Notes to the Financial Statements
31 December 2015
10.
Investment properties
The investment properties held by the Group as at 31 December 2015 are as follows:
The Group has no restrictions on the realisability of its investment properties and no contractual obligations to
purchase, construct or develop investment property or for repairs, maintenance or enhancements.
Valuation of investment properties
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been determined based on valuation performed in December 2015. The valuation was performed by Colliers
International Consultancy & Valuation (S) Pte Ltd, an independent valuer with a recognised and relevant
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The valuation is based on the Direct Comparison Method that makes reference to market evidence of transaction
prices for similar properties in the open market.
Group
2015
2014
S$’000
S$’000
Balance sheet:
At 1 January
4,350
8,650
Transfer from development property (Note 16)
1,800
ȫ
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(2,800)
(4,300)
At 31 December
3,350
4,350
Income statement:
Rental income from investment properties:
- Minimum lease payments
7,919
10,668
Direct operating expenses (including repairs and maintenance) arising from:
- Rental generating properties
(2,561)
(3,254)
Description and location
Existing use Tenure
Unexpired
lease term
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(99 years lease)
2ɝFH Leasehold 63 years
Light industry workshop, #60 Kaki Bukit Avenue 6, Singapore
(30 years lease)
Workshop Leasehold 27 years
ANNUAL REPORT 2015
65
