ANNUAL REPORT 2015 / 2016 CONTENTS
Corporate Profile 5 Chairman’s Message 7
Chief Executive’s Message 9 Board Members 11 Executive Management 15 Corporate Governance 17 15 Years of Creating Spaces, Transforming Places 19
Corporate Performance 31 Financial Review 35 Corporate Review 37
Financial Statements 45
TANJONG PAGAR RAILWAY STATION ABOUT SLA
DEMPSEY CLUSTER, TANGLIN VILLAGE CORPORATE PROFILE
The Singapore Land Authority market land-related information based on a coordinated VISION (SLA) is a statutory board under for the benefit of our customers cadastre survey system. Limited Land • Unlimited Space the Ministry of Law. Formed by proactively leveraging on on 1 June 2001, its mission cutting-edge technology. SLA spearheads the use is to optimise land resources of geospatial information MISSION for the social and economic As the national registration by fostering a national development of Singapore. authority, SLA provides the collaborative environment To optimise land resources for the economic and • providing an effective and reliable land framework for implementation that encourages innovation, social development of Singapore. management system, including the issuance SLA manages about 11,000 of the Government’s land knowledge sharing and and guarantee of land titles and geospatial hectares of State land and policies and puts in place value creation among public We balance our economic and social needs while: demarcation of land, and about 5,000 State properties the legal infrastructure that agencies, private enterprises which include residential, facilitates effective property and the community. • ensuring the best use of State land • enabling the full use of land information for industrial and institutional transactions for businesses and buildings, better land management and creation of new buildings. Through interim and the public. SLA issues For more information, business opportunities. use planning in support of our and guarantees land titles in please visit www.sla.gov.sg nation’s economic and social Singapore. SLA is responsible or find us on Facebook at needs, we are able to maximise for the maintenance of the https://www.facebook.com/ CORE VALUES the use of vacant State land national land survey system, SingaporeLandAuthority. and properties in creative and where boundaries or legal • Nation First • Always Delighting Customers innovative ways. We collect and limits of properties are defined, • People Organisation • Integrity and Professionalism • Innovation and Dynamism
OLD KALLANG AIRPORT CHAIRMAN’S MESSAGE
2015 has been a memorable year for all of us at the Singapore Land Authority (SLA). We commemorated SG50, and celebrated together as a nation by opening up the former Tanjong Pagar Railway Station on 9 August, with a retrolicious carnival and the live screening of the National Day Parade. More than 20,000 visitors joined us in this joyous celebration, and this year, we look set to welcome our 100,000th visitor to the iconic State property. We also developed and launched the One Historical Map, the first in-house mobile app created internally together with the National Heritage Board to enable Singaporeans to trace the momentous changes to the Singapore streetscape since independence.
As SLA celebrates 15 years collaboration and enhancing needs of our diverse community of success, we renew our decision-making for city planning and the development of Singapore commitment to achieving our and urban solutions. Phase One take precedence, and we will vision of “Limited Land • Unlimited of the project has produced always bear in mind our mandate Space”. We will continue to the biggest geospatial dataset to better serve our people by push out initiatives that optimise ever collected homogenously optimising land resources for the Singapore’s land use, as well as in Singapore, featuring more economic and social development ideas that impact the lives of our than 100 terabytes of data and of Singapore. community. Land administration products. When completed, it will and management of ownership form a key component of Virtual SLA would not be where it is titles for land and properties in Singapore, a 3D digital platform today without its people, past Singapore continue to be the jointly developed by SLA, National and present. Previous leaderships key function for us, and we will Research Foundation (NRF) and of Kee Yong, Joon Khoi and continue to uphold the quality and Infocomm Development Authority Vincent Hoong put SLA on strong standards expected of us as part of Singapore (IDA), for use by the fundamentals, and have helped of a first-class public service in public, private and people (3P) and SLA overcome challenges in the Singapore. Beyond that, we remain research sectors. early years of its formation. Their committed to serving the needs commitment and dedication must of the country, and working on Looking into the future, the Board be acknowledged. I would also like innovative solutions for the public. and I have challenged SLA to push to take the chance to thank Hong One example is our collaboration the boundaries of technology, and Kuan, who has stepped down in with the Singapore Tourism to embrace innovation. As we July 2016, after serving on the Board, on the first commercial move beyond the celebrations Board for six years. Price-Quality tender to develop of SG50 towards SG100, we Blocks 17 and 18 Dempsey must ask ourselves how we I am humbled that we continue to Road for food and beverage use. can be better equipped to serve make a difference through the work This initiative will give Tanglin the society of tomorrow. While we do, and pledge to continue on Village, a historically significant technological advancement can this journey as we write the next landmark under SLA’s purview, a be a major disruptor to business chapter of the SLA story. much-needed boost in character as usual, it also offers us the and charm to serve as a popular unique opportunity to innovate lifestyle destination for our people. our work processes. This will allow the organisation to become SLA is also developing the first more efficient and better able to 3D map of Singapore, as part of a make a difference to our nation. Looking into the future, the Board and I have challenged SLA to push Whole-of-Government approach But even as we do that, we must the boundaries of technology, and to embrace innovation. As we move to propel Singapore towards a continue to maintain proactive beyond the celebrations of SG50 towards SG100, we must ask ourselves Smart Nation aimed at improving engagements with our community, Lim Sim Seng risk management, facilitating to listen and to understand. The Chairman how we can be better equipped to serve the society of tomorrow.
7 8 Annual Report 2015/16 Annual Report 2015/16 CHIEF EXECUTIVE’S MESSAGE
This year marks 15 years since the formation of the SLA. In these 15 short years, SLA has come a long way. Prior to this, many of SLA’s functions resided in four key departments, namely the Land Office, the Singapore Land Registry, the Survey Department and the Land Systems Support Unit, within the Ministry of Law. SLA’s formation allowed the consolidation of these four functions under the umbrella of one single organisation, and streamlined the administration of land and title ownership in Singapore into one statutory body.
Pre and post-SLA formation, we In the area of technology and at the Pro-Enterprise Panel have played a key role in the geospatial capabilities, in support (PEP) and Singapore Business development of Singapore’s land of Singapore’s progress to a Federation (SBF) Awards. We use, and we continue to see this as Smart Nation, we successfully also successfully obtained our primary focus going forward. implemented mandatory Whole- our Business Excellence 4-in- of-Government geotagging for 1 certification, comprising the Looking at 2015, I am happy datasets across all agencies. re-certification of Singapore to note that the year has This represented a significant Quality Class (SQC) STAR, People been a fruitful one for us. We milestone for agencies to manage Developer Standards (PDS), continued to strengthen our core information geospatially to Singapore Innovation Class and competencies while building enhance business processes and Singapore Service Class.Re- new capabilities to better service delivery. Through better affirming our commitment to deliver positive outcomes to management of such data and place people at the centre of our all our stakeholders. Examples information, this has also allowed work, we were awarded two include playing a key role in the the Municipal Services Office and Leading Human Resources (HR) facilitation of land for national all other public agencies to better Practices Awards in “Employee Pre and post-SLA formation, we have played a key role in the development development projects, from manage requests in a targeted Engagement and Alignment” and of Singapore’s land use, and we continue to see this as our primary focus schools to housing and key manner to address municipal “E-HRM” at the SHRI Awards going forward. transport infrastructure, to private issues island-wide. Concurrently, 2016. We were also conferred sector developments. Land is a we strengthened our internal the Special Recognition Award scarce resource in Singapore, and collaboration with public for “Best Use of HR Technology” we spare no effort in maximising agencies to streamline our work at the HRM Awards 2016. This the use of State land and processes and service delivery, served as an affirmation of our properties to support the nation’s and co-developed a Multi-agency efforts to leverage on technology economic and social needs. That Exchange System (MAX) which to improve our employee As SLA reaches its 15th year ii. An authoritative and accurate transformation. I envisage an is the role we must and will automated consultation processes experience and culture and juncture, our commitment is to land ownership framework; and, exciting and busy year ahead for continue to play as the custodian amongst participating agencies, prepare SLA to be future-ready. continue being a relevant and SLA, and I thank all our partners of State land and properties. I am resulting in better service delivery ready public sector organisation. iii. An innovative land data and stakeholders for their pleased to report that occupancy to landowners and more timely On the international front, SLA To this end, we have recently and geospatial system and continued support and trust in us. rates for marketable State and accurate capture of land data. clinched the Be Inspired Award refined our short and medium infrastructure. properties continue to achieve for “Innovation in Government” term strategy, along the following a consistently high percentage In recognition of our commitment at Bentley’s Year In Infrastructure key strategic thrusts: These three thrusts will bring at 96.9% while we achieved an to enterprise, SLA was ranked 2015 Conference for our efforts us closer to our goal of a future- overall 80.0% utilisation rate for second amongst numerous in creating the first nationwide 3D i. A comprehensive land ready organisation, one which will all our State land. public agencies for the Pro- city model to support Singapore’s administration and continue to support Singapore’s Tan Boon Khai Enterprise Agency Award Smart Nation initiative. management regime; continued development and Chief Executive
9 10 Annual Report 2015/16 Annual Report 2015/16 BOARD MEMBERS
Lim Sim Seng Tham Kui Seng Walter Fernandez Lai Huen Poh Ang Cheng Hock Wong Hong Kuan Han Kok Juan (stepped down on 31 July 2016) (wef 1 November 2015)
Group Executive Non-Executive Director Editor-in-Chief Managing Director Senior Counsel Director Deputy Secretary Singapore Country Head, DBS Straits Trading Company Ltd MediaCorp RSP Architects Planners Partner, Allen and Corrupt Practices Ministry of Law and Engineers (Pte) Ltd Gledhill LLP Investigation Bureau Chairman Managing Director Singapore Land Authority (SLA) MediaCorp Press
Besides being the Group Executive of DBS, Mr Lim also Mr Tham has considerable Mr Fernandez is the Editor- Mr Lai is involved in a Mr Ang was called to the Mr Wong was appointed Prior to Mr Han’s holds several key positions in DBS and other financial business experience in-Chief of MediaCorp. wide range of projects Bar in 1996 and appointed Director, Corrupt Practices appointment as Deputy entities. He is Chairman of DBS Vickers Securities Holdings in various industries, He oversees all news and both in Singapore and Senior Counsel in 2009. His Investigation Bureau in Secretary, Ministry of Law, Pte Ltd, and Vice-Chairman of ASEAN Business Group, including more than 10 current affairs content internationally. Besides his practice spans a wide range October 2013. Prior to he was the Senior Director Singapore Business Federation. In addition, Mr Lim years in the real estate across all of MediaCorp’s professional qualifications, of civil and commercial that, he held many key (Housing) in Ministry of holds board directorships at ASEAN Finance Corporation industry. Previously, he television, newspaper, he is also a UK Chartered litigation disputes, as well appointments within the National Development Limited, Nikko Asset Management Co., Ltd in Japan and ST was the Chief Corporate radio and digital platforms. Engineer, member of the as arbitration matters. He Public Service including since 2011. Mr Han Engineering Ltd. He also sits on the Board of Governors at Officer of CapitaLand He started his career in Association of Consulting has been recommended the Chief Executive of previously held various Nanyang Polytechnic. Limited as well as the journalism at Singapore Engineers, UK Corporate by leading publications like the Singapore Workforce appointments across the Chief Executive Officer of Press Holdings before Member for Institute of Civil The Legal 500, Chambers Development Agency, Public Service, including Mr Lim is concurrently Chairman, Human Resource CapitaLand Residential moving to MediaCorp in Engineers and Corporate Asia Pacific, Who’s Who Deputy Commissioner Ministry of Health, Ministry Committee of the SLA Board. Limited. Currently he is a 2001. He was previously Member for Singapore Legal and Asialaw Profiles of Police (Policy), and of Finance and Ministry of Non-Executive Director of Executive Editor at Channel Structural Steel Society. for his expertise as a Director (Operations) of the Trade and Industry. He is a number of companies, NewsAsia, before taking Mr Lai had also served on litigator. Singapore Police Force. also currently sitting on the including Sembcorp over as Editor of TODAY several BCA committees Board of the Civil Aviation Industries Ltd and Global and Managing Director and for his service on Mr Ang is also a member Mr Wong is also a member Authority of Singapore and Logistic Properties Ltd. He of MediaCorp Press. He the Strata Titles Board, of the SLA Board’s Audit of the SLA Board’s Audit the Intellectual Property is also a Corporate Advisor assumed his current the Ministry of National Committee. Committee. Office of Singapore. for Temasek International appointment as Editor-in- Development conferred Advisors Pte Ltd. Chief in July 2013. He is him the Meritorious Concurrently, Mr Han is a also concurrently a member Service Award (Pingat Bakti member of the SLA Board’s Mr Tham is also Chairman of the Board of Directors of Masyarakat) in 2011. Finance and Investment of the Finance and the Singapore Civil Service Committee and Human Investment Committee and College. Mr Lai is also a member Resource Committee. member of the Technology of the SLA Board’s Audit Advisory Committee of the Mr Fernandez is also Committee. SLA Board. a member of the SLA Board’s Human Resource Committee.
