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Notes to the financial statements19. Properties Held for SaleGroup2006 2005$’000 $’000(a)Properties under Development:Land cost 1,547,608 1,680,769Development cost incurred to-date 828,399 561,735Related overhead expenditure 410,583 445,126Development profit 168,519 159,787Progress billings received and receivable (1,372,056) (976,795)Provisions (306,730) (593,381)1,276,323 1,277,241Analysis of provisions:At 1 January (593,381) (658,332)Transfer to properties held for sale 14,786 13,006Provisions written back 41,888 13,171Provisions utilised 229,977 38,774At 31 December (306,730) (593,381)(b) Completed Properties Held for Sale 98,810 132,487Provisions (22,218) (30,217)76,592 102,270Analysis of provisions:At 1 January (30,217) (21,326)Transfer from properties under development (14,786) (13,006)Provisions written back 5,587 3,990Provision utilised 17,198 125At 31 December (22,218) (30,217)Total 1,352,915 1,379,511Interest capitalised during the year was $61,106,000 (2005 : $50,566,000) at rates ranging from 3% to 16%(2005 : 3% to 16%) per annum.Properties amounting to $195,983,000 (2005 : $291,285,000) in value and included in the above balances weremortgaged to banks as securities for borrowings referred to in Notes 12 and 25.20. StocksGroup2006 2005$’000 $’000Spare parts and consumable stores 3,437 3,644206 Notes to the financial statementsKeppel Land LimitedReport to Shareholders 2006