546.97 1,064.09
69 1 6 01 6.00% 180,758.97 18,075.90 1,084.55 1,084.55 1,084.55 1,084.55 1,084.55 3,615.18 1,084.55
70 1 6 02 6.00% 180,758.97 18,075.90 1,084.55 1,084.55 1,084.55 1,084.55 1,084.55 3,615.18 1,084.55
71 1 6 03 6.00% 180,758.97 18,075.90 1,084.55 1,084.55 1,084.55 1,084.55 1,084.55 3,615.18 1,084.55
72 1 6 04 6.00% 180,758.97 18,075.90 1,084.55 1,084.55 1,084.55 1,084.55 1,084.55 3,615.18 1,084.55
Página 11
M7
103.35%
0.80% 0.80% 0.80% 0.80% 2.50% 0.80% 0.80% 73.40% 0.00% 0.00% 0.00% 0.00%
8 9 10 11 12 13 14 15 16 17 18 19
Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12
Parcela Parcela Parcela Parcela Balão Parcela Parcela Parcela Parcela Parcela Balão Parcela
1,350.58 1,350.58 1,350.58 1,350.58 4,220.55 1,350.58 1,350.58 123,915.39 - - - -
1,350.58 1,350.58 1,350.58 1,350.58 4,220.55 1,350.58 1,350.58 123,915.39 - - - -
1,350.58 1,350.58 1,350.58 1,350.58 4,220.55 1,350.58 1,350.58 123,915.39 - - - -
1,350.58 1,350.58 1,350.58 1,350.58 4,220.55 1,350.58 1,350.58 123,915.39 - - - -
1,357.40 1,357.40 1,357.40 1,357.40 4,241.87 1,357.40 1,357.40 124,541.23 - - - -
1,357.40 1,357.40 1,357.40 1,357.40 4,241.87 1,357.40 1,357.40 124,541.23 - - - -
1,357.40 1,357.40 1,357.40 1,357.40 4,241.87 1,357.40 1,357.40 124,541.23 - - - -
1,357.40 1,357.40 1,357.40 1,357.40 4,241.87 1,357.40 1,357.40 124,541.23 - - - -
1,371.04 1,371.04 1,371.04 1,371.04 4,284.50 1,371.04 1,371.04 125,792.90 - - - -
1,371.04 1,371.04 1,371.04 1,371.04 4,284.50 1,371.04 1,371.04 125,792.90 - - - -
1,371.04 1,371.04 1,371.04 1,371.04 4,284.50 1,371.04 1,371.04 125,792.90 - - - -
1,371.04 1,371.04 1,371.04 1,371.04 4,284.50 1,371.04 1,371.04 125,792.90 - - - -
1,391.50 1,391.50 1,391.50 1,391.50 4,348.45 1,391.50 1,391.50 127,670.40 - - - -
1,391.50 1,391.50 1,391.50 1,391.50 4,348.45 1,391.50 1,391.50 127,670.40 - - - -
1,391.50 1,391.50 1,391.50 1,391.50 4,348.45 1,391.50 1,391.50 127,670.40 - - - -
1,391.50 1,391.50 1,391.50 1,391.50 4,348.45 1,391.50 1,391.50 127,670.40 - - - -
1,418.79 1,418.79 1,418.79 1,418.79 4,433.71 1,418.79 1,418.79 130,173.74 - - - -
1,418.79 1,418.79 1,418.79 1,418.79 4,433.71 1,418.79 1,418.79 130,173.74 - - - -
1,418.79 1,418.79 1,418.79 1,418.79 4,433.71 1,418.79 1,418.79 130,173.74 - - - -
1,418.79 1,418.79 1,418.79 1,418.79 4,433.71 1,418.79 1,418.79 130,173.74 - - - -
1,446.07 1,446.07 1,446.07 1,446.07 4,518.97 1,446.07 1,446.07 132,677.08 - - - -
1,446.07 1,446.07 1,446.07 1,446.07 4,518.97 1,446.07 1,446.07 132,677.08 - - - -
1,446.07 1,446.07 1,446.07 1,446.07 4,518.97 1,446.07 1,446.07 132,677.08 - - - -
1,446.07 1,446.07 1,446.07 1,446.07 4,518.97 1,446.07 1,446.07 132,677.08 - - - -