11 12 Annual Report 2015/16 Annual Report 2015/16 BOARD MEMBERS
Philip Yuen Mok Wei Wei Dr Chong Yoke Sin Tan Boon Khai Yeoh Oon Jin Lock Yin Mei Ho Chee Pong (wef 1 August 2015) (wef 1 August 2015) (wef 1 August 2015) (wef 1 August 2016) (wef 1 August 2016) (wef 1 August 2016) Chief Executive Officer Managing Director Chief Executive Officer Chief Executive Executive Chairman Partner Director-General Deloitte Southeast Asia W Architects Integrated Health Singapore Land Authority PwC Singapore Allen & Overy LLP Singapore Customs and Singapore Information Systems
Mr Philip Yuen has over 30 Mr Mok’s numerous Dr Chong has 32 years’ Mr Tan joined SLA as Chief Mr Yeoh has considerable Ms Lock is qualified to Prior to his appointment years of public accounting architectural projects have experience in the IT industry. Executive on 1 May 2015. experience in corporate practice law in Singapore, at the Singapore Customs experience in the United received both local and She is the CEO of Integrated Prior to this, he was with acquisitions and England and Wales and in 2014, Mr Ho was the Kingdom and Singapore. international critical acclaim, Health Information Systems the CapitaLand Group from restructuring, and has held the State of New York, with Senior Director of Human Prior to his election as CEO and have been featured that architects, manages and 2010 to 2015 where he key leadership positions an area of practice that Capital in the Public of Deloitte Southeast Asia on in many regional and operates highly integrated held senior management over his 30 years at PwC. covers cross-border capital Service Division (PSD), 1 June 2016, Mr Yuen was international publications. Mr medical and administrative positions, including Mr Yeoh serves as a board markets, mergers and Prime Minister’s Office, the Deloitte Southeast Asia Mok’s works have also been systems across Singapore’s Regional General Manager member of the Jurong acquisitions, and regulatory from 2011 to end 2013. Clients and Markets Leader. He exhibited internationally, public healthcare sector. She (Singapore and Malaysia) Town Corporation (JTC) advice. Ms Lock has been Over the last 30 years, Mr previously held the position at the Venice Architectural was previously CEO of NCS, for The Ascott Limited. He and a council member of serving on the Board of the Ho has served in various of Talent Partner and Chief-of- Biennale (2005 and 2006) the largest systems integration is a lawyer by training and the Singapore Business National Healthcare Group leadership positions in Operations for the Singapore and at the Aedes Gallery, company in Singapore, and was previously with the Federation. He is currently since 2014. She is also a the public sector covering office before he became the Berlin (2006 and 2013). was instrumental in its growth Singapore Legal Service, a member of the Institute member of the Compliance areas such as policy Singapore CEO in 2010. In recognition of his as a regional IT company with holding appointments of Chartered Accountants Committee (Continuing formulation, industry contributions to Singapore’s businesses in China, Australia, including District Judge in England and Wales, Professional Development) regulation, emergency Mr Yuen is a Chartered architectural scene, in Middle East and Southeast in the former Subordinate as well as the Vice of the Singapore Institute planning, community Accountant of Singapore and 2007, he was conferred the Asia. She is also chair of Courts of Singapore and President of CPA Australia, of Legal Education. development and human a member of the Institute of President’s Design Award the worldwide Healthcare Deputy Senior State Singapore Chapter. He resource. He currently sits Chartered Accountants in (Designer of the Year), the Information and Management Counsel/Deputy Public also holds the position of Ms Lock is also a member on the Board of the Council England and Wales. Mr Yuen nation’s highest honour Systems Society (HIMSS) Asia Prosecutor in the Attorney- Treasurer at the Singapore of the SLA Board’s Finance for Estate Agencies. is also a Fellow Member of for design. He is currently Pacific Governing Council. General’s Chambers of Institute of International and Investment Committee. CPA Australia and President appointed Professor in She is also a board member of Singapore. Affairs. Mr Ho is also a member of CPA Australia (Singapore Practice at the Department the Republic Polytechnic, SG of the SLA Board’s Human Division). In addition, he is a of Architecture, National Enable and National Kidney Mr Tan is a member of Mr Yeoh is also a member Resource Committee. board member of the Institute University of Singapore. Foundation (NKF), and Vice the SLA Board’s Human of the SLA Board’s Audit of Technical Education and an President of the Singapore Resource Committee, Committee. Advisory Industry Committee Mr Mok is also a member of Computer Society. Technology Advisory Member of the Accountancy the SLA Board’s Technology Committee and Finance and Programme at the Singapore Advisory Committee. Dr Chong is also Chairman of Investment Committee. Institute of Technology. the SLA Board’s Technology Advisory Committee. Mr Yuen is also Chairman of the SLA Board’s Audit Committee.
13 14 Annual Report 2015/16 Annual Report 2015/16 EXECUTIVE MANAGEMENT
Lee Seng Lai Thong Wai Lin Tan Boon Khai Simon Ong Bryan Chew Director Director Chief Executive Deputy Chief Executive Assistant Chief Executive Land Operations (Private) Land Sales and Acquisition Commissioner of Lands Registrar of Titles and Deeds Division, Land Data Division Division, Planning and Policy Mr Tan joined SLA as Chief Controller of Residential Division Executive on 1 May 2015. Mr Ong oversees Land Property Mr Lee oversees the Prior to this, he was with the Operations, GeoSpatial rental of about 5,000 State Ms Thong holds two CapitaLand Group from 2010 and Corporate matters. Mr Chew oversees the properties for interim use concurrent appointments. to 2015 where he held senior He supervises State land Legal and Land Survey to generate revenue as a As Director for Land Sales management positions, sales, acquisition and Divisions, the Land Titles custodian of the State. He and Acquisition, she is in including Regional General leases, and the creation Registry and the Land also oversees the Land Data charge of compulsory land Manager (Singapore and of the national geospatial Dealings (Approval) Unit. Division and its inventory acquisition, manages the sale Malaysia) for The Ascott development framework He holds the concurrent of State land and buildings of State land, lease extension Limited. He is a lawyer by for public agencies to share statutory appointments for planning and operational as well as the lifting of title training and was previously and use geospatial data. of Registrar of Titles and needs. restrictions. As Director for with the Singapore Concurrently holding the Deeds and Controller Planning and Policy, she is Legal Service, holding statutory appointment of of Residential Property. Soh Kheng Peng responsible for Enterprise appointments including Commissioner of Lands, From 2001 to 2007, he was Director Risk Management and the District Judge in the former he is responsible for the posted to the Legal Policy Land Survey Division review of key land policies Subordinate Courts of management of all State Division at the Ministry Chief Surveyor to optimise land resources Singapore and Deputy land and assets to generate of Law. He was also the for the economic and social Senior State Counsel/ revenue and provides Registrar of the Strata Titles Mr Soh oversees the Land development of Singapore. Deputy Public Prosecutor advice on land policies. Boards from 2002 to 2005. Survey Division which is in the Attorney-General’s Tan Boon Khai Simon Ong Bryan Chew in charge of all boundary Yap Chung Lee Chambers of Singapore. Manimegalai Vellasamy Tang Kwang Boon surveys. The division Director Director Director also runs the National Land Operations (Public) Legal Division Finance and Corporate Satellite Positioning Division Services Division Infrastructure that supports (until 10 July 2016) Ms Vellasamy oversees positioning and navigation the Legal Division which Mr Tang oversees Finance, using Global Navigation Ms Yap oversees land provides legal advisory Managing for Excellence and Satellite System (GNSS). procurement matters services on policy and Office Services. He is also the He is instrumental in the relating to public agencies. all civil, corporate and Quality Service Manager for development, maintenance She also oversees the Land commercial matters SLA and Corporate Secretary and application of 3D Asset Management Services involving SLA. to the SLA Board of Directors. national maps of Singapore. which is responsible for Thong Wai Lin Manimegalai Vellasamy He holds the concurrent the maintenance of vacant Ng Siau Yong Er Chye Har statutory appointments State land and buildings to Director Director of Chief Surveyor and safeguard the interests of GeoSpatial Division Human Resource Division President of Land Surveyors the State. Board since 2004. Mr Ng oversees the Ms Er oversees the June Celine Low GeoSpatial Division Human Resource Division Director which is responsible which is responsible for Land Titles Registry for establishing and talent management and Senior Deputy Registrar of implementing the national development to build Titles and Deeds geospatial development organisational capability and Assistant Controller of framework and initiatives. drive employee performance. Residential Property Apart from formulating Lee Seng Lai Yap Chung Lee Ng Siau Yong Tang Kwang Boon geospatial policies and Wee Wern Chau Ms Low oversees the Land governance, his team Director Titles Registry which is develops and operates Information Technology responsible for, inter-alia, the government-wide Division registration of all property geospatial platforms transactions in Singapore. and programmes Mr Wee oversees the She holds the concurrent such as GeoSpace, Information Technology statutory appointments of OneMap, GeoFund and Division to enable SLA to Senior Deputy Registrar GeoInnovation Fund. achieve its mission through of Titles and Deeds and strategic use of innovative Assistant Controller of and sustainable Infocomm Residential Property. Ms Low Technology. is a lawyer by training. Soh Kheng Peng June Celine Low Wee Wern Chau Er Chye Har
15 16 Annual Report 2015/16 Annual Report 2015/16 CORPORATE GOVERNANCE
SINGAPORE LAND AUTHORITY AUDIT COMMITTEE Chairman TECHNOLOGY ADVISORY stakeholders’ value. The ERM divisions/departments within SLA (SLA) BOARD Mr Lim Sim Seng COMMITTEE process comprises the following: are reviewed at appropriate intervals The Audit Committee assists to ensure alignment with corporate The Singapore Land Authority the Board in discharging its Members The Technology Advisory • Identify and assess risks objectives and good governance Act (Cap.301) provides for the statutory responsibilities. It Mr Tan Boon Khai Committee assists the Board • Develop the organisation’s risk practices. The audit plans are appointment of a Chairman, a meets with SLA’s internal and Mr Han Kok Juan in guiding and overseeing profile and response reviewed and approved by the Audit Deputy Chairman and up to 20 external auditors to review their Mr Walter Fernandez the Authority’s technology • Monitor and report risks and Committee. other Board members. audit plans, audit observations Mr Ho Chee Pong strategies and overall direction controls and the annual audited financial for meaningful and innovative use EXTERNAL AUDIT FUNCTION Currently, the 14 member Board statements. FINANCE AND INVESTMENT of technologies to support SLA’s The risk management process comprises appointees from COMMITTEE functions and services. has been integrated with PricewaterhouseCoopers was both the public and private Chairman SLA’s internal audit plan. Risk appointed by the Minister for Law sectors, with expertise and Mr Philip Yuen The Finance and Investment Chairman management within SLA is in consultation with the Auditor- experience in the following Committee assists the Board in Dr Chong Yoke Sin a continuous and developing General for audit of SLA’s annual diverse fields: architecture, Members reviewing the Authority’s budget process. The risks, controls and financial statements. The Auditor law, communications, business Mr Wong Hong Kuan and spending, and strengthening Members their indicators are reviewed on a presents its audit plan annually to management, accounting practice, Mr Lai Huen Poh its financial policies, so as to drive Mr Tan Boon Khai regular basis to ensure continued the Audit Committee. Following the finance, regulatory compliance Mr Ang Cheng Hock financial discipline and ensure Mr Tham Kui Seng relevance to the changing audit, the Auditor reports its findings and government. Other than Mr Yeoh Oon Jin financial sustainability in the long Mr Mok Wei Wei business environment. on significant audit, accounting SLA’s Chief Executive, the rest run. In addition, the committee and internal control issues and of the Board are non-executive HUMAN RESOURCE reviews and strengthens the ERM FRAMEWORK INTERNAL AUDIT FUNCTION recommends improvements. members. COMMITTEE Authority’s investment policies and monitors investment SLA has implemented the The Internal Audit Department The Board has appointed from The Human Resource Committee performance, balancing risk and Enterprise Risk Management is an independent function that amongst its members, four Board is responsible to the Board in returns. (ERM) framework within the reports directly to the Chairman Committees (Audit, Human ensuring that the Authority adopts organisation. The ERM framework of the Audit Committee and Resource, Finance and Investment sound, fair and competitive human Chairman is a structured process to better administratively to the Chief and Technology Advisory), each resource policies and assists the Mr Tham Kui Seng anticipate, identify and manage Executive. A risk-based approach with its own specific terms of Board with the development, risks that may have an impact is used to develop the annual reference. succession planning and Members on business objectives and audit plan to ensure that all compensation framework. Mr Tan Boon Khai Mr Han Kok Juan Ms Lock Yin Mei
17 18 Annual Report 2015/16 Annual Report 2015/16 15 YEARS OF CREATING SPACES, TRANSFORMING PLACES
OPEN FARM COMMUNITY MINDEN CLUSTER, TANGLIN VILLAGE
19 20 Annual Report 2015/16 Annual Report 2015/16 15 YEARS OF CREATING SPACES, TRANSFORMING PLACES
2001 2002 2003 2004 2005 2006
FORMATION LAUNCH OF STARS VACANT STATE LAUNCH OF LAUNCH OF IDEAS TANGLIN VILLAGE – AN ENCLAVE OF SLA FROM SINGAPORE ELODGMENT LAND FOR CO-ORDINATED TENDER SCHEME OF LIFESTYLE, EDUCATION AND MERGER OF THE PROPERTY COMMUNITY AND CADASTRE AND ARTS LAND OFFICE, INFORMATION STARS eLodgment RECREATIONAL IMPLEMENTATION The Ideas Tender Scheme was System (ELS) is a launched in August 2005 to SINGAPORE ONLINE (SPIO) USE OF CADASTRE To ensure that State properties continue web-based electronic encourage businessmen and to be optimized, SLA undertook upgrading LAND REGISTRY, lodgment system E-SUBMISSION entrepreneurs to pursue innovative Launched on To better optimise the works in Tanglin Village in August 2006 to SURVEY launched in 2003. It AND PAPERLESS ideas for uses of State properties. cater to the increased traffic and visitors. 16 October 2002, provides easy-to-use use of vacant State The scheme allowed tenderers to DEPARTMENT SPIO is a one-stop land, SLA would identify PROCESSING Two landscaped plazas were built to serve AND LAND electronic forms to provide new or alternative ideas, as information points and two electrical portal providing timely help users prepare suitable State land for instead of restricting them to the SYSTEMS State property rental community use. These In 2004, SLA introduced power substations were constructed to and submit online, the co-ordinated cadastre pre-approved uses. The successful ensure that there was sufficient power SUPPORT UNIT information on about instruments to register sites are typically located tenderer’s idea would only be 5,000 State properties. conveniently within system to replace load to cater for the adaptive reuse of land transactions. The the old cadastral land revealed at an appropriate time the old army barracks. Tanglin Village On 1 June 2001, Vacant State properties reach of residential status of instruments survey system. This after the tender had been awarded. represents how old State properties are four Ministry of Law not earmarked for estates. SLA regularly submitted for new system defines The scheme was in line with the creatively rejuvenated and given a fresh departments - the immediate development maintains these sites and registration is tracked property boundaries First Mover Framework, jointly lease of life by entrepreneurs who create Land Office, Singapore are put up for rent in carries out necessary via the system. ELS by co-ordinates, rather announced by the Ministry of their unique value propositions in the Land Registry, Survey the interim period. The improvement works to also provides online than bearings and Finance and the Ministry of Trade village. Department and Land website lists space for ensure that they remain enquiry of statements distances. With the and Industry, and it safeguarded Systems Support residential, commercial, suitable for use. Today, of accounts and other modernisation of our the interest of all tenderers while Unit merged to form office or institutional there are approximately billing information. cadastral survey system, allowing new or alternative ideas the Singapore Land use, as well as the 240 community use sites Users are automatically it enabled the utilisation to be considered. The Ideas Tender Authority (SLA). The latest online updates and they are well-utilised informed via email of technologies such Scheme complemented SLA’s mandate of SLA was to on tender openings, by the public for bonding when instruments are as Global Positioning current open tender system for optimise the use of land closings and awards. activities. registered and titles System (GPS) and renting out State properties. for the economic and ready for collection. electronic submission social development of to improve data integrity Singapore. and productivity.
