84
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
18.
Property, plant and equipment
(continued)
Included in the Group’s property, plant and equipment are eight leasehold properties which are
carried at cost less accumulated depreciation. In fourth quarter of the prior financial year and
February 2014, the Group engaged independent professional valuers, to carry out valuation of the
Group’s eight properties. Set out below are the fair values of the eight properties:
Locations
Descriptions
Land Area Net book values Fair values
sqm
$’000
$’000
7 Tuas View Circuit
Singapore 637642
Office building, dormitory
& workshop
8,501
7,158
14,700
12 Kwong Min Road
Singapore 628714
Office building, dormitory
& workshop
4,623
3,123
7,300
6 Tech Park Crescent
Singapore 638126
Office building, dormitory
& workshop
1,718
1,841
5,700
42E Penjuru Road
Singapore 609161
Waterfront, office building
& workshop
19,266
20,890
33,000
42B Penjuru Road
Singapore 609163
Office building & workshop 16,200
20,182
28,000
107 Gul Circle
Singapore 629593
Office building & workshop 12,618
5,869
6,500
11 Tuas Basin Close
Singapore 638806
Waterfront, office building
& workshop
14,730
7,622
8,500
No.6 Xinghua Gangqu
Dadao, Changshu
Economic Development
Zone, Changshu,
Jiangshu, China 215513
Office building & workshop 34,433
8,118
8,313
Total
112,089
74,803
112,013
The basis of valuation to determine the fair values of the properties was based on the properties’
highest-and-best-use using the Direct Market Comparison Method. The fair values are presented
for information purposes only and are not recognised in the Group’s financial statements as at 31
December 2014.
The fair values above are within level 3 of the fair value measurement hierarchy (Note 28(e)).
