Background Image
Table of Contents Table of Contents
Previous Page  141 / 234 Next Page
Information
Show Menu
Previous Page 141 / 234 Next Page
Page Background

Annual Report 2014 | S P SETIA BERHAD GROUP | 139

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 October 2014

V. FINANCIAL STATEMENTS

3. INVESTMENT PROPERTIES (CONT’D)

The Group’s investment properties at a net carrying amount of RM178,883,000 (2013 (restated): RM154,421,000) have been charged to

banks to secure the borrowings referred to in notes 25, 29 and 30 below.

The fair values of the investment properties at 31 October 2014 are arrived at by reference to market evidence of transaction prices

for similar properties and are performed by registered valuers having appropriate recognised professional qualification and recent

experiences in the locations and category of properties being valued.

The fair value of investment properties under construction amounting to RM148,462,000 (2013 (restated): RM109,453,000) cannot be

reliably and separately determined until the construction is completed or the fair value becomes reliably determinable, whichever is earlier.

4. LAND HELD FOR PROPERTY DEVELOPMENT

Freehold Leasehold Development

Group

land

land expenditure

Total

2014

RM’000

RM’000

RM’000

RM’000

Cost

At 1 November 2013

3,046,430

366,168

1,208,202 4,620,800

Additions

20,326

13,093

523,708

557,127

Disposals

-

(105)

-

(105)

Transfer to property development costs

(see note 14)

(198,945)

(10,969)

(325,882)

(535,796)

Reclassification

-

12,243

(12,243)

-

Exchange differences

-

1,293

(25)

1,268

At 31 October 2014

2,867,811

381,723

1,393,760 4,643,294

Group

Freehold Leasehold Development

2013

land

land expenditure

Total

Restated

RM’000

RM’000

RM’000

RM’000

Cost

At 1 November 2012, as previously stated

2,915,883

732,704

865,450 4,514,037

Effects of adoption of FRS 10

226,167

2,850

101,963

330,980

Effects of adoption of FRS 11

(835,051)

(12,376)

(48,631)

(896,058)

At 1 November 2012, as restated

2,306,999

723,178

918,782 3,948,959

Additions

950,142

148,660

470,004 1,568,806

Transfer from investment properties

(see note 3)

234

-

-

234

Transfer to property development costs

(see note 14)

(254,340)

(508,569)

(180,564)

(943,473)

Reclassified from other receivables, deposits and prepayments

45,753

-

-

45,753

Exchange differences

(2,358)

2,899

(20)

521

At 31 October 2013

3,046,430

366,168

1,208,202 4,620,800

Included in additions is borrowing costs of RM78,725,000 (2013 (restated): RM76,538,000) incurred during the financial year.

Land held for property development of the Group included above at a carrying amount of RM2,160,893,000 (2013 (restated):

RM2,323,706,000) have been charged to banks to partially secure the borrowings referred to in notes 25, 29 and 30 below.