Annual Report 2007 - The Link REIT

152 The Link Real Estate Investment Trust Annual Report 2007
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
35. Heng On Commercial Centre
Ma On Shan 9,987.0 585 27.35M 7.45% 368.1M 9.00% 371.1M 369.6M 7.40% 9.06%
Brief Description: The property comprises a 5-storey retail and carpark building which was completed in 1987
together with associated areas and lorry parking spaces along the estate road. 585 car parking
spaces are provided on the groundfloor andfirstfloor of the building as well as various “open”
car parking spaces which are located along the roads within the estate. Access to the carpark is
via the Hang Kam Street entrance.
Title Details: The property is within Sha Tin Town Lot No. 500 held under Government Lease for a term of 50
years commencing from 8 April 1998.
36. Fu Tung Shopping Centre
Tung Chung 9,261.0 537 24.21M 6.55% 351.2M 8.75% 339.6M 345.4M 7.01% 8.51%
Brief Description:
The property comprises a 4-storey retail building and a 3-storey carpark building. The property
was completed in 1997. 537 car parking spaces are provided on the ground to secondfloors of
the carpark building. Access to the carpark is via the Tat Tung 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.
37. Choi Wan Commercial Complex
Kowloon North 15,887.7 859 25.33M 7.39% 378.7M 9.00% 371.6M 375.2M 6.75% 8.87%
Brief Description:
The property comprises a 5-storey retail building (Commercial Complex 1), a 7-storey retail
building (Commercial Complex 2), a 5-storey carpark building, a 2-storey market building (Phase
II Market), various shops within Fei Fung House and various cooked food stalls. The property was
completed in 1980. 859 car parking spaces are provided from lower groundfirstfloor tofirstfloor
within Commercial Complex 1, from thirdfloor to sixthfloor within Commercial Complex 2 and
within the carpark building. Access to the carpark is via the Choi Fung Path and Ngan Ho Path
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.
38. Po Lam Shopping Centre
Tseung Kwan O 9,270.3 398 22.28M 7.60% 328.1M 9.25% 323.3M 325.7M 6.84% 9.14%
Brief Description:
Title Details:
The property comprises a 3-storey retail building (Po Lam Shopping Centre), a 2-storey retail
building (Market Building) and a 3-storey carpark building. In addition, the property also includes
various shop units located within the residential block of Po Kan House. The property was
completed in 1989. 398 car parking spaces are provided on the carpark building and three “open”
car parking areas located within the estate. Access to the carpark is via the Po Lam Road North
entrance.
The property comprises 25,495/341,494 shares within Tseung Kwan O Town Lot No. 88 held
under Government Lease for a term of 50 years commencing from 19 October 2004.