Wah Seong Corporation Berhad Annual Report 2019

123 ANNUAL REPORT 2019 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 7 INVESTMENT PROPERTIES (CONTINUED) Fair value of investment properties is categorised as follows: Level 1 Level 2 Level 3 Total RM’000 RM’000 RM’000 RM’000 Group 2019 Land - - 16,158 16,158 Buildings - - 33,261 33,261 - - 49,419 49,419 2018 Land - - 40,008 40,008 Buildings - - 28,956 28,956 - - 68,964 68,964 Company 2019 Buildings - - 37,172 37,172 2018 Buildings - - 39,827 39,827 Level 1 fair value is derived from quoted price in active markets for identical investment properties that the entity can access at the measurement date. Level 2 fair value is estimated using inputs other than quoted price included within Level 1 that are observable for the investment properties, either directly or indirectly. Level 3 fair value is estimated using unobservable inputs for the investment properties. The unobservable input relates to the price per square feet. The fair value of investment properties were estimated using the comparison method. During the financial year, the Group and the Company carried out a review and noted there was no significant change to the fair value of these properties.