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RIGHT-OF-USE (“ROU”) ASSETS AND LEASE PAYABLE
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
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 carrying amount of the ROU assets is presented within property, plant and equipment (Note 6).

 

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

 

   December 31, 2023   June 30, 2024 
   SGD’000   SGD’000 
Operating lease ROU asset, net   1,843    1,808 

 

   December 31, 2023   June 30, 2024 
   SGD’000   SGD’000 
Operating lease liabilities          
Current portion   300    302 
Non-current portion   1,283    1,127 
Total   1,583    1,429 

 

The operating lease ROU asset with a carrying amount of SGD804 thousand and SGD771 thousand (US$569 thousand) is pledged to a bank to secure bank loans (Note 9) as of December 31, 2023 and June 30, 2024, respectively.

 

 

As of June 30, 2024, future minimum lease payments under the non-cancelable operating leases are as follows:

 

Future payment   SGD’000
2025     307
2026      235
2027      183
2028      52
2029      29
Thereafter     623
Total     1,429

 

The following summarizes other supplemental information about the Company’s operating lease as of June 30, 2024:

 

Weighted average discount rate   4.45%
Weighted average remaining lease term (years)   11.5 

 

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

 

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

 

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

 

   SGD’000   SGD’000   USD’000 
   December 31, 2022   December 31, 2023   December 31, 2023 
   SGD’000   SGD’000   USD’000 
Operating lease ROU asset   1,448    1,843    1,397 

 

   SGD’000   SGD’000   USD’000 
   December 31, 2022   December 31, 2023   December 31, 2023 
   SGD’000   SGD’000   USD’000 
Operating lease liabilities               
Current portion   280    300    227 
Non-current portion   1,406    1,283    973 
Total   1,686    1,583    1,200 

 

The operating lease ROU asset with carrying amount of SGD676 thousand and SGD804 thousand (US$609 thousand) are pledged with a bank to secure bank loans (Note 9) as of December 31, 2022 and 2023 respectively.

 

 

As of December 31, 2023, future minimum lease payments under the non-cancelable operating leases are as follows:

 

Future payment  SGD’000   USD’000 
2024   300    227 
2025   294    223 
2026   232    176 
2027   91    69 
2028   28    21 
Thereafter   638    484 
 Total   1,583    1,200 

 

The following summarizes other supplemental information about the Company’s operating lease as of December 31, 2023:

 

Weighted average discount rate   4.45%
Weighted average remaining lease term (years)   12