Page 239 - Bank-Muamalat-Annual-Report-2021

ANNUAL REPORT 2021 237
SUSTAINABILITY STATEMENT OUR GOVERNANCE OUR NUMBERS OTHER INFORMATION

12. INvesTMeNT PROPeRTIes

Building Investment
on properties
freehold freehold under
land land construction Total
Group and Bank RM’000 RM’000 RM’000 RM’000

As at 31 December 2021
As at 1 January 2021 13,961 37,849 4,079 55,889
Change in fair value recognised in profit or loss
(Note 29) 470 205 - 675
Reclassification 4,079 (4,079) -

As at 31 December 2021 14,431 42,133 - 56,564

As at 31 December 2020
As at 1 January 2020 14,001 35,855 3,207 53,063
Additions - - 872 872
Change in fair value recognised in profit or loss
(Note 29) (40) 1,994 - 1,954

As at 31 December 2020 13,961 37,849 4,079 55,889

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.
As at 31 December 2021, the fair values of the properties are based on valuations performed by Proharta Consultancy
Sdn. Bhd together with Rahim & Co International Sdn Bhd, accredited independent valuers. 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. Fair value hierarchy disclosures for investment properties have been further disclosed in Note 47.

Description of valuation techniques used and key inputs to valuation on investment properties:
Types of investment properties valuation Technique significant unobservable inputs

- Buildings on freehold land Direct comparison method (“DCM”) Selling price per square foot (“psf”) of
- Freehold land comparable properties sold adjusted for
location, size and shape of land, planning
provisions, land tenure, title restrictions
and any other characteristics.