Annual Report 2007 - The Link REIT

Annual Report 2007
The Link Real Estate Investment Trust
149
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
23. Siu Sai Wan Shopping Centre
Hong Kong East 8,988.3 558 28.63M 6.64% 443.9M 8.75% 449.0M 446.5M 6.41% 8.83%
Brief Description:
The property comprises a 5-storey retail building, a 6-storey carpark building and another 2-storey
carpark building. The property was completed in 1989. 558 car parking spaces are provided within
the two carpark buildings and various “open” car parking spaces located at the roads within the
estate. Access to the carparks is via the Siu Sai Wan 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.
24. Oi Man Shopping Centre
Kowloon Central 18,911.7 808 23.23M 7.34% 421.3M 9.00% 427.0M 424.2M 5.48% 9.10%
Brief Description:
The property comprises a 3-storey retail building with an adjoining 3-storey car park building,
a 3-storey car park building, a single storey wet market building, open car parks and various
cooked food stalls. In addition, the property also includes various shop units located within the
residential blocks of Chiu Man House, Hong Man House and Chung Man House. The property was
completed in 1975. 808 car parking spaces are provided within the two car park buildings. Access
to the car parks is via the Chung Hau Street entrance.
Title Details: The property comprises 54,395/204,983 shares within Kowloon Inland Lot No. 9826 held under
Conditions of Grant No. 10562 for a term of 75 years commencing from 1 April 1968.
25. Ho Man Tin Plaza
Kowloon Central 9,487.0 299 24.18M 5.81% 426.1M 8.25% 435.4M 430.8M 5.61% 8.40%
Brief Description: The property comprises a 4-storey retail building and an adjoining 3-storey carpark building and
associated areas which were completed in 2000. 299 car parking spaces are provided within the
carpark building. Access to the carpark is via the Sheung Lok Street entrance.
Title Details: The property comprises 3,411/57,202 shares within Section A of Kowloon Inland Lot No. 11119
and 20,327/214,270 shares within The Remaining Portion of Kowloon Inland Lot No. 11119 held
under Government Lease for a term of 50 years commencing from 20 November 1998.
26. Tin Shing Shopping Centre
Tin Shui Wai 7,418.0 1,458 33.12M 6.66% 471.9M 8.75% 462.8M 467.4M 7.09% 8.61%
Brief Description: The property comprises an 8-storey retail building, a kindergarten and play area and a nursery of
Tin Shing Court. The property was completed in 2000. 1,458 car parking spaces are provided from
the second to seventhfloor within the carpark building. Access to the carpark is via the Tin Yiu
Road entrance.
Title Details: The property is within Section A of Tin Shui Wai Town Lot No. 17 and comprises 1,480/357,800
shares within The Remaining Portion of Tin Shui Wai Town Lot No. 17 held under Government
Lease for a term of 50 years commencing from 28 November 1997.