226 STRATEGICALLY ADVANCING INVESTMENT PROPERTIES PORTFOLIO STATEMENTS As at 31 December 2024 Notes (continued) 54 Viva Trust holds the remainder of a 30+30 year lease commencing from 1 September 1995 for Plot 1 and 21+30 year lease commencing from 1 September 2004 for Plot 2. 55 Viva Trust holds the remainder of a 30+30 year lease commencing from 1 May 2007. 56 Viva Trust holds the remainder of a 60 year lease commencing from 16 May 1969. 57 Heron (QLD) Trust holds the remainder of a 43 year lease commencing from 21 November 2019. 58 LP Curlew Asset Trust holds the remainder of a 46 year lease commencing from 1 July 2013. 59 Peregrine (QLD) Trust holds the remainder of a 40 year lease commencing from 1 July 2019. 60 LP Bishop Asset Trust holds the remainder of a 55 year lease commencing from 1 November 2004. + Property divested during the financial year # Property is on 100% basis which includes a 20% non-controlling interest * Property is on 100% basis which includes a 49% non-controlling interest ^ Property classified as held for divestment as at reporting date @ Property classified as high-specifications industrial property upon completion of redevelopment in January 2024 ~ Property has been decommissioned for redevelopment Investment properties comprise a diversified portfolio of industrial properties that are leased to external tenants. All of the leases are structured under single-tenancy or multi-tenancy and the tenancies range from 0.2 year to 19.0 years for single tenancy and from 0.1 year to 13.5 years for multi-tenancy. An independent valuation exercise was conducted for all the investment properties in December 2024 by Colliers International Consultancy & Valuation (Singapore) Pte Ltd, Edmund Tie & Company (SEA) Pte Ltd, Savills Valuation and Professional Services (S) Pte Ltd, CBRE Pte. Ltd., Jones Lang LaSalle Property Consultants Pte Ltd, Cushman & Wakefield VHS Pte. Ltd., Cushman & Wakefield (Valuations) Pty Ltd, Savills Japan Valuation G.K., and Colliers International Japan KK. These firms are independent valuers having appropriate professional qualifications and recent experience in the location and category of the properties being valued. The valuations for these properties were based on the direct comparison method, capitalisation approach, discounted cash flows method and residual value approach in arriving at the open market value as at the reporting date. The key assumptions used to determine the fair value of investment properties include market-corroborated capitalisation yield, terminal yield, discount rate and average growth rate. The Manager has exercised its judgement and is satisfied that the valuation methods and estimates are reflective of the current market conditions. As at 31 December 2024, the valuations adopted for investment properties amounted to $4.95 billion (2023: $4.09 billion). The net fair value loss on investment properties recognised in the Statement of Total Return is $220.2 million (2023: $166.8 million). Three investment properties (2023: one) with a total carrying value of $1,367.8 million (2023: $173.4 million) are pledged as securities to secure bank loans (see Note 14). The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
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