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166 <strong>The</strong> <strong>Link</strong> Real Estate Investment Trust <strong>Annual</strong> <strong>Report</strong> <strong>2007</strong><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 />
88. Chun Shek Shopping Centre<br />
Shatin 5,750.2 583 6.59M 7.69% 139.7M 9.25% 138.2M 139.0M 4.74% 9.17%<br />
Brief Description:<br />
<strong>The</strong> property comprises a 4-storey retail building, an adjoining 4-storey carpark building (Carpark<br />
No. 1) with a wet market on the groundfloor, and a separate 2-storey carpark building (Carpark<br />
No. 2) located near Fung Shing Court. In addition, the property also includes various shop units<br />
located within Shek Jing House. <strong>The</strong> property was completed in 1984. 583 car parking spaces are<br />
provided from thefirstfloor to thirdfloor within the Carpark No. 1 and within the Carpark No. 2. In<br />
addition, various “open” car parking spaces are located along the roads within the estate. Access<br />
to the carpark is via the Fung Shek 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 />
89. Sui Wo Court Commercial Centre<br />
Shatin 5,911.6 980 11.19M 8.25% 142.5M 9.25% 142.8M 142.7M 7.84% 9.26%<br />
Brief Description:<br />
Title Details:<br />
<strong>The</strong> property comprises a 2-storey retail building, two 3-storey carpark buildings and another<br />
6-storey carpark building. <strong>The</strong> property was completed in 1980. 980 car parking spaces are<br />
provided within the three carpark buildings and various “open” car parking spaces on the roof<br />
level of the 2-storey retail building. Access to the carpark is via the Sui Wo Road entrance.<br />
<strong>The</strong> property comprises 26,994/32,808 shares within Section A of Sha Tin Town Lot No. 43 held<br />
under Government Lease for a term of 99 years commencing from 1 July 1898 and has been<br />
extended for a term of 50 years expiring on 30 June 2047 by the New Territories Leases (Extension)<br />
Ordinance.<br />
90. Tin Ping Shopping Centre<br />
Fanling/<br />
Sheung Shui 5,507.6 471 10.79M 7.76% 150.4M 9.25% 147.9M 149.2M 7.23% 9.12%<br />
Brief Description:<br />
Title Details:<br />
<strong>The</strong> property comprises a 5-storey retail building with basement, a cooked food stall and open<br />
car parks. In addition, the property also includes various shop units located within the residential<br />
block of Tin Ming House. <strong>The</strong> property was completed in 1989. 471 car parking spaces are<br />
provided on the lower groundfloor and on the third tofi fthfloor within the retail building. In<br />
addition, various “open” car parking spaces are located along the roads within the estate. Access<br />
to the carpark is via the Tin Ping Road entrance.<br />
<strong>The</strong> property comprises 23,852/353,579 shares within Fanling Sheung Shui Town Lot No. 208 held<br />
under Government Lease for a term of 50 years commencing from 10 February 2000.
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