99
CORDLIFE GROUP LIMITED
| ANNUAL REPORT 2015
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2015
13.
INVESTMENT PROPERTIES
Group and Company
2015
2014
$’000
$’000
Statements of financial position:
At 1 July
4,830
5,330
Transfer to property, plant and equipment (Note 12)
(600)
(610)
Disposal of investment property
(700)
–
Fair value gain recognised in profit or loss
265
110
At 30 June
3,795
4,830
Consolidated statement of comprehensive income:
Rental income from investment properties:
– Minimum lease payments
170
109
Direct operating expenses arising from:
– Rental generating properties
46
40
The Group has no restrictions on the realisability of its investment properties and no contractual obligations
to purchase, construct or develop its investment properties or for repairs, maintenance or enhancements.
Investment properties are stated at fair value, which has been determined based on valuations performed as
at 30 June 2015. The valuation was performed by Colliers International Consultancy & Valuation (Singapore)
Pte Ltd, an independent valuer with a recognised and relevant professional qualification and with recent
experience in the location and category of the properties being valued. The valuations are based on
comparable market transactions that consider the sales of similar properties that have been transacted in
the open market.
During the year, the Group has disposed of one unit of investment property with a gain on disposal of $54,000
recognised in profit or loss.
Investment properties amounting to $3,795,000 (2014: $4,830,000) are mortgaged to secure the Group’s
interest-bearing borrowings (Note 26).
The investment properties held by the Group and the Company as at 30 June 2015 are as follows:
Description and Location
Existing Use
Tenure
Lease term
6 office units, A’Posh Bizhub
1 Yishun Industrial Street 1
Commercial
Leasehold
60 years
