NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 16. INVENTORIES (CONT’D.) (a) Land held for property development Group 2024 2023 RM’000 RM’000 Cost At 1 January Freehold land 4,156,972 4,371,172 Leasehold land 2,461,341 1,922,721 6,618,313 6,293,893 Additions 199,110 114,685 Transfer (to)/from: Property, plant and equipment (Note 14) – (7,758) Property development costs (Note 16(b)) (346,733) (112,092) Land held for sales (Note 16(c)) (1,198,570) 425,298 Investment properties (Note 17) – (9,145) Inventories written down (2,683) (86,568) At 31 December 5,269,437 6,618,313 Finance costs capitalised during the financial year under land held for property development amounted to RM61,981,000 (2023: RM46,973,000). (b) Property development costs Group 2024 2023 RM’000 RM’000 Cost At 1 January 309,260 334,531 Development costs incurred 41,463 90,351 Transfers from/(to): Land held for property development (Note 16(a)) 346,733 112,092 Investment properties (Note 17) (8,877) – Completed development properties (27,985) – Contract cost assets (Note 25) (217,152) (227,714) At 31 December 443,442 309,260 (c) Land held for sales Group 2024 2023 RM’000 RM’000 Cost At 1 January 58,096 56,038 Additions 23,930 2,058 Transfer from land held for property development (Note 16(a)) 807,686 – Disposals (Note 5) (81,894) – At 31 December 807,818 58,096 ANNUAL REPORT 2024 276
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