Dempsey Hill, Tanglin Village
26A Dempsey Road
Open field at 2 Tampines St 92 (Former 5CD Goodwood Hill Formation of SLA Tampines ITE)
35 Hendon Road
21 22 Annual Report 2015/16 Annual Report 2015/16 15 YEARS OF CREATING SPACES, TRANSFORMING PLACES
2006 2007 2008 2009 2010
LAUNCH OF LANDMARK DIFFERENTIAL SLA MOVES TO of the Challenge. The SLA LAUNCH OF 2010 Pro-Enterprise SIRENT CHANGE IN PREMIUM REVIEW REVENUE HOUSE competition aims to CO-ORGANISED ONEMAP Survey. This could be increase the awareness attributed to our focus THE LAND MAP ASIA 2009 The Singapore Satellite Land with title SLA moved from of Geographic The first intelligent map on enhancing customer ACQUISITION Information Systems responsiveness and Positioning Reference restrictions are subject Temasek Towers to In 2009, SLA organised information system ACT FOR MARKET (GIS) technology in continuously reviewing Network (SiReNT) was to levy of Differential Revenue House on 24 the first international OneMap was launched students, and encourage our systems and launched in September COMPENSATION Premium (DP) for Nov 2008. The move geospatial conference in on 31 March 2010. A innovative uses of GIS procedures to keep 2006. The system is enhancement in land was in line with the Singapore in collaboration multi-agency initiative, within their community. pace with market our national reference Compulsory acquisition value. For transparency Government’s efforts with GIS Development this interactive map development. SLA network infrastructure, has played a pivotal role to the industry, the DP to ease the shortage (currently known as system is an integrated also actively sought to developed to support in Singapore’s national system is aligned with of office space in the Geospatial Media). The online geospatial collaborate with other real-time high precision development. The URA’s Development central area. Through event attracted about platform that provides agencies to provide an positioning, navigation acquisition of private Charge (DC) system. better optimisation 1,220 participants from reliable, timely and integrated solution and and tracking. SiReNT land by the Government Hence, in year 2007 of space usage, we 32 countries across the accurate location-based response to the public on ensures reliable and is provided for under when URA revised the scaled down our space world. The conference information and services State land and regulatory accurate positioning the Land Acquisition DC rates from 50% requirements by 24 per theme “Connecting to the public. matters. for all land surveying, Act. In 2007, a major to 70% to allow the cent. Communities and mapping and geospatial review was undertaken Government to capture Creating New and amendments to SLA CO-ORGANISED activities. the gains from value FIRST SINGAPORE Dimensions” called the Land Acquisition enhancement, SLA on stakeholders to GSDI 12 WORLD Act were made to similarly adjusted our SPATIAL Top and bottom: SLA Spatial Challenge 2008 collaborate and raise the CONFERENCE compensate landowners DP computation to 70% CHALLENGE profile of the industry based on the market based on the published locally as well as globally. The GSDI 12 World value of the acquired On 23 April 2008, the Table of DC rates. Conference was held in properties as at the date final eight shortlisted Launch of OneMap October 2010 and was of gazette. teams for SLA’s first- jointly organised by SLA ever Singapore Spatial SLA RANKED together with the GSDI Challenge pitted their 1ST OF 26 Association and the skills against one Permanent Committee on another to win not PARTICIPATING GIS Infrastructure for Asia only cash but also the AGENCIES AT and the Pacific (PCGIAP). coveted honour of being PRO-ENTERPRISE The conference’s theme the inaugural champion PANEL (PEP) was “Realising Spatially AND SINGAPORE Enabled Societies” which SiReNT reference station at National Sailing Centre BUSINESS reflected the vast potential FEDERATION (SBF) for geospatial and AWARDS location data to augment information, processes and decision making for In 2010, SLA emerged individuals and the society. Pearls Centre as the most improved agency and clinched SiReNT reference station at Sultan Shoal the top position in the
23 24 Annual Report 2015/16 Annual Report 2015/16 15 YEARS OF CREATING SPACES, TRANSFORMING PLACES
2011 2012 2013 2014
CREATION OF 3D DIGITAL rely on the Netrust digital COLLABORATION BETWEEN FIRST PRICE AND OPENING OF COMMUNITY was flown over Singapore to collect TERRAIN MODEL OF signatures to verify the SLA AND NYP TO HARNESS THE QUALITY TENDER PLAYFIELDS 3D point cloud and imagery data of authenticity of the pay- the whole nation. These sets of data SINGAPORE POTENTIAL OF GEOSPATIAL out instruction before From November 2013, a The playfields of three former were used to create the first 3D maps processing the release of TECHNOLOGY of Singapore which would be the key Singapore’s high resolution revised tender evaluation educational institutions have conveyancing monies to component to support the development Digital Terrain Model (DTM) was process was used to been progressively opened for facilitate the completion On 7 November 2012, SLA and Nanyang of a Smart Nation. created in 2011 based on satellite evaluate bids put in by public use since 2014, to provide of the sale and purchase. Polytechnic (NYP) signed a Memorandum imagery. A DTM is a digital of Understanding to collaborate on childcare and kindergarten more space for outdoor sports model or 3D representation of operators for State-owned and recreational purposes. The VIRTUAL SINGAPORE RETURN OF THE geospatial education, training, research and a continuous surface of terrain development. This strategic partnership properties. This was a joint first field that was opened was and it represents the bare ground FORMER RAILWAY would enable both organisations to tap into effort by the Early Childhood the former Manjusri Secondary Together with the Infocomm surface without any objects like LAND each other’s expertise and resources in Development Agency School, located at 149 Sims Development Authority of Singapore plants and buildings. In 2014, promoting the use of geospatial information (ECDA) and the SLA to Drive. The other two sites were (IDA) and the National Research the DTM was updated with laser SLA was part of the system and technology in Singapore. In further improve the quality at the former ITE Clementi and Foundation (NRF), SLA is working on the scanning data and the accuracy Malaysia-Singapore addition, SLA would award a SLA Geospatial and affordability of pre- ITE Tampines, at 6 Lempeng development of Virtual Singapore. As an was improved. Relocation Sub- Scholarship annually from 2013 to 2015 school centres operating on Drive and 2 Tampines Street authoritative 3D digital platform, Virtual Committee which to an outstanding final year student in State properties. 92, respectively. Today, 240 Singapore is intended for users from AMENDMENTS TO coordinated the relocation the Geospatial and Mobile Innovation State fields located throughout different sectors to develop sophisticated Singapore are open for public tools and applications for test-bedding SAFEGUARDING OF of the Keretapi Tanah specialisation track under the Diploma in 4GLAMS – USE Melayu Berhad (KTMB) Information Technology Programme in NYP’s OF MOBILE APP enjoyment as part of SLA’s concepts and services, planning and CONVEYANCING MONIES commitment to optimise vacant decision-making, and research on station and vesting of School of Information Technology (SIT). FOR STATE LAND AND SETUP OF EPI the former railway land. State land for the benefit of the technologies to solve emerging and INSPECTION community. complex challenges for Singapore. SYSTEM Under the Points of EVENTS AT TANJONG PAGAR Agreement between RAILWAY STATION (TPRS) Launched in January 2013, The Electronic Payment Singapore and Malaysia, IMPLEMENTATION OF 4gLAMS incorporates the Instructions System (ePI) is a the KTMB station was Since April 2012, many events such as latest mobile technologies PAPERLESS TITLES SCHEME web-based solution launched relocated from Tanjong fashion shows, photography sessions to facilitate data collection in August 2011 to safeguard Pagar to Woodlands Train and exhibitions have been held at TPRS. and decision-making. The Paperless Titles Scheme was conveyancing monies. ePI Checkpoint on 1 July In 2015, SLA opened TPRS to the public 4gLAMS allows officers implemented in May 2014. It removed leverages on the STARS 2011, with Singapore on public holidays for people to visit the to reach their desired the need for the printing of the digitised eLodgment System (ELS) and resuming ownership over historical monument to enjoy its history destinations in the shortest Children playing soccer at the junction of Rhu Cross and title document for properties which were the Integrated Land Information approximately 24km of Tanjong Rhu. Photo credit to Arik Chan Jin Kiat and charm. On 9 August 2015, TPRS time and enables them to charged or mortgaged to a participating Services (INLIS) to provide Malayan Railway land hosted the SLA SG50 Carnival and carried “check-in” at land sites and entity. Opportunities for fraud and the risk a secure digital environment south of Woodlands a live-telecast of the National Day Parade upload photos which will of losing the title document were reduced for the preparation of pay-out Train Checkpoint on AERIAL MAPPING TO to celebrate Singapore’s Golden Jubilee, be recorded in the backend thereby benefitting property owners. As instructions. To withdraw money the same day. SLA also CREATE 3D MAPS OF which attracted 20,800 visitors. support system. for the participating entities, they enjoyed from a conveyancing account, the removed and handed over TERRAIN AND BUILDINGS savings in time and storage cost as they respective lawyers for the vendor the railway tracks and no longer had to safe-keep the paper title and purchaser digitally sign, in ancillary structures along In 2014, SLA embarked on the documents. The scheme would be made ELS, the pay-out instruction with the former railway land to national 3D mapping project. In mandatory for all mortgaged properties a Netrust token. The mortgagee/ Malaysia on schedule by its first phase, an airborne laser with digitised titles in June 2017. chargee retrieves the signed pay- 31 December 2011. scanning and imaging equipment out instruction via INLIS. They
25 26 Annual Report 2015/16 Annual Report 2015/16 15 YEARS OF CREATING SPACES, TRANSFORMING PLACES
2015 2016
LAUNCH OF ONE HISTORICAL MAP CREATION OF 3D MAPS OF SINGAPORE
SLA collaborated with National Heritage Board (NHB) SLA would complete the national 3D mapping project by to launch the One Historical Map app in December end 2016. The 3D digital model would be used by the 2015 to celebrate SG50. The crowd-sourcing app public, private and people (3P) and research sectors. offers users a convenient way to compare modern Singapore streetscapes to those of yesteryears. Users could also contribute to the geographical history of Singapore by geo-tagging their personal photographs Dempsey Cluster, Tanglin Village SiReNT reference station at Nanyang Polytechnic of Singapore and sharing them with the public. MOBILE MAPPING TO CREATE 3D MAPS LEGISLATIVE AMENDMENTS TO FACILITATE THE USE AND DEVELOPMENT The first comprehensive mobile mapping project OF UNDERGROUND SPACE was commissioned in mid-2015 as phase two of the national 3D mapping project. This project was carried Amendments to the State Lands Act and the 3D representation of Central Business District out to collect a ground-based laser scanning and 360 Land Acquisition Act were made to facilitate the panoramic imagery dataset on approximately 6,000 Government’s long-term planning for the use and km of roads. The data collected was used to create development of underground space by clarifying the IMPLEMENTATION OF NEW INTEGRATED 3D models of road and street furniture. extent of subterranean land ownership and providing MODEL FOR MANAGEMENT OF for the acquisition of specific strata of space. More RESIDENTIAL STATE PROPERTIES extensive use of underground space in land-scarce Singapore will benefit all Singaporeans as surface Knight Frank Property Asset Management won the land may be used for other purposes, such as parks tender under the modified integrated model, which One Historical Map app and greenery, homes and offices. included modifications to better incentivise Managing Agents (MAs) to maintain properties by specifying PRICE AND QUALITY TENDER WITH STB SLA RANKED 2ND OF 28 PARTICIPATING a minimum annual expenditure to be spent on FOR BLKS 17 AND 18 DEMPSEY ROAD AGENCIES AT PRO-ENTERPRISE PANEL routine and cyclical maintenance. This modified model was intended to influence MAs to adopt the SLA is committed to the continued optimisation of (PEP) AND SINGAPORE BUSINESS right behaviour in maintaining State properties while State properties to meet social and economic needs. FEDERATION (SBF) AWARDS retaining manpower savings. In collaboration with Singapore Tourism Board (STB), SLA awarded the first Price and Quality (PQ) tender At the Pro-Enterprise Panel (PEP) and Singapore START OF DATA CONVERSION OF HDB site at Blocks 17 and 18 Dempsey Road for retail Mobile laser scanning vehicle Business Federation (SBF) Awards Ceremony on and food and beverage (F&B) use. The joint effort 25 November, SLA received the PEP-SBF award for LEASES INTO DIGITAL FORMAT between the SLA and the STB aimed to rejuvenate LAUNCH OF NEW SIRENT achieving 2nd place out of 28 participating public and strengthen Tanglin Village’s position as a unique agencies based on a survey conducted annually Having completed the enhancement to the Singapore lifestyle enclave and encourage the development SLA launched the new SiReNT system which has to assess Government agencies with regulatory Titles Automated Registration System (STARS) last of interesting lifestyle concepts. The PQ tender the capability to support Global Satellite Navigation functions on how business-friendly they were. Our year, SLA has started the process of converting was adopted to allow the Government to assess Systems from Russia, Europe, United States, Japan improvement from 3rd position in 2014 indicated that all paper records of HDB leases into electronic operators’ bids more holistically in terms of the and China. The new revamped SiReNT improves SLA was moving in the right direction towards the format. Scheduled for completion in 2019, this quality of their proposals. real-time high precision positioning, navigation development of a stronger pro-enterprise regulatory massive exercise would bring about a fully digitised and tracking and supports the autonomous vehicle environment in Singapore. platform through which online transactions could be initiative in Singapore. performed with greater ease in the future.
