Section 8 UEM Edgenta Berhad FINANCIAL STATEMENTS 310 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. PROPERTY, PLANT AND EQUIPMENT (CONTD.) (a) The net carrying amounts of property, plant and equipment of the Group charged to a bank for banking facilities (Note 35(a)) are as follows: Group 2023 RM’000 2022 RM’000 Plant and equipment 83,849 92,829 (b) During the year, the Group and the Company acquired property, plant and equipment by way of: Group Company 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Cash payment 41,279 21,814 602 623 Other payables 6,960 3,651 21 - 48,239 25,465 623 623 (c) In the previous financial year, plant and equipment with net carrying amount of RM8,000 has been reclassified to asset held for sale as disclosed in Note 28. 14. INVESTMENT PROPERTIES Group 2023 RM’000 2022 RM’000 At 1 January 13,800 - Transfer from land held for property development (Note 16) - 477 Fair value adjustment (Note 5) 525 13,323 At 31 December 14,325 13,800 The Group’s investment properties consist of two pieces of land in Sabah, which is held under lease term. As at 31 December 2023 and 2022, the fair values of the properties are based on valuations performed by Raine & Horne International, an accredited independent valuer. Raine & Horne International is a specialist in valuing these types of investment properties. A valuation model in accordance with that recommended by the International Valuation Standards Committee has been applied. For the financial year ended 31 December 2023, the expenses incurred in relation to the investment properties was RM3,000 (2022: RM15,000).
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