0.70% 0.70% 0.70% 0.70% 2.70% 0.70% 0.70% 0.70% 0.70% 0.70% 2.70% 0.70%
8 9 10 11 12 13 14 15 16 17 18 19
Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12
Parcela Parcela Parcela Parcela Balão Parcela Parcela Parcela Parcela Parcela Balão Parcela
921.67 921.67 921.67 921.67 3,555.03 921.67 921.67 921.67 921.67 921.67 3,555.03 921.67
921.67 921.67 921.67 921.67 3,555.03 921.67 921.67 921.67 921.67 921.67 3,555.03 921.67
921.67 921.67 921.67 921.67 3,555.03 921.67 921.67 921.67 921.67 921.67 3,555.03 921.67
921.67 921.67 921.67 921.67 3,555.03 921.67 921.67 921.67 921.67 921.67 3,555.03 921.67
931.08 931.08 931.08 931.08 3,591.31 931.08 931.08 931.08 931.08 931.08 3,591.31 931.08
931.08 931.08 931.08 931.08 3,591.31 931.08 931.08 931.08 931.08 931.08 3,591.31 931.08
931.08 931.08 931.08 931.08 3,591.31 931.08 931.08 931.08 931.08 931.08 3,591.31 931.08
931.08 931.08 931.08 931.08 3,591.31 931.08 931.08 931.08 931.08 931.08 3,591.31 931.08
940.48 940.48 940.48 940.48 3,627.58 940.48 940.48 940.48 940.48 940.48 3,627.58 940.48
940.48 940.48 940.48 940.48 3,627.58 940.48 940.48 940.48 940.48 940.48 3,627.58 940.48
940.48 940.48 940.48 940.48 3,627.58 940.48 940.48 940.48 940.48 940.48 3,627.58 940.48
940.48 940.48 940.48 940.48 3,627.58 940.48 940.48 940.48 940.48 940.48 3,627.58 940.48
949.89 949.89 949.89 949.89 3,663.86 949.89 949.89 949.89 949.89 949.89 3,663.86 949.89
949.89 949.89 949.89 949.89 3,663.86 949.89 949.89 949.89 949.89 949.89 3,663.86 949.89
949.89 949.89 949.89 949.89 3,663.86 949.89 949.89 949.89 949.89 949.89 3,663.86 949.89
949.89 949.89 949.89 949.89 3,663.86 949.89 949.89 949.89 949.89 949.89 3,663.86 949.89
959.29 959.29 959.29 959.29 3,700.13 959.29 959.29 959.29 959.29 959.29 3,700.13 959.29
959.29 959.29 959.29 959.29 3,700.13 959.29 959.29 959.29 959.29 959.29 3,700.13 959.29
959.29 959.29 959.29 959.29 3,700.13 959.29 959.29 959.29 959.29 959.29 3,700.13 959.29
959.29 959.29 959.29 959.29 3,700.13 959.29 959.29 959.29 959.29 959.29 3,700.13 959.29
968.70 968.70 968.70 968.70 3,736.41 968.70 968.70 968.70 968.70 968.70 3,736.41 968.70
968.70 968.70 968.70 968.70 3,736.41 968.70 968.70 968.70 968.70 968.70 3,736.41 968.70
968.70 968.70 968.70 968.70 3,736.41 968.70 968.70 968.70 968.70 968.70 3,736.41 968.70
968.70 968.70 968.70 968.70 3,736.41 968.70 968.70 968.70 968.70 968.70 3,736.41 968.70
0.60% 0.60% 0.60% 0.60% 2.00% 0.60% 0.60% 0.60% 0.60% 0.60% 2.00% 0.60%
8 9 10 11 12 13 14 15 16 17 18 19
Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12
Parcela Parcela Parcela Parcela Balão Parcela Parcela Parcela Parcela Parcela Balão Parcela
