NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024 (CONT’D) 11. INVENTORIES (CONT’D) (b) Properties under development for sale THE GROUP 2024 2023 RM’000 RM’000 Land, at cost At beginning of the year 367,766 376,813 Costs incurred during the year – 16,959 Transferred from properties held for future development (Note 11(a)) 113,527 86,851 Reversal of completed projects (166,860) (107,518) Effect of movement in exchange rate 3,368 (5,339) At the end of the year 317,801 367,766 Development costs At beginning of the year 100,364 32,387 Costs incurred during the year 569,690 384,717 Transferred from properties held for future development (Note 11(a)) 69,531 41,608 Reversal of completed projects (623,316) (356,793) Effect of movement in exchange rate 984 (1,555) At the end of the year 117,253 100,364 Cumulative costs 435,054 468,130 Cumulative cost recognised in profit or loss At beginning of the year (117,826) (23,575) Recognised during the year (666,961) (538,193) Unsold units transferred to completed properties held for sale (Note 11(c)) (32,644) (20,369) Reversal of completed projects 790,176 464,311 Effect of movement in exchange rate (808) – At the end of the year (28,063) (117,826) Carrying amount 406,991 350,304 FINANCIAL STATEMENTS 175 INTEGRATED ANNUAL REPORT 2024
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