PORTFOLIO STATEMENT (CONTINUED)
As at 31 December 2014
The accompanying notes form an integral part of these financial statements.
Group (continued)
(1)
The valuation of Geo-Tele Centre excludes the present value of income support component of $0.4 million
(2013: $1.5 million).
(2)
The Trust has an option to renew the land lease term for a further term of 23 years upon expiry.
(3)
The Trust has an option to renew the land lease term for a further term of 30 years upon expiry.
(4)
The Trust has an option to renew the land lease term for a further term of 21 years and 4 months upon expiry.
(5)
The Trust has an option to renew the land lease term for a further term of 20 years and 15 days upon expiry.
(6)
The Trust has an option to renew the land lease term for a further term of 29 years upon expiry.
(7)
The Trust has an option to renew the land lease term for a further term of 31 years upon expiry.
(8)
The Trust has an option to renew the land lease term for a further term of 20 years upon expiry.
(9)
The Trust has an option to renew the land lease term for a further term of 18 years upon expiry.
(10)
The Trust has an option to renew the land lease term for a further term of 27 years upon expiry.
(11)
The valuation of 6 Woodlands Loop as at 31 December 2013 excludes the present value of income support component
of $0.3 million.
The carrying amounts of the investment properties as at 31 December 2014 were based on independent
valuations undertaken by DTZ Debenham Tie Leung (SEA) Pte Ltd or Cushman & Wakefield VHS Pte Ltd
(2013: Knight Frank Pte Ltd). Valuations are determined in accordance with the Trust Deed, which requires the
investment properties to be valued by independent registered valuers at least once a year, in accordance with
the Code on Collective Investment Schemes issued by the Monetary Authority of Singapore.
Investment properties comprise properties used for the purpose of high-tech industrial, chemical warehouse
and logistics, warehouse and logistics and general industrial use. Generally, the leases contain an initial
non-cancellable period of three to ten years. Subsequent renewals are negotiated with the lessee. With the
exception of 9 Tai Seng Drive, 151 Lorong Chuan, 8 Commonwealth Lane, 200 Pandan Loop, 123 Genting
Lane, 508 Chai Chee Lane and 2 Toh Tuck Link, which are leased on individual lease agreements, all other
investment properties are leased on master lease agreements.
SABANA REIT
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ANNUAL REPORT 2014
98
