200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 17. 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 2023 138,183,395 39,401,714 177,585,109 Costs incurred during the year - 18,770,611 18,770,611 At 31 December 2023 138,183,395 58,172,325 196,355,720 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 2023 2022 RM RM Cumulative cost recognised in profit or loss At 1 January (4,671,144) (807,740) Recognised during the year (19,826,711) (3,863,404) At 31 December (24,497,855) (4,671,144) Carrying amount 171,857,865 172,913,965 2023 2022 RM RM Interest expenses (Note 5) 5,391,056 1,302,969 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 RM305,127,565 (2022: RM205,863,536) are charged for bank borrowings as referred to in Note 22. - 56 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 Kimlun Corporation Berhad 126
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