200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 18. Land held for development and development properties (cont'd) (b) Development properties Freehold and Development leasehold land costs Total Group RM RM RM Cumulative cost of development properties At 1 January 2022 67,022,592 18,648,744 85,671,336 Costs incurred during the year 75,560 16,296,269 16,371,829 Transfer from land held for development 71,085,243 4,456,701 75,541,944 At 31 December 2022 138,183,395 39,401,714 177,585,109 At 1 January 2021 67,022,592 11,891,195 78,913,787 Costs incurred during the year - 6,757,549 6,757,549 At 31 December 2021 67,022,592 18,648,744 85,671,336 2022 2021 RM RM Cumulative cost recognised in profit or loss At 1 January (807,740) - Recognised during the year (3,863,404) (807,740) At 31 December (4,671,144) (807,740) Carrying amount 172,913,965 84,863,596 2022 2021 RM RM Interest expenses (Note 6) 1,302,969 1,026,958 Group Included in costs incurred during the financial year on land held for development and development properties are: Group Land held for development and development properties with an aggregate carrying amount of RM205,863,536 (2021: RM163,616,870) are charged for bank borrowings as referred to in Note 23. - 75 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 Annual Report 2022 140
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