Annual Report 2007 - The Link REIT

Annual Report 2007
The Link Real Estate Investment Trust
145
Valuation Report
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
5. Sheung Tak Shopping Centre
Tseung Kwan O 12,292.0 1,280 59.51M 5.86% 1,029.0M 8.50% 1,014.0M 1,021.5M 5.83% 8.40%
Brief Description:
The property comprises a 4-storey retail building, three 4-storey carpark buildings and a single
storey carpark building. The property was completed in 1998. 1,280 car parking spaces are
provided within the four carpark buildings and various “open” car parking spaces are located
opposite Sheung Mei House. Access to the carpark is via the Tong Ming Street entrance.
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.
6. Kai Tin Shopping Centre
Kowloon East 17,161.3 461 51.45M 5.88% 955.9M 8.50% 958.1M 957.0M 5.38% 8.52%
Brief Description:
The property comprises a 5-storey retail building with a 3-storey extension and two carpark
buildings of 6 storeys and 2-storeys respectively. The property was completed in 1999 and
the extension was completed in 2003. 461 car parking spaces are provided within the carpark
building including some “open” car parking spaces located on the roof level. Access to the 6-storey
carpark building is from Kai Tin Road, and access to the 2-storey carpark building is from On Tin
Road.
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.
7. Yat Tung Shopping Centre
Tung Chung 17,918.9 1,900 29.73M 6.29% 684.7M 8.50% 733.4M 709.1M 4.19% 8.95%
Brief Description:
The property comprises a 3-storey retail building and a 4-storey retail building (together as Yat
Tung Shopping Centre) and two 6-storey carpark buildings (Carpark No. 1 and Carpark No. 2).
The property was built in phases from 2001 to 2003. The property also includes another carpark
building which is currently not in use. 1,900 car parking spaces are provided on the ground to
fi fthfloor of the carpark buildings. Access to the carpark is via the Chung Yan Road entrance.
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.
8. Lung Cheung Mall
Kowloon North 14,198.0 473 43.43M 4.96% 900.3M 8.25% 865.2M 882.8M 4.92% 7.98%
Brief Description:
Title Details:
The property comprises a 4-storey with basement level retail building and an adjoining 4-storey
carpark building. The property was completed in 2001. 473 car parking spaces are provided on
the thirdfloor of the retail building and within the carpark building. Access to the carpark is via
the Wong Tai Sin Road entrance.
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.