Annual Report 2007 - The Link REIT

170 The Link Real Estate Investment Trust Annual Report 2007
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
103. Tsz Ching Shopping Centre (I) & (II)
Kowloon North 1,679.0 882 10.14M 7.46% 140.0M 8.75% 146.2M 143.1M 7.08% 9.05%
Brief Description:
The property comprises a 3-storey retail/carpark building (Shopping Centre 1), a 3-storey retail/
carpark building with basement (Shopping Centre 2) and a stand-alone 5-storey carpark building.
The property was built in phases from 1996 to 2001. 882 car parking spaces are provided on the
basement secondfloor to basementfirstfloor within Shopping Centre 1, on the basementfirst
floor andfirstfloor to secondfloor within Shopping Centre 2, and on thefirstfloor to fourthfloor
of the carpark building. Access to the carpark is via the Tsz Wan Shan Road entrance.
Title Details: The property is within New Kowloon Inland Lot No. 6444 held under Government Lease for a
term of 50 years commencing from 28 February 2007.
104. Kam Ying Court Shopping Centre
Ma On Shan 3,444.5 492 8.19M 7.71% 107.6M 9.00% 105.7M 106.7M 7.67% 8.86%
Brief Description:
The property comprises a 3-storey retail building which was completed in 1991. 492 car parking
spaces are provided within the lower ground third floor and lower ground second floor and
various “open” car parking spaces on the groundfloor of the retail building. Access to the carpark
is via the Kam Ying Road entrance.
Title Details: The property comprises 17,433/22,627 shares within The Remaining Portion of Sha Tin Town Lot
No. 305 held under Government Lease for a term commencing from 16 May 1990 to 30 June
2047.
105. Wang Tau Hom (Wang Fai Centre)
Kowloon North 2,333.1 290 4.99M 8.08% 90.9M 9.25% 93.1M 92.0M 5.42% 9.42%
Brief Description:
The property comprises a 3-storey retail building, a single storey wet market building and a
5-storey carpark building. The property was completed in 1982. 290 car parking spaces are
provided within the carpark building. In addition, various “open” car parking spaces are located
in the areas outside Wang Hin House and Wang Kwong House. Access to the carpark is via the
Wang Tau Hom East 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.
106. Tsing Yi Commercial Complex
Tsing Yi 4,239.0 344 5.66M 7.66% 101.7M 9.25% 100.6M 101.2M 5.59% 9.17%
Brief Description:
Title Details:
The property comprises a 4-storey retail building including various cooked food stalls on the
firstfloor, a 4-storey carpark building (Carpark No. 1) with a retail shop on the groundfloor and a
3-storey carpark building (Carpark No. 2). The property was completed in 1986. 344 car parking
spaces are provided within Carpark No. 1 and Carpark No. 2 of the property. The total car parking
spaces also include various “open” car parking spaces located along the roads within the estate.
Access to the carparks is via the Tsing Luk Street entrance.
The property comprises 20,014/222,251 shares within Tsing Yi Town Lot No. 167 held under
Government Lease for a term of 50 years commencing from 8 February 2001.