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14. Investment PropertiesGroupLand and BuildingsLongFreehold Lease Total$’000 $’000 $’000ValuationAt 1 January 2006 406,137 1,249,233 1,655,370Revaluation deficit (4,311) (89,056) (93,367)Reclassified (to)/from properties held for sale (11,000) 53,681 42,681Impairment in value (2,100) - (2,100)Improvements to buildings - 22,692 22,692Sale to K-REIT Asia (353,500) (277,200) (630,700)Disposals (1,300) - (1,300)Subsidiary acquired - 220,000 220,000Exchange differences arising on consolidation 608 (14,162) (13,554)At 31 December 2006 34,534 1,165,188 1,199,722The Group’s investment properties (including integral plant and machinery) are stated at Directors’ valuation based on thefollowing valuations (open market value basis) by independent firms of professional valuers as at 31 December 2006:(a)(b)(c)(d)Colliers International Consultancy & Valuation (Singapore) Pte Ltd and DTZ Debenham Tie Leung (SEA) Pte Ltd forproperties in Singapore;Associated Properties Consultants for properties in Vietnam;PT. Wilson Properti Advisindo for a property in Indonesia;Agency for Real Estate Affairs for a property in Thailand.Based on these valuations, the Group’s share of net revaluation deficit amounted to $83,024,000 (2005 : surplus of$6,034,000) and was taken directly to capital reserves.Properties amounting to $279,000,000 (2005 : $13,100,000) in value and included in the above balances were mortgagedto banks as securities for borrowings referred to in Notes 12 and 25.Notes to the financial statementsKeppel Land LimitedReport to Shareholders 2006203