Chemical Company of Malaysia Berhad Annual Report 2019

5. Investment properties   Group   Company Note 2019 2018 2019 2018 At 1 January 220 20,020 6,220 25,800 Change in fair value recognised in profit or loss 450 - 350 220 Transfer to assets classified as held for sale 14 - (19,800) - (19,800) Transfer from property, plant and equipment 3 6,500 - - - At 31 December 7,170 220 6,570 6,220 Investment properties of the Group and the Company comprise vacant land and building, and leasehold land and buildings that are leased to an associate. Each of the leases contains an initial non-cancellable period of one month to one year. Subsequent renewals are negotiated with the lessee and on average renewal periods are one to three years. No contingent rents are charged. During the financial year ended 31 December 2018, a leasehold land amounting to RM19,800,000 was transferred from investment property to assets classified as held for sale. The land was subsequently sold during the current financial year for RM21,500,000. The following are recognised in profit or loss in respect of investment properties:   Group   Company 2019 2018 2019 2018 Lease income 282 402 282 1,841 Direct operating expenses: - income generating investment properties 44 34 44 592 - non-income generating investment properties 17 - 16 52 5.1 Operating lease payments receivable The operating lease payments to be received are as follows:  Group and Company 2019 2018 Less than one year 312 100 One to two years 130 - Total undiscounted lease payments 442 100 BUSINESS OVERVIEW OTHER INFORMATION GOVERNANCE STRUCTURE 157 ANNUAL REPORT 2019 FINANCIAL STATEMENTS