Page 157 - Urban Renewal Authority 2023-24 Annual Report

17. Trade and other payables

As at 31 March 2024, the trade and other payables are analysed as follows:

Note 2024 2023

$’000 $’000

Contract liabilities (a) 112,592 61,561
Lease liabilities 77,314 41,529
Trade payables 83,708 78,121
Rental and other deposits received 90,848 163,633
Proceeds received in advance from sale of properties
of joint development projects – 2,033
Other payables 3,383 4,504
Accrued expenses 2,357,698 2,331,237

2,725,543 2,682,618

Representing:

2024 2023

$’000 $’000

Non-current portion 400,806 385,155
Current portion 2,324,737 2,297,463

2,725,543 2,682,618

Note:

(a) Contract liabilities

Contract liabilities recognised arise from property development activities. Typical payment terms are
as follows:

The Group receives certain percentage of the contract value as deposit from customers when they
sign the sale and purchase agreement. The deposit is recognised as a contract liability until the
properties are completed and transferred to the customers. The rest of the consideration is typically
paid when the property is assigned to the customer.

URA ANNUAL REPORT 2023-24 155