NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) C1 Property, plant and equipment (continued) Group Freehold land, buildings and improvements $’000 Wharves, floating docks and boats $’000 Cost At 1 January 2021 1,485,202 143,688 Additions 29,048 1,215 Disposals/write-off (3,751) – Acquisition of subsidiaries 41 – Disposal of subsidiaries (117) – Reclassifications 6,412 – Translation difference 1,144 873 At 31 December 2021 1,517,979 145,776 Accumulated depreciation and impairment At 1 January 2021 784,755 120,146 Depreciation charge/impairment losses 62,277 3,036 Disposals/write-off (3,122) – Disposal of subsidiaries (117) – Reclassifications (179) – Translation difference 2,882 445 At 31 December 2021 846,496 123,627 Net book value At 31 December 2021 671,483 22,149 * Others comprise transportation equipment, vehicles and satellites In the prior year, the Group performed an impairment assessment and recognised an impairment loss of $19,490,000 on certain plant and machinery due to a decline in recoverable amount of a subsidiary. The recoverable amounts of these plant and equipment were determined based on the fair market value of the plant and equipment, net of selling costs. 164 ST ENGINEERING ANNUAL REPORT 2022
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