27 28 Annual Report 2015/16 Annual Report 2015/16 YEAR IN REVIEW
MUSEUM OF CONTEMPORARY ARTS (MOCA@LOEWEN) LOEWEN CLUSTER, TANGLIN VILLAGE
29 30 Annual Report 2015/16 Annual Report 2015/16 CORPORATE PERFORMANCE
TOTAL AREA OF STATE LAND SOLD TO PRIVATE AND PUBLIC SECTOR NUMBER OF STATE PROPERTIES OFFERED FOR PUBLIC TENDER
Public Tender FY2013 205 ha 324 ha
FY2014 248 ha 740 ha
FY2015 90.7 ha 847.1 ha 18 32 37
Private Public FY2013 FY2014 FY2015
TOTAL ESTIMATED GROSS FLOOR AREA OF STATE PROPERTIES MANAGED BY SINGAPORE LAND REGISTRATION OF DOCUMENTS LODGED FOR PRIVATE AND HDB PROPERTIES AUTHORITY (SLA)
FY2013 144,448 FY2013 197,544 FY2013 4,213,710 sqm HDB FY2014 132,003 Private FY2014 155,021 FY2014 4,192,303 sqm FY2015 137,448 FY2015 186,538 FY2015 4,418,522 sqm
ISSUANCE OF TITLE DOCUMENTS FOR COMPLETED PRIVATE PROPERTIES BREAKDOWN BY USE OF SLA-MANAGED PROPERTIES IN ESTIMATED GROSS FLOOR AREA Utilisation of State Buildings as at FY2015 / 2016 FY2014 FY2015 Denote (*) GFA excludes MA vacant space. The vacant properties 660,774m2 26,145 could be put for any of the above use(s) when tenanted out Residential 25,277
2,232,726m2 FY2013 Social/Civic Institution (Includes Others and Open Space and Recreation) 16,099 265,844m2 Industrial
751,383m2 507,795m2 TOTAL GFA 2 Commercial Vacant Properties* 4,418,522m (Reserved/Pending Approval/Others)
31 32 Annual Report 2015/16 Annual Report 2015/16 CORPORATE PERFORMANCE AWARDS AND CERTIFICATION
APPROVAL OF LAND AND STRATA LOTS 2015
4 JULY FY2013 1,919 30,516 ISO 9001 recertification FY2014 2,343 54,356
FY2015 1,633 43,304
Land Lots Strata Lots (Public and Private)
5 OCTOBER Public Service Awards ELECTRONIC SEARCHES (DIPS, STARS) INLIS TRANSACTION VOLUME –– Public Service Achievement Award (SLA)
–– Star Service Team Award (Land Acquisition Division)
FY2013 114,581 FY2013 374,088 –– Best Practice Award for Resource Management (Land Titles Registry) –– PS21 Most Innovative Project/Policy Award (Land Survey Division) FY2014 106,469 FY2014 346,462 –– Star Service Awards and Innovation Champion Awards (Individual Awards) FY2015 103,686 FY2015 355,205 31 OCTOBER Business Excellence 4-in-1 recertification (SQC, PDS, I-Class and S-Class)
EFFICIENCY INDICATORS 3 – 5 NOVEMBER Bentley Year In Infrastructure Conference Utilisation rate of State land: –– Be Inspired Award for Innovation in Government for “3D National Mapping Project”
25 NOVEMBER Pro-Enterprise Panel (PEP) and Singapore Business Federation (SBF) Awards 76.8% 79.1% 80.0% –– SLA ranked second of 28 participating agencies
FY2013 FY2014 FY2015 2016
Occupancy rate of State properties (excluding non-marketable stocks): 2 MARCH
HRM Awards –– Special Recognition Award for “Best Use of HR Technology” 97.4% 97.3% 96.9% 8 JULY
SHRI Awards FY2013 FY2014 FY2015 –– Leading HR Practices Awards in “Employer Engagement and Alignment” and “E-HRM”
33 34 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL REVIEW
OPERATING EXPENDITURE 5-YEAR FINANCIAL SUMMARY Operating expenditure of the Authority FY2015 FY2014 $117m $134m $148m increased by 10% (or $10.8 million) to $96m $101m $112m $121.8 million for FY2015. $121.8m $111.0m
$20.4m $33.1m $35.9m $26.4m $45.2m $45.9m $21.9m $37.5m $38.2m
FY2011 FY2012 FY2013 OPERATING EXPENDITURE FY2015 ($’m) FY2014 ($’m) DIFFERENCE ($’m/%) Expenditure of Manpower 56.2 52.6 3.6 7
$151m $141m Maintenance of IT System and Services 24.3 20.7 3.6 17 Expenditure relating to Agency Functions 18.4 16.1 2.3 14 $111m $122m Rental Expenses 7.9 7.8 0.1 1 $39.9m $19.7m Depreciation and Amortisation of Assets 6.9 6.5 0.4 6 $46.4m $28.1m Project and Professional Fees 1.4 1.4 - - $38.5m $23.3m Others 6.7 5.9 0.8 14 TOTAL 121.8 111.0 10.8 10 FY2014 FY2015
Gross Surplus Operating Income Operating Expenditure Operating Surplus Net Surplus (after Government grants)
FINANCIAL POSITION
As at 31 March 2016, the Authority’s financial position strengthened, with total equity at $243.8 million, an increase of $25.1 million from a year ago. This was mainly attributable to the net surplus of $23.3 million for FINANCIAL HIGHLIGHTS FY2015. Total assets of the Authority stood at $328.5 million, whilst liabilities totalled $84.7 million.
For FY2015, the Authority recorded a net surplus of $23.3 million after Government grants and contribution to Total Assets Government Consolidated Fund, a decrease of 39% (or $15.2 million) over FY2014. FY2015 7% 2% 91% $328.5m FY2014 7% 2% 91% $293.3m
ASSETS FY2015 ($’m) FY2014 ($’m) DIFFERENCE ($’m/%) Property, Plant and Equipment and Intangible Assets 24.2 19.3 4.9 25 Other Non-Current Assets 7.4 6.1 1.3 21 OPERATING INCOME Current Assets 296.9 267.9 29.0 11 The Authority’s operating income comprised TOTAL 328.5 293.3 35.2 12 FY2015 FY2014 agency fees and other fees and charges. FY2015 operating income of $141.5 million $141.5m $150.9m was lower by 6% (or $9.4 million). Total Equity and Liabilities
FY2015 74% 1% 25% $328.5m FY2014 75% 1% 24% $293.3m
OPERATING INCOME FY2015 ($’m) FY2014 ($’m) DIFFERENCE ($’m/%) EQUITY AND LIABILITIES FY2015 ($’m) FY2014 ($’m) DIFFERENCE ($’m/%) Agency Fees 79.2 85.6 -6.4 -7 Equity 243.8 218.7 25.1 11 Other Fees and Charges 62.3 65.3 -3.0 -5 Non-Current Liabilities 4.0 3.5 0.5 14 TOTAL 141.5 150.9 -9.4 -6 Current Liabilities 80.7 71.1 9.6 14 TOTAL 328.5 293.3 35.2 12
35 36 Annual Report 2015/16 Annual Report 2015/16 CORPORATE REVIEW
SUSTAINABLE LAND ADMINISTRATION AND MANAGEMENT
SINGAPORE’S INTERIM USE Manpower Base, into a destination to allow the public to walk, jog, MASTER PLANNER hub well loved by locals and cycle, and experience our city in visitors alike. On 13 August 2015, a whole new way. Thousands of The Singapore Land Authority (SLA) SLA, together with the Singapore Singaporeans from all walks of life is committed to optimising the use Tourism Board (STB), conducted a came together to enjoy a wide array of State land and properties for the tender to develop Blocks 17 and 18 of family-friendly activities, such benefit of Singaporeans. In 2015, Dempsey Road, for retail and F&B as mass aerobics workouts, street SLA took on the role of interim use use which was awarded to COMO performances and walking trails. master planner for State properties. Lifestyle Pte Ltd, a subsidiary of With our extensive knowledge in luxury retailer Club 21. COMO SLA is a supporting partner of this managing interim use tenancies, Lifestyle will bring in multi- initiative, which will be held on this role allows us to achieve label fashion store Dover Street the last Sunday of every month better effectiveness and be more Market, a concept restaurant and for a six-month pilot scheme. It is responsive in addressing the needs bar by renowned French chef hoped that Car-Free Sunday SG will of all our stakeholders. Jean-Georges Vongerichten, extend beyond these six months as well as Candlenut, a popular and become a permanent event in REVIVING LANDMARKS AND local Peranakan restaurant. This Singapore. CREATING LIFESTYLE HUBS will significantly contribute to promoting Tanglin Village as a WALKING THE JOURNEY SLA continues to think of creative unique lifestyle enclave. TOGETHER IN LAND and innovative ways to put our ACQUISITION State properties to good use, to CAR-FREE SUNDAYS IN THE ensure Singaporeans can benefit HEART OF THE CITY Private land may occasionally be The White Rabbit at Dempsey Cluster, Tanglin Village from the rustic and historical charm required for various essential public that these hidden gems offer. On 28 February 2016, Car-Free programmes such as schools, These efforts go toward enhancing Sunday SG, an initiative aimed hospitals, housing, and transport and creating value for our State at moving Singapore towards a projects. SLA plays a key role in properties in the years to come. car-lite and people-friendly city, ensuring that all land acquisition was launched. A 4.7km stretch of proposals are comprehensively Such efforts have transformed road in the Civic District and parts reviewed to minimise its impact Tanglin Village, a former British of the Central Business District on private land owners. SLA is Army barracks and previous Central was closed to motor vehicles also committed to ensuring that
MoCA at Loewen Cluster, Tanglin Village
compensation is appropriately concerns. Besides pro-actively Provident Fund (CPF) Board, and assessed and promptly disbursed to engaging affected landowners, for those who require replacement affected landowners. SLA has also taken on the initiative housing, the Housing Development to act as a single point of contact Board (HDB). SLA walks the entire In administering land acquisition, between the owners and the journey with affected landowners SLA works closely with the affected various parties on issues relating to and supports them throughout the landowners to mitigate the impact acquisition and relocation, including whole acquisition process. Car-Free Sunday of the acquisition and address their banks, lawyers, the Central
37 38 Annual Report 2015/16 Annual Report 2015/16 CORPORATE REVIEW
INNOVATIVE LAND DATA AND GEOSPATIAL INFRASTRUCTURE
IMPROVING SERVICE DELIVERY their potential to support municipal OneMap e-Prize for the best use about sensors and Geospatial TO SERVE OUR CITIZENS office service delivery. of geospatial data. Overall, the Information Science and Technology hackathon was a useful platform to (GIST), and how it can be used On 1 April 2015, the Municipal SIRENT SUPPORTS GNSS collaborate and co-create solutions innovatively. Services Office (MSO) partnered for a Smart Nation. three additional government The Singapore Satellite Positioning GIVING BACK THROUGH organisations – Singapore Land Reference Network (SiReNT) GEOHACKATHON 2015 GEOINNOVATION Authority (SLA), Building and infrastructure, which was set up Construction Authority (BCA), and by SLA in 2006, plays a key role in SLA conducted the second Food from the Heart (FFTH) is a Urban Redevelopment Authority many Smart Nation initiatives such GeoHackathon in partnership with Volunteer Welfare Organisation (URA) to improve municipal as the Autonomous Vehicle and the Singapore Civil Defence Force (VWO) that collects unsold bread service delivery. Intelligent Transportation System. (SCDF), Science Centre Board (SCB) from participating restaurants and and the National Heritage Board bakeries and distributes them to the Helmed by Minister for Culture, SiReNT supports the new national (NHB). Attracting more than 150 less fortunate in Singapore. Community and Youth Grace Fu, property boundary survey system participants, GeoHackathon 2015 MSO aims to maximise efficiency that consists of providing national tapped on the collective brilliance Above and below: GeoHackathon 2015 while shifting from an agency-based reference frame for surveying, of the community to solve real- approach to an issues-based one. mapping and GIS, and real-time world problems using Geospatial precise navigation and monitoring. Information Science and Technology As part of the partnership, SLA (GIST). Participants demonstrated participates in MSO’s escalation With the network enhancement in the versatility of GIST through the protocol that surfaces complex 2015, it now encompasses eight development of prototype apps. cases to partner agency’s senior Global Navigation Satellite System These apps addressed a number management and MSO. This way, (GNSS) reference stations that of our partners’ challenges, from complex cases, particularly those operates 24/7. The new SiReNT improving access to life-saving requiring inter-agency coordination, supports four types of navigation Automated External Defibrillators are closely tracked and followed satellites systems i.e. the US Global (AEDs), building our science through. SLA’s feedback Positioning System (GPS), the knowledge to sharing our local management system would also Russian GLONASS, the Chinese heritage. be linked to MSO’s integrated Beidou and the Japanese QZSS municipal feedback management satellites. INCREASING AWARENESS OF system, a central IT platform that GEOSPATIAL TECHNOLOGY facilitates monitoring, coordination HACKATHON@SG 2015 To facilitate the bread collection and timely resolution of feedback The Singapore Geospatial Challenge process, the FFTH Volunteer cases across agencies. SLA has been actively partnering (SGC) was organised by SLA in Broadcast System (VBS) app was agencies in hackathons and partnership with the Ministry developed with the support of MINISTER GRACE FU VISITS SLA innovation events to promote of Education (MOE), National SLA’s GeoInnovation Fund. The app the use of geospatial information Parks Board (NParks), Singapore accelerated the bread collection On 8 October 2015, SLA played science and technology. One such University of Technology and process by helping volunteers find host to Minister Grace Fu (MSO). event is Hackathon@SG 2015. Design (SUTD), as well as Esri the quickest routes to collection SLA staff from Land Survey, The event involved students and Singapore and OneMaker Group points and efficiently reporting GeoSpatial Division, Land Asset diverse working professionals who to increase geospatial awareness bread collection information. Over Management Services and created 335 working applications in support of Singapore’s Smart 14,500 FFTH beneficiaries were Customer Care Unit showcased and prototypes. Nation vision. expected to gain from this initiative. technological initiatives from their respective divisions. The SLA supported the event by A total of 270 students from 28 CREATING SINGAPORE’S GEO- demonstrations led to a clearer conducting workshops, offering schools took part in the challenge, HISTORICAL MAP WITH IMAGES understanding of SLA’s efforts in funding of up to $50,000 through spanning from secondary to PAST AND PRESENT developing Singapore’s geospatial the GeoInnovation Fund, as university levels. SGC established data infrastructure and policies and well as sponsored a $1,000 opportunities for students to learn Singapore Geospatial Challenge In December 2015, SLA launched the One Historical Map (OHM)
39 40 Annual Report 2015/16 Annual Report 2015/16 CORPORATE REVIEW
A TRUSTED OWNERSHIP FRAMEWORK in partnership with the National 3D MAPPING FOR A 3D map data supports various ENHANCEMENT TO STARS lodgment system which provides Singapore for the very first time Heritage Board (NHB) to provide SMART NATION Smart Nation initiatives such as digital forms for lawyers to prepare from 18 to 20 November 2015. The the public a convenient way heritage preservation, gaming and In 2015, SLA enhanced the and submit documents for land ROTC is a platform for Registrars to compare modern Singapore As the national survey and mapping stimulations, urban planning and Singapore Titles Automated transactions online without the from all over the world, including streetscapes to those of the agency, SLA plays a significant real estate. Registration System (STARS) to need to submit hard copies. In Australia, New Zealand, the United yesteryears. role in contributing to Singapore’s enable the mass digitisation of 2015, the electronic forms were Kingdom, Scotland, Canada and Smart Nation vision. Our 3D VIRTUAL SINGAPORE the manual title records of HDB enhanced with alerts to remind Mauritius, to collaborate and share OHM encourages users to mapping project, which began in flats. The digitisation exercise law firms that the addresses of on new developments, as well as to contribute to the geographical April 2014, is currently into its next Together with the Infocomm commenced in early 2016 and parties for service of notice must build on one another’s experiences history of Singapore by phase. Street-level data capturing Development Authority of is expected to be completed by be up-to-date and within Singapore. and expertise in tackling issues geo-tagging and sharing personal and modelling are expected to be Singapore (IDA) and the National 2019. Digitisation of the HDB title This year, more digital forms such relating to land titles. photographs of Singapore, past completed by end-2016. Research Foundation (NRF), SLA records will make way for a simpler as discharge of charge or mortgage and present. is working on the development and faster process of lodgment of and application to correct data will Topics such as e-conveyancing, Two survey aircraft were deployed of Virtual Singapore. As an documents, registration and online be introduced. land information systems and the OHM has close to 1,000 photos for the data collection. One authoritative 3D digital platform, title search. use of geospatial technology were to date and SLA hopes that the aircraft was fitted with a LiDAR Virtual Singapore is intended for ELS delivers significant time and presented at the conference. As app will spark interest among the sensor using laser technology users from different sectors to ENHANCEMENT TO STARS cost savings to our customers, as part of the conference programme, net-savvy and encourage more and another was equipped with develop sophisticated tools and ELODGMENT SYSTEM well as greater convenience SLA organised learning journeys for inter-generational conversation an oblique camera system. A applications for test-bedding and accuracy. participants to visit and experience on Singapore’s shared history ground-based vehicle was also concepts and services, planning To better serve our customers, SLA some of our State properties and heritage. We will continue deployed using both technologies and decision-making, and continually reviews our processes REGISTRARS OF TITLE such as The Grandstand, which to collaborate with the National to map out street-level details. research on technologies to solve and systems. CONFERENCE 2015 demonstrated the adaptive reuse of Library Board (NLB) and other The street-level 3D data would emerging and complex challenges State properties. agencies to further enhance eventually complete the whole for Singapore. The team has The STARS eLodgment system The annual Registrars of Title the OHM. 3D digital built environment and completed the first prototype (ELS) is an online electronic Conference (ROTC) was held in form a virtual experience. The platform and has plans to expand massive amount of high quality to other regions.
