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ENRICHING STAKEHOLDER ASPIRATIONS ENRICHING PERFORMANCE ENRICHING THE COMMUNITY ENRICHING ACCOUNTABILITY & INTEGRITY ENRICHING RESILIENCE & SUSTAINABLE GROWTH

notes to tHe financial statements

for the year ended 31 december 2023

9. iNVESTMENT PROPERTiES AND LAND HELD FOR PROPERTY DEVELOPMENT
(a) investment Properties

Group KWAP
31 December 31 December 31 December 31 December
2023 2022 2023 2022
RM’000 RM’000 RM’000 RM’000

Land And Building
Cost
at 1 January 8,002,068 8,326,575 235,261 235,261
addition 866,321 20,816 81,185 -
reclassification to right of use - (61,803) - -
foreign exchange reserve 536,342 (283,520) - -
At 31 December 9,404,731 8,002,068 316,446 235,261

Accumulated Depreciation
at 1 January 1,095,993 936,825 10,229 8,768
depreciation charge 198,217 196,347 1,461 1,461
reclassification to right of use - (808) - -
foreign exchange reserve 74,772 (36,371) - -
At 31 December 1,368,982 1,095,993 11,690 10,229
impairment
at 1 January 375,742 227,210 - -
impairment charge 40,886 166,496 - -
foreign exchange reserve (20,806) (17,964) - -
At 31 December 395,822 375,742 - -
Carrying Amount As At 31 December 7,639,927 6,530,333 304,756 225,032
Fair Value As At 31 December 10,629,902 9,378,435 351,000 270,000

there is no restriction on the realisation of the investment properties as well as no contractual obligation to either
purchase, construct or develop investment properties or for the repairs, maintenance and enhancements of the
properties by the group and KWap.
the fair value of the investment properties of the group and of KWap as at 31 december 2023 amounted to
rm10,629.9 million and rm351.0 million respectively (2022: rm9,378.4 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

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