Notes to the Financial Statements for the Financial Year Ended 30 September 2024 Sustaining Lives, Empowering Communities Governance That Inspires Confidence Financial Insights Through Numbers Empowering Ownership PG. 223 12. INTANGIBLE ASSETS (CONT’D) 12.2 Other intangible assets (Cont’d) (i) Capitalised development represents expenditure incurred to construct a commuter station for Perbadanan Aset Keretapi (“PAK”) in consideration for the right to lease a plot of land from PAK for a period of 60 years (2023: 60 years) as disclosed in Note 11. SKSB has handed over the vacant possession of the commuter station to PAK on 13 March 2023. The capitalised development cost is amortised on a straight-line basis over the remaining lease period of 52 years (2023: 53 years). (ii) Development rights represents the rights to develop two (2) parcels of leasehold land granted to a subsidiary of the Company. The development rights is acquired through a business combination during the financial year as disclosed in Note 15(c). The development rights is amortised over the construction period based on percentage of completion method of the future project allocated on the said parcels of land. 13. PREPAID LEASE PAYMENTS The Group 2024 2023 RM RM At beginning of year 37,758,391 39,333,616 Amortisation for the financial year (Note 6) (1,513,220) (1,524,099) Effect of movements in exchange rate (794,760) (51,126) At end of year 35,450,411 37,758,391 The above is leasehold land with remaining unexpired lease period ranging from 13 years to 25 years (2023: 14 to 26 years). The leasehold land of RM17,168,535 (2023: RM18,190,570) are pledged as security for credit facilities granted to the Group as disclosed in Note 33.
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