3D formation of Tanjong Pagar Railway Station 3D laser scan of Tanjong Pagar Railway Station Registrars of Title Conference 2015
41 42 Annual Report 2015/16 Annual Report 2015/16 CORPORATE REVIEW
OUTREACH AND COMMUNITY ENGAGEMENT
DEEPENING PUBLIC As part of SLA’s school outreach 4,500 to 5,000 meals daily to the transported back in time to our ENGAGEMENT initiative, the Land Sales and less fortunate in Singapore. yesteryears, as Singaporeans, both Acquisition Division spearheaded a young and old, enjoyed old school SLA seeks to broaden and deepen Learning Enhancement Programme, SLA also collaborated with The games, childhood knick-knacks and public engagement to meet the social reaching out to over 3,500 students Local People to organise a 90’s carnival rides. needs of our diverse community. from 13 different secondary schools. themed art market that was As the custodian of State land and The pilot programme introduced held at Tanjong Pagar Railway SLA staff also came together on properties, SLA strives to optimise students to SLA and its functions Station on Good Friday, 25 March 19 August 2015 for our National land resources to maximise our in the form of presentations, mini 2016. As a prelude to the event, Day Observance Ceremony and nation’s socio-economic potential and quizzes and Q&A sessions. Through voluntary welfare organisation enjoyed a medley of National Day benefit all Singaporeans. this programme, many students Food from the Heart organised a songs performed by the CHIJ St learned about SLA for the first time food donation drive that received Nicholas Girls’ School Choir. Our SLA held a nationwide public and gained a better understanding overwhelming response and Long Service Award recipients were consultation from 29 April to 20 SLA Chief Executive and panelists at Land Matters Seminar 2015 of how land is managed by SLA support from SLA staff. also honoured for their years of May 2015 to gather feedback on and the need for land acquisition for dedication and service. the possible uses for land under national development projects CELEBRATING SG50 viaducts. There is rich potential in Singapore. in these untapped spaces, which To mark Singapore’s 50th birthday could be transformed into vibrant MEANINGFUL STAFF on 9 August 2015, SLA organised community and recreational sites ENGAGEMENT a retro carnival for the public at for all Singaporeans to enjoy. the historic Tanjong Pagar Railway On 19 February 2016, over 80 Station, which was followed by a On 27 November 2015, SLA hosted SLA staff, including management, live screening of the National Day the fourth Land Matters Seminar. participated in a meaningful Parade. The nostalgia-rich event Compared to the previous three Picnic in the Park pop-ups tree planting activity at Coney attracted 20,800 visitors who were seminars, this was the first time Island, Singapore’s latest nature participants from the private sector local artists and designers to EDUCATING THE NEXT park. The event was organised were invited, with more than 130 transform old, unwanted pianos into GENERATION ON LAND to commemorate SLA’s 15th participants from over 45 companies art pieces and place them in public MATTERS anniversary and presented the attending the seminar. This was spaces for everyone to enjoy. The perfect opportunity to demonstrate a unique opportunity for us to pianos will eventually be donated to SLA worked with several our organisation’s commitment to promote a greater understanding of needy institutions where the pianos educational institutions to environmental conservation at the land planning, land sales and lease could continue to benefit people heighten awareness of SLA’s role same time. Our staff reforested management, and at the same who do not often have access to a in optimising land resources and a small area of the island, then time, for SLA officers to network music instrument. managing State properties. went on a guided tour to explore and build better relations with our the pristine natural environment stakeholders. Another initiative was the Picnic We partnered with National and learn more about the island’s in the Park pop-ups, located at University of Singapore’s environmental initiatives. CREATIVE USE OF SPACES FOR Sultan Gate and near Telok Ayer Department of Real Estate to use THE PUBLIC MRT Station. Picnic benches and State properties as project case GIVING BACK TO OUR COMMUNITY swing sets were placed on vacant studies for the Advanced Real Left, right, and above: SLA celebrates SG50 at Tanjong Pagar Railway Station One of SLA’s key priorities is to State land in the busy city area, Estate Marketing module under the As part of our ongoing community allow the community to enjoy State transforming these places into School of Design and Environment. engagement efforts, SLA land. SLA, in collaboration with the tranquil recreational spaces, which This allowed the undergraduate organised and participated in Urban Redevelopment Authority offered Singaporeans respite from students to better understand the several charitable causes to help (URA) of Singapore, embarked on their fast-paced daily routine. These value of our State properties and the under-privileged. the PubliCity Project to transform spaces also provided the community their market needs. The students various public spaces into vibrant with an opportunity to bond with also presented their proposals on On 10 December 2015, volunteers sites. This included the Play it their friends, family and colleagues, the creative uses and marketing from SLA helped out at Willing Forward initiative, a creative project while immersing themselves in a strategies of State properties to Hearts, a soup kitchen which initiated by a group of passionate more tranquil setting. their lecturers and SLA officers. prepares and distributes about Learning Enhancement Programme at Bedok North Secondary School
43 44 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL STATEMENTS
Independent Auditor’s Report 47 Statement of Financial Position 49
Statement of Comprehensive Income 50 Statement of Changes in Equity 51 Statement of Cash Flows 52 Notes to the Financial Statements 53
35 AND 35A SCOTTS ROAD
45 46 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL STATEMENTS
INDEPENDENT AUDITOR’S REPORT TO SINGAPORE LAND AUTHORITY
Report on the Financial about whether the financial 31 March 2016 and the financial of the financial statements from Statements statements are free from material performance, changes in equity and non-compliance, if any, but not misstatement. cash flows of the Authority for the for the purpose of expressing an We have audited the financial year ended on that date. opinion on the effectiveness of the accompanying financial An audit involves performing entity’s internal control. Because statements of Singapore Land procedures to obtain audit Report on Other Legal and of the inherent limitations in any Authority (the “Authority”), evidence about the amounts Regulatory Requirements accounting and internal control set out on pages 49 to 77, and disclosures in the financial system, non-compliances may which comprise the statement statements. The procedures Management’s Responsibility nevertheless occur and not be of financial position as at 31 selected depend on the for Compliance with Legal and detected. March 2016, and the statement auditor’s judgment, including Regulatory Requirements of comprehensive income, the the assessment of the risks of We believe that the audit evidence statement of changes in equity material misstatement of the Management is responsible we have obtained is sufficient and the statement of cash flows financial statements, whether due for ensuring that the receipts, and appropriate to provide a basis for the financial year then ended, to fraud or error. In making those expenditure, investment of for our opinion on management’s and a summary of significant risk assessments, the auditor moneys and the acquisition compliance. accounting policies and other considers internal control relevant and disposal of assets, are in explanatory information. to the entity’s preparation and accordance with the provisions of Opinion fair presentation of the financial the Act. This responsibility includes Management’s Responsibility for statements in order to design audit implementing accounting and In our opinion: the Financial Statements procedures that are appropriate internal controls as management in the circumstances, but not determines are necessary to (a) the receipts, expenditure, Management is responsible for the for the purpose of expressing an enable compliance with the investment of moneys and the preparation and fair presentation opinion on the effectiveness of provisions of the Act. acquisition and disposal of assets of these financial statements in the entity’s internal control. An by the Authority during the year accordance with the provisions of audit also includes evaluating Auditor’s Responsibility are, in all material respects, in the Singapore Land Authority Act the appropriateness of accordance with the provisions of 2001 (No. 17 of 2001) (the “Act”) accounting policies used and the Our responsibility is to express the Act; and and Statutory Board Financial reasonableness of accounting an opinion on management’s Reporting Standards, and for such estimates made by management, compliance based on our audit (b) proper accounting and other internal control as management as well as evaluating the overall of the financial statements. We records have been kept, including determines is necessary to presentation of the financial conducted our audit in accordance records of all assets of the enable the preparation of financial statements. with Singapore Standards on Authority whether purchased, statements that are free from Auditing. We planned and donated or otherwise. material misstatement, whether We believe that the audit evidence performed the compliance audit to due to fraud or error. we have obtained is sufficient and obtain reasonable assurance about appropriate to provide a basis for whether the receipts, expenditure, Auditor’s Responsibility our audit opinion. investment of moneys and the acquisition and disposal of Our responsibility is to express Opinion assets, are in accordance with the an opinion on these financial provisions of the Act. PricewaterhouseCoopers LLP statements based on our In our opinion, the financial Public Accountants and Chartered audit. We conducted our audit statements of the Authority are Our compliance audit includes Accountants in accordance with Singapore properly drawn up in accordance obtaining an understanding of the Standards on Auditing. Those with the provisions of the Act and internal control relevant to the Singapore, 11 July 2016 standards require that we comply Statutory Board Financial Reporting receipts, expenditure, investment with ethical requirements and Standards so as to present fairly, in of moneys and the acquisition and plan and perform the audit to all material respects, the financial disposal of assets; and assessing obtain reasonable assurance position of the Authority as at the risks of material misstatement 5 Russels Road
47 48 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL STATEMENTS
STATEMENT OF FINANCIAL POSITION STATEMENT OF COMPREHENSIVE INCOME AS AT 31 MARCH 2016 FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016
31 March 2016 31 March 2015 2015/2016 2014/2015 Note $ $ Note $ $
Assets Income Non-Current Agency fees 79,133,354 85,590,541 Property, plant and equipment 4 7,019,492 4,085,400 Other fees and charges 62,323,125 65,311,255 Intangible assets 5 17,145,791 15,153,651 Total income 141,456,479 150,901,796 Held-to-maturity financial assets 6 5,750,000 5,750,000 Trade debtors, prepayments and other receivables 9 1,646,458 346,836 Less: Expenditure 31,561,741 25,335,887 Expenditure on manpower 16 56,164,435 52,603,843 Current Maintenance of IT systems and services 24,306,508 20,728,435 Financial assets at fair value through profit or loss 7 78,706,861 29,117,444 Expenditure relating to agency functions 17 18,341,149 16,085,089 Derivative financial instruments 8 2,555,218 117,334 Rental expenses 7,911,157 7,833,631 Trade debtors, prepayments and other receivables 9 23,506,964 15,675,232 Depreciation expense 4 1,922,124 1,925,440 Cash and cash equivalents 10 190,910,649 221,611,824 Amortisation expense 5 5,003,359 4,509,330 295,679,692 266,521,834 Office maintenance, supplies and services 2,747,363 2,997,231 Asset classified as held for sale 20 1,245,900 1,410,000 Project and professional fees 1,414,374 1,385,741 296,925,592 267,931,834 Assurance Fund Contribution 15 1,574,258 1,306,131 Total assets 328,487,333 293,267,721 Other operating expenses 18 2,371,509 1,597,092 Total expenditure 121,756,236 110,971,963 Equity Capital 3 10,459,649 9,148,768 Operating surplus 19,700,243 39,929,833 Accumulated surplus 233,343,139 209,531,225 Total equity 243,802,788 218,679,993 Non-operating income - net Investment income - net 19 3,614,512 3,000,688 Liabilities Other gains/(losses) 20 114,542 (515,642) Non-Current Total non-operating income - net 3,729,054 2,485,046 Trade and other payables 11 894,804 925,275 Provision for pension 12 2,066,905 1,717,243 Surplus before grants 23,429,297 42,414,879 Deferred capital grants 13 1,425,878 548,386 4,037,925 3,540,566 Government grants Current Operating grants 4,497,866 3,934,282 Derivative financial instruments 8 - 197,270 Deferred capital grants amortised 13 181,934 61,424 Trade and other payables 11 43,895,043 32,305,489 Total government grants 4,679,800 3,995,706 Provision for pension 12 173,063 462,409 Contribution to Government Consolidated Fund 14 4,813,761 7,891,499 Provision for Assurance Fund 15 31,764,753 30,190,495 Surplus before contribution to Government Consolidated Fund 28,109,097 46,410,585 80,646,620 71,047,162 Less: Contribution to Government Consolidated Fund 14 4,813,761 7,937,684 Total liabilities 84,684,545 74,587,728 Net surplus for the year 23,295,336 38,472,901 Total equity and liabilities 328,487,333 293,267,721 Add: Other comprehensive income Items that will not be reclassified subsequently to income and expenditure:
Remeasurement gain on defined benefit plan obligations 12 516,578 - Lim Sim Seng Tan Boon Khai Other comprehensive income, net of tax 23,811,914 - Chairman Chief Executive Total comprehensive income for the year 23,811,914 38,472,901 Singapore, 11 July 2016
The accompanying notes form an integral part of and should be read in conjunction with these financial statements. The accompanying notes form an integral part of and should be read in conjunction with these financial statements.
