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enricHing national Progress ENRICHING SUSTAINABLE RETURNS

notes to tHe financial statements

for the year ended 31 december 2023

9. iNVESTMENT PROPERTiES AND LAND HELD FOR PROPERTY DEVELOPMENT (CONTiNUED)
(b) Land Held For Development
Group
31 December 31 December
2023 2022
RM’000 RM’000

Land Held For Development
Cost:
at 1 January 761,972 731,018
addition 23,606 30,954
At 31 December 785,578 761,972

10. RiGHT-OF-USE ASSET
Group KWAP
31 December 31 December 31 December 31 December
x 2023 2022 2023 2022
RM’000 RM’000 RM’000 RM’000

Building
Cost
at 1 January 58,047 - - -
adjustment - - 60,301 -
reclassification from investment properties - 61,803 - -
foreign exchange reserve 6,109 (3,756) - -
At 31 December 64,156 58,047 60,301 -

Less: Amortisation
at 1 January 1,138 - - -
amortisation for the year 399 390 8,825 -
reclassification from investment properties - 808 - -
foreign exchange reserve 141 (60) - -
At 31 December 1,678 1,138 8,825 -

Carrying amount
At 31 December 62,478 56,909 51,476 -

the group leases a building in london, united Kingdom, for a period of 153 years commencing 24 november 2014.
the lease payments are reviewed annually based on the higher of the minimum ground rent and landlords premium
of 7.00% of the rents receivable.
KWap leases a building in Kuala lumpur, malaysia, with fixed lease payments that runs for three (3) years,
with an option to renew the lease after that date.
186 KUMPULAN WANG PERSARAAN (DIPERBADANKAN) i INTEGRATED REPORT 2023