v3.25.4
Real Estate Properties Held for Lease, Net
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Real Estate Properties Held for Lease, Net
5.
Real Estate Properties Held for Lease, Net
The following summarizes the components of real estate properties held for lease as at December 31, 2020, 2021, 2022, 2023 and 2024:
 
At December 31,
   
2020
    
2021
    
2022
    
2023
    
2024
  
    
(’000)
    
(’000)
    
(’000)
    
(’000)
    
(’000)
  
Building at cost
    $ 92,838     $ 175,183     $ 160,331     $ 156,631     $ 152,420  
Less: accumulated depreciation
      (631 )      (4,761 )      (8,733 )      (12,939 )      (16,992 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net book value
    $ 92,207     $ 170,422     $ 151,598     $ 143,692     $ 135,428  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Depreciation expenses were $
nil, $0.6 million, $
3.5 million, $4.1 million, $3.9 million and $3.9 million for the year
s
 ended December 31, 2019, 2020, 2021, 2022, 2023 and 2024
,
 respectively.
Real estate properties held for lease of $160.1 million, $155.3 million, $149.8 million and $145.3 million as at December 31, 2021, 2022, 2023 and 2024 (2020: $88.1 million) have been pledged to banks to obtain loan facilities (See Note 9).