Annual Report 2025 155 Notes to the Financial Statements 31 December 2025 5. Investment Properties Under Development Group Trust 2025 $’000 2024 $’000 2025 $’000 2024 $’000 At the beginning of the financial year 268,734 26,100 144,350 26,100 A cquisition of investment properties under development 94,608 11,967 – – Transfer (to) / from investment properties (Note 4) (97,515) 112,227 (97,515) – Capital expenditure incurred 190,648 108,231 117,577 104,515 Exchange differences 171 (819) – – Net change in fair value (Note 4) (40,041) 11,028 (16,812) 13,735 At the end of the financial year 416,605 268,734 147,600 144,350 As at 31 December 2025 and 31 December 2024, investment properties under development are as follows: Description of Property Location Group 2025 $’000 2024 $’000 27 IBP 27 International Business Park, Singapore 123,000 59,350 Logis Hub @ Clementi 2 Clementi Loop, Singapore 24,600 – Welwyn Garden City He rtfordshire Data Centre, Mundellst, Welwyn Garden City, UK 93,235 108,064 Summerville Logistics Center 178 & 179 Quality Drive, Summerville, South Carolina, US 69,343 16,320 Towcester La nd to the north of Bell Plantation, Watling Street, Towcester NN12 8EU, UK 85,111 – Mantonwood Sh erwood Drive, Manton Wood Distribution Park, Workshop, S80 3EG, UK 21,316 – 5 Toh Guan Road East 5 Toh Guan Road East, Singapore – 85,000 T otal investment properties under development 416,605 268,734 Trust Description of Property Location 2025 $’000 2024 $’000 27 IBP 27 International Business Park, Singapore 123,000 59,350 Logis Hub @ Clementi 2 Clementi Loop, Singapore 24,600 – 5 Toh Guan Road East 5 Toh Guan Road East, Singapore – 85,000 T otal investment properties under development 147,600 144,350 As at 31 December 2025, an investment property under development with an aggregate carrying amount of $69,343,000 (2024: $16,320,000) has been pledged as collateral for a certain term loan taken out and yet to be drawn by the Group. Information on the fair value assessment of investment properties under development is disclosed in Note 29(c).
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