Annual Report 2007 - The Link REIT

Annual Report 2007
The Link Real Estate Investment Trust
155
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
48. Lung Hang Commercial Centre
Shatin 6,474.7 440 18.25M 7.39% 273.4M 9.00% 270.9M 272.2M 6.70% 8.93%
Brief Description:
The property comprises a 3-storey retail building with basement level connected with a single
storey wet market building, a separate single storey carpark building and three cooked food stalls.
In addition, the property also includes various shop units located within the residential blocks
of Wing Sam House. The property was completed in 1983. 440 car parking spaces are provided
on the lower groundfirstfloor of the retail building and within the separate carpark building. In
addition, various “open” car parking spaces are located along the roads within the estate. Access
to the carpark within the retail building is via the Tin Sam Street entrance while the latter is
accessible via the Fu Kin 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.
49. Fu Heng Shopping Centre
Tai Po 5,198.3 517 19.89M 7.45% 258.6M 9.00% 258.4M 258.5M 7.69% 8.99%
Brief Description:
The property comprises a 3-storey with basement level retail building and a stand-alone 2-storey
carpark building. The property was completed in 1990. 517 car parking spaces are provided
within the basement level and the groundfloor of the retail building and the stand-alone carpark
building. In addition, various “open” car parking spaces are located along roads within the estate.
Access to the carpark within the retail building is via the Ting Lai Road entrance, and that to the
carpark building is via the Chung Nga Road entrance.
Title Details: The property comprises 22,900/358,013 shares within Tai Po Town Lot No. 178 held under
Government Lease for a term of 50 years commencing from 10 February 2000.
50. Cheung Hong Commercial Centre
Tsing Yi 12,636.3 709 20.10M 7.67% 290.0M 9.25% 282.2M 286.1M 7.02% 9.06%
Brief Description:
Title Details:
The property comprises a 5-storey retail building (Commercial Centre No. 1) in Phase I, a 4-storey
retail building (Commercial Centre No. 2), an adjoining 2-storey retail building linked by a
footbridge on the thirdfloor, and a 3-storey car park building in Phase II. In addition, the property
also includes various isolated cooked food stalls and various shop units located within the
residential blocks of Hong Kwai House, Hong Tai House, Hong Fu House, Hong Shun House and
Hong Mei House, and various wet market stalls located within the residential block of Hong Wo
House. The property was completed in 1980. 709 car parking spaces are provided on the lower
groundfirstfloor within Commercial Centre No. 1, within the 3-storey car park building, and on
the groundfloor of the 2-storey retail building. Access is via the Chung Mei Road and Ching Hong
Road entrances.
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.