Annual Report 2007 - The Link REIT

Annual Report 2007
The Link Real Estate Investment Trust
163
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
76. Wan Tsui Commercial Complex
Hong Kong East 7,508.2 359 10.03M 7.55% 176.6M 9.25% 173.7M 175.2M 5.72% 9.13%
Brief Description:
The property comprises a 5-storey retail building, another single storey with basement level
retail building (Market Building), a single storey carpark building adjacent to Hei Tsui House and
a 2-storey carpark podium located within the residential blocks of Chak Tsui House. The property
also includes various shop units located within the residential blocks of Yee Tsui House and Shing
Tsui House, as well as a government clinic under Lee Tsui House. The property was completed
in 1979. 359 car parking spaces are provided on the basement level of the Market Building, the
carpark building and the lower ground, second to lower ground of the carpark podium. The total
car parking spaces also include two “open” car parking areas located next to Chak Tsui House and
Wai Tsui House. Access to the carpark is via the Lin Shing 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.
77. Hoi Fu Shopping Centre
Kowloon West 3,302.3 225 12.35M 6.71% 185.7M 8.75% 185.7M 185.7M 6.65% 8.75%
Brief Description:
The property comprises a 2-storey retail building and a 2-storey carpark building. The property
was completed in 1999. 225 car parking spaces are provided within the carpark building of the
property. Access to the carpark is via the Hoi Ting Road entrance.
Title Details: The property comprises 9,413/204,120 shares within Kowloon Inland Lot No. 11141 held under
Government Lease for a term of 50 years commencing from 16 July 1999.
78. Mei Lam Commercial Centre
Shatin 7,976.0 375 13.15M 7.60% 193.1M 9.25% 182.2M 187.7M 7.01% 8.83%
Brief Description:
The property comprises a 3-storey retail building, an adjoining 4-storey carpark building with
a wet market on the groundfloor and various cooked food stalls. In addition, the property also
includes a shop unit located within the residential block of Mei Fung House. The property was
completed in 1981. 375 car parking spaces are provided from firstfloor to thirdfloor within the
carpark building. In addition, various “open” car parking spaces are located along the roads within
the estate. Access to the carpark is via the Mei Tin 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.
79. Wah Kwai Shopping Centre
Hong Kong
South 3,981.0 413 11.79M 7.38% 166.4M 9.00% 162.8M 164.6M 7.16% 8.84%
Brief Description: The property comprises a 2-storey with 2 basement levels retail building and various shop units
located within the residential blocks of Wah Oi House. It was completed in 1991. 413 car parking
spaces are arranged within the 2 basement levels of the property. Access to the carpark is via the
Tin Wan Praya Road entrance.
Title Details: The property comprises 15,518/23,148 shares within Section A of Aberdeen Inland Lot No. 443
and 681/144,409 shares within The Remaining Portion of Aberdeen Inland Lot No. 443 held under
Government Lease for a term of 50 years commencing from 8 April 1998.