18. PROPERTY DEVELOPMENT COSTS (continued) Group 2021 2020 RM’000 RM’000 (Restated) Costs incurred during the financial year: - development costs 28,305 8,958 Costs recognised in profit or loss during the financial year: - leasehold land - (961) - development costs (26,070) (6,046) (26,070) (7,007) Property development costs at end of financial year: - leasehold land 21,569 21,569 - development costs 48,610 20,306 - accumulated cost recognised in profit or loss (38,677) (12,607) 31,502 29,268 (a) Leasehold land represents costs incurred as a consequence of having right-of-use assets to produce inventories during the financial year in accordance with MFRS 102 Inventories. (b) Included in the leasehold land under development is a piece of land purchased from Baycity Park Sdn. Bhd. (“BPSB”) pursuant to the Development Joint Venture Agreement (“DJVA”) entered between BPSB and Premier Baycity Sdn. Bhd. for the proposed development of the development land in Subang U5, Selangor. The Group has accrued the remaining amount of RM9,264,000 (2020: RM9,310,000) payable to BPSB for the balance of the purchase consideration of the leasehold land as disclosed in Note 25(c) to the financial statements. (c) The leasehold land together with development costs with a total carrying amount of RM31,502,000 (2020: RM29,268,000) have been pledged to licensed banks for banking facilities granted to the Group as disclosed in Note 24(a) to the financial statements. 19. BIOLOGICAL ASSETS Group 2021 2020 RM’000 RM’000 Balance as at 1 January 82,060 83,100 Transfer to inventories (1,012) (1,040) Balance as at 31 December 81,048 82,060 NOTES TO THE FINANCIAL STATEMENTS 149 P R G H O L D I N G S B E R H A D A N N U A L R E P O R T 2 0 2 1 31 December 2021 (cont’d)
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