| PROPERTY, PLANT AND EQUIPMENT, NET |
Note 9 — PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net, consist of the following: | | | As of March 31, | | | | | 2025 | | | 2026 | | | 2026 | | | | | S$ | | | S$ | | | US$ | | | Leasehold buildings and leasehold improvement* | | | 8,288,008 | | | | 9,640,784 | | | | 7,473,054 | | | Computers | | | 70,635 | | | | 84,464 | | | | 65,472 | | | Office equipment | | | 49,695 | | | | 49,992 | | | | 38,751 | | | Machinery | | | 530,182 | | | | 530,183 | | | | 410,971 | | | Furniture, fixtures & fittings | | | 61,971 | | | | 78,183 | | | | 60,604 | | | Motor vehicles | | | 2,745,758 | | | | 3,065,864 | | | | 2,376,504 | | | Subtotal | | | 11,746,249 | | | | 13,449,470 | | | | 10,425,356 | | | Less: Accumulated depreciation and amortization | | | (5,346,692 | ) | | | (5,943,892 | ) | | | (4,607,407 | ) | | Property, plant and equipment, net | | | 6,399,557 | | | | 7,505,578 | | | | 5,817,949 | | | * | Leasehold buildings and leasehold improvements include construction in progress of S$433,263 and S$1,729,689 (US$1,340,768) as of March 31, 2025 and 2026, respectively. The related construction projects are expected to be completed by February 2028 and February 2029, respectively. These projects are financed through bank borrowings, as disclosed in Note 12. | Depreciation expenses of owned assets for the years ended March 31, 2024, 2025 and 2026 amounted to S$316,843, S$339,675 and S$360,248 (US$279,240), respectively. Certain leasehold properties are pledged to the banks for the Company’s bank loans (Note 12). No impairment loss had been recognized during the years ended March 31, 2024, 2025 and 2026, respectively. The carrying value of property, plant and equipment on finance lease arrangements held by the Company are summarized as follows: | | | As of March 31, | | | | | 2025 | | | 2026 | | | 2026 | | | | | S$ | | | S$ | | | US$ | | | Motor vehicles | | | 2,241,131 | | | | 2,098,687 | | | | 1,626,797 | | | Less: Accumulated amortization | | | (1,406,214 | ) | | | (1,246,164 | ) | | | (965,964 | ) | | Motor vehicles, net | | | 834,917 | | | | 852,523 | | | | 660,833 | | Amortization expenses of assets under finance lease arrangements for the years ended March 31, 2024, 2025 and 2026 amounted to S$219,170, S$270,036 and S$322,117 (US$249,684), respectively.
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