Sasbadi Annual Report 2021

83 ANNUAL REPORT 2021 FINANCIAL STATEMENTS (continued) 83 5. PROPERTY, PLANT AND EQUIPMENT (continued) (e) The Group’s condominiums, leasehold land and buildings are stated at Directors’ valuation which is supported by the professional valuation done in February 2018 by an external independent valuation company, KGV International Property Consultants (M) Sdn. Bhd., using the Market Value basis of valuation. Had the condominiums, leasehold land and buildings been carried at historical cost less accumulated depreciation, the carrying amounts of the revalued assets that would have been included in the financial statements at the end of the financial year are as follows: Group 2021 2020 RM’000 RM’000 Condominiums 189 198 Leasehold land 1,919 2,940 Buildings 7,572 8,410 9,680 11,548 6. INVESTMENT PROPERTIES Group Buildings RM’000 Cost Balance as at 1 September 2019/31 August 2020/1 September 2020/ 31 August 2021 2,640 Accumulated depreciation Balance as at 1 September 2019 160 Charge for the financial year 54 Balance as at 31 August 2020 / 1 September 2020 214 Charge for the financial year 53 Balance as at 31 August 2021 267 Carrying amounts Balance as at 31 August 2020 2,426 Balance as at 31 August 2021 2,373 (a) Investment properties comprise of commercial buildings that are leased to third parties. Each of the lease contains an initial non-cancellable period of 3 years. Subsequent renewals are negotiated with the lessees with an average renewal period of 2 years. No contingent rents are charged. (b) Investment properties are stated at cost, less accumulated depreciation and any accumulated impairment losses. The depreciation policy adopted for investment properties is similar to property assets under property, plant and equipment.