Annual Report 2007 - The Link REIT

Annual Report 2007
The Link Real Estate Investment Trust
177
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
133. Retail and Carpark within Tsui Wan Estate
Hong Kong East 1,262.0 182 2.37M 7.87% 35.9M 9.25% 36.4M 36.2M 6.56% 9.34%
Brief Description:
The property comprises a 3-storey retail/office building (Office Building), a single storey carpark
building, and various shop stalls (Tsui Wan Shopping Centre). The property was completed in
1993. 182 car parking spaces are provided within the carpark building and various “open” car
parking spaces are located along the roads within the estate. Access to the carpark is via the Tsui
Wan Street entrance.
Title Details: The property comprises 3,254/123,068 shares Chai Wan Inland Lot No. 166 held under
Government Lease for a term of 50 years commencing from 18 March 1999.
134. Carpark within Tsz Man Estate
Kowloon North 0.0 364 3.00M 8.50% 34.9M 9.00% 38.4M 36.7M 8.18% 9.68%
Brief Description:
The property comprises a 4-storey carpark building which was completed in 1994. 364 car parking
spaces are provided within the 4-storey carpark building. Access to the carpark is via the Tsz Wan
Shan 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.
135. Hing Man Commercial Centre
Hong Kong East 3,036.0 226 1.11M 7.89% 34.9M 9.00% 33.8M 34.4M 3.23% 8.79%
Brief Description: The property comprises a 6-storey retail/carpark building. The property was completed in 1982.
226 car parking spaces are provided on the lower ground third to lower groundfirstfloor of the
retail/carpark building. Access to carpark is via the Tai Tam 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.
136. Retail and Carpark within Lok Nga Court
Kowloon East 1,172.0 265 1.58M 8.03% 34.0M 9.25% 33.7M 33.9M 4.66% 9.17%
Brief Description: The property comprises a 5-storey carpark building which was completed in 1984. 265 car parking
spaces are provided on the lower ground second to secondfloor within the carpark building. The
total car parking spaces also include various “open” car parking spaces located at the western side
of Nga Ping Court. Access to the carpark is via the Chun Wah Road entrance.
Title Details: The property is within Section A of New Kowloon Inland Lot No. 5969 and comprises 1/28,952
shares within The Remaining Portion of New Kowloon Inland Lot No. 5969 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.