Annual Report 2007 - The Link REIT

144 The Link Real Estate Investment Trust Annual Report 2007
Valuation Report
Schedule of Values
No.
Property Name
District
IFA
(sqm)
Car Park
No.
Net
Passing Capitalisation DCF Analysis
Income
Value
Value
HK$pa Yield (HK$) Target IRR (HK$)
ASSESSMENT
as at 31 March 07
Value
(HK$)
Initial
Yield
Analysis
Indicated
IRR
1. Lok Fu Shopping Centre
Kowloon North 38,468.1 793 94.56M 4.94% 1,945.7M 8.25% 1,858.0M 1,901.9M 4.97% 7.94%
Brief Description:
The property comprises a 4-storey with basement level retail building (Centre No. 1), an adjoining
4-storey carpark building (Carpark No. 1), a 6-storey with basement level retail building (Centre
No. 2) and a 2-storey carpark building (Carpark No. 2). The property was completed in two phases
in 1983 and 1991 respectively. 793 car parking spaces are provided on the basement floor of
Centre No. 1, the basementfloor to groundfloor of Centre No. 2, and within the carpark buildings.
Access to the carparks is via the Junction Road entrances.
Title Details: This property is classified as a List 2 property where the Government Lease and Deed of Mutual
Covenant is pending. We have assumed that the HKHA will assign to the Link REIT a proper legal
title which is transferable, free from encumbrances, premiums, restrictions and outgoings of an
onerous nature. The lease is assumed to be for a term of 50 years from the date of valuation.
2. Chung Fu Shopping Centre
Tin Shui Wai 21,395.3 1,177 72.32M 5.91% 1,212.5M 8.50% 1,204.2M 1,208.4M 5.99% 8.45%
Brief Description: The property comprises a 9-storey retail building (Phase 1) and a 3-storey retail building (Phase
2) linked by a footbridge on thefirstfloor. In addition, the property also includes a kindergarten
and a nursery respectively located on the ground andfirstfloors of the ancillary facilities block of
Tin Chung Court. Phase 1 and Phase 2 were completed in 1999 and 2000 respectively. 1,177 car
parking spaces are provided from the thirdfloor to eighthfloor within Phase 1 of the property
and two covered on-street car parking areas located at the northern fringe and south-eastern
fringe of the site respectively. Access to the carpark is via Tin Shui Road/ Tin Wing Road entrance.
Title Details: The property is within Section A of Tin Shui Wai Town Lot No. 18 and also comprise 2,021/363,535
shares within The Remaining Portion of Tin Shui Wai Town Lot No. 18 held under Government
Lease for a term of 50 years commencing from 8 January 1999.
3. Sau Mau Ping Shopping Centre
Kowloon East 14,967.5 611 74.23M 5.88% 1,236.0M 8.75% 1,168.5M 1,202.3M 6.17% 8.35%
Brief Description:
The property comprises a 4-storey retail/carpark building and an 8-storey ancillary facilities
building. The property was completed in 2002. 611 car parking spaces are provided on thefirst
and second floor of the retail building and the ground to third floor of the ancillary facilities
building. Access to the carpark is via the Sau Fung Street entrance.
Title Details: The property is within New Kowloon Inland Lot No. 6453 held under Government Lease for a
term of 50 years commencing from 23 February 2007. (As at the date of valuation, title details are
in the process of being transferred.)
4. Tsz Lok (Tsz Wan Shan Shopping Centre)
Kowloon North 19,500.0 940 56.75M 5.46% 1,186.3M 8.50% 1,156.3M 1,171.3M 4.85% 8.33%
Brief Description:
Title Details:
The property comprises an 8-storey retail building and an adjoining 4-storey carpark building, a
4-storey carpark building (Carpark Phase 1), a 3-storey carpark building (Carpark Phase 2) and a
3-storey carpark building with ancillary facilities (Carpark Phase 3). The property was completed
in 1997. 940 car parking spaces are provided on the secondfloor of the 8-storey retail building,
within Carpark Phase 1, Carpark Phase 2 and Carpark Phase 3. Access to the various carparks is via
the Yuk Wah Street, Sheung Fung Street and Wan Wah Street entrances.
This property is classified as a List 2 property where the Government Lease and Deed of Mutual
Covenant is pending. We have assumed that the HKHA will assign to the Link REIT a proper legal
title which is transferable, free from encumbrances, premiums, restrictions and outgoings of an
onerous nature. The lease is assumed to be for a term of 50 years from the date of valuation.