NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) C1 Property, plant and equipment (continued) Group Freehold land*, buildings and improvements Wharves, floating docks and boats $’000 $’000 Cost At 1 January 2023 1,386,049 104,459 Additions 43,063 26,395 Disposals/write-off (5,614) (16,150) Disposal of subsidiaries (69) – Reclassifications 63,100 3,614 Translation difference (3,310) – At 31 December 2023 1,483,219 118,318 Accumulated depreciation and impairment At 1 January 2023 838,624 102,217 Depreciation charge/impairment losses 55,954 1,266 Disposals/write-off (5,454) – Reclassifications 1,048 – Translation difference (2,624) – At 31 December 2023 887,548 103,483 Net book value At 31 December 2023 595,671 14,835 * Freehold land is recognised at cost of $5,544,000 and is non-depreciable. ** Others comprise transportation equipment, vehicles and satellites. In the prior year, the Group performed an impairment assessment and recognised an impairment loss of $2,457,000 on certain property, plant and equipment. The recoverable amounts of these property, plant and equipment were determined based on the fair market value of the property, plant and equipment, net of selling costs. Reclassifications due to changes in the use of assets: (a) Property, plant and equipment with net book value amounting to $18,267,000 (2023: $23,944,000) were reclassified to inventories; and (b) Lease receivable of $nil (2023: $122,000) were reclassified to property, plant and equipment. 162 ST ENGINEERING | ANNUAL REPORT 2024
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