256
PERENNIAL REAL ESTATE HOLDINGS LIMITED
Annual Report 2015
NOTES TO THE FINANCIAL STATEMENTS
32 COMMITMENTS
At the reporting date, the Group has the following commitments:
Group
31/12/2015
30/6/2014
$’000
$’000
(a)
Capital expenditure commitments contracted but not provided for in relation to
investment properties under development and properties under development
580,551
–
(b)
The Group leases out its investment properties (see note 5). The future minimum lease receivables under non-cancellable
leases are as follows:
Group
31/12/2015
30/6/2014
$’000
$’000
Within 1 year
64,563
–
After 1 year but within 5 years
113,120
–
After 5 years
117,034
–
294,717
–
33 EVENTS OCCURRING AFTER THE REPORTING DATE
On 17 January 2016, the Group announced that it has disposed its 1.46% economic interests in PRE 1 Investments Pte.
Ltd. for a consideration of approximately $3.4 million subject to certain agreed adjustments. PRE 1 Investments Pte. Ltd.
owns 112 Katong Mall. The divestment allows the Group to consolidate its position in Singapore and calibrate its resources
to focus on its core developments.
On 4 March 2016, the Group announced that it has acquired an additional 3,345,324 ordinary shares in PRE 3
Investments Pte. Ltd. (“PRE 3”) for a consideration of $5.8 million. The Group currently holds a 10.6% equity interest in
PRE 3 which owns a 13.8% equity interest in Perennial Chinatown Point LLP (“PCP LLP”), which in turn owns the
investment property known as Chinatown Point. Upon completion of the acquisition, the Group’s effective interest in PRE
3 will increase to 37.2% and PRE 3 will become an associate of the Group. The Group’s effective interest in PCP LLP will
increase from 1.47% to 5.15%.
