| Properties held for resale are stated at the lower of cost and net realisable value.
Net realisable value is the price at which the properties can be sold in the normal course of business after allowing for the costs of realisation.
Cost comprises the purchase price of properties plus, where applicable, direct labour costs, materials, fees and those overheads that have been incurred in bringing the properties held for resale to the state of development at the balance sheet date.
At each reporting date, properties held for resale are assessed for impairment. If properties held for resale are impaired, the carrying amount is reduced to its net realisable value; the impairment loss is recognised immediately in profit or loss. |