1,012.93 1,012.93 1,012.93 1,012.93 3,376.44 1,012.93 1,012.93 1,012.93 1,012.93 1,012.93 3,376.44 1,012.93
1,012.93 1,012.93 1,012.93 1,012.93 3,376.44 1,012.93 1,012.93 1,012.93 1,012.93 1,012.93 3,376.44 1,012.93
1,012.93 1,012.93 1,012.93 1,012.93 3,376.44 1,012.93 1,012.93 1,012.93 1,012.93 1,012.93 3,376.44 1,012.93
1,012.93 1,012.93 1,012.93 1,012.93 3,376.44 1,012.93 1,012.93 1,012.93 1,012.93 1,012.93 3,376.44 1,012.93
1,018.05 1,018.05 1,018.05 1,018.05 3,393.49 1,018.05 1,018.05 1,018.05 1,018.05 1,018.05 3,393.49 1,018.05
1,018.05 1,018.05 1,018.05 1,018.05 3,393.49 1,018.05 1,018.05 1,018.05 1,018.05 1,018.05 3,393.49 1,018.05
1,018.05 1,018.05 1,018.05 1,018.05 3,393.49 1,018.05 1,018.05 1,018.05 1,018.05 1,018.05 3,393.49 1,018.05
1,018.05 1,018.05 1,018.05 1,018.05 3,393.49 1,018.05 1,018.05 1,018.05 1,018.05 1,018.05 3,393.49 1,018.05
1,028.28 1,028.28 1,028.28 1,028.28 3,427.60 1,028.28 1,028.28 1,028.28 1,028.28 1,028.28 3,427.60 1,028.28
1,028.28 1,028.28 1,028.28 1,028.28 3,427.60 1,028.28 1,028.28 1,028.28 1,028.28 1,028.28 3,427.60 1,028.28
1,028.28 1,028.28 1,028.28 1,028.28 3,427.60 1,028.28 1,028.28 1,028.28 1,028.28 1,028.28 3,427.60 1,028.28
1,028.28 1,028.28 1,028.28 1,028.28 3,427.60 1,028.28 1,028.28 1,028.28 1,028.28 1,028.28 3,427.60 1,028.28
1,043.63 1,043.63 1,043.63 1,043.63 3,478.76 1,043.63 1,043.63 1,043.63 1,043.63 1,043.63 3,478.76 1,043.63
1,043.63 1,043.63 1,043.63 1,043.63 3,478.76 1,043.63 1,043.63 1,043.63 1,043.63 1,043.63 3,478.76 1,043.63
1,043.63 1,043.63 1,043.63 1,043.63 3,478.76 1,043.63 1,043.63 1,043.63 1,043.63 1,043.63 3,478.76 1,043.63
1,043.63 1,043.63 1,043.63 1,043.63 3,478.76 1,043.63 1,043.63 1,043.63 1,043.63 1,043.63 3,478.76 1,043.63
1,064.09 1,064.09 1,064.09 1,064.09 3,546.97 1,064.09 1,064.09 1,064.09 1,064.09 1,064.09 3,546.97 1,064.09
1,064.09 1,064.09 1,064.09 1,064.09 3,546.97 1,064.09 1,064.09 1,064.09 1,064.09 1,064.09 3,546.97 1,064.09
1,064.09 1,064.09 1,064.09 1,064.09 3,546.97 1,064.09 1,064.09 1,064.09 1,064.09 1,064.09 3,546.97 1,064.09
1,064.09 1,064.09 1,064.09 1,064.09 3,546.97 1,064.09 1,064.09 1,064.09 1,064.09 1,064.09 3,546.97 1,064.09
1,084.55 1,084.55 1,084.55 1,084.55 3,615.18 1,084.55 1,084.55 1,084.55 1,084.55 1,084.55 3,615.18 1,084.55
1,084.55 1,084.55 1,084.55 1,084.55 3,615.18 1,084.55 1,084.55 1,084.55 1,084.55 1,084.55 3,615.18 1,084.55
1,084.55 1,084.55 1,084.55 1,084.55 3,615.18 1,084.55 1,084.55 1,084.55 1,084.55 1,084.55 3,615.18 1,084.55
1,084.55 1,084.55 1,084.55 1,084.55 3,615.18 1,084.55 1,084.55 1,084.55 1,084.55 1,084.55 3,615.18 1,084.55
Página 12
M7
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
