Lease Liabilities

12 Months Ended

Dec. 31, 2021

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Lease Liabilities

17 LEASE LIABILITIES

	December 31, 2021		December 31, 2020
	S$’000		S$’000
Minimum lease payments
Amounts due for settlement within 12 months (shown under current liabilities)		14,550		14,664
Amounts due for settlement after 12 months and not later than 5 years		21,361		17,823
		35,911		32,487

The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored by the Group’s management. Lease liabilities approximate fair value as at end of reporting period.

In 2020, the Group has derecognized S$0.5 million of the lease liability that has been extinguished by the forgiveness of lease payments on leased office space.