Annual Report 2007 - The Link REIT

Annual Report 2007
The Link Real Estate Investment Trust
173
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
115. Retail and Carpark within Lok Wah (South) Estate
Kowloon East 1,523.5 226 2.77M 8.23% 75.4M 9.25% 75.4M 75.4M 3.67% 9.24%
Brief Description:
The property comprises a single storey market building, a 4-storey carpark building, various
cooked food stalls and various shop units located on the groundfl oor of the residential block
of Chin Wah House. The property was completed in 1982. 226 car parking spaces are provided
on the ground to thirdfloors of the carpark building. Access to the carparks is via the Chun Wah
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.
116. Lai Kok Shopping Centre
Kowloon West 7,187.0 140 3.77M 7.93% 78.7M 9.25% 76.1M 77.4M 4.87% 9.01%
Brief Description:
The property comprises a 3-storey retail building, a 3 -storey carpark building and a single storey
wet market building. In addition, the property also includes various shop units located within
the residential blocks of Lai Huen House, Lai Lan House and Lai Mei House. The property was
completed in 1981. There is a combination of covered and open area parking spaces. Access to
the carparks is via the Tonkin Street 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.
117. Tin Ma Court Commercial Centre
Kowloon North 4,008 585 2.71M 7.91% 64.1M 9.25% 62.2M 63.2M 4.29% 9.04%
Brief Description:
The property comprises a 3-storey retail building and an adjoining 5-storey carpark building. The
property was completed in 1986. 585 car parking spaces are provided on the groundfloor of the
retail building and within the carpark building. Access to the carpark is via the Kam Chuk Lane
entrance.
Title Details: The property is within Section A of New Kowloon Inland Lot No. 5994 held under Government
Lease for a term of 99 years commencing from 1 July 1898 and has been extended for a term of
50 years expiring on 30 June 2047 by the New Territories Leases (Extension) Ordinance.
118. Retail and Carpark within Cheung On Estate
Tsing Yi 363.0 484 5.98M 8.19% 71.1M 9.25% 75.3M 73.2M 8.17% 9.68%
Brief Description: The property comprises a 4-storey carpark building (Phase 1), a 2-storey carpark building (Phase
2) and various shop units within On Tao House. The property was completed in 1988. 484 car
parking spaces are provided within the two carpark buildings. Access to the carpark is via Tam
Kon Shan Road and Tsing King Road for Phase 1 and Phase 2 respectively.
Title Details: The property is within Sections D & F of Tsing Yi Town Lot No. 160 and comprises 403/293,522
shares within The Remaining Portion of Tsing Yi Town Lot No. 160 held under Government Lease
for a term of 50 years commencing from 8 April 1998.