(a) East West Properties PLC
Investment Properties of the Company consists of Warehouse No.I, Warehouse No.II and Warehouse No III. The Company has adopted the cost model to value the Investment Properties as required by “LKAS 40 –Investment Property”. The above investment properties details are as follows.
Warehouse No.I ‐81/11, 3rd Lane, New Nuge Road, Peliyagoda
‐ Mezzanine Floor 81/11, 3rd Lane Peliyagoda
Warehouse No.II ‐81/12, 3rdLane, New Nuge Road Peliyagoda
Warehouse No.III ‐81/12, 3rdLane, New Nuge Road Peliyagoda
Extent 27,342 sq.ft.
Cost (Rs.) 13,389,223/‐
The carrying amount of above Investment Properties as at 31st December 2019 amounting to Rs.60,432,599/‐
The Investment Properties had been revalued by same independent valuer as at 31.03.2015. The Company has classified above properties as Investment Properties and revaluation surplus which is related to investment properties has not been incorporated to the books of accounts.
Leasehold Property ‐ Company
Leasehold Land includes leasehold rights to land owned by Urban Development Authority situated at 3rdLane, New Nuge Road, Peliyagoda which is on a 99 year lease. Leasehold Land amortized over their remaining period of lease.
The Company recognized Leasehold Property at cost and according to the last valuation done by Messers. Haleem Ghouse SCV, LIV.B.Com, ATM, PHF, MPVP Corporate & Registered Valuer as at 31.03.2015, the fair value of the property is Rs.515,677,225/‐