Annual Report 2007 - The Link REIT

Annual Report 2007
The Link Real Estate Investment Trust
171
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
107. Ming Tak Shopping Centre
Tseung Kwan O 3,619.6 383 6.81M 7.63% 108.7M 9.00% 107.6M 108.2M 6.29% 8.92%
Brief Description:
The property comprises a 2-storey retail building and a 4 -storey carpark building. The property
was completed in 1999. 383 car parking spaces are provided on the first to third floor of the
carpark building and various “open” car parking spaces located along the roads within the estate.
Access to the carpark is via the Pui Shing Lane 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.
108. Retail and Carpark within Tung Tau Estate
Kowloon North 3,587.1 493 4.23M 8.25% 83.2M 9.25% 84.6M 83.9M 5.04% 9.36%
Brief Description:
The property comprises a 2-storey with basement level retail building and a 3-storey carpark
building. In addition, the property also includes various shop units within the residential blocks
of Cheung Tung House, Hong Tung House, On Tung House, Yue Tung House and Wong Tung
House. The property was completed in 1982. 493 car parking spaces are provided on the
basementfirstfloor of the retail building and within the carpark building. In addition, the total car
parking spaces also include various “open” car parking spaces located next to Ying Tung House
and Yat Tung House. Access to the carpark is via the Tung Lung Road entrance.
Title Details: The property comprises 16,942/349,186 shares within New Kowloon Inland Lot No. 6413 held
under Government Lease for a term of 50 years commencing from 24 January 2002.
109. Ping Tin Shopping Centre
Kowloon East 2,032.0 406 7.52M 7.40% 99.1M 9.00% 96.5M 97.8M 7.68% 8.81%
Brief Description:
The property comprises a 3-storey retail building, a 4-storey carpark building, and 2-storey
carparking within an ancillary facilities building. The property was completed in 1997. 406 car
parking spaces are provided within the carpark building and on the ground tofirstfloor of the
ancillary facilities building. Access to the carpark is via the On Tin Street and Ping Tin Street
entrances.
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.
110. Retail and Carpark within Hong Pak Court
Kowloon East 1,668.4 549 5.41M 8.00% 81.3M 9.25% 84.2M 82.8M 6.53% 9.50%
Brief Description:
Title Details:
The property comprises a 7-storey carpark building with two kindergarten units located on the
sixth floor. The property was completed in 1993. 549 car parking spaces are provided on the
ground tofi fthfloors within the property. Access to the carpark is via the Pik Wan Road entrance.
The property is within Section A of New Kowloon Inland Lot No. 6095 held under Government
Lease for a term commencing from 25 September 1991 to 30 June 2047.