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<strong>Annual</strong> <strong>Report</strong> <strong>2007</strong><br />
<strong>The</strong> <strong>Link</strong> Real Estate Investment Trust<br />
161<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 />
69. Yiu On Shopping Centre<br />
Ma On Shan 4,956.3 547 16.40M 7.87% 209.6M 9.25% 212.2M 210.9M 7.77% 9.34%<br />
Brief Description: <strong>The</strong> property comprises a 6-storey retail and carpark building which was completed in 1989.<br />
547 car parking spaces are provided on thefirstfloor tofi fthfloor and various “open” car parking<br />
spaces on the roof level of the property. Access to the carpark is via the Hang Hong Street<br />
entrance.<br />
Title Details: <strong>The</strong> property comprises 12,616/306,501 shares within Sha Tin Town Lot No. 505 held under<br />
Government Lease for a term of 50 years commencing from 18 March 1999.<br />
70. On Ting Commercial Complex<br />
Tuen Mun 9,442.6 546 12.76M 7.35% 207.8M 9.00% 200.6M 204.2M 6.25% 8.76%<br />
Brief Description:<br />
<strong>The</strong> property comprises a 3-storey retail building (restaurant block), another 3-storey retail<br />
building (New Annex Block), and a 5-storey retail/carpark building with market and food court. In<br />
addition, the property also includes various shop units located within the residential block of Ting<br />
Cheung House. <strong>The</strong> property was completed in 1980. 546 car parking spaces are provided within<br />
thefirst to fourthfloors of the carpark building. Access to the carpark is via the Tuen Mun Heung<br />
Sze Wui Road 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 />
71. Retail and Carpark within Ap Lei Chau Estate<br />
Hong Kong<br />
South 4,493.8 325 13.31M 7.82% 182.2M 9.25% 181.4M 181.8M 7.32% 9.21%<br />
Brief Description:<br />
Title Details:<br />
<strong>The</strong> property comprises a 2-storey market building and a 6-storey carpark building. <strong>The</strong> property<br />
also includes various shop units located within the residential blocks of Lei Chak House, Lei Fook<br />
House, Lei Moon House, Lei Ning House, Lei Tim House and Lei Yee House. <strong>The</strong> property was<br />
completed in 1980. 325 car parking spaces are provided from first to fifth floor of the carpark<br />
building. <strong>The</strong> property also includes various ”open” car parking spaces located along the estate<br />
roads adjacent to Lei Fook House and Lei Yee House. Access to the carpark is via the Ap Lei Chau<br />
Bridge Road entrance.<br />
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.
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