5.2.5 Reversionary Value In estimating the fair market value of the property, the anticipated debt-free net cash flow that could be generated by the property was projected until the year when the net cash flow of the subject property is expected to stabilize. At the end of the projection period, the reversionary value of the property was estimated by capitalizing the projected debt-free net cash flow in the stabilized period. The estimated cash flow in 2018 for The Centara Villas Samui Hotel, assuming 3% growth rate from 2017, was capitalized into an indication of the fair market value using a pre-tax yield of value Estimated at Baht million in 2017. 9% As incurred iS Estimated reversionary value a result, the costs in the addition, the estimated transaction revers selling process, approximately 4%, were deducted from the value to arrive at the net sales proceed Baht 494.7 million