FINANCIAL INSTRUMENT

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENT

5. FINANCIAL INSTRUMENT

The Financial instrument is key management insurance policy. The fair value of the key management insurance policy is determined by reference to the surrender cash value of the insurance policy at the end of each of the reporting period, which is primarily based on the performance of the underlying investment portfolio together with the guaranteed minimum returns of 1.5% per annum. The fair value measurement of the key management insurance contract has been categorized as a Level 3 fair value based on the inputs to the valuation technique used and is positively correlated to the surrender cash value that is valued by the policy underwriter at the end of each reporting period. There is no change in both valuation approach and valuation technique. The financial instrument is pledged with a bank to secure bank loans (Note 9).

The following table shows a reconciliation from the opening balances to the ending balances for Level 3 fair value:

	2022		2023		2023
	SGD’000		SGD’000		USD’000
As of January 1,		243		245		186
Change in fair value recognized in profit or loss		2		-		-
As of December 31,		245		245		186