Annual Report 2007 - The Link REIT

Annual Report 2007
The Link Real Estate Investment Trust
159
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
61. Lok Wah Commercial Centre
Kowloon East 10,053.6 650 12.28M 7.34% 199.3M 9.00% 197.8M 198.6M 6.18% 8.94%
Brief Description:
The property comprises a 3-storey retail/carpark building and an adjoining 4-storey carpark
building. In addition, the property also includes various shop units located under the residential
block of Shun Wah House and Ning Wah House. The property was completed in 1985. 650 car
parking spaces are provided on the groundfloor of the retail building and the carpark building
of the property. The property also includes various “open” car parking spaces located outside the
retail building. Access to the carpark is via the Chun Wah 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.
62. King Lam Shopping Centre
Tseung Kwan O 5,376.9 418 16.08M 7.67% 217.5M 9.25% 213.8M 215.7M 7.45% 9.12%
Brief Description:
The property comprises a 4-storey retail/carpark building, in addition to various shop units
located within the residential block of King Chung House. The property was completed in 1990.
418 car parking spaces are provided on thefirst to thirdfloor of the retail/carpark building. Access
to the carpark is via the Po Lam Road North entrance.
Title Details: The property comprises 18,412/278,433 shares within Tseung Kwan O Town Lot No. 83 held
under Government Lease for a term of 50 years commencing from 8 February 2001.
63. Kam Tai Shopping Centre
Ma On Shan 4,294.0 758 14.19M 7.15% 194.3M 8.75% 193.8M 194.1M 7.31% 8.72%
Brief Description:
The property comprises a 7-storey retail/carpark building which was completed in 2000. 758 car
parking spaces are provided from the secondfloor to sixthfloor within the retail building. Access
to the carpark is via the Ning Tai Road entrance.
Title Details: The property comprises 31,347/32,708 shares within Sha Tin Town Lot No. 447 held under
Government Lease for a term of 50 years commencing from 29 June 1998.
64. Shek Yam Shopping Centre
Tsuen Wan/
Kwai Chung 6,729.0 424 11.50M 7.39% 225.1M 9.00% 225.5M 225.3M 5.10% 9.01%
Brief Description:
Title Details:
The property comprises a 7-storey retail/carpark building and an adjoining 2-storey carpark
building. The property was completed in 2000. 424 car parking spaces are provided on thefirst
floor to fourth floor within the retail building and within the carpark building. Access to the
carpark is via the Lei Muk 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.