17. INVESTMENT PROPERTIES (CONT’D.) The carrying amounts of the investment properties pledged as securities for bank borrowings as disclosed in Note 32 are as follows: Group 2022 2021 RM’000 RM’000 Freehold land and buildings 134,866 126,500 Leasehold land and buildings 1,200,810 1,238,571 Construction in-progress 15,073 12,468 1,350,749 1,377,539 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 2022 and 31 December 2021 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 RM97,116,000 (2021: RM94,460,000) 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 38. 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 2022 124,318 1,286,880 – 1,411,198 Additions 59 2,411 – 2,470 Re-measurement recognised in profit or loss 10,751 (14,261) – (3,510) Transfer to property, plant and equipment (Note 15) – (26,306) – (26,306) Transfer to right-of-use assets (Note 35(a)) – (23,000) – (23,000) At 31 December 2022 135,128 1,225,724 – 1,360,852 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 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 212 ANNUAL REPORT 2022
RkJQdWJsaXNoZXIy NDgzMzc=