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Notes to the financial statements
5. Investment properties under development
Note 2010 2009
$’000 $’000
At 1 April 76,343 88,007
Costs incurred during the financial year 159,513 163,175
Transfer to investment properties 4 (231,947) (174,839)
3,909 76,343
Net appreciation/(depreciation) on revaluation - -
At 31 March 3,909 76,343
Investment properties under development are stated at fair value based on management’s internal valuation
on the investment properties under development at 31 March 2010 using the income and residual method of
valuation. The key assumptions used include market-corroborated capitalisation yield, prevailing market costs
of construction and cost of finance. As at 31 March 2010, based on internal valuation, the fair value of investment
properties under development approximated their carrying amount.
6. Plant and equipment
Furniture and
fixtures Equipment Total
$’000 $’000 $’000
Cost
At 1 April 2008 and 2009 2,852 5,795 8,647
Additions - - -
At 31 March 2009 and 2010 2,852 5,795 8,647
Accumulated depreciation
At 1 April 2008 1,160 1,374 2,534
Depreciation charge for the year 414 687 1,101
At 31 March 2009 1,574 2,061 3,635
At 1 April 2009 1,574 2,061 3,635
Depreciation charge for the year 414 687 1,101
At 31 March 2010 1,988 2,748 4,736
Carrying amount
At 1 April 2008 1,692 4,421 6,113
At 31 March 2009 1,278 3,734 5,012
At 31 March 2010 864 3,047 3,911
8th Annual Report FY09/10
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