Notes to the Financial Statements Year ended 31 December 2024 5 PROPERTY, PLANT AND EQUIPMENT (continued) For each revalued class of property, plant and equipment, the carrying amount that would have been recognised had the assets been carried under the cost model is as follows: CapitaLand Ascott BT Group Stapled Group 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Land and buildings Carrying amount at cost 491,171 508,623 819,014 823,455 As at 31 December 2024, land and buildings are revalued to their fair values. The fair value of the land and buildings is determined by external property valuers having appropriate professional qualifications and recent experience in the location and category of the properties being valued. As at 31 December 2024, Temple Bar Hotel Dublin by The Unlimited Collection (formerly known as Temple Bar Hotel), with a carrying value of $112,252,000 (2023: $114,235,000), is pledged as security to the bank (Note 16). Fair value hierarchy The fair value measurement for the land and buildings have been categorised as level 3 fair values based on inputs to the valuation techniques used. Valuation technique and significant unobservable inputs Land and buildings are stated at fair value based on valuation performed by external property valuers. The fair values were derived based on the discounted cash flow method (2023: discounted cash flow method). In determining the fair value, the valuers have used valuation techniques which involve certain estimates. The key assumptions used to determine the fair value of land and buildings include market-corroborated discount rate, terminal capitalisation rate and revenue per available unit. The valuation of the Stapled Group’s land and buildings is discussed with the ARC and Board of Directors in accordance with the Stapled Group’s reporting policies. 180 CapitaLand Ascott Trust
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