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RIGHT-OF-USE (“ROU”) ASSETS AND LEASE PAYABLE
 12 Months Ended
Dec. 31, 2022
Right-of-use Rou Assets And Lease Payable  
RIGHT-OF-USE (“ROU”) ASSETS AND LEASE PAYABLE

7. RIGHT-OF-USE (“ROU”) ASSETS AND LEASE PAYABLE

 

The right-of-use assets relate to leases of industrial lands in Singapore and certain plant and machinery and motor vehicles under a number of leases.

 

The Group recognized operating lease ROU assets and lease liabilities as follows:

 

           
   December 31, 2021   December 31, 2022 
   SGD’000   SGD’000 
Operating lease ROU asset   1,180    1,448 

 

           
   December 31, 2021   December 31, 2022 
   SGD’000   SGD’000 
Operating lease liabilities          
Current portion   158    280 
Non-current portion   1,395    1,406 
Total   1,553    1,686 

 

The operating lease ROU asset with carrying amount of SGD676,000 and SGD322,000 are pledged with a bank to secure bank loans (Note 9) as of December 31, 2022 and 2021, respectively.

 

 

As of December 31, 2022, future minimum lease payments under the non-cancelable operating leases are as follows:

 

 

Future payment  SGD’000 
2023   280 
2024   278 
2025   266 
2026   158 
2027   95 
Thereafter   609 
 Total   1,686 

 

The following summarizes other supplemental information about the Company’s operating lease as of December 31, 2022:

 

 

Weighted average discount rate   4.45 %
Weighted average remaining lease term (years)   14