Annual Report 2007 - The Link REIT

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186 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 176. Carpark within Fung Lai Court Kowloon North 0.0 134 0.52M 8.50% 9.2M 9.00% 10.3M 9.8M 5.26% 9.68% Brief Description: The property comprises a 3-storey carpark building which was completed in 1997. Apart from car parking spaces within the carpark building, “open” car parking spaces are also found at the western side of Fung Yan House. Access to the carpark is via the Fung Lai Road entrance. Title Details: The property comprises 1,512/33,911 shares within New Kowloon Inland Lot No. 6240 held under Government Lease for a term commencing from 7 June 1996 to 30 June 2047. 177. Carpark within Lower Wong Tai Sin (I) Estate Kowloon North 0.0 70 0.40M 8.50% 8.6M 9.00% 9.7M 9.2M 4.40% 9.78% Brief Description: The property comprises two “open” car parking areas which were completed in 1982. 70 car parking spaces are provided within the two car parking areas located next to Lung Wah House and Lung Chak House. Access to the carpark is via the Tai Shing Street entrance. Title Details: The property comprises 674/240,107 shares within New Kowloon Inland Lot No. 6373 held under Government Lease for a term of 50 years commencing from 8 February 2001. 178. Carpark within Chuk Yuen (North) Estate Kowloon North 0.0 61 0.36M 8.50% 7.8M 9.00% 8.7M 8.3M 4.31% 9.69% Brief Description: The property comprises two “open” car parking areas which were completed in 1987. 61 car parking spaces are provided within the two “open” car parking areas located next to Chung Yuen House and Yung Yuen House. Access to the carparks is via the Wing Chuk Street entrance. Title Details: The property comprises 687/364,071 shares within New Kowloon Inland Lot No. 6327 held under Government Lease for a term of 50 years commencing from 18 March 1999. 179. Carpark within Pang Ching Court Kowloon North 0.0 67 0.21M 8.50% 6.5M 9.00% 7.2M 6.9M 3.06% 9.66% Brief Description: The property comprises an “open” car parking area which was completed in 1991. 67 car parking spaces are provided at the “open” car parking area located next to Pang Ching Court. Access to the carpark is via the Chui Chuk Street entrance. Title Details: The property is within Section A of New Kowloon Inland Lot No. 6121 held under Government Lease for a term commencing from 21 September 1990 to 30 June 2047. 180. Retail and Carpark within Ko Yee Estate Kowloon East 45.0 38 0.06M 7.98% 4.4M 8.25% 4.9M 4.7M 1.34% 8.84% Brief Description: Title Details: The property comprises a single storey carpark building and two retail shop units. The property was completed in 1994. 38 car parking spaces are provided within the carpark building and various “open” car parking spaces located close to the entrance of the carpark building. Access to the carpark is via the Ko Chiu 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. TOTAL PORTFOLIO 1,015,278 79,485 39,744M 39,360M 39,557M 6.20% n/a
Annual Report 2007 The Link Real Estate Investment Trust 187 Valuation Report Valuation Analysis Our analysis of the key investment parameters is as follows: Retail Facilities • Retail value is HK$32.251 billion • Indicating HK$31,766 per square metre of IFA • Initial yield is 5.91% Car Parking Facilities • Carpark value is HK$7.306 billion • Indicating HK$91,917 per car parking space • Initial yield is 7.47% Total Portfolio • Total portfolio value is HK$39.557 billion • Initial yield is 6.20% Valuation Assessment Based on our comprehensive valuation reports, we are of the opinion that the aggregate Market Value of the unencumbered leasehold interest in the Properties, subject to all existing and proposed leases/tenancy agreements and occupancy arrangements, is: HK$39.557 billion (Hong Kong Dollars: Thirty Nine Billion Five Hundred and Fifty Seven Million) Refer to above schedule for individual property values. Disclaimer Messrs Kam-hung Yu, Danny Mohr, Sim Hwee Yan, and CB Richard Ellis have prepared this Valuation Summary letter which appears in this Annual Report and specifically disclaim liability to any person in the event of any omission from or false or misleading statement included in the Annual Report, other than in respect of the information provided within the aforementioned Reports and this Valuation Summary letter. Messrs Kam-hung Yu, Danny Mohr, Sim Hwee Yan and CB Richard Ellis do not make any warranty or representation as to the accuracy of the information in any other part of the Annual Reports other than as expressly made or given by CB Richard Ellis in this Valuation Summary letter. CB Richard Ellis has relied upon property data supplied by the LML and various independent consultants engaged by LML which we assume to be true and accurate. CB Richard Ellis takes no responsibility for inaccurate client supplied data and subsequent conclusions related to such data. CB Richard Ellis has no reason to believe that the information is not fair and reasonable, or that material facts have been withheld. However the inquiries of CB Richard Ellis are necessarily limited by the nature of its role and CB Richard Ellis does not warrant that its inquiries have identified or verified all of the matters which a full audit, extensive examination or due diligence investigation might disclose. For the purposes of our valuation assessment, we have assumed that this information is correct.
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Annual Report 2007 - The Link REIT

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