164
CDL
HOSPITALITY TRUSTS
29 COMMITMENTS
HBT Group
H-REIT Group
Stapled Group
2014
2013
2014
2013
2014
2013
$’000
$’000
$’000
$’000
$’000
$’000
(a)
Capital expenditure
contracted but not
provided for
–
–
2,803
8,111
2,803
8,111
(b)
The H-REIT Group and the Stapled Group lease out their investment properties. Non-cancellable operating
lease rentals are receivable as follows:
HBT Group
H-REIT Group
Stapled Group
2014
2013
2014
2013
2014
2013
$’000
$’000
$’000
$’000
$’000
$’000
Within 1 year
106
–
70,515
66,635
66,651
66,635
After 1 year but
within 5 years
422
–
240,741
237,807
225,286 237,807
After 5 years
508
–
289,516
328,087
274,147 328,087
1,036
–
600,772
632,529
566,084 632,529
The above operating lease receivables are based on the fixed component of the rent receivable under the
lease agreements, adjusted for increases in rent where such increases have been provided for under the lease
agreements.
(c)
The H-REIT Group and the Stapled Group have entered into an operating lease for a conference centre with a
related party. The lease runs for an initial period of 5 years, with an option to renew the lease on expiry of the
initial period. The H-REIT Group’s and the Stapled Group’s commitments for future minimum lease payments
under the non-cancellable operating lease are as follows:
HBT Group
H-REIT Group
Stapled Group
2014
2013
2014
2013
2014
2013
$’000
$’000
$’000
$’000
$’000
$’000
Within 1 year
–
–
755
755
755
755
After 1 year but
within 5 years
–
–
414
1,170
414
1,170
–
–
1,169
1,925
1,169
1,925
(d)
Under the terms of the lease agreement for Novotel Singapore Clarke Quay and Angsana Velavaru, the
H-REIT Group and the Stapled Group are required to incur expenditure equivalent to 3% of the annual gross
revenue and preceding month’s gross revenue of the hotels/resort respectively to maintain and improve the
hotel’s/resort's furniture and fixtures, equipment and its environment. As at the reporting date, the H-REIT
Group and the Stapled Group is committed to incur capital expenditure of $140,000 (2013: $140,000) under
the terms of the lease agreements.
(e)
H-REIT's subsidiary, CDLHT Oceanic Maldives Private Limited holds a leasehold interest in Meradhoo
in Gaafu Alifu Atoll until the expiry of its land lease on 14 June 2056. On 6 February 2014, the Maldivian
government amended the laws and the lease extension fee is now to be brought forward and paid on eight
quarterly instalments of US$187,500 in 2014 and 2015. As at the reporting date, the future lease extension fee
is approximately $1,189,500 (US$937,500).
NOTES TO THE FINANCIAL STATEMENTS
