Annual Report 2007 - The Link REIT

Annual Report 2007
The Link Real Estate Investment Trust
151
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
31. Sha Kok Commercial Centre
Shatin 10,490.5 662 23.34M 7.83% 332.7M 9.25% 329.5M 331.1M 7.05% 9.18%
Brief Description:
The property comprises a 4-storey retail building and three isolated cooked food stalls. In addition,
the property also includes various shop units located within the residential blocks of Osprey
House and Sand Martin House. The property was completed in 1980. 662 car parking spaces are
provided from the groundfloor tofirstfloor within the retail building. In addition, various “open”
car parking spaces are located along the roads within the estate. Access to the carpark is via the
Sha Kok 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.
32. Shun Lee Commercial Centre
Kowloon East 18,887.9 731 23.91M 7.81% 355.7M 9.25% 358.6M 357.2M 6.70% 9.30%
Brief Description:
The property comprises a 3-storey retail building (Shopping Complex I), a 3-storey retail building
(Shopping Complex II), two 3-storey carpark buildings and a single storey carpark building. In
addition, the property also includes various shops units located within the residential blocks of
Lee Foo House, Lee Hong House, Lee Yat House and Lee Yip House. The property was completed
in 1978. 731 car parking spaces are provided within the three carpark buildings and various “open”
car parking spaces located along the roads within the estate. Access to the carparks is via the Lee
On Road and Shun King Street 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.
33. Kwong Yuen Shopping Centre
Shatin 7,561.0 736 25.02M 7.45% 345.9M 9.00% 345.7M 345.8M 7.23% 9.00%
Brief Description:
The property comprisesfi ve 2-storey retail buildings (Commercial Block Nos. 1 to 5), a 5-storey
carpark building with a wet market on Floor 5 (Carpark No. 1), a 6-storey carpark building (Carpark
No. 2.) and open car parks. The property was completed in 1991. 736 car parking spaces are
provided from firstfloor to fourthfloor within Carpark No. 1 and within Carpark No. 2. Access to
the carpark is via the Siu Lek Yuen Road entrance.
Title Details: The property comprises 29,929/279,026 within Sha Tin Town Lot No. 506 held under Government
Lease for a term of 50 years commencing from 8 February 2001.
34. Chung On Shopping Centre
Ma On Shan 7,488.3 995 25.00M 7.56% 342.7M 9.00% 347.6M 345.2M 7.24% 9.10%
Brief Description:
Title Details:
The property comprises a 5-storey retail and carpark building which was completed in 1996, open
car parks and associated areas. 995 car parking spaces are provided on the secondfloor to fourth
floor of the building and various “open” car parking spaces along the road within the estate.
Access to the carpark is via the Hang Hong Street entrance.
The property comprises 41,385/223,386 within Sha Tin Town Lot No. 544 held under Government
Lease for a term of 50 years commencing from 14 October 2005.