Notes to the Financial Statements for the Financial Year Ended 30 September 2024 MKH BERHAD ANNUAL REPORT 2024 Laying The Foundation of Excellence Where People Matter Guided by Leadership, Inspired by People Delivering Value That Matters to People PG. 254 20. RECEIVABLES, DEPOSITS AND PREPAYMENTS (CONT’D) (g) Included in other deposits of the Group are: (i) an amount of RM18,792,117 (2023: RM18,437,374) paid to the relevant authorities for property development projects; and (ii) an amount of RMNil (2023: RM12,000,000) in respect of deposits paid as partial purchase consideration for acquisition of a subsidiary as disclosed in Note 15. (h) Included in prepayments of the Group are: (i) RM24,785,893 (2023: RM5,264,605) development costs incurred in respect of future property development projects; (ii) RM35,172,426 (2023: RMNil) represents development cost incurred pursuant to a development rights agreement for the future development; (iii) an amount of RM9,108,993 (2023: RM10,144,604) paid to Trustee accounts for joint development of infrastructure projects with other developers; and (iv) during the financial year, the Group reclassified prepayments amounting to RM2,031,444 to property development costs upon fulfilment of terms and conditions stipulated in the Agreements as disclosed in Note 21. 21. PROPERTY DEVELOPMENT COSTS The Group 2024 2023 RM RM At cost: Freehold land At beginning of year 178,639,356 208,315,137 Additions 3,980,397 461,440 Addition/(Reversal) of provision for landowners’ entitlement 27,120,248 (41,228,187) Reclassify to development costs - (3,181,716) Reclassify from deposit (Note 20(f)(ii)) 10,000,000 - Reclassify from prepayment (Note 20(h)(iv)) 25,000 - Transfer from land held for property development (Note 18) 100,035,308 25,288,901 Transfer to inventories (3,137,297) (266,842) Reversal of completed projects (63,290,368) (10,749,377) At end of year 253,372,644 178,639,356
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