N o t e s t o t h e f i n a n c i a l s t a t e m e n t s
Year ended 31 March 2015
3 Significant accounting policies (continued)
(r)
New standards and interpretations
A number of new standards, amendments to standards and interpretations that have been issued as of the reporting
date but are not yet effective for the financial year ended 31 March 2015 have not been applied in preparing these
financial statements. None of these are expected to have a significant effect on the financial statements of the Group
and the Trust. The Group does not plan to adopt these standards early.
4 Investment properties
Group
Trust
Note 2015
2014
2015
2014
$’000
$’000
$’000
$’000
(Restated)
At 1 April
6,922,966 6,447,054 6,651,419 6,378,190
Acquisition of investment properties
308,190
– 801,190
–
Acquisition of a subsidiary
459,888 123,611
–
–
Transfer from investment property under development
5
– 181,313
– 181,313
Transfer to property held for sale
(24,800)
(10,500)
(24,800)
(10,500)
Capital expenditure incurred
130,967 102,933 128,260 101,244
Transfer from plant and equipment
39
–
–
–
Disposals
–
(57,100)
–
(57,100)
Effects of movement in exchange rates
23,648
4,542
–
–
7,820,898 6,791,853 7,556,069 6,593,147
Net appreciation on revaluation (unrealised) recognised
in the Statement of Total Return
47,032 131,113
2,711
58,272
At 31 March
7,867,930 6,922,966 7,558,780 6,651,419
Investment properties are stated at fair value based on valuations performed by independent professional valuers as at
31 March 2015 except for The Kendall, which was acquired on 30 March 2015 and was recorded at the costs incurred
upon acquisition.
In the current financial year, 26 Senoko Way was transferred from investment properties to property held for sale, following
the proposed divestment of the property. The carrying value of the property was $24.8 million as at 31 March 2015. The
divestment was completed in April 2015 (Note 35).
In the previous financial year, Nexus @one-north was transferred from investment property under development to investment
properties, upon completion of the development. In addition, 1 Kallang Place was transferred from investment properties
to property held for sale, following the proposed divestment of the property. The divestment was completed in May 2014.
There was no cumulative income or expense recognised in the Statement of Total Return relating to the property held for
sale for both years.
As at the reporting date, investment properties with an aggregate carrying amount of $1,093,240,000 (2014:
$2,613,870,000) have been pledged as collateral for the Exchangeable Collaterised Securities and certain term notes issued
by the Group (Note 16 and 17).
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