137 Annual Report 2024 5 INVESTMENT PROPERTIES Group Trust 2024 2023 2024 2023 $’000 $’000 $’000 $’000 At 1 January 24,024,909 23,744,817 8,165,542 7,902,400 Capital expenditure 170,888 117,290 36,283 67,732 Net change in fair value of investment properties 153,127 113,561 108,528 195,410 Effect of lease incentive and marketing fee amortisation 56,962 26,505 13,206 – Disposal of investment property (648,310) – – – Translation difference (55,271) 22,736 – – At 31 December 23,702,305 24,024,909 8,323,559 8,165,542 Security As at 31 December 2024, the Group’s investment properties with a total carrying amount of $1,977.8 million (2023: $1,953.4 million) were pledged as security to banks to secure bank facilities (refer to Note 15). As at 31 December 2024 and 2023, all investment properties held by the Trust are unencumbered. Fair value hierarchy The fair value of investment properties was determined by external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the properties being valued. External valuation of the investment properties is conducted at least once a year. The fair value measurement for investment properties for the Group and Trust have been categorised as Level 3 fair values based on the inputs to the valuation techniques used. Group Trust 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Fair value of investment properties (based on valuation reports) 23,675,018 23,999,040 8,319,000 8,161,000 Add: Right-of-use asset classified within investment properties 159 346 159 346 Add: Carrying amount of lease liabilities 27,128 25,523 4,400 4,196 Carrying amount of investment properties 23,702,305 24,024,909 8,323,559 8,165,542
RkJQdWJsaXNoZXIy NTkwNzg=