49 50 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL STATEMENTS
STATEMENT OF CHANGES IN EQUITY STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016 FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016
2015/2016 2014/2015 2015/2016 2014/2015 Note $ $ Note $ $ Cash Flows from Operating Activities Capital Net surplus 23,295,336 38,472,901 Balance at beginning of the year 9,148,768 7,733,929 Equity injection 21 1,310,881 1,414,839 Adjustments for: Balance at end of the year 10,459,649 9,148,768 Depreciation of property, plant and equipment 4 1,922,124 1,925,440 Amortisation of intangible assets 5 5,003,359 4,509,330 Accumulated surplus Loss on disposal of property, plant and equipment and intangible 18 43,222 12,035 assets - net Balance at beginning of the year 209,531,225 171,058,324 Investment income - net 19 (3,000,688) Total comprehensive income for the year 23,811,914 38,472,901 (3,614,512) Balance at end of the year 233,343,139 209,531,225 Government grants (4,679,800) (3,995,706) Total equity 243,802,788 218,679,993 Provision for pension 12 78,664 124,937 Contribution to Government Consolidated Fund 14 4,813,761 7,937,684 Assurance Fund Contribution 15 1,574,258 1,306,131 Loss on remeasurement of asset held for sale 20 164,100 290,000 28,600,512 47,582,064 Change in operating assets and liabilities: Trade debtors, prepayments and other receivables (7,440,914) 5,409,345 Asset classified as held for sale - (1,700,000) Trade and other payables 12,352,379 (531,540) Provision for pension 12 (201,094) (176,534) Deposits relating to provision for Assurance Fund (1,574,258) (1,306,131) Cash generated from operations 31,736,625 49,277,204 Contribution to Government Consolidated Fund (7,891,499) (7,808,535) Net cash generated from operating activities 23,845,126 41,468,669 Cash Flows from Investing Activities Receipts from maturity of held-to-maturity financial assets - 2,250,000 (Payments for purchase)/receipts from sale of financial assets at fair (52,523,290) 10,134,002 value through profit or loss - net Interest received 1,870,790 1,352,542 Proceeds from disposal of property, plant and equipment 1,594 826 Payments for purchase of property, plant and equipment (4,823,548) (709,203) Payments for purchase of intangible assets (7,763,038) (6,891,429) Net cash (used in)/provided by investing activities (63,237,492) 6,136,738 Cash Flows from Financing Activities Government grants received 5,806,052 4,591,843 Capital injection by Government 21 1,310,881 1,414,839 Net cash provided by financing activities 7,116,933 6,006,682
Net (decrease)/increase in cash and cash equivalents (32,275,433) 53,612,089 Cash and cash equivalents at beginning of the year 191,421,329 137,809,240 Cash and cash equivalents at end of the year 10 159,145,896 191,421,329
The accompanying notes form an integral part of and should be read in conjunction with these financial statements. The accompanying notes form an integral part of and should be read in conjunction with these financial statements.
51 52 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016 FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016
1 General 2.4 Income recognition
Singapore Land Authority (the “Authority”), a Statutory Board under the Ministry of Law (“MinLaw”), was Revenue is recognised to the extent that it is probable that the economic benefits will flow to the established in Singapore under the Singapore Land Authority Act 2001 (No. 17 of 2001) (the “Act”) on 1 June Authority and the revenue can be reliably measured. The following specific recognition criteria must 2001. The Authority’s registered office is at 55 Newton Road #12-01, Revenue House, Singapore 307987. be met before revenue is recognised.
The principal activities of the Authority are to: (a) Income from agency fees, service income, processing and registration fees are recognised when services are rendered. (a) optimise land resources for the social and economic development of Singapore; (b) Interest income is recognised using the effective interest method. (b) manage all state land and buildings, land acquisitions, land sales and leases; (c) Extension charges are recognised in the financial period based on the terms of the extension. (c) develop, maintain and market national land information; 2.5 Property, plant and equipment and depreciation (d) issue title to land, register instruments and deeds and approve cadastral surveys; and Property, plant and equipment are initially recognised at cost and subsequently carried at cost less (e) make available land for residential, commercial, educational, institutional, social and other related purposes. accumulated depreciation and accumulated impairment losses.
There have been no significant changes in the nature of these activities during the financial year. The initial cost of property, plant and equipment comprises its purchase price, including import duties and non-refundable purchase taxes and any costs that are directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 2 Significant accounting policies Cost may include the projected cost of dismantlement, removal or restoration if such obligation is incurred 2.1 Basis of preparation as a consequence of acquiring the asset.
The financial statements have been prepared in accordance with the provisions of the Act and Statutory Subsequent expenditure relating to property, plant and equipment that has already been recognised is Board Financial Reporting Standards (“SB-FRS”) under the historical cost convention, added to the carrying amount of the asset only when it is probable that future economic benefits associated except as disclosed in the accounting policies below. with the item will flow to the Authority and the cost of the item can be measured reliably. All other repair and maintenance expenses are recognised in income and expenditure when incurred. 2.2 Significant accounting estimates and judgements Assets taken over from the former land departments, namely Land Office, Singapore Land Registry, Survey The preparation of these financial statements in conformity with SB-FRS requires management to Department and Land Systems Support Unit, and the existing Computer Information Systems Department exercise judgement in the process of applying the Authority’s accounting policies. It also requires the use (“CISD”) in MinLaw were valued on the following bases at the dates of transfer: of certain accounting estimates and assumptions. (a) Assets under construction were valued at cost. Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the (b) Other assets were transferred at their book values. circumstances. The Authority did not make any material judgements that have significant effect on the amounts recognised in the financial statements. Assets under construction represent computerisation projects, addition and alteration works which have been capitalised and are stated at cost. These include cost of hardware and other direct costs. Assets 2.3 Interpretations and amendments to published accounting standards effective in 2015/2016 under construction are not depreciated until such time as the relevant phases are completed and the assets are put into operational use. On 1 April 2015, the Authority adopted the new or amended SB-FRS and Interpretations to SB-FRS (“INT SB-FRS”) that are mandatory for application from that date. Changes to the Authority’s accounting Property, plant and equipment are depreciated using the straight-line method to allocate their depreciable policies have been made as required, in accordance with the transitional provisions in the respective SB- amounts over their estimated useful lives as follows: FRS and INT SB-FRS. Furniture and fittings, office equipment and office renovation 3 - 6 years The adoption of these new or amended SB-FRS and INT SB-FRS did not result in substantial changes to IT equipment 3 - 5 years the Authority’s accounting policies and had no material effect on the amounts reported for the current or Motor vehicles 7 years prior financial years. Plant and machinery 5 - 7 years
53 54 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016 FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016
2.5 Property, plant and equipment and depreciation (continued) 2.8 Financial assets
The residual values, estimated useful lives and depreciation method are reviewed, and adjusted as (a) Classification appropriate, at each balance sheet date. The effects of any revision are recognised in the income and expenditure when the changes arise. The Authority classifies its financial assets within the scope of SB-FRS 39 in the following categories: at fair value through profit or loss, loans and receivables and held-to-maturity. The classification depends 2.6 Intangible assets and amortisation on the nature of the asset and the purpose for which the assets were acquired. Management determines the classification of its financial assets at initial recognition and in the case of assets classified as held- Intangible assets acquired, which comprise computer software and application system, are initially to-maturity, re-evaluates this classification at each balance sheet date. capitalised at cost, which includes the purchase price (net of any discounts and rebates) and other directly attributable cost of preparing the asset for its intended use. Direct expenditure including employee costs, (i) Financial assets at fair value through profit or loss which enhance or extend the performance of computer software beyond its specifications and which can be reliably measured, are added to the original cost of the software. Costs associated with maintaining This category has two sub-categories: financial assets held for trading, and those designated at the computer software are recognised as an expense when incurred. fair value through profit or loss at inception. A financial asset is classified as held for trading if it is acquired principally for the purpose of selling in the short term. Financial assets designated as Intangible assets are subsequently carried at cost less accumulated amortisation and accumulated impairment at fair value through profit or loss at inception are those that are managed and their performances losses.These costs are amortised to income and expenditure using the straight-line method over their are evaluated on a fair value basis, in accordance with a documented investment strategy. Derivatives estimated useful lives of three to five years. are also categorised as held for trading unless they are designated as hedges. Assets in this category are presented as current assets if they are either held for trading or are expected to be realised Assets under construction represent computerisation projects which have been capitalised and are stated within 12 months after the balance sheet date. at cost. These include cost of software and other direct costs. Assets under construction are not depreciated until such time as the relevant phases are completed and the assets are put into operational use. (ii) Loans and receivables
The amortisation period and amortisation method of intangible assets are reviewed at least at each balance Loans and receivables are non-derivative financial assets with fixed or determinable payments that sheet date. The effects of any revision are recognised in income and expenditure when the changes arise. are not quoted in an active market. They are presented as current assets, except for those expected to be realised later than 12 months after the balance sheet date which are presented as non-current Gains and losses on disposal of intangible assets are classified under ‘other operating expenses’ in income assets. Loans and receivables are presented as “trade debtors, prepayments and other receivables” and expenditure. (Note 9) and “cash and cash equivalents” (Note 10) on the balance sheet.
2.7 Impairment of non-financial assets (iii) Held-to-maturity financial assets
At each balance sheet date, property, plant and equipment and intangible assets are tested for impairment Held-to-maturity financial assets are non-derivative financial assets with fixed or determinable whenever there is any objective evidence or indication that these assets may be impaired. payments and fixed maturities that the Authority’s management has the positive intention and ability to hold to maturity. If the Authority were to sell a significant amount of held-to-maturity For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost financial assets, the whole category would be tainted and reclassified as available-for-sale. They to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate are presented as non-current assets, except for those maturing within 12 months after the balance cash inflows that are largely independent of those from other assets. If this is the case, the recoverable sheet date which are presented as current assets. amount is determined for the cash-generating unit (“CGU”) to which the asset belongs. (b) Recognition and derecognition If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. Regular way purchases and sales of financial assets are recognised on trade date (the date on which the Authority commits to purchase or sell the asset). The difference between the carrying amount and recoverable amount is recognised as an impairment loss in income and expenditure. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Authority has transferred substantially all risks and rewards of An impairment loss for an asset is reversed only if there has been a change in the estimates used to ownership. On disposal of a financial asset, the difference between the carrying amount and the sale determine the asset’s recoverable amount since the last impairment loss was recognised. proceeds is recognised in income and expenditure. Any amount previously recognised in other comprehensive income relating to that asset is reclassified to income and expenditure. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortisation or depreciation) had no impairment loss been recognised for the asset in prior years.
55 56 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016 FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016
2.8 Financial assets (continued) 2.9 Cash and cash equivalents (c) Initial measurement Cash and cash equivalents comprise cash on hand and at bank, and cash and short-term deposits held Financial assets are initially recognised at fair value plus transaction costs except for financial assets by the fund manager and the Accountant-General’s Department under the Centralised Liquidity Management at fair value through profit or loss, which are recognised at fair value. Transaction costs for financial scheme for Statutory Boards and Ministries. The short-term deposits are readily convertible to known assets at fair value through profit or loss are recognised immediately as expenses. amounts of cash and are subject to an insignificant risk of change in value.
(d) Subsequent measurement 2.10 Financial liabilities
Financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and Financial liabilities include trade payables to non-related and related parties, other payables and accruals, receivables and held-to-maturity financial assets are subsequently carried at amortised cost using the payable on purchase of investments managed by the fund manager, retention payable and deposits payable. effective interest method. Financial liabilities are recognised on the balance sheet when, and only when, the Authority becomes a party to the contractual provisions of the financial instrument. Financial liabilities are initially recognised Changes in the fair values of financial assets at fair value through profit or loss including the effects of at fair value of consideration received less directly attributable transaction costs and subsequently carried currency translation, interest and dividends, are recognised in income and expenditure when the at amortised cost using the effective interest method. changes arise. Gains and losses are recognised in income and expenditure when the liabilities are derecognised as (e) Impairment well as through the amortisation process. The liabilities are derecognised when the obligation under the liability is discharged or cancelled or expired. The Authority assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired and recognises an allowance for impairment when 2.11 Provisions such evidence exists. Provisions are recognised when the Authority has a present legal or constructive obligation as a result of Loans and receivables/Held-to-maturity financial assets past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Significant financial difficulties of the debtors, probability that the debtors will enter bankruptcy, and default or significant delay in payments are objective evidence that these financial assets are impaired. Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax discount rate that reflects the current market assessment of the time value The carrying amount of these assets is reduced through the use of an impairment allowance account of money and the risks specific to the obligation. The increase in the provision due to the passage of time which is calculated as the difference between the carrying amount and the present value of estimated is recognised in income and expenditure as finance expense. future cash flows, discounted at the original effective interest rate. When the asset becomes uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written Changes in the estimated timing or amount of the expenditure or discount rate are recognised in income off are recognised against the same line item in income and expenditure. and expenditure when the changes arise.
