Annual Report 2012 - singapore land limited

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Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
19. PROPERTIES HELD FOR SALE (continued)
Properties held for sale accounted for using percentage of completion method can be analysed as follows:
The Group
2012 2011
$’000 $’000
Cost 329,606 520,134
Add: Development profi ts recognised on percentage of completion method - 83,849
Less: Progress billings - (318,388)
329,606 285,595
Progress billings relating to properties held for sale sold but accounted for using the completion of construction
method has been classifi ed as “monies received in advance” under current trade and other payables.
Borrowing costs of $2,847,000 (2011: $2,236,000), were capitalised during the fi nancial year. A capitalisation rate
of 1.0% to 1.7% (2011: 0.8% to 7.2%) per annum was used in 2012, representing the borrowing costs of the loans
used to fi nance the projects.
Details of the Group’s properties held for sale are as follows:
Percentage of
completion at
31.12.2012/ Site area/ Group’s
Expected year Gross floor effective
Property Title of completion area (sqm) interest %
The Excellency (Chengdu) Leasehold 100%/2012 7,566/77,000 100
The Trizon Freehold 100%/2012 18,153/38,122 100
Mon Jervois Leasehold Nil/2016 8,958/12,542 100
Development site at Farrer Drive Leasehold Nil/2016 6,268/10,030 100
Development site at Alexandra View Leasehold Nil/2017 6,501/31,857 100