145 Annual Report 2024 7 JOINT VENTURES Group Trust 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Investment in joint ventures 1,271,190 187,931 61,274 61,274 Loans to joint ventures 160,650 160,650 136,350 136,350 1,431,840 348,581 197,624 197,624 As at 31 December 2024, the Group has provided $136.4 million (2023: $136.4 million) and $24.3 million (2023: $24.3 million) as unitholder’s loans to Glory Office Trust (“GOT”) and Glory SR Trust (“GSRT”) respectively. The loans are unsecured and are not expected to be repaid in the next twelve months from the reporting date. The loans bear interest rate of 4.5% (2023: 4.5%) per annum. Interest rates are determined by the Group and the Trust from time to time. Details of the joint ventures are as follows: Name of joint ventures Principal place of business/ Country of incorporation Ownership interest 2024 2023 % % Glory Office Trust1 Singapore 45.0 45.0 Glory SR Trust1,2 Singapore 45.0 45.0 One George Street LLP2,3 Singapore 50.0 50.0 Orchard Turn Holding Pte. Ltd.4,5 Singapore 50.0 – ION Orchard Link Pte. Ltd.4,5 Singapore 50.0 – Orchard Turn Retail Investment Pte. Ltd.4,5 Singapore 50.0 – Orchard Turn Developments Pte. Ltd4,5 Singapore 50.0 – 1 Audited by Deloitte & Touche LLP Singapore and KPMG LLP Singapore in 2024 and 2023 respectively. 2 Indirectly held through CCT. 3 On 1 November 2024, One George Street LLP was placed in members voluntary liquidation. 4 Audited by Deloitte & Touche LLP Singapore. 5 Indirectly held through CapitaLand Retail Singapore Investments Pte. Ltd.. Glory Office Trust and Glory SR Trust Glory Office Trust (“GOT”) and Glory SR Trust (“GSRT”) hold CapitaSpring. Orchard Turn Holding Pte. Ltd. and ION Orchard Link Pte. Ltd. Orchard Turn Holding Pte. Ltd. (“OTH”) holds Orchard Turn Retail Investment Pte. Ltd. (“OTRI”), which holds ION Orchard and Orchard Turn Developments Pte. Ltd. (“OTD”), which is the property manager (collectively referred to as “OTH Group”). ION Orchard Link Pte. Ltd. (“IOL”) holds ION Orchard Link.
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