5. PROPERTY EXPENSES Group 2024 2023 S$’000 S$’000 Property maintenance and repair expenses 2,044 1,341 Property management fee 1,897 1,901 Business and property-related taxes 7,068 5,327 11,009 8,569 The Group’s daily operations and administrative functions are provided by the Manager and Property Manager. All of the Group’s investment properties generate rental income and the above expenses are direct operating expenses arising therefrom. 6. FINANCE COSTS Group 2024 2023 S$’000 S$’000 Interest expenses: – Borrowings 42,009 38,171 – Financial derivatives (223) (1,868) Amortisation of upfront debt issuance costs 2,945 5,368 Security deposits accretion 2,370 3,106 Others 1,936 1,838 49,037 46,615 Including the realised fair value gain on financial derivatives of $223,000 (2023: realised fair value gain on financial derivatives of $1,868,000), total net change in fair value of financial derivatives recognised in the Statement of Total Return amounted to a net gain of $2,102,000 for the financial year ended 31 December 2024 (2023: net loss of $781,000). 7. OTHER TRUST EXPENSES Group 2024 2023 S$’000 S$’000 Audit fees 507 454 Valuation fees 115 113 Consultancy and professional fees 1,806 1,200 Others 218 305 2,646 2,072 EC WORLD REIT 94 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
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