9 TRADE AND OTHER RECEIVABLES (continued) Loans to joint ventures consist of the followings: (i) Loans of $24.6 million (2023: $31.7 million), which are unsecured, bear interest at 3.85% – 9.00% (2023: 3.85% – 9.00%) per annum and repayable on demand; and (ii) The remaining amount of $8.6 million (2023: $7.0 million), which is unsecured, interest-free and repayable on demand. Loan to a related corporation is unsecured, interest-free and repayable on demand. There is no allowance for impairment losses arising from the non-trade balances with subsidiaries and related parties as the ECL is insignificant. The Group and the Company’s exposure to credit and market risks related to trade and other receivables are disclosed in note 23. 10 DEVELOPMENT PROPERTIES Group 2024 2023 $’000 $’000 Development properties, at cost 1,051,586 1,023,512 Development properties consist of completed commercial properties for sale and land parcels that the Group has intention to develop and sell upon completion. The Group assessed the net realisable value of the completed properties for sale by reference to the recent transacted prices for the property or comparable properties and prevailing property market conditions. The net realisable value of the land parcels was assessed by reference to the gross development value of the properties and estimated costs to complete the development. The assessment of the gross development value involved making certain assumptions, including market rental, capitalisation and discount rates. Changes in market condition may affect the net realisable value of the development properties and accordingly, the carrying value of the development properties may have to be written down in the future periods. During the year, borrowing costs capitalised in development properties amounted to $13.7 million (2023: $13.5 million). These borrowing costs were incurred at interest rates ranging from 4.20% – 9.95% (2023: 4.55% – 7.85%) per annum. Development properties of the Group recognised as cost of sales, excluding foreseeable losses amounted to $ Nil (2023: $72.2 million). Security As at 31 December 2024, development properties with a total carrying amount of $720.1 million (2023: $671.6 million) were pledged as security for loans and borrowings (see note 12). 11 CASH AND CASH EQUIVALENTS Group Company 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Cash at bank and on hand 59,639 91,567 701 634 Short-term deposits 47,381 124,855 919 – 107,020 216,422 1,620 634 Cash and cash equivalents amounting to $71.7 million (2023: $74.7 million) are charged or assigned by way of security for credit facilities granted to the Group (see note 12). Notes to the Financial Statements Year ended 31 December 2024 198 PERENNIAL HOLDINGS PRIVATE LIMITED
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