Annual Report 2007 - The Link REIT

154 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
44. Yau Oi Commercial Centre
Tuen Mun 9,386.6 780 21.35M 8.07% 283.8M 9.25% 280.5M 282.2M 7.57% 9.16%
Brief Description:
The property comprises a 3-storey retail building (Restaurant Block), an adjoining single storey
retail podium, a 5-storey carpark building with market, another 3-storey carpark building with
market, another 3-storey carpark building, and various cooked food stalls. In addition, the
property also includes various shop units located within the residential blocks of Oi Yung House.
The property was completed in 1980. 780 car parking spaces are provided within thefirstfloor to
fourthfloor of the 5-storey carpark building and within the 3-storey carpark building. Access to
the carpark is via the Yau Oi 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.
45. Fu Tai Shopping Centre
Tuen Mun 5,825.0 635 19.45M 6.50% 317.2M 8.75% 312.3M 314.8M 6.18% 8.64%
Brief Description:
The property comprises a 3-storey retail building and an adjoining 6-storey building. The property
was completed in 2000. 635 car parking spaces are provided within the carpark building. Access
to the carpark is via the Tuen Kwai Road entrance.
Title Details: The property comprise 38,769/382,833 shares within Tuen Mun Town Lot No. 418 held under
Government Lease for a term of 50 years commencing from 12 March 2001.
46. Lei Tung Commercial Centre
Hong Kong
South 8,725.5 687 15.59M 7.61% 256.3M 9.25% 251.1M 253.7M 6.15% 9.10%
Brief Description:
The property comprises a 5-storey retail building (Phase 1), and a 4-storey with 3 basement levels
retail/carpark building (Phase 2), which are linked by 2 footbridges across the Lei Tung Estate Bus
Terminus. In addition, the property also includes a 2-storey carpark building (Carpark No. 1) and
a 3-storey carpark building (Carpark No. 2). The property was completed in 1988. 687 car parking
spaces are provided on the three basement levels of Phase 2, and on the ground tofi rstfl oor
of both Carpark No. 1 and Carpark No. 2. Access to the carparks is via the Lei Tung Estate Road
entrance.
Title Details: The property comprises 45,424/451,716 shares within Ap Lei Chau Inland Lot No. 133 held under
Government Lease for a term of 50 years commencing from 20 December 2004.
47. Kwai Shing East Shopping Centre
Tsuen Wan/
Kwai Chung 10,671.2 583 10.49M 6.90% 243.6M 8.75% 244.3M 244.0M 4.30% 8.77%
Brief Description:
Title Details:
The property comprises a 5-storey retail building (Shopping Centre), a stand-alone single storey
retail building, a single storey carpark podium under Shing Ka House and a carpark storey on the
fourthfloor of the Regional Maintenance Office. The property was completed in 1999. 583 car
parking spaces are provided on the secondfloor to fourthfloor within the Shopping Centre, on
the fourthfloor of the Regional Maintenance Office and within the carpark under Shing Ka House.
Access to the carpark is via the Kwai Shing Circuit/ Kwai Hau Street entrance.
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.