NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 (CONT’D) 11. INVENTORIES (CONT’D) (a) Properties held for future development THE GROUP 2023 RM’000 2022 RM’000 Land, at cost At beginning of the year 596,870 518,966 Costs incurred during the year 69,850 111,870 Transferred to properties under development for sale (Note 11(b)) (86,851) (33,966) At the end of the year 579,869 596,870 Development costs At beginning of the year 206,090 166,142 Costs incurred during the year 32,414 66,568 Transferred to properties under development for sale (Note 11(b)) (41,608) (24,194) Property development costs written off (3,229) (2,426) At the end of the year 193,667 206,090 Cumulative cost/Carrying amount 773,536 802,960 (b) Properties under development for sale THE GROUP 2023 RM’000 2022 RM’000 Land, at cost At beginning of the year 376,813 431,885 Costs incurred during the year 16,959 4,692 Transferred from properties held for future development (Note 11(a)) 86,851 33,966 Reversal of completed projects (107,518) (93,325) Effect of movement in exchange rate (5,339) (405) At the end of the year 367,766 376,813 INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 186 FINANCIAL STATEMENTS
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