Page 253 - Bank Muamalat_AR24

ANNUAL REPORT 2024 1 2 3 4 5 6 7 Our Numbers 8 251

12. INVESTMENT PROPERTIES

Building
Freehold on freehold
land land Total
Group and Bank RM’000 RM’000 RM’000

2024
At 1 January 2024 14,431 42,325 56,756
Change in fair value recognised in profit or loss (Notes 30) 770 1,360 2,130
At 31 December 2024 15,201 43,685 58,886

2023
At 1 January 2023 14,431 42,133 56,564
Change in fair value recognised in profit or loss (Notes 30) - 192 192
At 31 December 2023 14,431 42,325 56,756

(i) The Group’s and the Bank’s investment properties consist of a few units of commercial properties and a few pieces of
undeveloped freehold commercial land.

(ii) As at 31 December 2024, the fair values of the properties are based on valuations performed by Raine & Horne
International Zaki + Partners Sdn. Bhd., an accredited independent valuer. A valuation approach as guided by the
Malaysian Valuation Standards as issued by the Board of Valuers, Appraisers, Estate Agents and Property Managers,
has been applied.

(iii) Description of valuation techniques used and key inputs to valuation on investment properties:

Inter-relationship between
Types of investment Valuation Significant unobservable significant unobservable inputs
properties Technique inputs and fair value measurement

- Buildings on freehold Direct comparison Selling price per square foot (“psf”) The estimated fair value would
land method (“DCM”) of comparable properties sold increase (decrease) if selling price
- Freehold land adjusted for location, size and per square foot (“psf”)
shape of land, planning provisions, of comparable properties is
land tenure, title restrictions and higher or (lower).
any other characteristics.