Annual Report 2007 - The Link REIT

162 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
72. Long Ping Commercial Centre
Yuen Long 8,783.8 564 14.60M 7.65% 207.1M 9.25% 203.7M 205.4M 7.11% 9.13%
Brief Description:
The property comprises a 6-storey retail building and a 2-storey carpark building. In addition,
the property also includes various shop units located within the residential blocks of Yuk Ping
House, Shek Ping House and Kang Ping House. The property was completed in 1987. 564 car
parking spaces are provided within the groundfloor and mezzaninefloor of the retail building,
the carpark building and various “open” car parking areas located within the estate. Access to the
carparks is via the Long Ping Road and Ping Yee Road entrance.
Title Details: The property comprises 32,958/498,969 shares within Yuen Long Town Lot No. 521 held under
Government Lease for a term of 50 years commencing from 15 March 2006.
73. Kai Yip Commercial Centre
Kowloon Central 7,116.4 383 12.62M 7.53% 204.9M 9.25% 199.8M 202.4M 6.23% 9.08%
Brief Description:
The property comprises a 4-storey retail building and various cooked food stalls. In addition, the
property also includes various shop units located within the Kai Yip Community Hall and the
residential block of Kai Yin House and Kai Lok House. The property was completed in 1981. 383
car parking spaces are provided on thefirstfloor to thirdfloor within the retail building. Access to
the carpark is via the Kai Yip 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.
74. Wan Tau Tong Shopping Centre
Tai Po 4,469.2 438 14.57M 7.48% 204.3M 9.00% 197.1M 200.7M 7.26% 8.74%
Brief Description: The property comprises a single storey with basement level retail building, a stand-alone 4-storey
carpark building, and a shop unit located at the groundfloor of Wan Loi House. It was completed
in 1991. 438 car parking spaces are provided within the basement level of the retail building, the
stand-alone carpark building and various “open” car parking spaces along the roads within the
estate. Access to the carparks is via the Fung Wan Road and Hiu Wan Road entrances.
Title Details: The property is within Sections A, E & F of Tai Po Town Lot No. 172 and comprises 135/104,741
shares within The Remaining Portion of Tai Po Town Lot No. 172 held under Government Lease
for a term of 50 years commencing from 8 April 1998.
75. Tsui Lam Shopping Centre
Tseung Kwan O 8,140.0 711 13.50M 7.90% 183.5M 9.25% 181.9M 182.7M 7.39% 9.19%
Brief Description:
Title Details:
The property comprises a 6-storey retail building, two cooked food stalls adjacent to the retail
building, various retail shops under Sau Lam House and a 2-storey carpark building. The property
was completed in 1989. 711 car parking spaces are arranged on the second to thirdfloors of the
retail building and on the lower ground to upper groundfloor of the carpark building. Access to
the carparks is via the Tsui Lam Road entrance.
The property comprises 35,166/319,229 shares within Tseung Kwan O Town Lot No. 96 held
under Government Lease for a term of 50 years commencing from 15 February 2006.