Annual Report 2012 - singapore land limited

Singapore Land Limited - Annual Report 2012
75
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
16. INVESTMENT PROPERTIES (continued)
Marina Square Retail Mall and Marina Bayfront are components of an integrated commercial complex known as
Marina Square.
Investment properties are carried at fair values at the statement of fi nancial position date as determined by
independent professional valuers. Valuations are made based on the properties’ highest-and-best use using various
valuation methods such as Direct Market Comparison Method and Income Method. In determining the fair value,
the valuers have used valuation techniques which involve certain estimates. Key assumptions used in determining
the fair value of the investment properties include capitalisation rates and estimated rental rates.
Investment properties are leased to non-related parties under operating leases (note 27(c)).
17. PROPERTY, PLANT AND EQUIPMENT
Furniture,
Leasehold
fittings
land and Plant and and office Motor Renovations
building machinery equipment vehicles in progress Total
$’000 $’000 $’000 $’000 $’000 $’000
The Group
2012
Cost
Beginning of fi nancial year 355,031 10,897 56,836 201 2,462 425,427
Additions - 1,352 943 3 89,958 92,256
Transfer in/(out) - 12,094 80,080 - (92,174) -
Disposals (289) (52) (16,939) - - (17,280)
End of fi nancial year 354,742 24,291 120,920 204 246 500,403
Accumulated depreciation
Beginning of fi nancial year 23,283 2,686 30,305 195 - 56,469
Depreciation charge 4,896 897 10,872 9 - 16,674
Disposals (21) - (16,853) - - (16,874)
End of fi nancial year 28,158 3,583 24,324 204 - 56,269
Net book value
End of financial year 326,584 20,708 96,596 - 246 444,134