Annual Report 2007 - The Link REIT

Annual Report 2007
The Link Real Estate Investment Trust
183
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
161. Retail and Carpark within Tin Wah Estate
Tin Shui Wai 145.0 287 1.11M 7.86% 20.4M 8.75% 21.4M 20.9M 5.33% 9.05%
Brief Description:
The property comprises a retail shop on the groundfloor, and car parking spaces on the ground
to secondfloor of a 7-storey ancillary facilities building. It was completed in 1999. 287 car parking
spaces are provided from groundfloor to secondfloor of the 7-storey ancillary facilities building.
Access to the carpark is via the Tin Tan 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.
162. Carpark within Ning Fung Court
Tsuen Wan/
Kwai Chung 0.0 299 1.35M 8.50% 17.3M 9.00% 18.4M 17.9M 7.57% 9.40%
Brief Description:
The property comprises a 3-storey carpark podium which was completed in 2001. 299 car parking
spaces are provided within the building. Access to the carpark is via the Lei Muk Road entrance.
Title Details: The property comprises 3,072/78,707 shares within Kwai Chung Town Lot No. 477 held under
Government Lease for a term of 50 years commencing from 15 October 1999.
163. Carpark within San Wai Court
Tuen Mun 0.0 185 1.36M 8.50% 16.2M 9.00% 17.5M 16.9M 8.06% 9.47%
Brief Description:
The property comprises a 3-storey carpark building which was completed in 1990. 185 car
parking spaces are provided within this building. Access to the carpark is via an internal estate
road entrance at Tin King Road.
Title Details: The property is within Section A of Tuen Mun Town Lot No. 326 held under Government Lease
for a term commencing from 3 January 1989 to 30 June 2047.
164. Carpark within Ming Nga Court
Tai Po 0.0 345 1.27M 8.50% 17.9M 9.00% 16.3M 17.1M 7.41% 8.36%
Brief Description:
The property comprises a 2-storey with basement level carpark building which was completed in
1985. 345 car parking spaces are provided within the property. Access to the carpark is via the On
Po Lane entrance.
Title Details: The property is within Section A of Tai Po Town Lot No. 36 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.
165. Carpark within Upper Ngau Tau Kok Estate
Kowloon East 0.0 228 0.09M 8.50% 16.0M 9.00% 16.5M 16.3M 0.55% 9.17%
Brief Description:
Title Details:
The property comprises a 3-storey carpark building which was completed in 2002. 228 car parking
spaces are provided within the carpark building and various “open” car parking spaces located
along the estate rood. Access to the carpark for lorries is via the On Tak Road entrance, while
access for motorcycles and private cars is via the On Shin Road 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.