140 CapitaLand Integrated Commercial Trust Notes to the financial statements Year ended 31 December 2024 6 SUBSIDIARIES Trust 2024 2023 $’000 $’000 Unquoted equity investments, at cost 9,164,641 8,023,140 Less: Allowance for impairment loss (368,561) (257,392) 8,796,080 7,765,748 Loans to subsidiaries – Interest-bearing 4,251,344 3,810,182 – Non-interest-bearing 471,903 471,903 4,723,247 4,282,085 Less: Allowance for impairment loss – (1,038) 4,723,247 4,281,047 13,519,327 12,046,795 During the financial year ended 31 December 2024, the Trust invested $1,095,215,000 into CapitaLand Retail Singapore Investments Pte. Ltd (“CRSI”) which holds 50.0% interest in Orchard Turn Holding Pte. Ltd. (“OTH”) and 50.0% interest in ION Orchard Link Pte. Ltd. (“IOL”). Loans to subsidiaries are unsecured and are not expected to be repaid in the next twelve months from the reporting date. The interest-bearing loans bear interest rates of 3.56% to 5.00% (2023: 1.59% to 5.00%) per annum. Interest rates are determined by the Trust from time to time. In 2024, allowance for impairment loss amounting to $131,300,000 (2023: $113,292,000) and a reversal of impairment loss amounting to $20,131,000 (2023: $11,261,000) were recognised in respect of the Trust’s investment in subsidiaries, taking into consideration the fair value of the underlying properties held by the subsidiaries. The recoverable amounts were assessed based on fair value less costs to sell estimated using the revalued net assets of the subsidiaries and categorised as Level 3 on the fair value hierarchy. The movements in the allowance for impairment loss in unquoted equity investments, at cost, are as follows: Trust 2024 2023 $’000 $’000 At the beginning of the year 257,392 155,361 Impairment loss recognised 131,300 113,292 Reversal of impairment loss (20,131) (11,261) At the end of the year 368,561 257,392 The movements in the allowance for impairment loss in loans to subsidiaries are as follows: Trust 2024 2023 $’000 $’000 At the beginning of the year 1,038 5,220 Reversal of impairment loss (1,038) (4,182) At the end of the year – 1,038
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