The impairment allowance is reduced through income and expenditure in a subsequent period when the amount of impairment loss decreases and the related decrease can be objectively measured. The carrying amount of the asset previously impaired is increased to the extent that the new carrying amount does not exceed the amortised cost had no impairment been recognised in prior periods.
57 58 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016 FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016
2.12 Employee benefits 2.14 Foreign currency transactions
Employee benefits are recognised as an expense, unless the cost qualifies to be capitalised as an asset. Transactions in a currency other than Singapore Dollar (“foreign currency”) are translated into the functional currency using the exchange rates at the dates of the transactions. Currency translation differences resulting (a) Defined contribution plans from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance sheet date are recognised in income Contributions on the employees’ salaries are made to the Central Provident Fund (“CPF”) as required and expenditure. by law. The CPF contributions are recognised as expenses in the period when the employees rendered their services. The Authority has no further payment obligations once the contributions have been paid. Foreign exchange gains and losses impacting income and expenditure are presented under ‘non-operating income’. (b) Defined benefit plans 2.15 Leases Defined benefit plans are post-employment benefit pension plans other than defined contribution plans. Pensionable employees who are transferred from the Civil Service to the Authority when it was Operating leases – where the Authority is the lessee established on 1 June 2001 are entitled to pension benefits in accordance with the provisions of the Pensions Act (Cap. 225, 2004 Revised Edition). Pension liability attributable to the services rendered Leases where substantially all risks and rewards incidental to ownership are retained by the lessors are by these employees prior to the establishment of the Authority will be paid by the Government and classified as operating leases. Payments made under operating leases (net of any incentives received are excluded from the Authority’s provision of pension. from the lessors) are recognised in the income and expenditure on a straight-line basis over the period of the lease. The defined benefits obligations due to the pensionable officers are determined based on the last drawn salaries of the respective officers and the officers’ cumulative service period served with the Contingent rents are recognised as an expense in income and expenditure when incurred. Authority at the time of retirement. 2.16 Government grants Provision for pension benefits recognised in the balance sheet is estimated by management based on the valuation of the defined benefits obligations performed by an independent firm of professional Grants from the Government are recognised as a receivable at their fair value when there is reasonable actuaries. The Authority’s net obligation in respect of defined pension benefits due to the pensionable assurance that the grant will be received and the Authority will comply with all the attached conditions. officers is calculated separately for defined pension benefit plan by estimating the present value of the amount for future benefit that employees have earned in return for their service in the current and Government grants receivable are recognised as income over the periods necessary to match them with prior periods. The discount rate has been used by reference to the market yields on Singapore the related costs which they are intended to compensate, on a systematic basis. Government Bonds and the calculation is performed taking into account factors such as mortality rates, retirement options and salary growth rate. As these assumptions may not be satisfied exactly Government grants relating to assets are credited to a deferred income and classified as liability. The as the fund progresses, a review is conducted once every three years. amount is released to income and expenditure over the expected useful life of the relevant asset.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period when they arise. 2.17 Contribution to Government Consolidated Fund
(c) Employee leave entitlement In lieu of income tax, the Authority is required to make contribution to the Government Consolidated Fund in accordance with the Statutory Corporations (Contributions to Consolidated Fund) Act. The annual Employees’ entitlement to annual leave is recognised when it accrues to the employees. A provision contribution to the Fund is made based on the prevailing statutory corporate income tax rate and recognised is made for the estimated liability for unconsumed leave as a result of services rendered by employees as an expense in income and expenditure when incurred. up to the balance sheet date.
2.13 Functional and presentation currency
Items included in the financial statements of the Authority are measured using the currency of the primary economic environment in which the Authority operates (“functional currency”). The financial statements are presented in Singapore Dollars, which is the functional currency of the Authority.
59 60 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016 FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016
2.18 Recognition of equity injection 4 Property, plant and equipment
Equity injected by the Government for capital projects, in accordance with the Capital Management Framework (see Note 3) for Statutory Boards, is recognised in the financial year when the Authority’s Furniture and parent Ministry, Ministry of Law approves the claims for reimbursement of capital expenditure. fittings, office IT Motor Plant and Assets under equipment Total Equipment vehicles machinery construction 2.19 Asset classified as held for sale and office renovation A non-current asset is classified as an asset held for sale and carried at the lower of its carrying amount $ $ $ $ $ $ and fair value less costs to sell, if its carrying amount is recovered principally through a sale transaction, Cost rather than through continuing use. The asset is not depreciated while it is classified as held for sale. Any At 1 April 2014 7,224,214 9,662,708 560,304 1,108,929 113,638 18,669,793 impairment loss on initial classification and subsequent write-down to fair value less costs to sell is Additions - 667,264 - 27,609 1,306,193 2,001,066 recognised as an expense. Any gain for subsequent increase in fair value less costs to sell (but not in Disposals (46,663) (180,941) - - - (227,604) excess of the cumulative impairment loss that has been previously recognised) is recognised in income Reclassifications - 470,003 - - (470,003) - and expenditure. At 31 March 2015 7,177,551 10,619,034 560,304 1,136,538 949,828 20,443,255 Additions 5,422 3,342,035 - 15,250 1,484,087 4,846,794 3 Capital Disposals (17,788) (559,394) - - - (577,182) Reclassifications - 1,608,351 - 494,868 (2,103,219) - Reclassification from Operating assets and completed computerisation projects were transferred at net book value to the Authority - 18,000 - - - 18,000 when it was established. The values of these assets were settled by loan, cash and grant, and the remaining intangible assets by way of equity injection from the Government. The shares are held by the Minister for Finance, the body At 31 March 2016 7,165,185 15,028,026 560,304 1,646,656 330,696 24,730,867 incorporated by the Minister for Finance (Incorporation) Act. Based on the Capital Management Framework (“Framework”), the Authority will draw on accumulated surpluses and existing equity, debt, or additional equity Accumulated depreciation injection from the Government, to fund capital projects. In return for the equity, the Government expects an At 1 April 2014 6,445,741 7,233,896 283,381 689,546 - 14,652,564 annual return in the form of dividends. The dividends would be based on the cost of equity applied to the equity Additions 624,128 1,089,986 65,760 145,566 - 1,925,440 base, taking into account the investments the Authority had made to build additional capacity, and be capped Disposals (46,018) (174,131) - - - (220,149) at the Authority’s annual accounting surplus. At 31 March 2015 7,023,851 8,149,751 349,141 835,112 16,357,855 Additions 77,196 1,586,455 65,759 192,714 - 1,922,124 Capital management Disposals (17,047) (551,557) - - - (568,604) The Authority’s objectives when managing capital are to safeguard the Authority’s ability to continue as a going At 31 March 2016 7,084,000 9,184,649 414,900 1,027,826 - 17,711,375 concern and to maintain an optimal capital structure so as to maximise value. In order to maintain or achieve an optimal capital structure, the Authority considers its future capital requirements, prevailing and projected Net book value operating cash flows, projected capital expenditure and projected strategic investment opportunities. At 31 March 2016 81,185 5,843,377 145,404 618,830 330,696 7,019,492
The Authority is not subject to externally imposed capital requirements. At 31 March 2015 153,700 2,469,283 211,163 301,426 949,828 4,085,400
61 62 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016 FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016
5 Intangible assets 6 Held-to-maturity financial assets
Software and 31 March 2016 31 March 2015 Assets under application Total construction $ $ systems $ $ $ Statutory board bonds 5,750,000 5,750,000 Cost 5,750,000 5,750,000 At 1 April 2014 43,366,247 528,649 43,894,896 Additions 143,800 6,366,592 6,510,392 Balance is made up of: Disposals (104,457) - (104,457) Reclassifications 4,234,102 (4,234,102) - Financial assets maturing after one year 5,750,000 5,750,000 At 31 March 2015 47,639,692 2,661,139 50,300,831 5,750,000 5,750,000 Additions 2,329,028 4,720,709 7,049,737 Disposals (680,995) - (680,995) Effective yields at the balance sheet date: Reclassifications 4,639,386 (4,639,386) - Bonds 2.51% 2.48% Reclassification to property, plant and equipment (18,000) (18,000) At 31 March 2016 53,909,111 2,742,462 56,651,573 As at 31 March 2016, the maturity dates of the bonds held range from 21 November 2018 to 18 March 2021 (31 March 2015: 21 November 2018 to 18 March 2021). They are classified as held-to-maturity financial assets Accumulated amortisation under SB-FRS 39 and the accounting policies of these financial assets are stated in Note 2.8. At 1 April 2014 30,721,575 - 30,721,575 Additions 4,509,330 - 4,509,330 At the balance sheet date, the fair value of the held-to-maturity financial assets amounted to $5,952,400 (31 Disposals (83,725) - (83,725) March 2015: $5,808,200). The fair values are based on quoted market prices from brokers and are within level At 31 March 2015 35,147,180 - 35,147,180 2 of fair value hierarchy (see Note 24.4). Additions 5,003,359 - 5,003,359 Disposals (644,757) - (644,757) At 31 March 2016 39,505,782 - 39,505,782 7 Financial assets at fair value through profit or loss
Net book value As at 31 March 2016, the financial assets designated as at fair value through profit or loss are managed by At 31 March 2016 14,403,329 2,742,462 17,145,791 an external fund manager. The financial assets are managed in accordance with a documented and approved investment mandate. At 31 March 2015 12,492,512 2,661,139 15,153,651 31 March 2016 31 March 2015 $ $ Financial assets designated as at fair value through profit or loss at inception Quoted securities: Fixed income 74,540,946 16,032,024 Treasury bills - 8,988,690 Equities 4,165,915 4,096,730 78,706,861 29,117,444 Others: Derivative financial instruments (Note 8) 2,555,218 (79,936) Interest and dividend receivables (Note 9) 452,782 129,390 Cash and deposits held in trust by the fund manager (Note 10) 21,068,248 10,490,288 Payables on purchase of investments (Note 11) - (499,635) Net carrying amounts under fund management 102,783,109 39,157,551
63 64 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016 FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016
8 Derivative financial instruments 10 Cash and cash equivalents
The financial derivatives used by the fund manager are foreign currency contracts. As part of risk management 31 March 2016 31 March 2015 activities, foreign currency contracts are entered by the fund manager for hedging purposes. The foreign $ currency contracts are not designated as hedging instruments in the financial statements. As at balance sheet $ date, the notional amounts of the foreign currency contracts held by the fund manager are as follows: Cash and deposits held by Accountant-General’s Department 169,842,401 211,121,536 31 March 2016 31 March 2015 Cash and deposits held in trust by the fund manager (Note 7) 21,068,248 10,490,288 190,910,649 221,611,824 $ $
Contract notional amounts 74,405,634 15,871,677 Deposits held by Accountant-General’s Department earn interest at respective short-term deposit rates, ranging Fair value: from 1.06% to 1.46% (2014/2015: 0.74% to 0.99%) per annum. Included in the cash and deposits are deposits Assets 2,555,218 117,334 of $31,764,753 (31 March 2015: $30,190,495) relating to Provision for Assurance Fund (Note 15). Liabilities - (197,270) For the purpose of presentation in the statement of cash flows, cash and cash equivalents comprise the following: 2,555,218 (79,936)
31 March 2016 31 March 2015
9 Trade debtors, prepayments and other receivables $ $
31 March 2016 31 March 2015 Cash and deposits (as above) 190,910,649 221,611,824 $ $ Deposits relating to Provision for Assurance Fund (Note 15) (31,764,753) (30,190,495) Cash and cash equivalents per the statement of cash flows 159,145,896 191,421,329 Trade debtors 16,383,668 11,475,146 Less: Allowance for impairment of debtors (Note 24.3) - (323) 11 Trade and other payables Trade debtors - net 16,383,668 11,474,823 Other receivables 680,055 548,097 Interest and dividend receivables managed by the fund manager (Note 7) 452,782 129,390 31 March 2016 31 March 2015 Prepayments 3,399,271 926,655 $ $ Advance to managing agents 1,800,000 1,800,000 Interest receivable 2,347,686 1,105,628 Trade payables 17,948,373 19,772,908 Deposits 89,960 37,475 Other payables and accruals 12,031,072 11,625,924 25,153,422 16,022,068 Payable on purchase of investments managed by the fund manager (Note 7) - 499,635 Not later than one year 23,506,964 15,675,232 Retention payable 562,909 43,050 Later than one year but not more than five years 1,646,458 346,836 Deferred income and grants 13,752,717 667,040 25,153,422 16,022,068 Deposits payable 494,776 622,207 44,789,847 33,230,764 Not later than one year 43,895,043 32,305,489 Later than one year but not more than five years 894,804 925,275 44,789,847 33,230,764
At 31 March 2016, included in trade and other payables are payables for additions of property, plant and equipment and intangible assets of $1,315,109 (31 March 2015: $1,291,864) and $2,243,278 (31 March 2015: $2,956,578) respectively.
65 66 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016 FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016
12 Provision for pension 13 Deferred capital grants
31 March 2016 31 March 2015 2015/2016 2014/2015 $ $ $ $
Present value of unfunded obligations 1,890,306 2,529,314 Balance at beginning of year 548,386 - Grants received during the year 1,059,426 609,810 Balance at beginning of year 2,529,314 2,580,911 Amortisation to income and expenditure (181,934) (61,424) Provision for the year (Note 16) 78,664 124,937 Balance at end of year 1,425,878 548,386 Remeasurement of defined benefit obligations recognised in (516,578) - other comprehensive income Payments during the year (201,094) (176,534) Balance at end of year 1,890,306 2,529,314 14 Contribution to Government Consolidated Fund
In lieu of income tax, the Authority is required to make contribution to the Government Consolidated Fund in Not later than one year 173,063 462,409 accordance with the Statutory Corporations (Contributions to Consolidated Fund) Act. The annual contribution Later than one year but not more than five years 1,717,243 2,066,905 to the Fund is made based on the prevailing statutory corporate income tax rate of 17% for the year 2015/2016 1,890,306 2,529,314 (2014/2015: 17%).
