Annual Report 2007 - The Link REIT

160 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
65. Tai Hing Commercial Centre
Tuen Mun 10,881.0 672 16.64M 8.25% 233.9M 9.25% 240.0M 237.0M 7.02% 9.43%
Brief Description:
The property comprises two 2-storey retail buildings which were completed in 1977. 672 car
parking spaces are provided within the various “open” car parking areas within the estate. Access
to the carpark is via entrances at Tai Hing Street and Tai Fong Street.
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.
66. Shek Lei Shopping Centre Phase II
Tsuen Wan/
Kwai Chung 7,803.4 179 12.76M 6.83% 220.2M 8.75% 220.7M 220.5M 5.79% 8.76%
Brief Description: The property comprises a 6-storey retail building. The property was completed in 1999. 179
car parking spaces are provided on fourth tofi fthfloor within the retail building. Access to the
carpark is via the Shek Li 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.
67. Hing Wah Shopping Centre
Hong Kong East 7,222.1 268 13.47M 6.48% 221.7M 8.75% 213.3M 217.5M 6.19% 8.48%
Brief Description:
The property comprises a 2-storey retail building and an 8-storey carpark building. The property
was completed in 2000. 268 car parking spaces are provided on the ground tofi fthfloor of the
carpark building and various “open” car parking spaces located on the podium level of the retail
building. Access to the carpark is via the Wan Tsui 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.
68. Shek Wai Kok Commercial Centre
Tsuen Wan/
Kwai Chung 12,172.5 578 10.84M 8.25% 184.1M 9.25% 191.7M 187.9M 5.77% 9.54%
Brief Description:
Title Details:
The property comprises a 4-storey retail building, with an adjoining 3-storey carpark building
(Carpark Block 1) and a 4-storey carpark building (Carpark Block 2). In addition, the property also
includes various shop units located within the residential blocks of Shek Fong House and Shek
Ho House. It was completed in 1980. 578 car parking spaces are provided on the first floor of
the Carpark Block 1 and within the Carpark Block 2. In addition, the total car parking spaces also
include various “open” car parking spaces next to the retail building. Access to the carpark is via
the Shek Wai Kok 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.