NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025 8 INVESTMENTS IN AND BALANCES WITH ASSOCIATES Group Company Note 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Investments in associates Investments in associates 1,259,041 1,308,234 – – Impairment loss (3,000) (3,000) – – 1,256,041 1,305,234 – – Balances with associates Amounts owing by associates receivable within 1 year: – trade 11,913 11,798 1,284 1,284 – non-trade, interest free 1,206 1,537 – – 13,119 13,335 1,284 1,284 Impairment losses (358) (364) – – 16 12,761 12,971 1,284 1,284 Amount owing to an associate payable within 1 year: – trade 3,973 4,780 71 – – non-trade, interest-free 2,165 2,183 – – 30 6,138 6,963 71 – The non-trade amounts owing by and to associates are unsecured and repayable on demand. Included in the Group’s investments in associates are investments in three associates (2024: three associates) which are listed on the Mainboard of Singapore Exchange Securities Trading Limited (SGX-ST). As at the reporting date, the aggregate carrying amount of these investments was $1,160.1 million (2024: $1,206.5 million) and the fair values based on the published price quotation (Level 1 in the fair value hierarchy) was $799.2 million (2024: $822.9 million). In respect of these associates, management had assessed the recoverable amounts of these investments and determined that as their net asset values based on their latest available financial statements to be higher than the carrying amount as at the reporting date, therefore no impairment loss for these investments is considered necessary. The movements in impairment losses in respect of investments in associates and amounts owing by associates are as follows: Investments in associates Amounts owing by associates Lifetime ECL – not credit-impaired 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Group At 1 January 3,000 3,000 364 362 Translation differences on consolidation – – (6) 2 At 31 December 3,000 3,000 358 364 156 | CITY DEVELOPMENTS LIMITED
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