16. INVENTORIES (CONT’D.) (a) Land held for property development Group 2022 2021 RM’000 RM’000 Cost At 1 January Freehold land 4,371,084 3,739,402 Leasehold land 2,700,661 2,778,138 7,071,745 6,517,540 Additions 429,829 555,570 Acquisition of a subsidiary – 108,031 Transfer to property development costs (Note 16(b)) (87,671) (106,863) Transfer to land held for sales (Note 16(c)) (1,115,965) (2,533) Write off (Note 9) (4,045) – At 31 December 6,293,893 7,071,745 Finance costs capitalised during the financial year under land held for property development amounted to RM46,240,000 (2021: RM33,641,000). (b) Property development costs Group 2022 2021 RM’000 RM’000 Cost At 1 January 322,879 366,644 Development costs incurred 88,822 80,576 Acquisition of a subsidiary – 73,521 Transfers from/(to): Land held for property development (Note 16(a)) 87,671 106,863 Completed development properties (10,636) (93,203) Contract cost assets (Note 25) (154,205) (207,495) Disposals – (4,027) At 31 December 334,531 322,879 (c) Land held for sales Group 2022 2021 RM’000 RM’000 Cost At 1 January 25,357 20,318 Additions 13,431 5,203 Transfer from land held for property development (Note 16(a)) 58,363 2,533 Disposals (41,113) (2,697) At 31 December 56,038 25,357 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 210 ANNUAL REPORT 2022
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