Annual Report 2025 163 Notes to the Financial Statements 31 December 2025 9. Investment in an Associate Company and Investment in A Joint Venture (continued) Investment in a joint venture Group 2025 $’000 2024 $’000 At the beginning of the financial year 142 102 Share of post-acquisition profit 542 547 Dividend received (414) (507) At the end of the financial year 270 142 Name of joint venture Principal place of business Effective equity held by the Group and the Trust 2025 % 2024 % Changi City Carpark Operations LLP Singapore 39.914 39.914 * Audited by Tan, Chan & Partners LLP and P G Wee Partnership LLP for the financial years ended 30 September 2024 and 30 September 2025 respectively. Changi City Carpark Operations LLP (“CCCO”) is an unlisted joint arrangement in which the Group has joint control via a partnership agreement. CCCO manages and operates the car park at ONE@Changi City. CCCO is structured as a separate vehicle and the Group has a residual interest in its net assets. Accordingly, the Group has classified its interest in CCCO as a joint venture, which is equity accounted. The following information is about the Group’s investment in a joint venture that is not material, and the information has been modified for fair value adjustments on acquisition and differences in the Group’s accounting polices: Group 2025 $’000 2024 $’000 Profit after tax, representing total comprehensive income 1,358 1,370
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