WASCO BERHAD 204 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 5 INVESTMENT PROPERTIES (CONTINUED) Impairment assessment The Group assesses whether there is any indication that the investment properties are impaired at the end of each reporting period. Impairment is measured by comparing the carrying amount of an asset with its recoverable amount. Recoverable amount is measured at the higher of the fair value less cost to sell for that asset and its value-in-use. During the financial year, there was RM Nil (2023: RM19,000) impairment loss recognised by the Group. Fair value of investment properties is categorised as follows: Group Level 1 RM’000 Level 2 RM’000 Level 3 RM’000 Total RM’000 2024 Land - - 14,164 14,164 Buildings - - 10,836 10,836 - - 25,000 25,000 2023 Land - - 14,164 14,164 Buildings - - 10,836 10,836 - - 25,000 25,000 Valuation processes The fair values of the investment properties above were estimated based on valuation by independent qualified valuers. The Group engages external, independent, and qualified valuers to determine the fair value of the Group’s investment properties and for other land and buildings at least every three years. The last external independent valuation of these land and buildings was performed on 28 March 2023. The fair value of the investment properties was determined by Hartamas Valuation & Consultancy Sdn. Bhd. As at 31 December 2024, the Group has determined that there was no significant change to the fair value of these properties. The basis of the valuation adopted was based on the market comparison approach. The key inputs under this approach are the market evidence of transacted prices per square feet for similar properties in the area in which the values have been adjusted for key attributes such as property size, location and date of transaction. All resulting fair value estimates for properties are included in level 3. There was no significant change to the fair value of these properties.
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