NOTE 10: INVESTMENT PROPERTIES (CONTINUED) Latest external  valuation  Carrying amount  Discount rate Cost  Date of  to date  Valuation  2011 2010 2011 Property purchase $’000 Date $’000 $’000 $’000 % % Garden Villages DMF Conversions (3) (4) Forest Lake Gardens  Nov 05  13,856  Jun 11  10,124  10,124 11,050 16.6% 9.3% South Gladstone Gardens  Nov 05  8,356  Jun 11  9,344 9,044 5,260 22.9% 8.0% Rockhampton Gardens  Nov 05  10,740  Dec 09  6,800  10,770 6,800 15.1% 8.0% Settlers  (3) Lakeside  Apr 07  69,692  Jun 11  79,099  79,099 75,120 13.5% 13.5% Noyea Park  Apr 07  2,463  Dec 10  741  741 1,327 14.0% 13.5% Meadow Springs  Apr 07  20,885  Jun 11  17,472  17,472 17,367 14.0% 13.5% Ridgewood  Apr 07  85,215  Jun 11  105,024  105,024 100,461 13.3% 13.5% 370,840 357,601 342,820 346,163 Total completed properties  370,840  357,601  342,820 346,163 Property under construction Non-current Garden Villages Lovely Banks Gardens – land  Jun 05  862  Dec 09  310  310 310 — — Settlers Noyea Park  Apr 07  —  Dec 09  —  — — — 13.5% Ridgewood  Apr 07  —  Dec 09  3,040  — 3,040 — 13.5% Lakeside  Apr 07  —  Dec 09  1,350  — 1,350 — 13.5% Meadow Springs  Apr 07  2,470  Dec 09  1,960  1,360 1,960 — 13.5% 3,332 6,660 1,670 6,660 Total all investment properties  374,172  364,261  344,490 352,823 www.ingrealestate.com.au 35 1) Investment property that has not been valued by external valuers at reporting date is carried at the Responsible Entity’s estimate of fair value in accordance with the  accounting policy detailed at note 1(n). Properties acquired during the period are held at cost, which is reflective of the estimate of fair value. 2) Valuations made in a foreign currency have been converted at the rate of exchange ruling at reporting date. 3) Valuations of retirement villages are provided to the Group net of residents’ loans (after deducting any accrued deferred management fees). For presentation in this note,  the external valuations shown are stated before deducting this liability to reflect its separate balance sheet presentation. The carrying amounts include the fair value of units  completed since the date of the external valuation. 4) The Garden Villages DMF Conversion villages were converted from a rental model to a deferred management fee model in December 2010 and June 2011. June 2010  comparatives are reflective of the rental valuation and the capitalisation rate.