FRASERS HOSPITALITY TRUST ANNUAL REPORT 2015
169
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 20 JUNE 2014 (DATE OF CONSTITUTION) TO 30 SEPTEMBER 2015
12.
INVESTMENT PROPERTIES (CONT’D)
The net changes in fair value of these investment properties have been recognised in the Statements of Total
Return in accordance with the Stapled Group’s accounting policies.
Independent valuation of the investment properties was undertaken by the following valuers:
Country
Independent valuer
Singapore
Jones Lang LaSalle Property Consultants Pte Ltd
Malaysia
Jones Lang Wootton
Japan
Jones Lang LaSalle K.K.
Australia
Jones Lang LaSalle Advisory Services Pty Ltd
United Kingdom
Jones Lang LaSalle Limited
The REIT Manager is responsible for the selection of valuers. In accordance with the CIS Code, the Stapled
Group will rotate the valuers at least once every two years. In relying on the valuation reports, the REIT Manager
had exercised its judgement and was satisfied that the independent valuers have the appropriate professional
qualifications and experience in the location and category of the properties being valued, and the valuation
estimates were reflective of the current market conditions. Details of valuation techniques and inputs used are
disclosed in Note 27.
Investment property pledged as security
As at 30 September 2015, The Westin Kuala Lumpur is mortgaged to secure the Medium Term Notes issued by
a subsidiary (Note 17).
