Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 6 INVESTMENT PROPERTIES (CONTINUED) Fair value of investment properties is categorised as follows: Group Level 1 Level 2 Level 3 Total RM’000 RM’000 RM’000 RM’000 2023 Land - - 14,164 14,164 Buildings - - 10,836 10,836 - - 25,000 25,000 2022 Land - - 16,158 16,158 Buildings - - 32,078 32,078 - - 48,236 48,236 Company Level 1 Level 2 Level 3 Total RM’000 RM’000 RM’000 RM’000 2022 Buildings - - 27,420 27,420 Level 1 fair value is derived from quoted price in active markets for identical investment properties that the entity can access at the measurement date. Level 2 fair value is estimated using inputs other than quoted price included within Level 1 that are observable for the investment properties, either directly or indirectly. Level 3 fair value is estimated using unobservable inputs for the investment properties. The unobservable input relates to the price per square feet. The fair value of investment properties were estimated using the comparison method. The fair values of the investment properties above were estimated based on valuation by independent qualified valuers. The basis of the valuation adopted is based on market approach which derived from market evidence of transacted prices per square feet for similar properties in which the values have been adjusted for key attributes such as property size, location and date of transaction. During the financial year, based on the valuation, there was no significant change to the fair value of these properties. Integrated Annual Report 2023 202
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