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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 />
167<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 />
91. On Yam Shopping Centre<br />
Tsuen Wan/<br />
Kwai Chung 3,794.0 347 8.81M 8.00% 132.8M 9.25% 132.0M 132.4M 6.66% 9.21%<br />
Brief Description:<br />
<strong>The</strong> property comprises a 7-storey retail building which was completed in 1994. 347 car parking<br />
spaces are provided on thefirstfloor to sixthfloor within the retail building. In addition, various<br />
“open” car parking spaces are located at the eastern side of Tak Yam House. Access to the carpark<br />
is via the On Chuk Street entrance.<br />
Title Details: <strong>The</strong> property comprises 17,323/369,270 shares within Kwai Chung Town Lot No. 497 held under<br />
Government Lease for a term of 50 years commencing from 14 October 2005.<br />
92. Hing Tung Shopping Centre<br />
Hong Kong East 4,511.0 420 9.31M 7.53% 161.4M 9.00% 164.4M 162.9M 5.72% 9.13%<br />
Brief Description:<br />
<strong>The</strong> property comprises a 6-storey retail and carpark building. <strong>The</strong> property was completed in<br />
1995. 420 car parking spaces are provided on the lower ground thirdfloor to lower groundfirst<br />
floor within the property and various “open” car parking spaces are located along the roads within<br />
the estate. Access to the carparks is via the Yiu Hing 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 />
93. Kwai Hing Shopping Centre<br />
Tsuen Wan/<br />
Kwai Chung 2,356.0 277 9.31M 7.49% 132.1M 9.00% 134.4M 133.3M 6.98% 9.12%<br />
Brief Description:<br />
<strong>The</strong> property comprises a 2-storey retail building and a 3-storey carpark building. <strong>The</strong> property<br />
was completed in 1991. 277 car parking spaces are provided within the carpark building. In<br />
addition, various “open” car parking spaces are located next to the carpark building within the<br />
estate. Access to the carpark is via the Kwai Chung Road entrance.<br />
Title Details: <strong>The</strong> property comprises 9,824/102,732 shares within Kwai Chung Town Lot No. 489 held under<br />
Government Lease for a term of 50 years commencing from 24 January 2002.<br />
94. Tin Tsz Shopping Centre<br />
Tin Shui Wai 3,608.0 289 10.51M 7.83% 137.0M 9.25% 136.5M 136.8M 7.68% 9.22%<br />
Brief Description:<br />
Title Details:<br />
<strong>The</strong> property comprises a 2 storey retail building, an adjacent 4-storey carpark building and<br />
various shop units located within the residential blocks of Tsz Ping House. It was completed in<br />
1997. 289 car parking spaces are provided within the carpark building and various “open” car<br />
parking spaces along the roads within the estate. Access to the carpark is via the Tin Hei Street<br />
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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