Annual Report 2007 - The Link REIT

172 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
111. Yin Lai Court Shopping Centre
Tsuen Wan/
Kwai Chung 1,513.1 150 5.37M 6.66% 84.2M 8.75% 74.8M 79.5M 6.76% 7.94%
Brief Description:
The property comprises a 4-storey retail/carpark building which was completed in 1991. 150 car
parking spaces are provided on the lower ground thirdfloor to lower groundfirstfloor within the
retail/carpark building. Access to the carpark is via the Lai King Hill Road entrance.
Title Details: The property is within Section A of Kwai Chung Town No. 389 held under Government Lease for
a term commencing from 21 September 1990 to 30 June 2047. Encumbrances noted on the title
include · Management Undertaking re KCTL 389 via Memorial No. TW695886 dated 21 September
1990 and Deed of Release via Memorial No. TW1454034 dated 5 February 2002.
112. Kin Sang Shopping Centre
Tuen Mun 3,609.0 273 5.12M 7.89% 78.2M 9.25% 76.8M 77.5M 6.61% 9.12%
Brief Description: The property comprises a 3-storey retail building, an adjoining 3-storey carpark building, and
associated areas. The property was completed in 1990. 273 car parking spaces are provided on
the groundfloor to roof level within the carpark building. Access to the carpark is via the Leung
Wan Street entrance.
Title Details: The property comprises 14,100/28,621 shares within Section A of Tuen Mun Town Lot No. 441
held under Government Lease for a term of 50 years commencing from 8 April 1998.
113. Hing Tin Commercial Centre
Kowloon East 2,732.4 387 5.04M 8.08% 75.8M 9.25% 76.8M 76.3M 6.60% 9.34%
Brief Description:
The property comprises a 2-storey retail building, a 4-storey carpark building (Carpark No. 1), a
2-storey carpark building (Carpark No. 2) and various cooked food stalls. In addition, the property
also includes various shop units located within the residential blocks of Mei Tin House and Yan
Tin House. The property was completed in 1988. 387 car parking spaces are provided within the
carpark buildings. Access to the carparks is via the Lin Tak Road entrance.
Title Details: The property comprises 15,570 /149,828 within New Kowloon Inland Lot No. 6377 held under
Government Lease for a term of 50 years commencing from 8 February 2001.
114. Tin Wan Shopping Centre
Hong Kong
South 3,296.0 417 4.90M 7.68% 79.7M 9.00% 80.4M 80.1M 6.11% 9.05%
Brief Description:
Title Details:
The property comprises a 5-storey retail building, an adjoining 5-storey carpark building and the
ground floor of the Housing for Senior Citizens. The property was completed in 1997. 417 car
parking spaces are provided on thefirst to fourthfloor of the carpark building and the ground
floor of the Housing for Senior Citizens. Access to the carpark is via the Tin Wan Street 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.