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EC World Real Estate Investment Trust ANNUAL REPORT 2016
NOTES TO THE
Financial Statements
For the Financial Year ended 31 December 2016
15. Investment properties under development
Group
2016
2015
S$’000
S$’000
Beginning of the year/period
55,148
–
Acquisition of subsidiaries
–
50,693
Additions during the year/period
4,462
4,900
Transfer to investment properties (Note 14)
(3,856)
–
Distribution to Sponsor
(52,536)
–
Currency translation differences
(3,218)
(445)
End of the year/period
–
55,148
Investment properties under development are stated at cost as the fair value cannot be reasonably determined.
Included in the property under development was the development of Bei Gang Stage 2 properties of S$52,536,000
(2015: S$53,962,000) which were excluded from the IPO portfolio and where the development rights and
thereafter the economic rights were being assigned to the Sponsor prior to the Listing Date.
The assignment of rights had been accounted for as a distribution of reserve to the Sponsor as reflected in the
Consolidated Statements of Movements in Unitholders’ Funds.
16. Investments in subsidiaries
ECW
2016
2015
S$
S$
Equity investments at cost
Beginning of the year/period
50
–
Additions
10
50
End of the year/period
60
50