Notes to the Financial Statements Year ended 31 December 2024 4 INVESTMENT PROPERTIES CapitaLand Ascott REIT Group CapitaLand Ascott BT Group Stapled Group 2024 2023 2024 2023 2024 2023 $’000 $’000 $’000 $’000 $’000 $’000 At 1 January 6,498,182 6,075,974 424,990 447,974 6,501,017 6,103,633 Acquisition of investment properties (Note 37) 337,296 476,999 – – 337,296 476,999 Capital expenditure 12,546 20,577 1,010 511 13,556 21,088 Net change in fair value of investment properties 23,104 105,343 24,161 1,746 50,452 97,070 Investment properties disposed (109,248) – – – (109,248) – Investment properties written off (441) (1,478) – – (37) (230) Transfer to assets held for sale (Note 14) (61,873) (250,507) – – (61,873) (250,507) Transfer from/(to) property, plant and equipment (Note 5) 784 (51) – – 784 (51) Transfer from investment properties under development (Note 6) – 162,223 – – – 162,223 Lease modification – 7,635 – – – 7,635 Translation differences (144,066) (98,533) (30,830) (25,241) (170,274) (116,843) At 31 December 6,556,284 6,498,182 419,331 424,990 6,561,673 6,501,017 Certain investment properties of the Stapled Group with an aggregate carrying value of $2,203,545,000 (2023: $2,370,464,000) are pledged as securities to banks for banking facilities granted to certain subsidiaries (Note 16). From 1 October 2022, The Robertson House by The Crest Collection, is leased by CapitaLand Ascott REIT’s subsidiary to CapitaLand Ascott BT’s subsidiary under a master lease arrangement. CapitaLand Ascott BT’s subsidiary has separately entered into a hotel management agreement with Ascott International Management Pte Ltd for the management of the property as well as the rebranding and renovation of the property. The hotel management agreement is effective from 1 October 2022 and will continue for a period of 20 years from completion of rebranding and renovation. The property is classified as property, plant and equipment instead of investment property in the Stapled Group’s financial statements as it will be operated as a full facility hotel and the proportion of ancillary income is deemed significant. The investment properties of CapitaLand Ascott BT Group included a right-of-use asset relating to the operating lease for Sotetsu Grand Fresa Tokyo-Bay Ariake (“Ariake Hotel”) on adoption of SFRS(I) 16/FRS 116. Ascendas Ariake Godo Kaisha (“AAGK”), a subsidiary of CapitaLand Ascott BT, leases Ariake Hotel from Ascendas Hospitality Tokutei Mokuteki Kaisha, a subsidiary of CapitaLand Ascott REIT. SFRS(I) 16/FRS 116 requires AAGK to recognise a right-of-use asset and lease liability relating to this operating lease. There is no impact for the Stapled Group as the intra-group transaction is eliminated upon consolidation. 172 CapitaLand Ascott Trust
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