122
The carrying amounts of the investment properties located in Singapore, New Zealand, Australia and Maldives as at
31 December 2015 were based on independent valuations undertaken by Knight Frank Pte. Ltd. for the Singapore properties,
CBRE Valuations Pty Limited for the Australia properties, CBRE Limited for the New Zealand property and Jones Lang
LaSalle Property Consultants Pte. Ltd. for the Maldives properties as of 31 December 2015, except otherwise stated below.
The independent valuers have appropriate professional qualifications and recent experience in the location and category
of the properties being valued. The valuations were based on the capitalisation and discounted cash flow methods for the
Singapore properties; the discounted cash flow approach for the Australia and Maldives properties; and the capitalisation,
discounted cash flows and comparable sale approach for New Zealand property.
The specific risks inherent in each of the properties are taken into consideration in arriving at the property valuation.
The valuation methods used in determining the fair value involve certain estimates including those relating to capitalisation
rate, discount rate and terminal yield.
The valuations adopted for the properties were as follows:
H-REIT Group
Stapled Group
Note
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Investment properties
Orchard Hotel
449,000
460,000
449,000
460,000
Grand Copthorne Waterfront Hotel
351,000
363,000
351,000
363,000
Novotel Singapore Clarke Quay
319,000
319,000
319,000
319,000
M Hotel
235,000
235,000
235,000
235,000
Studio M Hotel
159,000
164,000
159,000
164,000
Copthorne King’s Hotel
121,000
122,000
121,000
122,000
Claymore Connect
(ii)
106,000
106,000
106,000
106,000
Rendezvous Hotel Auckland
113,525
102,890
113,525
102,890
Mercure Brisbane and Ibis Brisbane
63,534
67,269
63,534
67,269
Novotel Brisbane
69,795
76,740
69,795
76,740
Ibis Perth
32,845
32,289
32,845
32,289
Mercure Perth
46,906
49,079
46,906
49,079
Angsana Velavaru
110,059
109,156
110,059
109,156
Jumeirah Dhevanafushi
80,427
82,032
–
–
(iii)
2,257,091
2,288,455
2,176,664
2,206,423
Property, plant and equipment
and prepaid land lease
Jumeirah Dhevanafushi
–
–
80,427
82,032
Hotel MyStays Asakusabashi
(iv)
43,598 36,817 / 37,916
43,598 36,817 / 37,916
Hotel MyStays Kamata
(iv)
35,980 28,574 / 29,893
35,980 28,574 / 29,893
Hilton Cambridge City Centre
(v)
–
–
132,686
–
PORTFOLIO STATEMENTS
The accompanying notes form an integral part of these financial statements.
As at 31 December 2015
