199 Annual Report 2024 33 DIVESTMENT OF INVESTMENT PROPERTY On 12 November 2024, the Manager announced the divestment of 21 Collyer Quay to an unrelated third party which was completed on 11 November 2024. Accordingly, the Group recognised a net gain on divestment of investment property of $32.8 million. Net cash inflow on divestment of investment property Group 2024 $’000 Consideration received in cash 688,000 Less: Divestment-related payments (15,393) Net proceeds from divestment of investment property 672,607 34 COMMITMENTS Group Trust 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Capital commitments – contracted but not provided for 197,733 113,993 42,174 50,168 Operating lease rental receivable The Group leases out its investment properties. The Group has classified these leases as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets. Rental income from investment properties recognised by the Group in FY 2024 was $1,395,577,000 (2023: $1,377,716,000). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date. Group 2024 2023 $’000 $’000 Less than one year 1,315,601 1,310,685 One to two years 999,592 1,059,396 Two to three years 658,396 711,840 Three to four years 401,431 447,046 Four to five years 249,285 299,091 More than five years 1,122,662 1,239,977 4,746,967 5,068,035 35 FINANCIAL RATIOS Group 2024 2023 % % Expenses to weighted average net assets1 – including performance component of Manager’s management fees 0.77 0.72 – excluding performance component of Manager’s management fees 0.44 0.41 Portfolio turnover rate2 4.67 – 1 The annualised ratios are computed in accordance with the guidelines of Investment Management Association of Singapore. The expenses used in the computation relate to expenses of the Group, excluding property expenses and finance costs. 2 The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Group expressed as a percentage of average net asset value.
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