FINANCIAL STATEMENT & OTHER INFORMATION SECTION 5 177 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 Al-`Aqar Healthcare REIT | Annual Report 2024 10. INVESTMENT PROPERTIES Group Fund 2024 RM 2023 RM 2024 RM 2023 RM At 1 January 1,643,220,335 1,721,281,384 1,632,750,245 1,636,015,084 Enhancements 2,201,040 - 2,201,040 - Fair value adjustment 10,134,121 (5,151,250) 10,134,121 8,735,161 Transfer to assets classified as held for sale - (76,700,031) - (12,000,000) Foreign exchange differences (1,154,075) 3,790,232 - - At 31 December 1,654,401,421 1,643,220,335 1,645,085,406 1,632,750,245 Land and buildings at fair value 1,654,401,421 1,643,220,335 1,645,085,406 1,632,750,245 The carrying amount of the investment properties for the financial years ended 31 December 2024 and 2023 is based on the market value determined based on valuations, adjusted with accrued unbilled rental income, as follows: Group Fund 2024 RM 2023 RM 2024 RM 2023 RM Investment properties - based on valuation report 1,668,316,015 1,654,770,090 1,659,000,000 1,644,300,000 Investment properties - accrued unbilled rental income (Note 12) (13,914,594) (11,549,755) (13,914,594) (11,549,755) 1,654,401,421 1,643,220,335 1,645,085,406 1,632,750,245 The investment properties are stated at fair value, which have been determined based on valuations performed by an independent professional valuer. The valuation method used in determining the valuations is the investment method. As at 31 December 2024, the fair values of the properties are based on valuations performed by Rahim&Co. and Persuit Property Advisory, independent valuers. Rahim&Co. and Persuit Property Advisory are specialist in valuing these types of investment properties. A valuation model in accordance with that recommended by the International Valuation Standards Committee has been applied. There are no material events that affect the valuation between the valuation, data and financial year end. Policy on transfer between levels The fair value of an asset to be transferred between levels is determined as of the data of the event or change in circumstances that caused the transfer. Level 1 fair value Level 1 fair value is derived from quoted price (unadjusted) in active markets for identical investment properties that the entity can assess at the measurement date. Level 2 fair value Level 2 fair value is estimated using inputs other than quoted prices included within Level 1 that are observable for the investment properties, either directly or indirectly.
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