20 21 22 23 24 25 26 27 28 29 30
Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13
Parcela Parcela Parcela Parcela Balão Parcela Parcela Parcela Parcela Parcela Balão
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
0.70% 70.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
20 21 22 23 24 25 26 27 28 29 30
Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13
Parcela Parcela Parcela Parcela Balão Parcela Parcela Parcela Parcela Parcela Balão
921.67 92,167.44 - - - - - - - - -
921.67 92,167.44 - - - - - - - - -
921.67 92,167.44 - - - - - - - - -
921.67 92,167.44 - - - - - - - - -
931.08 93,107.92 - - - - - - - - -
931.08 93,107.92 - - - - - - - - -
931.08 93,107.92 - - - - - - - - -
931.08 93,107.92 - - - - - - - - -
940.48 94,048.41 - - - - - - - - -
940.48 94,048.41 - - - - - - - - -
940.48 94,048.41 - - - - - - - - -
940.48 94,048.41 - - - - - - - - -
949.89 94,988.89 - - - - - - - - -
949.89 94,988.89 - - - - - - - - -
949.89 94,988.89 - - - - - - - - -
949.89 94,988.89 - - - - - - - - -
959.29 95,929.37 - - - - - - - - -
959.29 95,929.37 - - - - - - - - -
959.29 95,929.37 - - - - - - - - -
959.29 95,929.37 - - - - - - - - -
968.70 96,869.86 - - - - - - - - -
968.70 96,869.86 - - - - - - - - -
968.70 96,869.86 - - - - - - - - -
968.70 96,869.86 - - - - - - - - -
0.60% 0.60% 0.60% 0.60% 2.00% 0.60% 0.60% 0.60% 0.60% 67.60%
20 21 22 23 24 25 26 27 28 29 30
Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13
Parcela Parcela Parcela Parcela Balão Parcela Parcela Parcela Parcela Parcela Balão
1,012.93 1,012.93 1,012.93 1,012.93 3,376.44 1,012.93 1,012.93 1,012.93 1,012.93 114,123.71 -
1,012.93 1,012.93 1,012.93 1,012.93 3,376.44 1,012.93 1,012.93 1,012.93 1,012.93 114,123.71 -
1,012.93 1,012.93 1,012.93 1,012.93 3,376.44 1,012.93 1,012.93 1,012.93 1,012.93 114,123.71 -
1,012.93 1,012.93 1,012.93 1,012.93 3,376.44 1,012.93 1,012.93 1,012.93 1,012.93 114,123.71 -
1,018.05 1,018.05 1,018.05 1,018.05 3,393.49 1,018.05 1,018.05 1,018.05 1,018.05 114,700.09 -
1,018.05 1,018.05 1,018.05 1,018.05 3,393.49 1,018.05 1,018.05 1,018.05 1,018.05 114,700.09 -
1,018.05 1,018.05 1,018.05 1,018.05 3,393.49 1,018.05 1,018.05 1,018.05 1,018.05 114,700.09 -
1,018.05 1,018.05 1,018.05 1,018.05 3,393.49 1,018.05 1,018.05 1,018.05 1,018.05 114,700.09 -
1,028.28 1,028.28 1,028.28 1,028.28 3,427.60 1,028.28 1,028.28 1,028.28 1,028.28 115,852.86 -
1,028.28 1,028.28 1,028.28 1,028.28 3,427.60 1,028.28 1,028.28 1,028.28 1,028.28 115,852.86 -
1,028.28 1,028.28 1,028.28 1,028.28 3,427.60 1,028.28 1,028.28 1,028.28 1,028.28 115,852.86 -
1,028.28 1,028.28 1,028.28 1,028.28 3,427.60 1,028.28 1,028.28 1,028.28 1,028.28 115,852.86 -
