Annual Report 2007 - The Link REIT

Annual Report 2007
The Link Real Estate Investment Trust
169
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
99. Ka Fuk Shopping Centre
Fanling/
Sheung Shui 5,281.5 312 9.68M 7.86% 137.4M 9.25% 135.4M 136.4M 7.09% 9.15%
Brief Description:
The property comprises a 5-storey retail/carpark building and a 2-storey retail building linked
by a footbridge on thefirstfloor. The property was completed in 1995. 312 car parking spaces
are provided on the second to fourthfloor of the retail/carpark building and various “open” car
parking spaces located along the roads within the estate. Access to the carpark is via Chi Ka Lane
extended from Chi Fuk Circuit.
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..
100. Wah Sum Shopping Centre
Fanling/
Sheung Shui 2,480.0 356 9.95M 7.59% 127.7M 9.00% 126.8M 127.3M 7.82% 8.95%
Brief Description:
The property comprises a 2-storey retail building and an adjoining 4-storey carpark building. The
property was completed in 1995. 356 car parking spaces are provided within the carpark building
and various “open” car parking spaces located along the roads within the estate. Access to the
carpark is via the Yat Ming 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.
101. Siu Lun Shopping Centre
Tuen Mun 2,985.0 463 8.55M 7.06% 112.6M 8.75% 113.9M 113.3M 7.55% 8.82%
Brief Description:
The property comprises a 2-storey retail building and two stand-alone 4-storey carpark buildings.
The property was completed in 1993. 463 car parking spaces are provided within the two carpark
buildings. Access to the carpark buildings is via the Siu Hing Lane entrance.
Title Details: The property is within Sections A, B and C of Tuen Mun Town Lot No. 357 held under Government
Lease for a term commencing from 6 September 1991 to 30 June 2047.
102. Yiu Tung Shopping Centre
Hong Kong East 6,200.0 685 6.90M 7.68% 120.6M 9.00% 115.5M 118.1M 5.84% 8.68%
Brief Description:
Title Details:
The property comprises a 3-storey retail building, a 2-storey carpark building (Carpark No. 1) and
an 8-storey carpark building (Carpark No. 2). The property was completed in 1994. 685 car parking
spaces are provided within Carpark No. 1 and the ground to sixthfloor of Carpark No. 2. Access to
the carparks is via the Yiu Hing Road entrance.
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.