12. Investment in a joint operation
The Group has 50% (2013: 50%) interest in an unincorporated jointly controlled entity, GS Engineering & Construction – Hock
Lian Seng Infrastructure Joint Venture that is held through a subsidiary. The joint arrangement is classified as a joint operation
and the Group recognised, in relation to its interest in the joint operation, its share of the assets, liabilities, revenues and expenses
held or incurred jointly. The details of the joint operation as at 31 December 2014 and 2013 are as follows:
* Audited by Ernst & Young LLP, Singapore
13. Investment in joint ventures
The Group’s investment in joint ventures is summarised below:
The Group has 50% (2013: 50%) interest in the ownership and voting rights in the joint ventures, HLE Management Pte Ltd
and Bukit Timah Green Development Pte Ltd. The Group jointly controls the ventures with other partners under contractual
agreements which require unanimous consent for all major decisions over the relevant activities. The details of the joint ventures
as at 31 December are as follows:
* Audited by Ernst & Young LLP, Singapore
NOTES TO THE FINANCIAL STATEMENTS
31 December 2014
Name of partnership
Country of
incorporation
and place of
business
Principal activities
Proportion (%)
of ownership interest
2014
2013
GS Engineering & Construction – Hock
Lian Seng Infrastructure Joint Venture*
Singapore Provision of civil engineering and
infrastructure works
50
50
Group
2014
2013
(Restated)
S$’000
S$’000
HLE Management Pte Ltd
30
107
Bukit Timah Green Development Pte Ltd
-
-
30
70
Name of company
Country of
incorporation
and place of
business
Principal activities
Proportion (%)
of ownership interest
2014
2013
HLE Management Pte Ltd *
Singapore Management and operation of student
hostel
50.01
50.01
Bukit Timah Green Development Pte Ltd *
Singapore Property development and property
related activities
50
50
Hock Lian Seng Holdings Limited
Annual report 2014
73
