FINANCIAL STATEMENT & OTHER INFORMATION 198 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 Al-`Aqar Healthcare REIT | Annual Report 2024 28. ASSETS CLASSIFIED AS HELD FOR SALE On 12 December 2023, the Group entered into a Land Sale Agreement (“LSA”) with Principal Healthcare Finance Pty Ltd (“Principal Healthcare”), as trustee for the Principal Healthcare Finance Trust (“Land Buyer”) to dispose the lands and buildings of Jeta Gardens Aged Care Facility for a cash consideration of AUD24.4 million (equivalent to approximately RM67.9 million). In the current year, the parties of the LSA has further negotiated on the proceeds of the sale and agreed the split of the sale proceeds via Owners’ Deed resulting written down of the fair value. Meanwhile, the other condition precedents in relation to the LSA is yet to be met as at year end and the disposal is expected to complete by 2025. The movement of assets classified as held for sale is as follows: Jeta Gardens Aged Care Facility RM Damai Wellness Centre RM Total RM 2024 Group Assets classified as held for sale At 1 January 64,700,031 12,000,000 76,700,031 Disposal - (12,000,000) (12,000,000) Fair value written down (a) (16,571,468) - (16,571,468) Foreign exchage difference (6,164,782) - (6,164,782) 41,963,781 - 41,963,781 (a) Fair value written down Immediately before the classification of Jeta Gardens Aged Care Facility as assets held for sale, the recoverable amount was estimated and no impairment loss was identified. Following the classification, a write-down of RM16,571,468 was recognised to reduce the carrying amount of the assets to their fair value less costs to sell. This was recognised in the Group’s statement of comprehensive income. Damai Wellness Centre RM 2024 Fund At 1 January 12,000,000 Disposal (12,000,000) At 31 December -
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