200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 18. Land held for development and development properties (cont'd) (b) Development properties Freehold and Development leasehold land costs Total Group RM RM RM Cumulative costs of development properties At 1 January 2024 138,183,395 58,172,325 196,355,720 Costs incurred during the year 330,390 85,287,230 85,617,620 Disposal of a subsidiary (35,934,707) (5,178,902) (41,113,609) Acquisition of subsidiaries 80,787,850 38,560,858 119,348,708 At 31 December 2024 183,366,928 176,841,511 360,208,439 At 1 January 2023 138,183,395 39,401,714 177,585,109 Costs incurred during the year - 18,770,611 18,770,611 At 31 December 2023 138,183,395 58,172,325 196,355,720 2024 2023 RM RM Cumulative costs recognised in profit or loss At 1 January (24,497,855) (4,671,144) Costs recognised during the year (6,052,853) (19,826,711) At 31 December (30,550,708) (24,497,855) Carrying amount 329,657,731 171,857,865 2024 2023 RM RM Interest expenses (Note 5) 7,772,500 5,391,056 Included in costs incurred during the financial year on land held for development and development properties are: Land held for development and development properties with an aggregate carrying amount of RM538,700,150 (2023: RM306,998,838) are charged for bank borrowings as referred to in Note 23. Group Group - 63 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 155 ANNUAL REPORT 2024
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