Notes to the financial statements
Year ended 31 March 2016
33 Determination of fair values (continued)
(vi)
Medium term notes
The fair values of the SGD-denominated medium term notes were obtained from market quotes.
The fair value of non-SGD-denominated medium term notes are calculated based on the present value of future
principal and interest cash flows, discounted at the market interest rate of instruments with similar maturity,
repricing and credit risk characteristics at the reporting date.
(vii)
Exchangeable Collateralised Securities
The fair value of the Exchangeable Collateralised Securities was obtained from market quotes.
(viii)
Collateral loan
The fair value of the collateral loan approximates the fair value of the Exchangeable Collateralised Securities,
which is used as a proxy for the purpose of determining the fair value of the collateral loan as the key features of
the two instruments are identical.
(ix)
Other financial assets and liabilities
The fair values of all other financial assets and liabilities are calculated based on the present value of future
principal, discounted at the market interest rate of the instruments at the reporting date.
Fair value hierarchy for investment properties and property held for sale
The fair value of investment properties of the Group and the Trust of $9,599 million (2015: $7,868 million) and
$8,143 million (2015: $7,559 million) as at 31 March 2016, respectively, and the fair value of the property held for
sale of the Group and the Trust of $24.8 million, as at 31 March 2015, have been classified as a Level 3 fair value
based on the inputs to the valuation techniques used.
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A-REIT ANNUAL REPORT
2015/2016
