Percentage of
Description Acquisition
Term of
Lease
Latest
Valuation
Carrying Amount
Net Assets
of Property
Date
Tenure Lease Expiry
Location Valuation Date
2015
2014 2015 2014
$’000
$’000
$’000
% %
(Restated)
(Restated)
Total investment properties
7,867,930
7,867,930 6,922,966 156.94 142.80
Property held for sale
24,800 10,500 0.49
0.22
Other assets and liabilities (net)
(2,879,140) (2,084,866) (57.43)
(43.02)
Net assets
5,013,590 4,848,600 100.00 100.00
Investment properties comprise a diverse portfolio of industrial properties that are leased to customers. Most of the leases for multi-
tenant buildings contain an initial non-cancellable period ranging from one to three years. Subsequent renewals are negotiated with
the respective lessees.
Independent valuations for 105 (2014: 104) properties were undertaken by the following valuers on the dates stated below:
2015
2014
Valuers
Valuation date Valuation date
DTZ Debenham Tie Leung (SEA) Pte Ltd
31 March 2015 31 March 2014
CBRE Pte. Ltd.
31 March 2015 31 March 2014
Colliers International Consultancy & Valuation (Singapore) Pte Ltd
31 March 2015 31 March 2014
Cushman & Wakefield VHS Pte Ltd
31 March 2015 31 March 2014
Knight Frank Pte Ltd
31 March 2015 31 March 2014
Jones Lang LaSalle Property Consultants Pte Ltd
31 March 2015 31 March 2014
Cushman & Wakefield Valuation Advisory Services (HK) Ltd
31 March 2015 31 March 2014
These firms are independent valuers having appropriate professional qualifications and recent experience in the location and category
of the properties being valued. The valuations for these properties were based on the direct comparison method, capitalisation
approach and discounted cash flow analysis. As at 31 March 2015, the valuations adopted for investment properties and property held
for sale amounted to $7,754.2 million (2014: $6,923.0 million) and $24.8 million (2014: $10.5 million) respectively. The net increase
in valuation of $47.0 million (2014: $131.1 million) of the Group has been recognised in the Statement of Total Return.
The accompanying notes form an integral part of these financial statements.
I n v e s t m e n t P r o p e r t i e s P o r t f o l i o S t a t e m e n t
As at 31 March 2015
ASCENDAS REAL ESTATE INVESTMENT TRUST ANNUAL REPORT 2014/15
