NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 5 INVESTMENT PROPERTIES (continued) Significant unobservable inputs (continued) Valuation technique Significant unobservable inputs Inter-relationship between key unobservable inputs and fair value measurement Discounted cash flow method Discount rate Group Singapore Retail 2023: 7.00% to 7.75% (2022: 7.00% to 8.00%) Integrated Developments 2023: 6.75% to 7.25% (2022: 6.75% to 7.25%) Office 2023: 6.50% to 6.75% (2022: 6.50% to 6.75%) Germany Office 2023: 5.10% to 7.25% (2022: 6.25% to 6.50%) Australia Integrated Developments 2023: 6.50% to 7.25% (2022: 6.00% to 6.50%) Office 2023: 6.75% to 6.88% (2022: 6.13% to 6.25%) The estimated fair value would increase/(decrease) if the discount rates were lower/(higher). Terminal yield rate Group Singapore Retail 2023: 4.60% to 7.25% (2022: 4.60% to 7.25%) Integrated Developments 2023: 3.80% to 5.10% (2022: 3.80% to 5.10%) Office 2023: 3.45% to 4.00% (2022: 3.45% to 4.00%) Germany Office 2023: 4.60% to 5.75% (2022: 3.15% to 3.85%) Australia Integrated Developments 2023: 5.75% to 6.75% (2022: 5.38% to 6.00%) Office 2023: 6.25% to 6.50% (2022: 5.63% to 5.75%) The estimated fair value would increase/(decrease) if the terminal yield rates were lower/(higher). 210 CAPITALAND INTEGRATED COMMERCIAL TRUST
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