200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 3. Significant accounting judgements and estimates (cont'd) 3.2 Key sources of estimation uncertainty (cont'd) (e) Write down of land held for development 4. Revenue (a) Revenue from contracts with customers 2024 2023 RM RM Types of goods and services Construction contracts 998,763,939 638,547,457 Sales of building materials 28,819,846 21,629,725 Sales of completed properties 3,481,650 - Sales of concrete products 171,245,520 168,568,300 Sales of development properties 5,082,190 23,808,764 1,207,393,145 852,554,246 Timing of revenue recognition Transferred over time 1,003,846,129 662,356,221 Transferred at a point in time 203,547,016 190,198,025 1,207,393,145 852,554,246 Group The Group measures its land held for development at lower of cost or net realisable value. The net realisable values of land held for development are determined by valuations performed by independent registered valuers using the comparison method. Under the comparison method, the market value of a land parcel is estimated based on comparable transactions. This approach is based upon the principle of substitution under which a potential buyer would not pay more for the land than it would cost to buy a comparable substitute property. The land is valued by reference to transactions of similar land parcels in its surrounding area with adjustments made for differences in location, terrain, size and shape of the land, tenure, title restrictions, if any and other relevant characteristics. - 39 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 131 ANNUAL REPORT 2024
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