Percentage of
Description Acquisition
Term of
Lease
Latest
Valuation
Carrying Amount
Net Assets
of Property
Date
Tenure Lease Expiry Location Valuation Date
2016
2015
2016
2015
$’000
$’000
$’000
%
%
Total Group’s
investment
properties
9,598,654
7,867,930
165.91
156.94
Property held for
sale
–
24,800
–
0.49
Other assets and
liabilities (net)
(3,813,333)
(2,879,140)
(65.91)
(57.43)
Net assets of the
Group
5,785,321
5,013,590
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 all 133 (2015: 105 out of 107) properties were undertaken by the following valuers on the dates
stated below:
2016
2015
Valuers
Valuation date
Valuation date
Savills Valuation and Professional Services (S) Pte Ltd
31 March 2016
–
CBRE Valuations Pty Limited
31 March 2016
–
CBRE Limited
31 March 2016
–
CBRE Pte. Ltd.
31 March 2016
31 March 2015
DTZ Debenham Tie Leung (SEA) Pte Ltd
Colliers International Consultancy & Valuation (Singapore) Pte Ltd
31 March 2016
31 March 2016
31 March 2015
31 March 2015
Cushman & Wakefield VHS Pte Ltd
31 March 2016
31 March 2015
Knight Frank Pte Ltd
31 March 2016
31 March 2015
Jones Lang LaSalle Property Consultants Pte Ltd
31 March 2016
31 March 2015
Cushman & Wakefield Valuation Advisory Services (HK) Ltd
–
31 March 2015
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 2016, the valuations adopted for investment properties
and property held for sale amounted to $9,598.7 million (2015: $7,754.2 million) and $Nil (2015: $24.8 million) respectively. The
net decrease in valuation of $2.3 million (2015: increase of $47.0 million) of the Group has been recognised in the Statement of
Total Return.
Investment Properties Portfolio Statement
As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
.140
A-REIT ANNUAL REPORT
2015/2016