The amounts recognised in income and expenditure are as follows: Current service cost 45,947 61,153 15 Provision for Assurance Fund Interest cost 32,717 63,784 78,664 124,937 31 March 2016 31 March 2015 $ $
The principal assumptions used in determining the Authority’s pension obligations are: Balance at beginning of year 30,190,495 28,884,364 Provision for the year 1,574,258 1,306,131 (a) all pensioners under the Civil Service Pension Fund (“CSPF”) scheme will retire at the exact age of 62, Balance at end of year 31,764,753 30,190,495
(b) the discount rate of the pension fund is 1.66% for active members and 2.82% for retirees (2014/2015: 2.49% for active members and retirees) per annum and the expected rate of salary increase is 4% (2014/2015: 4%) The Assurance Fund is established in accordance with Section 151(1) of the Land Titles Act (Cap 157). 5% of per annum; and the fees collected by the Registrar under the Act is set apart to constitute the Assurance Fund. The Provision for Assurance Fund at 31 March 2016 amounted to $31,764,753 (31 March 2015: $30,190,495) and can only be (c) the mortality rate is based on Singapore 04-08 Mortality Table. utilised in accordance with this Act. The amount in this fund is placed as deposits with the Accountant-General’s Department (Note 10). A 25 basis point (2014/2015: 25 basis point) change in discount rate or rate of salary increase would not have a material impact on the statement of comprehensive income or the defined benefit obligation as at balance sheet date.
67 68 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016 FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016
16 Expenditure on manpower 19 Investment income - net
2015/2016 2014/2015 2015/2016 2014/2015 $ $ $ $ Salaries and bonuses 47,235,524 44,784,230 Income from funds with fund manager: Gain from sale of investments 1,855,754 89,679 CPF and medisave contributions 6,728,138 5,657,265 Interest income 595,289 881,789 Staff benefits 1,160,627 1,051,761 Dividends 75,145 82,299 Staff development and scholarship expenditure 985,650 961,482 Realised losses on foreign exchange hedges (692,937) (1,764,097) Pension contributions (Note 12) 78,664 124,937 Net fair value (losses)/gains on investments (1,217,962) 1,818,868 56,164,435 52,603,843 615,289 1,108,538 Other interest income: Held-to-maturity financial assets 144,197 191,225 17 Expenditure relating to agency functions Deposits with Accountant-General’s Department 2,968,651 1,790,169 3,728,137 3,089,932 2015/2016 2014/2015 Fund management expenses (113,625) (89,244) $ $ 3,614,512 3,000,688 Gross expenditure: Maintenance of state land 15,740,875 13,616,050 Maintenance of buildings 35,023,165 31,856,369 20 Other gains/(losses) and asset classified as held for sale Valuation service 2,047,350 2,457,370 Legal service (3,938) 915 During the financial year, the Authority recognised other gains/(losses) from legal proceedings commenced by the Miscellaneous services 38,080 6,076 Authority as follows: 52,845,532 47,936,780 2015/2016 2014/2015 Reimbursement of pass-through costs (34,504,383) (31,851,691) $ $ 18,341,149 16,085,089 Loss on remeasurement of asset held for sale and other related expenses (215,360) (515,642) Other gains 329,902 - 18 Other operating expenses Other gains/(losses) 114,542 (515,642)
2015/2016 2014/2015 The Authority recorded a loss of $164,100 (2014/2015: $290,000) on remeasurement of the property at fair value $ $ less costs to sell as at 31 March 2016 of $1,245,900 (31 March 2015: $1,410,000). The sale is expected to be Included in other operating expenses are: completed by 31 August 2016. Net loss on disposal of property, plant and equipment and intangible 43,222 12,035 assets Provision for impairment loss on trade debtors (Note 24.3) - 323 21 Equity injection and special contribution Goods & Services Tax expenses 1,720,062 1,201,018 Corporate development and communication expenses 79,068 44,825 The Capital Management Framework is extended to the Authority in 2008/2009 through an equity injection Bank charges 48,621 45,610 of $1,000. In 2015/2016, a further $1,310,881 (2014/2015: $1,414,839) was injected into the Authority for project funding. The recognition of equity injection is based on the accounting policy of the Authority as stated in Note 2.18.
69 70 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016 FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016
22 Commitments 23 Related party transactions (continued)
(a) Capital commitments (a) Remuneration of key management personnel (continued)
Estimated amounts committed for future capital expenditure at the balance sheet date but not recognised in Key management personnel are those persons having the authority and responsibility for planning, directing the financial statements are as follows: and controlling the activities of the Authority. The Chairman, Board Members and Executive Management (Chief Executive, Deputy Chief Executive and Directors) are considered key management personnel of the 31 March 2016 31 March 2015 Authority. $ $ (b) Sale and purchase of goods and services
Amount approved and contracted for 8,625,894 10,584,250 Related parties refer to Ministries, Organs of State and other statutory boards, in accordance with the requirements of SB-FRS and may be individuals or corporate entities. Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence (b) Operating lease commitments over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Where the Authority is the lessee Future minimum lease payable under non-cancellable operating leases contracted for at the balance sheet During the financial year, the Authority had significant transactions with its parent Ministry, Ministry of Law, date but not recognised as liabilities are as follows: and other related parties listed below:
31 March 2016 31 March 2015 2015/2016 2014/2015 $ $ $ $ Income Not later than one year 8,328,233 8,812,474 Agency fees/grants/reimbursements Later than one year but not more than five years 4,927,709 12,745,130 - Ministry of Law 115,500,194 120,120,471 13,255,942 21,557,604 - Land Transport Authority 1,124,675 921,441 - Ministry of National Development 1,302,239 -
(c) Other commitments Title registration, search and survey fees - Housing and Development Board 6,893,108 6,567,389 Under the Authority’s Scholarship Programme and Education Scheme, the Authority has an obligation to fund the scholars’ and employees’ educational expenses. At the balance sheet date, the total committed expenditure is estimated at $385,744 (2014/2015: $464,165). Expenditure Rental of premises and valuation services - Inland Revenue Authority of Singapore 9,842,898 10,175,336 23 Related party transactions Land/properties management and maintenance services (a) Remuneration of key management personnel - Housing and Development Board 6,461,001 7,766,502 - Sentosa Development Corporation 4,061,471 3,668,991 2015/2016 2014/2015 - National Parks Board 3,153,825 79,839 $ $ IT services Salaries and employee benefits 4,029,054 4,569,131 - Infocomm Development Authority of Singapore 4,266,594 4,873,068 CPF Contributions 170,503 142,480 Board members’ allowances 175,793 191,267 Trade amount due from related parties as at 31 March 13,697,785 11,239,297 4,375,350 4,902,878 Trade amount due to related parties as at 31 March 4,560,497 4,227,385
71 72 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016 FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016
23 Related party transactions (continued) 24 Financial risk management objectives and policies (continued)
(c) Other transactions 24.1 Market risk (continued)
At 31 March 2016, there were no transactions (31 March 2015: $117,260) relating to professional services (c) Interest rate risk payable to a corporate entity in which a member of the Authority’s Board in 2015/2016 has an interest. The surplus funds are managed internally by the Authority and placed with the external fund manager for investments. These investments include investments in fixed income securities. Deposits placed 24 Financial risk management objectives and policies with the Accountant-General’s Department are based on deposit rates determined by the financial institutions with which the cash are deposited and are expected to move in tandem with market interest The Authority is exposed to a variety of financial risks: market risk (including currency risk, price risk and interest rate movements. rate risk), liquidity risk and credit risk. For the funds placed with the fund manager, the exposure to market risk is minimal, in accordance with the principal protected nature of the approved investment mandate. The risk A 50 bsp change in interest rates would not have a material impact on the net surplus for the years management objective is to minimise and manage the Authority’s exposure to these financial risks which are ended 31 March 2016 and 31 March 2015. summarised below: 24.2 Liquidity risk 24.1 Market risk Liquidity risk arises in the general funding of the Authority’s operating activities. It includes the risk of not (a) Currency risk being able to fund operating activities at settlement dates and liquidate positions in a timely manner at reasonable price. The Authority monitors its liquidity risk and maintains a level of cash and cash equivalents The Authority has exposure to currency risk arising from the investments denominated in foreign deemed adequate by management to finance operations. currencies (see Note 7). The foreign currency exposure has been significantly reduced through hedges and the residual exposure to the foreign currency risk is not expected to have any material impact on The following table analyses the maturity profile of the Authority’s financial liabilities based on contractual the net surplus for the financial year. discounted cash flows:
Within After 1 year but More than A 5% change in foreign currencies exchange rates (on the resideual foreign currnecies not hedged) Total would not have a material impact on the net surplus for the years ended 31 March 2016 and 31 March 2015. 1 year within 5 years 5 years $ $ $ $ (b) Price risk At 31 March 2016 Trade and other payables 30,142,333 894,797 - 31,037,130 The Authority is exposed to equity securities price as a result of the investments in quoted equity securities which are classified as financial assets at fair value through profit or loss. The securities are At 31 March 2015 listed in the following countries: Trade and other payables 31,638,456 925,268 - 32,563,724 31 March 2016 31 March 2015 $ $ 24.3 Credit risk Singapore 168,641 787,141 The Authority’s exposure to credit risk is primarily attributable to its cash and cash equivalents, investments, United States 1,162,433 812,835 trade debtors and other receivables. Cash and cash equivalents are mainly deposits placed with the Other countries 2,834,841 2,496,754 Accountant-General’s Department, whilst the financial assets at fair value through profit or loss are managed 4,165,915 4,096,730 by the fund manager of a high credit-rating financial institution. The bonds held-to-maturity are of good credit rating.
A 5% change in prices for equity securities would not have a material impact on the net surplus for The credit risk with respect to receivables is low as the balances are mostly with government agencies the years ended 31 March 2016 and 31 March 2015. such as Ministries and other Statutory Boards. In addition, receivable balances are monitored on an ongoing basis and as a result, the Authority’s exposure to bad debts is not significant.
73 74 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016 FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016
24 Financial risk management objectives and policies (continued) 24 Financial risk management objectives and policies (continued)
24.3 Credit risk (continued) 24.4 Fair value measurements
The maximum credit risk that the Authority is exposed to is represented by the carrying amounts of its The Authority classifies fair value measurements using a fair value hierarchy that reflects the significance financial assets as stated in the balance sheet. of the inputs used in making the measurements. The fair value hierarchy has the following levels:
There is no other class of financial assets that is past due and/or impaired except for trade debtors. (i) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
31 March 2016 31 March 2015 (ii) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, $ $ either directly (ie as prices) or indirectly (ie derived from prices) (Level 2); and
(iii) inputs for the asset or liability that are not based on observable market data (unobservable inputs) Not due 16,383,178 11,474,823 (Level 3). Past due but not impaired 490 - 16,383,668 11,474,823 The following table presents the financial assets measured at fair value and classified by level of fair value measurement hierarchy: The age analysis of trade receivables past due but not impaired is as follows: Level 1 Level 2 Level 3 Total Past due up to 1 month 490 - $ $ $ $ At 31 March 2016 The carrying amount of trade debtors individually determined to be impaired and the movement in the Financial assets at fair value through profit or loss 4,165,915 74,540,946 - 78,706,861 related allowance for impairment are as follows: Derivative financial instruments - 2,555,218 - 2,555,218
31 March 2016 31 March 2015 At 31 March 2015 $ $ Financial assets at fair value through profit or loss 13,085,420 16,032,024 - 29,117,444 Derivative financial instruments - (79,936) - (79,936) Gross amount - 323 Less: Allowance for impairment - (323) - - The fair value of financial instruments traded in active markets (such as equities securities and treasury Beginning of financial year 323 - bills) is determined based on quoted current bid prices at the balance sheet date. These instruments are Allowance utilised (323) included in Level 1. Allowance made (Note 18) - 323 The fair value of financial instruments that are not traded in an active market (such as over-the-counter End of financial year (Note 9) - 323 securities) is based on prices quotes by dealers. These instruments are included in Level 2.
No financial instruments of the Authority are included in Level 3 as at balance sheet date.
75 76 Annual Report 2015/16 Annual Report 2015/16 FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016
24 Financial risk management objectives and policies (continued)
24.5 Financial instruments by category
The aggregate carrying amounts of the different categories of financial instruments are as follows:
31 March 2016 31 March 2015 $ $
Financial assets Held-to-maturity financial assets 5,750,000 5,750,000 Financial assets at fair value through profit or loss 78,706,861 29,117,444 Derivative financial instruments - assets 2,555,218 117,334 Loans and receivables 212,664,800 236,707,237
Financial liabilities Derivative financial instruments - liabilities - 197,270 Financial liabilities at amortised cost 31,037,130 32,563,724
25 New or revised accounting standards and interpretations
The mandatory standards and amendments to existing standards that have been published, and are relevant for the Authority’s accounting periods beginning on or after 1 April 2016 or later periods and which the Authority has not early adopted are:
Effective for annual periods beginning on or after 1 January 2016 • Amendments to SB-FRS 16 and SB-FRS 38: Clarification of Acceptable Methods of Depreciation and Amortisation • Amendments to SB-FRS 105 Noncurrent Assets Held for Sale and Discontinued Operations • Amendments to SB-FRS 107 Financial Instruments: Disclosures • Amendments to SB-FRS 19 Employee Benefits • Amendment to SB-FRS 1 Disclosure Initiative
Effective for annual periods beginning on or after 1 January 2017 • SB-FRS 115 Revenue from Contracts with Customers
Effective for annual periods beginning on or after 1 January 2018 • SB-FRS 109 Financial Instruments
The management anticipates that the adoption of the above standards and amendments in the future periods will not have a material impact on the financial statements of the Authority in the period of their initial adoption.
26 Authorisation of financial statements
The financial statements for the financial year ended 31 March 2016 were authorised for issue by the Board of Directors of the Authority on 11 July 2016.
77 78 Annual Report 2015/16 Annual Report 2015/16 SINGAPORE LAND AUTHORITY
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