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Notes to the Consolidated Financial Statements31 December 2024194ADVANCING AHEAD19.GOODWILL (continued)Impairment testing of goodwill (continued)Infinitysub asset management business cash-generating unitThe recoverable amount of the Infinitysub asset management business cash-generating unit has been determined based on a value-in-use calculation using cash flow projections based on financial budgets covering a five-year period approved by senior management. The discount rate applied to the cash flow projections is 8%. The growth rate used to extrapolate the cash flows of the Infinitysub business cash-generating unit beyond the five-year period is 2.5%. This growth rate is based on the average growth rate of the management fee in which the business operates. Management believes that this growth rate is reasonable. The Company has engaged independent professionally qualified valuers for the impairment assessment.ESR Australia asset management business cash-generating unitThe recoverable amount of ESR Australia asset management business cash-generating unit has been determined based on a value-in-use calculation using cash flow projections based on financial budgets covering a five-year period approved by senior management. The discount rate applied to the cash flow projections is 8%. The growth rate used to extrapolate the cash flows of the ESR Australia asset management business cash-generating unit beyond the five-year period is 3%. This growth rate is based on the average growth rate of the management fee in which the business operates. Management believes that this growth rate is reasonable.SIP asset management business cash-generating unitPursuant to the results of an Extraordinary General Meeting (%u201cEGM%u201d), resolution was passed to internalise the REIT management function of Sabana REIT that is managed by an indirect subsidiary of the Group (%u201cthe REIT Manager%u201d). Management has assessed that the outcome of the internalisation of the REIT Manager which is administered by the Trustee of Sabana REIT is not within the control of the Group. Consequently, goodwill impairment loss of US$13,571,000hasbeenprovidedinfinancialyearended31December2023.TheimpairmentlossisincludedinAdministrative Expenses.