NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 10. Investment properties Group Fund 2022 2021 2022 2021 RM RM RM RM At 1 January 1,538,210,398 1,534,501,049 1,451,912,398 1,446,376,199 Additions 192,000,000 - 192,000,000 - Enhancements 3,655,737 - 3,655,737 - Disposal (294,500) - (294,500) - Fair value adjustment (11,258,551) 5,536,199 (11,258,551) 5,536,199 Foreign exchange differences (1,031,700) (1,826,850) - - At 31 December 1,721,281,384 1,538,210,398 1,636,015,084 1,451,912,398 Land and buildings at fair value 1,721,281,384 1,538,210,398 1,636,015,084 1,451,912,398 During the financial year, the Group and the Fund acquired property, plant and equipment by the following means: Group and Fund 2022 RM Cash 166,989,184 Issuance of units 25,010,816 192,000,000 The carrying amount of the investment properties for the financial years ended 31 December 2022 and 2021 is based on the market value determined based on valuations, adjusted with accrued unbilled rental income, as follows: Group Fund 2022 2021 2022 2021 RM RM RM RM Investment properties - based on valuation report 1,730,466,300 1,543,898,000 1,645,200,000 1,457,600,000 Investment properties - accrued unbilled rental income (Note 12) (9,184,916) (5,687,602) (9,184,916) (5,687,602) 1,721,281,384 1,538,210,398 1,636,015,084 1,451,912,398 The investment properties are stated at fair value, which have been determined based on valuations performed by an independent professional valuer. The valuation method used in determining the valuations is the investment method. The fair values of the Group’s and of the Fund’s investment properties have been arrived at on the basis of a valuation carried out by Messrs. CBRE Valuation Pty Limited (“CBRE”), independent professional valuers not related to the Group and the Fund. Messrs. CBRE is registered members of the Board of Valuers, Appraisers and Estate Agents, Malaysia, and they have appropriate qualifications and recent experience in the valuation of the properties in the relevant locations. The valuation of the Group’s and of the Fund’s investment properties were performed in accordance with the Malaysian Valuation Standards issued by the Board of Valuers, Appraisers and Estate Agents, Malaysia. AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 170
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