Page 77 - Forterra

75
NOTES TO THE
FINANCIAL STATEMENTS
4 INVESTMENT PROPERTIES
Group
2012 2011
$’000 $’000
At 1 January 2,668,647 1,874,161
Acquisition of subsidiaries (Note 6) – 276,045
Additions 48,455 55,812
Changes in fair value 70,381 312,461
Reclassification to assets held for sale (419,702) –
Exchange translation (131,125) 150,168
At 31 December 2,236,656 2,668,647
Investment properties with an aggregate carrying value of S$1,972.0 million (2011: S$2,398.3 million)
as at 31 December 2012 are pledged as security for banking facilities granted to the subsidiaries
(see Note 11).
Included in the costs capitalised above are capitalised borrowing costs related to the construction
of the investment properties of approximately S$5,655,000 (2011: S$1,511,000).
The investment properties are stated at their fair values based on valuations undertaken by an
independent international valuation firm, CBRE HK Ltd, on 31 December 2012. The fair value of the
investment properties were disclosed in an announcement of the Trust dated 28 January 2013.
Description
of property Type
Remaining
lease term Location
2012
valuation
2011
valuation
$’000 $’000
The HQ Existing Office/Retail 31 years No. 100, Zun Yi
Road, Changning
District, Shanghai
1,209,576 1,244,018
The HQ Extension Office/Retail 41 years No. 100, Zun Yi
Road, Changning
District, Shanghai
331,633 290,017
Central Park Mall
(formerly known as
Central Avenue Mall),
Qingdao
Office/Retail 36 years Central Park Mall,
Qinlin Road, Laoshan
District, Qingdao
395,251 405,507
Huai Hai Mall Office/Retail 30 years No. 158, Middle Huai
Hai Road, Shanghai
158,752 160,685
Central Plaza* Office/Retail 31 years No. 227, Huangpi
Road North,
Huangpu District,
Shanghai
– 368,564
Forterra House
(formerly known
as “The Treasury
Building”)
Office/Retail 42 years No. 1568, Huashan
Road, Changning
District, Shanghai
141,444 145,194
Beijing Logistics Park* Office/Logistics 44 years Shunyi District,
Beijing
– 54,662
2,236,656 2,668,647