10. Investment properties (cont’d)
Valuation of investment properties (cont’d)
The significant assumptions made relating to the valuation of the workers’ dormitory is set out below:
11. Investments in subsidiary companies
Details of subsidiary companies as at 31 December 2014 and 2013 are as follows:
* Audited by Ernst & Young LLP, Singapore
#Not required to be audited as it was incorporated less than six months from financial year end
NOTES TO THE FINANCIAL STATEMENTS
31 December 2014
2014
2013
Discount rate
–
15%
Occupancy rate
60% 70% to 90%
Rental rate
market rate market rate
Company
2014
2013
S$’000
S$’000
Shares, at cost
37,814
36,814
Name of subsidiary company
Country of
incorporation
and place of
business
Principal activities
Proportion (%)
of ownership interest
2014
2013
Hock Lian Seng Infrastructure Pte Ltd*
Singapore Provision of civil engineering works
and rental of workers’ dormitory
100
100
Hock Lian Seng Properties Pte Ltd *
Singapore Rental of property, property
development and property related
activities
100
100
HLS Development Pte Ltd *
Singapore Property development and property
related activities
100
100
First Shine Properties Pte Ltd *
Singapore Investment holding and property
related activities
100
100
First Shine Management Services Pte
Ltd *
Singapore Lodging and accommodation related
activities
100
100
Beacon Properties Pte Ltd
#
Singapore Property development and property
related activities
100
–
Hock Lian Seng Holdings Limited
Annual report 2014
72
