Portfolio Statement
As at 31 December 2008
The carrying amounts of the investment properties and the Trust’s one-third interest in One Raffles Quay as at 31 December
2008 were based on independent valuations undertaken by Knight Frank Pte Ltd on 31 December 2008. The independent valuer
has appropriate professional qualifications and recent experience in the location and category of the properties being valued.
The valuations are determined based on investment method and discounted cash flow analysis. The valuations adopted were
$224,000,000, $580,000,000 and $313,000,000 for Prudential Tower Property, Keppel Towers and GE Tower, and Bugis Junction
Towers, respectively. The net gain on revaluation of investment properties has been taken to the profit and loss account. The
valuation of the Trust’s one-third interest in One Raffles Quay (including the income support top-up payments) was $985,000,000.
The carrying amounts of the investment properties and the Trust’s one-third interest in One Raffles Quay as at 31 December 2007
were based on independent valuations undertaken by Knight Frank Pte Ltd on 10 December 2007. The valuations adopted were
$227,000,000, $580,000,000 and $303,000,000 for Prudential Tower Property, Keppel Towers and GE Tower, and Bugis Junction
Towers, respectively. The net gain on revaluation has been taken to the profit and loss account. The valuation of the Trust’s onethird
interest in One Raffles Quay (including the income support top-up payments) was $992,000,000.
Investment properties comprise commercial properties that are mainly leased to external customers. Generally, the leases contain
an initial non-cancellable period of three years. Subsequent renewals are negotiated with the lessee.
1 comprise approximately 44.4% of the strata area in Prudential Tower.
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
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