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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 />
165<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 />
84. Po Tin Shopping Centre<br />
Tuen Mun 5,893.9 62 7.58M 6.24% 153.9M 8.75% 151.4M 152.7M 4.96% 8.64%<br />
Brief Description:<br />
<strong>The</strong> property comprises a 4-storey retail building which was completed in 2000. 62 car parking<br />
spaces are provided within the “open” car parking spaces located along the road within the<br />
estate. Access to the carpark is via the Hing Fu Street 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 />
85. Un Chau Shopping Centre<br />
Kowloon West 4,393.0 213 9.09M 6.78% 154.8M 8.75% 151.3M 153.1M 5.94% 8.58%<br />
Brief Description:<br />
<strong>The</strong> property comprises a 2-storey retail building, a 2-storey carpark building and a single storey<br />
carpark building. <strong>The</strong> property was completed in 1999. 213 car parking spaces are provided<br />
within the carpark buildings. Access to the carpark buildings is via the Hing Wah Street and Un<br />
Chau Street entrances.<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 />
86. Kwong Tin Shopping Centre<br />
Kowloon East 5,548.7 53 8.64M 7.07% 149.8M 9.00% 145.1M 147.5M 5.86% 8.77%<br />
Brief Description:<br />
<strong>The</strong> property comprises a 3-storey retail building. <strong>The</strong> property was completed in 1993. 53 carpark<br />
spaces are provided on thefirstfloor of the retail building. Access to the carpark is via the Pik Wan<br />
Road entrance.<br />
Title Details: <strong>The</strong> property comprises 12,957/162,870 within New Kowloon Inland Lot No. 6445 held under<br />
Government Lease for a term of 50 years commencing from 14 October 2005.<br />
87. Lei Cheng Uk Shopping Centre<br />
Kowloon West 7,294.0 461 9.73M 8.00% 141.9M 9.25% 145.3M 143.6M 6.77% 9.43%<br />
Brief Description:<br />
Title Details:<br />
<strong>The</strong> property comprises a 3-storey retail building and an adjoining 2-storey carpark building. <strong>The</strong><br />
property was completed in 1984. 461 car parking spaces are provided within three levels of the<br />
3-storey retail building and the adjoining 2-storey carpark building of the property. Access to the<br />
carpark is via the Fat Tseung Street entrance.<br />
<strong>The</strong> property comprises 21,862/264,258 shares within New Kowloon Inland Lot No. 6416 held<br />
under Government Lease for a term of 50 years commencing from 24 January 2002.
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