Notes to the Financial Statements
31 December 2015
15.
Contract work-in-progress/(progress billings in excess of work-in-progress)
16.
Development properties
'XULQJ WKH ȴQDQFLDO \HDU ERUURZLQJ FRVWV RI 6
6
DULVLQJ IURP ERUURZLQJV REWDLQHG
VSHFLȴFDOO\ IRU WKH GHYHORSPHQW SURSHUWLHV ZHUH FDSLWDOLVHG XQGHU Ȋ'HYHORSPHQW FRVWVȋ IRU SURSHUWLHV XQGHU
construction. The rates used to determine the amount of borrowing costs eligible for capitalisation range
IURP WR
WR
SHU DQQXP ZKLFK DUH WKH HHFWLYH LQWHUHVW UDWHV RI WKH VSHFLȴF
borrowings.
The cost of the properties under construction amounting to S$37,485,000 (2014: S$Nil) is expected to be
recovered more than twelve months after the reporting period.
Group
2015
2014
S$’000
S$’000
$JJUHJDWH DPRXQW RI FRVWV LQFXUUHG DQG UHFRJQLVHG SURȴWV WR GDWH
967,553 884,727
Less: Progress billings
(957,278)
(881,139)
10,275
3,588
Presented as:
Contract work-in-progress
12,103
6,696
Progress billings in excess of work-in-progress
(1,828)
(3,108)
10,275
3,588
Group
2015
2014
S$’000
S$’000
Completed properties, at cost
9,225
20,940
Properties under construction:
Leasehold land
31,136
25,276
Development costs
6,349
27,304
46,710
73,520
Group
2015
2014
S$’000
S$’000
At 1 January
73,520 157,874
Construction costs incurred
40,703
55,413
Interest capitalised
546
623
Transfer to completed investment property
(1,381)
–
Disposals (recognised in cost of sales)
(66,678)
(140,390)
At 31 December
46,710
73,520
HOCK LIAN SENG HOLDINGS LIMITED
70
