27. ASSETS CLASSIFIED AS HELD FOR SALE Group 2024 2023 RM’000 RM’000 At 1 January 473,628 – Additions 1,696 – Reclassification from cash and bank balances 4,933 – Transfer from property, plant and equipment (Note 14) – 405,033 Transfer from investment properties (Note 17) 138,958 26,200 Reclassification from investment in an associate (Note 19) – 42,080 Transfer from intangible assets (Note 22) – 315 Disposals (480,257) – At 31 December 138,958 473,628 The details of the assets classified as held for sale are as follows: (a) Transfer from property, plant and equipment and intangible assets (i) On 6 December 2023, Tropicana Residences Sdn Bhd, a wholly-owned subsidiary of the Group, entered into a sale and purchase agreement with IOI PFCC Hotel Sdn Bhd and Flora Development Sdn Bhd, for the disposal of W Kuala Lumpur, a 25-storey hotel which is situated on a freehold land with a gross floor area of 48,824 square metres in Kuala Lumpur for a total consideration of RM270,000,000. The said disposal has been completed in the financial year ended 31 December 2024 upon fulfilment of conditions precedent. (ii) On 26 January 2024, Tropicana Macalister Avenue (Penang) Sdn Bhd, a wholly-owned subsidiary of the Group, entered into a sale and purchase agreement with IOI PFCC Hotel Sdn Bhd, for the disposal of Courtyard by Marriott Penang, a hotel which is situated on a freehold land with a gross floor area of 22,005 square metres in Penang for a total consideration of RM165,000,000. The said disposal has been completed in the financial year ended 31 December 2024 upon fulfillment of conditions precedent. (b) Transfer from investment properties (i) On 11 July 2023, Tropicana Properties (Sabah) Sdn Bhd (“TPSB”), a wholly-owned subsidiary of the Group, entered into a sale and purchase agreement with GPL Properties Sdn Bhd (“GPLPSB”), for the disposal of 3 parcels of leasehold land approximately 2,023 square metres together with a 4-storey building with gross floor area approximately 2,535 square metres in Sabah for a total consideration of RM9,000,000. The said disposal has been completed in the financial year ended 31 December 2024 upon fulfillment of conditions precedent. (ii) On 11 July 2023, TPSB, a wholly-owned subsidiary of the Group, entered into a sale and purchase agreement with GPLPSB, for the disposal of a parcel of leasehold land approximately 2,023 square metres in Sabah for a total consideration of RM3,000,000. The said disposal has been completed in the financial year ended 31 December 2024 upon fulfillment of conditions precedent. (iii) On 11 July 2023, TPSB, a wholly-owned subsidiary of the Group, entered into a sale and purchase agreement with GPLPSB, for the disposal of a parcel of leasehold land approximately 911 square metres together with a 3-storey building with gross floor area approximately 3,744 square metres in Sabah for a total consideration of RM6,700,000. The said disposal has been completed in the financial year ended 31 December 2024 upon fulfillment of conditions precedent. FINANCIAL STATEMENTS & OTHER INFORMATION 309
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