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156 <strong>The</strong> <strong>Link</strong> Real Estate Investment Trust <strong>Annual</strong> <strong>Report</strong> <strong>2007</strong><br />
Valuation <strong>Report</strong><br />
No.<br />
Property Name<br />
District<br />
IFA<br />
(sqm)<br />
Car Park<br />
No.<br />
Net<br />
Passing Capitalisation DCF Analysis<br />
Income<br />
Value<br />
Value<br />
HK$pa Yield (HK$) Target IRR (HK$)<br />
ASSESSMENT<br />
as at 31 March 07<br />
Value<br />
(HK$)<br />
Initial<br />
Yield<br />
Analysis<br />
Indicated<br />
IRR<br />
51. Yu Chui Shopping Centre<br />
Shatin 10,327.6 1,175 11.09M 6.68% 247.0M 8.75% 247.9M 247.5M 4.48% 8.77%<br />
Brief Description:<br />
<strong>The</strong> property comprises a 7-storey retail building and a free-standing 4-storey ancillary facilities<br />
building. <strong>The</strong> property was completed in 2001. 1,175 car parking spaces are provided from the<br />
thirdfloor to sixthfloor within the retail building and from groundfloor to fourthfloor within the<br />
ancillary facilities building. In addition, various “open” car parking spaces are located along the<br />
roads within the estate. Access to the carpark is via the Chui Yan Street entrance.<br />
Title Details: <strong>The</strong> property comprises 48,967/361,200 within Sha Tin Town Lot No. 462 held under Government<br />
Lease for a term of 50 years commencing from 18 May 2001.<br />
52. Tai Wo Hau Commercial Centre<br />
Tsuen Wan/<br />
Kwai Chung 7,278.6 609 15.64M 7.90% 234.8M 9.25% 237.2M 236.0M 6.63% 9.32%<br />
Brief Description:<br />
<strong>The</strong> property comprises a 4-storey retail building (Commercial Centre 1), a single storey retail<br />
building (Commercial Centre 2), a 4-storey carpark building, a single storey carpark under Tai Wo<br />
Hau Indoor Recreation Centre, and a 2-storey carpark under Tai Wo Hau Community Centre. In<br />
addition, the property also includes various shop units located within the residential blocks of Fu<br />
Pik House, Fu Tak House and Fu On House. <strong>The</strong> property was built in phases, from 1984 to 1993.<br />
609 car parking spaces are provided on the groundfloor within Commercial Centre 1 and within<br />
the three carpark buildings. In addition, various “open” car parking spaces are located outside<br />
Fu Wah House within the estate. Access to the carpark is via the Shek Tau Street/ Tai Ha Street<br />
entrance.<br />
Title Details: This property is classified as a List 2 property where the Government Lease and Deed of Mutual<br />
Covenant is pending. We have assumed that the HKHA will assign to the <strong>Link</strong> <strong>REIT</strong> a proper legal<br />
title which is transferable, free from encumbrances, premiums, restrictions and outgoings of an<br />
onerous nature. <strong>The</strong> lease is assumed to be for a term of 50 years from the date of valuation.<br />
53. Wah Ming Shopping Centre<br />
Fanling/<br />
Sheung Shui 6,226.0 295 15.34M 7.39% 224.6M 9.00% 221.2M 222.9M 6.88% 8.89%<br />
Brief Description:<br />
Title Details:<br />
<strong>The</strong> property comprises a 3-storey retail building and an adjoining 3-storey retail/carpark building<br />
which are linked by a footbridge on the second floor. <strong>The</strong> property was completed in 1990.<br />
295 car parking spaces are provided within the secondfloor of the retail building and thefirst<br />
and secondfloors of the retail/carpark building. Access to the carpark is via the Wah Ming Road<br />
entrance.<br />
<strong>The</strong> property comprises 22,726/324,858 shares within Fanling Sheung Shui Town Lot No. 204 held<br />
under Government Lease for a term of 50 years commencing from 18 March 1999.
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