16. Leasehold rights
Projects Q. House Convent Q. House Sathorn Q. House Asoke Centre Point Bangrak Centre Point Langsuan Total Less: Accumulated amortisation Leasehold rights - net Amortisation of leasehold rights for the year
(Unit: Thousand Baht) Consolidated and separate financial statements 2012 2011 348,395 347,216 502,063 499,729 650,210 645,324 1,018,340 1,013,489 832,657 2,519,008 3,338,415 (1,826,050) (1,590,907) 1,512,365 928,101 115,341
111,745
Baht 112 million of the amortisation of leasehold rights for the year 2012 (2011: Baht 115 million) has been charged to cost of rental and related services. In July 2012, the Company proceeded with the transfer of leasehold rights of Centre Point Hotel and Residence Langsuan Project to Quality Houses Hotel and Residence Freehold and Leasehold Property Fund, as detailed in Note 15. The Company has mortgaged its leasehold rights with structures thereon with a total net book value as at 31 December 2012 of Baht 445 million (2011: Baht 987 million) as collateral credit facilities granted by financial institutions.
17. Land and project development costs
Land Interest cost Construction under development Total Less: Provision for loss on diminution in value of projects Land and project development costs - net
Consolidated financial statements 2011 2012 6,780,424 8,686,183 415,875 521,430 957,127 1,067,932 8,153,426 10,275,545
(Unit: Thousand Baht) Separate financial statements 2012 2011 1,822,476 3,010,595 292,372 443,931 204,575 678,342 2,319,423 4,132,868
(244,026) (237,973) 7,915,453 10,031,519
(237,973) 2,081,450
(244,026) 3,888,842
During the current year, the Company hired an independent valuer to appraise the fair value of the Company and its subsidiaries’ land and project development costs, using the market approach and/or cost approach. The fair Quality Houses Public Company Limited 159