Annual Report 2007 - The Link REIT

Annual Report 2007
The Link Real Estate Investment Trust
153
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
39. Shan King Commercial Centre
Tuen Mun 11,550.6 638 18.10M 8.03% 284.5M 9.25% 288.5M 286.5M 6.32% 9.35%
Brief Description:
The property comprises a 5-storey retail building, a 4-storey carpark building and various cooked
food stalls near King Yip House and King Lok House. The property was completed in 1983. 638 car
parking spaces are provided on thefirst tofi fthfloor of the retail building and on the ground to
secondfloor of the carpark building. Access to the carpark is mainly via the Ming Kum Road/ Shek
Pei Tau Road entrance.
Title Details: The property comprises 41,369/477,867 within Tuen Mun Town Lot No. 469 held under
Government Lease for a term of 50 years commencing from 20 August 2004.
40. Fu Shin Shopping Centre
Tai Po 9,058.4 525 20.42M 7.39% 301.9M 9.00% 294.5M 298.2M 6.85% 8.83%
Brief Description:
The property comprises a 6-storey retail building and various cooked food stalls. It was completed
in 1986. 525 car parking spaces are provided within the retail building and various “open” car
parking spaces along the roads within the estate. Access to the carpark is via the On Po Lane
entrance.
Title Details: The property comprises 33,761/330,620 shares within Tai Po Town Lot No. 189 held under
Government Lease for a term of 50 years commencing from 14 October 2005.
41. Tsui Ping North Shopping Circuit
Kowloon East 10,203.1 421 18.48M 7.35% 298.6M 9.00% 300.7M 299.7M 6.17% 9.05%
Brief Description:
Title Details:
The property comprises a 2-storey retail podium located within various interlinked residential
blocks and a 4-storey carpark building, open car parks and portions of integrated HA
accommodation. The property was completed in 1990. 421 car parking spaces are provided on
the groundfloor of the retail podium and the carpark building. The total car parking spaces also
include various “open” car parking spaces located along the roads within the estate. Access to the
carpark is via the Tsui Ping Road entrance.
The property comprises 31,542/345,220 shares within Kwun Tong Inland Lot No. 754 held under
Government Lease for a term of 50 years commencing from 24 January 2002.
42. Fung Tak Shopping Centre
Kowloon North 6,766.0 487 19.04M 7.19% 284.8M 9.00% 279.2M 282.0M 6.75% 8.86%
Brief Description:
The property comprises a 5-storey retail building and an adjoining 6-storey carpark building. The
property was completed in 1991. 487 car parking spaces are provided on the ground andfirst
floor within the retail building and within the carpark building. Access to the carparks is via the
Fung Tak Road entrance.
Title Details: The property is within Sections A and C of New Kowloon Inland Lot No. 6318 and comprises
1,070/202,138 shares within The Remaining Portion of New Kowloon Inland Lot No. 6318 held
under Government Lease for a term of 50 years commencing from 8 April 1998.
43. Hin Keng Shopping Centre
Shatin 8,895.5 636 22.25M 7.81% 291.7M 9.25% 288.9M 290.3M 7.66% 9.18%
Brief Description:
Title Details:
The property comprises a 6-storey retail building (Wing A), a 3-storey retail building (Wing B),
open car parks, and three isolated cooked food stalls. The property was completed in 1987. 636
car parking spaces are provided from the thirdfloor tofi fthfloor within Wing A of the property. In
addition, various “open” car parking spaces are located along the roads within the estate. Access
to the carpark is via the Che Kung Miu Road entrance.
The property comprises 37,320/396,392 within Sha Tin Town Lot No. 503 held under Government
Lease for a term of 50 years commencing from 10 February 2000.