Annual Report 2007 - The Link REIT

Annual Report 2007
The Link Real Estate Investment Trust
147
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
14. Tai Wo Shopping Centre
Tai Po 13,492.1 454 33.91M 5.89% 598.9M 8.25% 609.4M 604.2M 5.61% 8.36%
Brief Description:
The property comprises a 3-storey with basement level retail building (Phase 1) and a 2-storey
with basement level retail building (Phase 2) linked by a footbridge across the KCR East Rail Tai Wo
Station. In addition, the property also includes various shop units located within the residential
blocks of Oi Wo House and On Wo House. The property was completed in 1989. 454 car parking
spaces are provided within the basement level of Phase 1 and the basement level and ground
floor of Phase 2 of the property. Access to the Phase 1 and Phase 2 carparks is via the Kai Wo Road
and Po Nga Road entrances respectively.
Title Details: The property comprises 40,117/414,930 shares within Tai Po Town Lot No. 176 held under
Government Lease for a term of 50 years commencing from 10 February 2000.
15. Leung King Shopping Centre
Tuen Mun 18,327.4 616 44.77M 7.08% 641.6M 9.00% 630.1M 635.9M 7.04% 8.87%
Brief Description:
The property comprises a 4-storey retail building and an adjoining 5-storey carpark building. It
was completed in 1988. 616 car parking spaces are provided within the carpark building and
various “open” car parking spaces along the road within the estate. Access to the carpark is via the
Tin King Road entrance.
Title Details: The property comprises 54,922/426,295 within Tuen Mun Town Lot No. 458 held under
Government Lease for a term of 50 years commencing from 8 February 2001.
16. Butterfly Shopping Centre
Tuen Mun 15,290.1 313 39.71M 7.05% 604.8M 9.00% 587.0M 595.9M 6.66% 8.79%
Brief Description:
The property comprises a 3-storey retail building with market, a 4-storey carpark building, various
cooked food stalls, open car park, open loading/unloading bay, and associated areas. In addition,
the property also includes various shop units located within the residential blocks of Tip Ling
House and Tip Sum House. The property was completed in 1983. 313 car parking spaces are
provided within the carpark building and various “open” car parking spaces along the roads
within the estate. Access to the carpark is via the Tip King Road entrance.
Title Details: The property comprises 38,316/248,783 within Tuen Mun Town Lot No. 473 held under
Government Lease for a term of 50 years commencing from 14 October 2005.
17. Tin Yiu Shopping Centre
Tin Shui Wai 7,844.0 480 32.83M 6.69% 519.3M 8.75% 511.7M 515.5M 6.37% 8.65%
Brief Description:
The property comprises a 4-storey retail/carpark building which was completed in 1992, open car
parks and associated area. 480 car parking spaces are provided within the two basement levels
of the building and 3 “open” car parking areas along the roads within the estate. Access to the
carpark is via the Tin Wu Road entrance.
Title Details: The property comprises 31,581/574,611 within Tin Shui Wai Lot No. 38 held under Government
Lease for a term of 50 years commencing from 17 September 2005.
18. Cheung Fat Shopping Centre
Tsing Yi 13,741.0 590 36.14M 7.39% 532.1M 9.00% 520.2M 526.2M 6.87% 8.84%
Brief Description:
Title Details:
The property comprises a 6-storey with basement level retail building which was completed in
1989. 590 car parking spaces are provided on the basement level to secondfloor of the property.
Access to the carpark is via the Tam Kon Shan Road entrance.
The property comprises 49,331/171,904 within Tsing Yi Town Lot No. 172 held under Government
Lease for a term of 50 years commencing from 22 December 2005.