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180 <strong>The</strong> <strong>Link</strong> Real Estate Investment Trust <strong>Annual</strong> <strong>Report</strong> <strong>2007</strong><br />
Valuation <strong>Report</strong><br />
No.<br />
Property Name<br />
District<br />
IFA<br />
(sqm)<br />
Car Park<br />
No.<br />
Net<br />
Passing Capitalisation DCF Analysis<br />
Income<br />
Value<br />
Value<br />
HK$pa Yield (HK$) Target IRR (HK$)<br />
ASSESSMENT<br />
as at 31 March 07<br />
Value<br />
(HK$)<br />
Initial<br />
Yield<br />
Analysis<br />
Indicated<br />
IRR<br />
147. Retail and Carpark within Yan Ming Court<br />
Tseung Kwan O 652.0 262 2.36M 8.33% 27.7M 9.25% 29.1M 28.4M 8.31% 9.59%<br />
Brief Description:<br />
<strong>The</strong> property comprises a 3-storey carpark building with retail shop units located on the ground<br />
floor. <strong>The</strong> property was completed in 1990. 262 car parking spaces are provided within the<br />
carpark building. Access to the carpark is via the Yan King Road entrance.<br />
Title Details: <strong>The</strong> property is within Section A of Junk Bay Town Lot No. 9 held under Government Lease for a<br />
term commencing from 22 January 1987 to 30 June 2047.<br />
148. Retail and Carpark within Hong Yat Court<br />
Kowloon East 654.0 355 2.74M 8.12% 32.4M 9.00% 34.5M 33.5M 8.18% 9.44%<br />
Brief Description:<br />
<strong>The</strong> property comprises a 7-storey carpark building with a kindergarten unit on the sixthfloor.<br />
<strong>The</strong> property was completed in 1993. 355 car parking spaces are provided on the ground tofi fth<br />
floor of the property. Access to the carpark is via the Tak Tin Street entrance.<br />
Title Details: <strong>The</strong> property comprises 4,582/99,200 within New Kowloon Inland Lot No. 6329 held under<br />
Government Lease for a term of 50 years commencing from 5 February 2001.<br />
149. Retail and Carpark within Ying Fuk Court<br />
Kowloon North 73.0 163 2.50M 8.02% 29.9M 9.25% 30.6M 30.3M 8.24% 9.41%<br />
Brief Description:<br />
<strong>The</strong> property comprises a 4-storey carpark building with a retail shop unit located on the ground<br />
floor. <strong>The</strong> property was completed in 2001. 163 car parking spaces are provided within the<br />
carpark building. Access to the carpark is via the Wing Chuk Street entrance.<br />
Title Details: <strong>The</strong> property is within <strong>The</strong> Remaining Portion of New Kowloon Inland Lot No. 6266 held under<br />
Government Lease for a term of 50 years commencing from 7 May 1999.<br />
150. Carpark within Tsui Ping South Estate<br />
Kowloon East 490.0 229 2.23M 8.50% 24.6M 9.00% 26.8M 25.7M 8.66% 9.63%<br />
Brief Description:<br />
Title Details:<br />
<strong>The</strong> property comprises a 3-storey carpark/ estate management office building which was<br />
completed in 1990. <strong>The</strong> property has a total internal floor area of 490 square metres. 229 car<br />
parking spaces are located on the ground to first floor within the property and an “open” car<br />
parking area is located at the northern side of Tsui Hon House. <strong>The</strong>re are 3 tennis courts about<br />
726 square metres at the rooftop of the carpark building. Access to the carpark is via the Tsui Ping<br />
Road entrance.<br />
This property is classified as a List 2 property where the Government Lease and Deed of Mutual<br />
Covenant is pending. We have assumed that the HKHA will assign to the <strong>Link</strong> <strong>REIT</strong> a proper legal<br />
title which is transferable, free from encumbrances, premiums, restrictions and outgoings of an<br />
onerous nature. <strong>The</strong> lease is assumed to be for a term of 50 years from the date of valuation.
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