notes to the financial statements - Far East Orchard Limited

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NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2008 22. Property, plant and equipment (continued) (e) The freehold and leasehold land and buildings of the Group comprise: 62 Location Description and existing use Tenure Singapore 1 Tanglin Road Hotel operation Freehold/99 year leasehold with effect from April 1965 180 Albert Street Hotel operation 99 year leasehold with effect from September 1990 20 Havelock Road Serviced apartments 99 year leasehold with effect from and serviced offices February 1995 (f) Valuation The freehold and leasehold land and buildings are carried at fair values at the balance sheet date as determined by independent professional valuers on an open market value basis. The revaluation surplus of the Group and the Company for the financial year ended 31 December 2008 of $62,206,000 (2007: $151,724,000) and $46,742,000 (2007: $86,548,000) respectively were credited directly to asset revaluation reserve of the Group and the Company [Note 29(b)(i)]. 23. Trade payables The Group The Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Trade payables to: - non-related parties 7,189 6,771 1,214 1,425 - related parties [Note 35(a)] 1,826 634 679 235 24. Other current payables 9,015 7,405 1,893 1,660 The Group The Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Other creditors 2,076 1,481 1,354 - Interest payable 3,702 4,213 3,303 4,087 Accrual for operating expenses 5,113 4,934 3,120 3,976 Deferred revenue 292 216 - - Rental deposits 1,134 1,000 450 273 12,317 11,844 8,227 8,336 ANNUAL REPORT 2008 ORCHARD PARADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2008 25. Borrowings (a) The Group The Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Current Loans from banks/financial institutions* 64,375 16,194 25,000 11,000 Medium Term Notes* 108,415 186,822 108,415 186,822 172,790 203,016 133,415 197,822 Non-current Loans from banks/financial institutions* 106,228 93,704 - - Bonds and Notes* 194,971 194,799 194,971 194,799 301,199 288,503 194,971 194,799 Total borrowings 473,989 491,519 328,386 392,621 * Net of transaction costs. (b) Secured liabilities The Group The Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Included in borrowings are the following secured liabilities: Loans from banks/financial institutions* 170,603 109,898 25,000 11,000 Medium Term Notes* 108,415 186,822 108,415 186,822 Bonds and Notes* 194,971 194,799 194,971 194,799 * Net of transaction costs. The securities for borrowings are as follows: Loans from banks/financial institutions These facilities of the Group and the Company are secured by: 473,989 491,519 328,386 392,621 (i) a first legal mortgage over the Group’s development properties, investment properties, freehold and leasehold land and buildings (Notes 14, 21 and 22); ORCHARD PARADE HOLDINGS LIMITED ANNUAL REPORT 2008 63
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Orchard Parade Holdings Limited Ann
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Corporate Information BOARD OF DIRE
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The Group sold 12 units of The Flor
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Profile of the Board of Directors &
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Organisation Chart as at 27 March 2
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Corporate Governance Statement as a
Page 13 and 14: Corporate Governance Statement as a
Page 21 and 22: DIRECTORS’ REPORT For the financi
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Page 91 and 92: NOTICE OF ANNUAL GENERAL MEETING No
Page 93 and 94: ORCHARD PARADE HOLDINGS LIMITED (Re
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notes to the financial statements - Far East Orchard Limited

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