1,043.63 1,043.63 1,043.63 1,043.63 3,478.76 1,043.63 1,043.63 1,043.63 1,043.63 117,582.00 -
1,043.63 1,043.63 1,043.63 1,043.63 3,478.76 1,043.63 1,043.63 1,043.63 1,043.63 117,582.00 -
1,043.63 1,043.63 1,043.63 1,043.63 3,478.76 1,043.63 1,043.63 1,043.63 1,043.63 117,582.00 -
1,043.63 1,043.63 1,043.63 1,043.63 3,478.76 1,043.63 1,043.63 1,043.63 1,043.63 117,582.00 -
1,064.09 1,064.09 1,064.09 1,064.09 3,546.97 1,064.09 1,064.09 1,064.09 1,064.09 119,887.53 -
1,064.09 1,064.09 1,064.09 1,064.09 3,546.97 1,064.09 1,064.09 1,064.09 1,064.09 119,887.53 -
1,064.09 1,064.09 1,064.09 1,064.09 3,546.97 1,064.09 1,064.09 1,064.09 1,064.09 119,887.53 -
1,064.09 1,064.09 1,064.09 1,064.09 3,546.97 1,064.09 1,064.09 1,064.09 1,064.09 119,887.53 -
1,084.55 1,084.55 1,084.55 1,084.55 3,615.18 1,084.55 1,084.55 1,084.55 1,084.55 122,193.06 -
1,084.55 1,084.55 1,084.55 1,084.55 3,615.18 1,084.55 1,084.55 1,084.55 1,084.55 122,193.06 -
1,084.55 1,084.55 1,084.55 1,084.55 3,615.18 1,084.55 1,084.55 1,084.55 1,084.55 122,193.06 -
1,084.55 1,084.55 1,084.55 1,084.55 3,615.18 1,084.55 1,084.55 1,084.55 1,084.55 122,193.06 -
Página 13
Estudo de Viabilidade Econômica Preliminar de Empreendimento
Imobiliário
25.00%
0.50%
0.29%
4.00%
0.75%
58.50%
9.83%
Gráfico 2 - % de Custos Totais versus % Físico planejado (Curva de Gauss) mensal do empreendimento
12.0%
10.0%
8.0%
4.0%
2.0%
0.0%
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
100.0%
80.0%
60.0%
20.0%
0.0%
-20.0%
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Gráfico 4 - Quantidade Acumulada Planejada de Vendas no Período do Empreendimento
72
68 64 64 64 64 64 64 64 64 64 64 64 64 64 64 64 64 64 64 64
64 60
60
56 54
52 48
48
44 42
40 36
36
32 30
28 24
24
20 18
16 12
12
8 6
4
0
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
10.67%
19.00%
70.33%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
(12,500,000.00)
(11,750,000.00)
(11,000,000.00)
(10,250,000.00)
(9,500,000.00)
(8,750,000.00)
(8,000,000.00)
(7,250,000.00)
(6,500,000.00)
(5,750,000.00)
(5,000,000.00)
(4,250,000.00)
(3,500,000.00)
(2,750,000.00)
Custo Mensais Acum.
Receitas Mensais Acum.
(2,000,000.00)
-Aporte Acumul.
(1,250,000.00)
(Aporte+Receitas-Retiradas)
-Fluxo Cx. Acum.
(500,000.00)
Gráfico 7 - Custos+Receitas, Aportes e Fluxos de Caixa das Situações 1 e 3
350,000.00
325,000.00
300,000.00
275,000.00
250,000.00
225,000.00
200,000.00
175,000.00
150,000.00
125,000.00
100,000.00
75,000.00
50,000.00
25,000.00
0.00
-Custos Mensais
Receitas Mensais
(25,000.00)
Aporte a ser realizado
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30