NOTES TO THE FINANCIAL STATEMENTS
5 Investment properties under development
Group and Trust
2014
2013
$’000
$’000
At 1 January
22,292
19,000
Development costs incurred
35,299
32,020
Capitalised borrowing costs
367
57
Transfer to investment properties
(57,958)
(28,785)
– 22,292
Change in fair value during the year
–
–
At 31 December
– 22,292
Borrowing costs have been capitalised in the investment properties under development at rates ranging from
2.55% to 2.65% (2013: 2.55% to 2.60%) per annum.
The determination of fair value in relation to investment properties under development is disclosed in Note 22.
6 Investment in subsidiary
Trust
2014
2013
$’000
$’000
Unquoted equity investment, at cost
(1)
– *
– *
(1)
Investment in subsidiary being $1, established in February 2012.
Details of the subsidiary are as follows:
Country of
Effective equity
interest held by
the Group
Name of subsidiary
Principal activities
incorporation
2014
2013
%
%
#
Cambridge-MTN Pte. Ltd.
Provision of financial
and treasury services
Singapore
100
100
#
Audited by KPMG Singapore
* Less than $1,000
7 Investment in jointly-controlled entity
Group
Trust
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Unquoted equity investment
16,327
16,435
3,078
3,078
The jointly-controlled entity holds a leasehold property at 3 Tuas South Avenue 4 which it acquired in March
2013. This property, which is fully leased, comprises a 30-year leasehold interest commencing on 1 May 1999
with an option for a 30-year extension.
CAMBRIDGE INDUSTRIAL TRUST | A WINNING FORMULA
137
