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Annual Report 2014 | S P SETIA BERHAD GROUP | 161

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 October 2014

V. FINANCIAL STATEMENTS

14. PROPERTY DEVELOPMENT COSTS

Group

2014

2013

RM’000

RM’000

Restated

Freehold land at cost, as restated /as previously stated

1,894,250

1,010,969

Leasehold land at cost, as restated /as previously stated

242,463

98,053

Development costs, as restated /as previously stated

6,771,016

4,797,063

Costs recognised as an expense in previous years, as restated /as previously stated

(6,344,459)

(4,299,431)

At 1 November, as restated /as previously stated

2,573,270

1,606,654

Effects of adoption of FRS 10

-

119,051

Effects of adoption of FRS 11

-

(54,310)

At 1 November, as restated

2,573,270

1,671,395

Freehold land at cost, as restated

1,894,250

1,099,409

Leasehold land at cost, as restated

242,463

84,482

Development costs, as restated

6,771,016

5,166,856

Costs recognised as an expense in previous years, as restated

(6,334,459)

(4,679,352)

At 1 November, as restated

2,573,270

1,671,395

Costs transferred from/(to) property, plant and equipment

(see note 2)

- freehold land

-

(3,284)

- development costs

147

(7,455)

Costs transferred from land held for property development

(see note 4)

- freehold land

198,945

254,340

- leasehold land

10,969

508,569

- development costs

325,882

180,564

Costs of freehold land transferred from concession assets

(see note 5)

8,595

7,281

Costs incurred during the financial year

- freehold land

10,068

9,955

- leasehold land

48,238

137,427

- development costs

2,166,429

1,777,996

Exchange differences

(10,810)

(7,093)

2,758,465

2,858,300

Costs recognised as an expense in the current year

(2,347,993)

(1,955,327)

Unsold completed properties transferred to inventories

(1,733)

(1,098)

At 31 October

2,982,007

2,573,270

Property development costs at a carrying amount of RM1,770,188,000 (2013 (restated): RM1,357,904,000) included above, have been

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

Included under development and construction costs is borrowing costs of RM36,706,000 (2013 (restated): RM37,423,000) incurred

during the financial year.