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8. FIXED ASSETS (cont’d)THE GROUP(a) Assets which are shown at valuation are stated atvalues arrived at by an independent firm of professionalvaluers on 30 November 1972, on the basis of openmarket value for existing use.There is no fixed frequencyof revaluation. Revaluation will be performed as andwhen deemed appropriate by the directors.DEPRECIATIONCHARGENET BOOK VALUE1999 2000 1999$’000 $’000 $’000THE COMPANYFurniture, fittings, office equipment and computers 321 44 43Included in the above are fixed assets acquired underfinance leases with a net book value of:GROUP2000 1999$’000 $’000Leasehold land and building 6,512 6,785Plant and machinery 1 15Furniture, fittings, office equipment and computers – 276,513 6,827(c) The major properties of the Group comprise:(i) Freehold Land and Buildings(b) The buildings on rented properties relate to buildingsconstructed by one of the subsidiaries on properties rentedfrom the Ministry of Defence on leases which are renewableevery three years. In view of the relationship betweenthe landlord and the subsidiary, the cost of the buildings onrented properties is depreciated over 30 years.LOCATION DESCRIPTION LAND AREA NET BOOK VALUE(SQ.M.) 2000 1999$’000 $’000MALAYSIA8th mile, Genting Highlands, 69000 Staff recreation and 117 236 –Genting Highlands, Pahang(ii) Leasehold Land and Buildingsapartment unitLOCATION DESCRIPTION TENURE LAND AREA NET BOOK VALUE(SQ.M.) 2000 1999$’000 $’000SINGAPORE501 Airport Road Factory and office building 20 years from 23,899 5,622 6,0051.6.1993503 Airport Road Factory and office building 20 years from 7,175 1,683 1,8141.6.1993(ii) Leasehold Land and Buildings (cont’d)LOCATION DESCRIPTION TENURE LAND AREA NET BOOK VALUE(SQ.M.) 2000 1999$’000 $’000SINGAPORE540 Airport Road Warehouse and office 30 years from 5,850 2,280 2,435building 15.8.1985Hangar and office building 30 years from 18,918 6,978 7,4851.1.198411 Changi North Crescent Hangar and office building 30 years from 75,713 57,102 54,6951.1.19925 Portsdown Road Industrial and commercial 3 years from 88,400 2,974 3,425buildings 1.12.1996,renewableto 20105 Ubi Close Car shownroom cum 30 years from 6,274 23,146 24,422workshop 1.8.199433 Tuas Avenue 2 Factory and office building 30 years from 6,669 3,702 3,8501.4.199616 Benoi Crescent Industrial and commercial 30 years from 6,981 5,013 5,284buildings 16.7.198924 Ang Mo Kio Street 65 Industrial and commercial 30 years from 34,699 15,626 16,462buildings 1.12.1982,renewableto 204216 Benoi Road Administrative offices 56 years from 20,224 – –1.6.19697 Benoi Road Buildings, foreshore and 56 years from 103,802 3,912 4,170workshops 1.6.196960 Tuas Road Building, foreshore and 30 years from 125,262 12,366 11,149workshops 1.12.1992249 Jalan Boon Lay Industrial and commercial 67 years from 120,000 9,985 –buildings 9.4.1998 to 20652D Ayer Rajah Crescent Industrial and commercial 3 years from 29,404 8,545 –buildings1.4.1998 to31.3.200114 & 16 Tuas Avenue 7 Industrial buildings 30 years from 24,059 3,814 –16.8.1983602 Rifle Range Road Industrial buildings Renewable 1,380,983 10,734 –every year15 Chin Bee Drive Industrial building 60 years from 39,640 8,064 –1.8.1973134 • visionnotes to the financial statements • 135