Annual Report 2007 - The Link REIT

158 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
57. Kwong Fuk Commercial Centre
Tai Po 6,595.0 461 17.28M 7.81% 240.9M 9.25% 236.7M 238.8M 7.24% 9.12%
Brief Description:
The property comprises a 5-storey retail building with recreational areas on the podium level,
various shop units located within the residential block of Kwong Yan House and various cooked
food stalls. The property was completed in 1983. 461 car parking spaces are provided within the
ground floor and first floor of the property. Access to the carpark is via the Plover Cove 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.
58. Yung Shing Shopping Centre
Fanling/
Sheung Shui 5,472.5 283 14.08M 6.84% 222.3M 8.75% 218.3M 220.3M 6.39% 8.62%
Brief Description:
The property comprises a 3-storey retail building and an adjoining 7-storey retail/carpark building
which was completed in 1999. 283 car parking spaces are provided within the retail/carpark
building. Access to the carpark is via the Fai Ming Road entrance.
Title Details: The property comprises 12,641/161,475 shares within Fanling Sheung Shui Town Lot No. 207 held
under Government Lease for a term of 50 years commencing from 16 July 1999.
59. Kwai Fong Shopping Centre
Tsuen Wan/
Kwai Chung 5,450.0 483 13.64M 7.54% 209.0M 9.00% 207.4M 208.2M 6.55% 8.94%
Brief Description:
The property comprises a 2-storey retail building, a 3-storey carpark building and a 4-storey
carpark building. In addition, the property also includes various shop units located within the
residential block of Kwai Kin House. The property was built in phases, from 1995 to 2000. 483
car parking spaces are provided within the two carpark buildings of the property. Access to the
carparks is via the Hing Fong 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.
60. Lee On Shopping Centre
Ma On Shan 4,631.2 390 15.04M 7.47% 217.3M 9.00% 214.8M 216.1M 6.96% 8.91%
Brief Description:
Title Details:
The property comprises a 4-storey retail building which was completed in 1993. 390 car parking
spaces are provided on the lower ground thirdfloor and lower ground secondfloor within the
retail building and various “open” car parking spaces along roads within the estate. Access to the
carpark is via the Kam Ying Road 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.