Page 185 - KWAP_AR2022

FoR BetteR RetuRns Annual Report 2022 183

notes to the
financial statements
for the year ended 31 december 2022

9. INVESTMENT PROPERTIES AND LAND HELD FOR PROPERTY DEVELOPMENT (CONTINUED)
(a) Investment Properties (continued)
the fair value of the investment properties of the group and of KWap as at 31 december 2022 amounted to
rm9,378.4 million and rm270.0 million respectively (2021: rm10,595.3 million and rm270.0 million respectively),
which was determined based on the property valuations performed at the reporting date.
Valuations are performed by accredited independent valuers with recent experience in the land and property
valuation field. the valuations are based on the comparison method that involves sales of similar properties,
analysis and factors which can influence the value or price of the said properties.
Right-of-use asset

inclusive in the investment properties is the lease for the 100 cheapside property in london for a period of
153 years commencing on 24 november 2014 amounting to gbp10.8 million (2021: gbp10.8 million).
(b) Land Held For Development

Group
31 December 31 December
2022 2021
RM’000 RM’000
Land Held For Development
Cost:
at 1 January 731,018 660,850
addition 30,954 70,168

At 31 December 761,972 731,018
(c) Asset Held For Sale

Group
31 December 31 December
2022 2021
RM’000 RM’000
Asset Held For Sale - 453,559
At 31 December - 453,559

on 20 december 2021, the group exchanged conditional contract to dispose of its 100% interest in 179 turbot
street, brisbane. no objection notification by the foreign investment review board (firb) was received by the
purchaser on 10 January 2022. the contract was unconditional from this date with settlement of the sale occurring
on 1 february 2022. the asset was disposed for a consideration of aud150.9 million with a gain of aud 0.025 million.