17. INVESTMENT PROPERTIES Freehold Leasehold Construction land and land and in-progress buildings buildings (“CIP”) Total RM’000 RM’000 RM’000 RM’000 Group At 1 January 2021 255,460 1,243,288 115,733 1,614,481 Additions 1,559 17,848 4,316 23,723 Fair value adjustment: - (loss)/gain (Note 6) (2,201) 22,161 – 19,960 Reclassification – 25,589 (25,589) – Transfer to asset classified as held for sale (Note 27) (17,500) – – (17,500) Adjustment 1 – (22,006) – (22,006) Disposal (113,000) – – (113,000) At 31 December 2021 124,318 1,286,880 94,460 1,505,658 At 1 January 2020 148,733 1,088,465 139,836 1,377,034 Additions 15,077 18,403 31,993 65,473 Fair value adjustment: - gain (Note 6) 57,217 66,373 14,538 138,128 Reclassification – 81,373 (81,373) – Transfer from property development costs (Note 16(b)) – – 10,739 10,739 Transfer to property, plant and equipment (Note 15) – (11,326) – (11,326) Transfer from land held for property development (Note 16(a)) 34,433 – – 34,433 At 31 December 2020 255,460 1,243,288 115,733 1,614,481 1 During the financial year, the Group has finalised certain costs incurred for its leasehold land and buildings and arising therefrom, RM22,006,000 (2020: RM nil) was adjusted against other payables. Finance costs capitalised during the financial year under investment properties under construction amounted to RM55,000 (2020: RM1,263,000). The carrying amounts of the investment properties pledged as securities for bank borrowings as disclosed in Note 32 are as follows: Group 2021 2020 RM’000 RM’000 Freehold land and buildings 126,500 265,050 Leasehold land and buildings 1,238,571 1,248,080 Construction in-progress 12,468 8,150 1,377,539 1,521,280 17. INVESTMENT PROPERTIES (CONT’D.) The Group has no restrictions on the realisability of its investment properties and no contractual obligations to either purchase, construct or develop investment properties or for repairs, maintenance and enhancements. Investment properties are stated at fair value, which had been determined based on valuations as at 31 December 2021 and 31 December 2020 performed by accredited independent valuers who are specialists in valuing these types of investment properties. The fair value of the properties had been determined using the cost method, comparison method and investment method depending on the nature of the properties. Included in the construction in-progress amounting to RM94,460,000 (2020: RM90,144,000) is stated at cost as management believes that the fair value cannot be reliably determined due to the nature and the amount of remaining project risks. Fair value hierarchy disclosures for investment properties is disclosed in Note 39. Reconciliation of fair values: Freehold Leasehold land and land and buildings buildings CIP Total RM’000 RM’000 RM’000 RM’000 At 1 January 2021 255,460 1,243,288 25,589 1,524,337 Additions 1,559 17,848 – 19,407 Re-measurement recognised in profit or loss (2,201) 22,161 – 19,960 Reclassification – 25,589 (25,589) – Transfer to asset classified as held for sale (Note 27) (17,500) – – (17,500) Adjustment 1 – (22,006) – (22,006) Disposals (113,000) – – (113,000) At 31 December 2021 124,318 1,286,880 – 1,411,198 At 1 January 2020 148,733 1,088,465 57,872 1,295,070 Additions 15,077 18,403 28,954 62,434 Re-measurement recognised in profit or loss 57,217 66,373 14,538 138,128 Reclassification – 81,373 (81,373) – Transfer from property development costs – – 5,598 5,598 Transfer to property, plant and equipment (Note 15) – (11,326) – (11,326) Transfer from land held for property development (Note 16(a)) 34,433 – – 34,433 At 31 December 2020 255,460 1,243,288 25,589 1,524,337 FINANCIAL STATEMENTS NOTES TO THE For the financial year ended 31 December 2021 Annual Report 2021 TROPICANA CORPORATION BERHAD FINANCIAL STATEMENTS AND OTHER INFORMATION 270 271
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