ANNUAL REPORT 2014
79
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
For the financial year ended 31 December 2014
10. INVESTMENT PROPERTIES
(CONTINUED)
Reconciliation of fair value measurements categorised within Level 3:
Commercial
properties
Industrial
properties
$’000
$’000
2014
Beginning of financial year
107,800
67,300
Transfer to Level 3
37,635
–
Improvements
28
85
Fair value gains/(losses) recognised in profit or loss
2,972
(85)
End of financial year
148,435
67,300
2013
Beginning of financial year
99,700
67,300
Improvements
46
–
Fair value gains recognised in profit or loss
8,054
–
End of financial year
107,800
67,300
There were no changes in valuation techniques during the year.
The Group’s policy is to recognise transfers into and out of fair value hierarchy levels as of the date of the event or
change in circumstances that caused the transfer.
The details of the Group’s investment properties are as follows:
Investment properties
Description
Tenure of land
Independent
valuer
Valuation date
Haw Par Glass Tower
178 Clemenceau Avenue
Singapore 239926
9-storey office building on a land
area of 899 square metres. The
lettable area is 3,316 square
metres.
99-year lease
from 2 June
1970
DTZ
Debenham Tie
Leung (SEA)
Pte Ltd
31 December
2014
Haw Par Centre
180 Clemenceau Avenue
Singapore 239922
6-storey office building on a land
area of 2,464 square metres. The
lettable area is 10,251 square
metres.
99-year
lease from 1
September
1952
DTZ
Debenham Tie
Leung (SEA)
Pte Ltd
31 December
2014
Haw Par Technocentre
401 Commonwealth Drive
Singapore 149598
7-storey industrial building on a
land area of 8,131 square metres.
The lettable area is 15,700 square
metres.
99-year lease
from 1 March
1963
DTZ
Debenham Tie
Leung (SEA)
Pte Ltd
31 December
2014
Menara Haw Par
Lot 242, Jalan Sultan
Ismail, 50250
Kuala Lumpur
Malaysia
32-storey office building on a land
area of 2,636 square metres and a
parcel of commercial land of 1,294
square metres. The lettable area
of the building is 16,074 square
metres.
Freehold
DTZ Nawawi
Tie Leung
Property
Consultants
Sdn Bhd
31 December
2014
Westlands Centre
Units 1405-1407
Westlands Centre
20 Westlands Road
Quarry Bay
Hong Kong
3 units of office/industrial space
with a lettable area of 475 square
metres.
999-year lease DTZ
Debenham Tie
Leung Limited
31 December
2014
