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 2025 RM’000 2024 RM’000 Freehold land and buildings 122,847 128,427 Leasehold land and buildings 203,600 135,518 Construction in-progress 34,242 20,991 360,689 284,936 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 2025 and 31 December 2024 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 CIP is an amount of RM108,024,000 (2024: RM20,991,000) 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 are disclosed in Note 37. Reconciliation of fair values: Freehold land and buildings RM’000 Leasehold land and buildings RM’000 Construction in-progress (“CIP”) RM’000 Total RM’000 At 1 January 2025 161,689 232,430 - 394,119 Additions 745 2,644 - 3,389 Re-measurement recognised in profit or loss (2,897) 1,089 - (1,808) Transfer from property, plant and equipment (Note 14) - 113 - 113 Disposal (3,148) - - (3,148) Adjustments1 - (971) - (971) At 31 December 2025 156,389 235,305 - 391,694 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025 AR 2025 | FINANCIAL STATEMENT & OTHER INFORMATION 296
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