86
Cordlife Group Limited
Annual Report 2016
Notes to
The Financial Statements
for the financial year ended 30 June 2016
13. Investment properties
2016
$’000
Group
2015
$’000
Company
2016
2015
$’000
$’000
Statements of financial position:
At 1 July
3,795
4,830
3,795
4,830
Acquisition of subsidiary
5,577
–
–
–
Transfer to property, plant and equipment
(Note 12)
–
(600)
–
(600)
Disposal of investment property
–
(700)
–
(700)
Fair value (loss)/gain recognised in profit or loss
(220)
265
(205)
265
At 30 June
9,152
3,795
3,590
3,795
Consolidated statement of comprehensive
income:
Rental income from investment properties:
- Minimum lease payments
166
170
151
170
Direct operating expenses arising from:
- Rental generating properties
87
46
64
46
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 2016. The valuation are performed by Colliers International Consultancy & Valuation (Singapore)
Pte Ltd and VP Alliance (Malaysia) Sdn. Bhd., who are independent valuers with recognised and relevant
professional qualifications and with recent experiences 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 previous 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 $3,590,000 (2015: $3,795,000) are mortgaged to secure the Group’s and the
Company’s interest-bearing borrowings (Note 28).
