NOTES TO
THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2015
94
GKE CORPORATION LIMITED
ANNUAL REPORT 2015
11.
PROPERTY, PLANT AND EQUIPMENT (cont’d)
Revaluation of leasehold buildings and improvements
The Group’s leasehold properties as at 31 May 2015 comprise the following:
Location
Title
Description
No. 30 Pioneer Road
Singapore 628502
Leasehold 30 years from
16 February 2007
4-storey single-user warehouse
building with a 7-storey
ancillary office building
No. 1 Jalan Besut
Singapore 619554
Leasehold 25 years from
11 August 1994
3 single-storey detached
warehouse building and an
open-sided shed
No. 6 Pioneer Walk
Singapore 627751
Leasehold 30 years from
1 May 2006
2-storey ramp-up warehouse
building with 4-storey ancillary
office building
No. 39 Benoi Road
Singapore 627725
Leasehold 30 years from
1 March 2001
Single-storey warehouse and a
single-storey detached factory
with mezzanine office
No. 338 Yesheng Road
Yangshan Free Trade Port Area,
Pudong District,
Shanghai.
The People’s Republic
of China
Leasehold 50 years from
9 November 2011
3-storey warehouse building
with a 2-storey ancillary office
building
The Group engaged Knight Frank Pte. Ltd., an independent valuer incorporated in Singapore to determine
the fair value of the leasehold buildings located at No. 30 Pioneer Road, No. 1 Jalan Besut, No. 6 Pioneer
Walk and No. 39 Benoi Road as at 31 May 2015. Fair value was determined by reference to market based
evidence. Details of valuation techniques and inputs used are disclosed in Note 32.
The Group engaged Knight Frank (Shanghai) Property Consultants Co Ltd., an independent valuer
incorporated in Shanghai, China to determine the fair value of the leasehold buildings located at No. 338
Yesheng Road, Yangshan Free Trade Port Area, Pudong District, Shanghai as at 31 May 2015. Fair value
is determined by reference to market based evidence. Details of valuation techniques and inputs used
are disclosed in Note 32.
