35 COMMITMENTS
(continued)
(b) Operating leases as lessor
Non-cancellable operating lease rentals are receivable as follows:
Group
2014
2013
$’000
$’000
Within 1 year
64,700
54,627
After 1 year but within 5 years
167,091
172,811
After 5 years
85,208
54,476
316,999
281,914
(c) Operating leases as lessee
The Group leases the land on which one of the serviced residence properties is
constructed. The lease has a tenure of 24 years until 2020, subject to renewal for another
24 years.
Future minimum lease payments for the Group on non-cancellable operating leases are as
follows:
Group
2014
2013
$’000
$’000
Within 1 year
1,113
1,003
After 1 year but within 5 years
5,683
5,120
After 5 years
–
1,615
6,796
7,738
(d) DBS Trustee Limited, as trustee of the Trust, entered into a sale and purchase agreement
for the purchase of a new serviced residence, to be developed on the site on which
Somerset Grand Cairnhill Singapore was previously located, for a consideration of $405.0
million. A deposit of $20.3 million was paid in 2013.
Notes to the Financial Statements
Year ended 31 December 2014
204 | Ascott Residence Trust Annual Report 2014
