NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 17. INVESTMENT PROPERTIES (CONT’D.) The carrying amounts of the investment properties pledged as securities for bank borrowings as disclosed in Note 32 are as follows: Group 2024 2023 RM’000 RM’000 Freehold land and buildings 128,427 134,125 Leasehold land and buildings 135,518 1,173,810 Construction in-progress 33,382 21,374 297,327 1,329,309 The Group has no restrictions on the realisability of its investment properties and no contractual obligations to either purchase, construct or develop investment properties or for repairs, maintenance and enhancements. Investment properties are stated at fair value, which had been determined based on valuations as at 31 December 2024 and 31 December 2023 performed by accredited independent valuers who are specialists in valuing these types of investment properties. The fair value of the properties had been determined using the cost method, comparison method and investment method depending on the nature of the properties. Included in the construction in-progress (“CIP”) amounting to RM20,991,000 (2023: RM110,965,000) is stated at cost as management believes that the fair value cannot be reliably determined due to the nature and the amount of remaining project risks. Fair value hierarchy disclosures for investment properties is disclosed in Note 38. Reconciliation of fair values: Freehold Leasehold Construction land and land and in-progress buildings buildings (“CIP”) Total RM’000 RM’000 RM’000 RM’000 At 1 January 2024 134,387 1,202,414 – 1,336,801 Reclassification previously stated at cost – – 105,542 105,542 Additions 1,570 – 7,797 9,367 Re-measurement recognised in profit or loss 2,482 600 22,119 25,201 Disposal – (933,701) – (933,701) Transfer to property, plant and equipment (Note 14) – (184) – (184) Transfer to assets classified as held for sale (Note 27) (9,750) (26,750) (102,458) (138,958) Reclassification 33,000 – (33,000) – Adjustments1 – (9,949) – (9,949) At 31 December 2024 161,689 232,430 – 394,119 ANNUAL REPORT 2024 278
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