Kimlun Corporation Berhad Annual Report 2017

Kimlun Corporation Berhad 98 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 (cont’d) 17. Properties held for sale Group 2017 2016 RM RM Cost: At 1 January/31 December 1,829,232 1,829,232 18. Land held for property development and property development costs (a) Land held for property development Freehold and Development leasehold land costs Total Group RM RM RM At 1 January 2017 44,564,376 7,201,051 51,765,427 Additions 16,365,475 1,694,643 18,060,118 Disposal (247,128) (14,931) (262,059) At 31 December 2017 60,682,723 8,880,763 69,563,486 At 1 January 2016 29,161,267 533,310 29,694,577 Additions - 1,316,650 1,316,650 Transfer from property development costs 15,403,109 5,351,091 20,754,200 At 31 December 2016 44,564,376 7,201,051 51,765,427 (b) Property development costs Freehold and Development leasehold land costs Total Group RM RM RM At 31 December 2017 Cumulative property development costs At 1 January 2017 34,837,032 29,269,711 64,106,743 Costs incurred during the year - 1,380,121 1,380,121 Unsold units transferred to inventories (2,274,818) (14,744,028) (17,018,846) Reversal of completed project (2,811,463) (13,617,043) (16,428,506) At 31 December 2017 29,750,751 2,288,761 32,039,512 Cumulative costs recognised in profit or loss At 1 January 2017 (974,885) (8,974,753) (9,949,638) Recognised during the year (1,836,579) (10,752,386) (12,588,965) Reversal of completed project 2,811,464 19,727,139 22,538,603 At 31 December 2017 - - - Property development costs At 31 December 2017 29,750,751 2,288,761 32,039,512