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

12 Months Ended

Dec. 31, 2024

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, 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:

	December 31,
	2023			2024			2024
	SGD’000			SGD’000			USD’000
Right-of-use assets		2,592			2,592			1,897
Less: accumulated amortization		(749	)		(960	)		(702	)
Operating lease ROU asset, net		1,843			1,632			1,195

	December 31,
	2023		2024		2024
	SGD’000		SGD’000		USD’000
Operating lease liabilities
Current portion		300		292		214
Non-current portion		1,283		986		722
Total		1,583		1,278		936

The operating lease ROU asset with carrying amount of SGD804 thousand and SGD739 thousand (US$218 thousand) are pledged with a bank to secure bank loans (Note 9) as of December 31, 2023 and 2024, respectively.

As of December 31, 2024, future minimum lease payments under the non-cancelable operating leases are as follows:

Future payment	SGD’000		USD’000
2025		294		215
2026		190		139
2027		128		94
2028		28		20
2029		30		22
Thereafter		608		446
Total		1,278		936

The following summarizes other supplemental information about the Company’s operating lease as of December 31, 2024:

Weighted average discount rate	4.33	%
Weighted average remaining lease term (years)	11