200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 16. Investment in joint ventures (cont'd) Summarised financial information on the significant joint venture is as follows (cont'd): (c) Posh Atlantic Sdn. Bhd. ("PASB") 2023 2022 RM RM Net assets attributable to owners of the Company at 1 January 26,331,597 26,256,992 Total comprehensive (loss)/income attributable to owners of Company (4,274,694) 74,605 Net assets attributable to owners of the Company at 31 December 22,056,903 26,331,597 Group's interest in PASB 51% 51% Group's share of net assets of PASB 11,249,021 13,429,114 Unrealised profit adjustments (929,680) (294,725) Carrying amount of individually immaterial joint ventures 2,173,881 2,105,902 Carrying amount of Group's interest in joint ventures 12,493,222 15,240,291 17. Land held for development and development properties (a) Land held for development Freehold and Development leasehold land costs Total Group RM RM RM At 1 January 2023 129,536,799 16,447,185 145,983,984 Additions 142,837,059 16,049,358 158,886,417 Write back on property development value 3,326,279 573,721 3,900,000 At 31 December 2023 275,700,137 33,070,264 308,770,401 At 1 January 2022 200,622,042 13,750,401 214,372,443 Additions - 7,153,485 7,153,485 Transfer to property development costs (71,085,243) (4,456,701) (75,541,944) At 31 December 2022 129,536,799 16,447,185 145,983,984 Reconciliation of the summarised financial information presented above to the carrying amount of the Group's interest in joint ventures Group - 55 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 125 Annual Report 2023
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