Page 254 - Bank-Muamalat_Annual-Report-2023

BANK MUAMALAT MALAYSIA BERHAD

NOTES TO THE
FINANCIAL STATEMENTS
31 DECEMBER 2023 (18 JAMADIL AKHIR 1445H)

12. INVESTMENT PROPERTIES
Building
Freehold on freehold
land land Total
Group and Bank RM’000 RM’000 RM’000

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

2022
At 1 January 2022 14,431 42,133 56,564

At 31 December 2022 14,431 42,133 56,564

(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 2023, 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.

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