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
5 Investment property under development
Group and Trust
Note 2015
2014
$’000
$’000
(Restated)
At 1 April
– 151,916
Costs incurred during the financial year
–
29,397
Transfer to investment properties
4
– (181,313)
At 31 March
–
–
6 Investment in debt securities
Investment in debt securities as at 31 March 2014 related to an investment in convertible bonds (the “CB”) due in June
2015 issued by PLC 8 Development Pte. Ltd. (the “Issuer”). The Issuer was the developer of an integrated industrial mixed
use property on a 60-year leasehold land parcel at Kallang Avenue, Singapore (the “Property”).
The CB carried a coupon rate of 2.00% per annum and were secured on the assets of the Issuer but ranked after the security
given by the Issuer to secure bank financing for the development of the Property. A conversion option was granted to
the Trust to convert the CB to shares in the Issuer at a conversion price of $1.00 at any time upon issuance of Temporary
Occupation Permit (“TOP”) of the Property. The CB were accounted for as financial assets designated at fair value through
profit or loss. The TOP of the Property was obtained in June 2014 and the CB were fully redeemed in September 2014.
ASCENDAS REAL ESTATE INVESTMENT TRUST ANNUAL REPORT 2014/15
