Page 158 - S P Setia Annual Report 2016

 

 

 

 

 

Page 158 - S P Setia Annual Report 2016
P. 158

156   S P Setia Berhad Group
                Annual Report 2016




          Notes To The Financial Statements

          For The Financial Year Ended 31 December 2016

          12.   PROPERTY DEVELOPMENT COSTS

                                                                                                     Group
                                                                                                  2016          2015
                                                                                                RM’000        RM’000
               Freehold land at cost                                                          2,016,981      1,866,497
               Leasehold land at cost                                                           317,656       300,604
               Development costs                                                              9,284,051      6,964,313
               Costs recognised as an expense in previous years                              (9,506,890)    (6,469,491)
               At 1 January/1 November                                                        2,111,798      2,661,923
               Costs transferred to property, plant and equipment (see Note 2)
               -  development costs                                                                  -         (3,393)
               Costs transferred from land held for property development (see Note 4)
               -  freehold land                                                                 263,217       255,627
               -  leasehold land                                                                 75,151         1,849
               -  development costs                                                             335,582       232,607
               Costs reclassed from investment properties (see Note 3)
               -  freehold land                                                                  4,307             -
               -  development costs                                                              3,492             -
               Costs incurred during the year/period
               -  freehold land                                                                   4,751        21,002
               -  leasehold land                                                                10,808             -
               -  development costs                                                           2,408,486      3,295,101
               Exchange differences                                                              6,864        105,746
                                                                                              3,112,658     3,908,539
               Less: Completed development projects
               -  freehold land                                                                (598,640)     (206,228)
               -  leasehold land                                                                (69,326)           -
               -  development costs                                                           (3,125,296)     (681,937)
               -  accumulated costs recognised as expense                                     3,793,262       888,165
                                                                                                     -             -
               Costs recognised as an expense in current year/period                         (2,885,687)    (3,925,564)
               Unsold completed properties transferred to inventories                          (233,094)     (533,100)
               At 31 December
               Freehold land at cost                                                          1,651,598      2,016,981
               Leasehold land at cost                                                          295,459        317,656
               Development costs                                                              8,901,615      9,284,051
               Costs recognised as an expense                                                 (8,742,997)   (9,506,890)
                                                                                              2,105,675      2,111,798
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