MKH Annual Report 2019

233 M K H B e r h a d 42. FAIR VALUE HIERARCHY (CONT’D) The land and building under property, plant and equipment were revalued by directors in September 2015 based on independent professional valuation. The fair value of these assets are within level 3 of the fair value hierarchy using significant unobservable inputs. There is no fair value determined for the current financial year as the Group revalues its land and building every five years or at a shorter intervals whenever fair value of the said assets is expected to differ substantially from the carrying amounts Fair value reconciliation of investment properties measured at level 3 are as follows: The Group Commercial Office and Education 2019 properties shoplot centre Total RM RM RM RM Investment properties At beginning of year 243,500,000 30,120,000 45,000,000 318,620,000 Changes in fair values (6,000,000) (180,000) - (6,180,000) At end of year 237,500,000 29,940,000 45,000,000 312,440,000 2018 Investment properties At beginning of year 244,300,000 29,637,000 45,000,000 318,937,000 Changes in fair values (800,000) 483,000 - (317,000) At end of year 243,500,000 30,120,000 45,000,000 318,620,000 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2019