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INVESTMENT PROPERTIES
 12 Months Ended
Dec. 31, 2023
INVESTMENT PROPERTIES [Abstract]  
INVESTMENT PROPERTIES
12.
INVESTMENT PROPERTIES
 

The details of investment properties are as follows:
In thousands of USD
  
Leasehold land
    
Building
    
Others
    
Total
  
Cost:
                        
At July 1, 2022 *
    
-
      
-
      
-
      
-
  
Acquisition of assets
    
4,833
      
29,773
      
380
      
34,986
  
Additions
    
730
      
-
      
-
      
730
  
Exchange adjustments
    
183
      
906
      
14
      
1,103
  
At December 31, 2022
    
5,746
      
30,679
      
394
      
36,819
  
Accumulated depreciation:
                                
At January 1, 2022
    
-
      
-
      
-
      
-
  
Charge for the year
    
(192
)
    
(1,019
)
    
(26
)
    
(1,237
)
Exchange adjustments
    
(7
)
    
(32
)
    
(1
)
    
(40
)
At December 31, 2022
    
(199
)
    
(1,051
)
    
(27
)
    
(1,277
)
Net book value:
                                
At December 31, 2022
    
5,547
      
29,628
      
367
      
35,542
  
Cost:
                                
At January 1, 2023
    
5,746
      
30,679
      
394
      
36,819
  
Additions
    
82
      
224
      
701
      
1,007
  
Exchange adjustments
    
87
      
370
      
6
      
463
  
At December 31, 2023
    
5,915
      
31,273
      
1,101
      
38,289
  
Accumulated depreciation:
                                
At January 1, 2023
    
(199
)
    
(1,051
)
    
(27
)
    
(1,277
)
Charge for the year
    
(390
)
    
(2,104
)
    
(107
)
    
(2,601
)
Exchange adjustments
    
(12
)
    
(50
)
    
(3
)
    
(65
)
At December 31, 2023
    
(601
)
    
(3,205
)
    
(137
)
    
(3,943
)
Net book value:
                                
At December 31, 2023
    
5,314
      
28,068
      
964
      
34,346
  

* The investment properties were acquired from the acquisition of AFH, which was closed on July 1, 2022. See Note 5


Leasehold land included in investment properties were right-of-use assets associated with leasehold land under operating leases where the building was constructed on. See Note 13.


The Group leases the investment properties to its customers under operating leases for terms ranging from one to 12 years, with an option to extend for an additional lease term. The lease contracts contain market review clauses in the event that the lessees exercise their options to extend. The lessees do not have bargain purchase options to acquire the investment properties at the expiry of the lease term.


The maturity analysis of lease payments receivable under operating leases of investment properties was as follows:

In thousands of USD
  
At December 31, 2023
  
2024
    
3,858
  
2025
    
3,396
  
2026
    
2,766
  
2027
    
1,791
  
2028
    
1,769
  
Thereafter
    
3,560
  
Total
    
17,140
  
 
The Group has no restrictions on the use of its investment properties and no contractual obligations to each investment property purchased or for repairs, maintenance and enhancements.
 
The fair value of investment properties of the Group as of December 31, 2023 and 2022 was approximately US$36.4 million and US$36.2 million, respectively, determined using the income approach based on the operation projection and the discount rate with the assistance of an independent valuation specialist. The investment properties were classified as Level 3 in the fair value hierarchy.
 
The Group did not record any impairment related to investment properties as of December 31, 2023 and 2022.