ESR Group Limited Annual Report 2022 Notes to the Consolidated Financial Statements 31 December 2022 181 18. INVESTMENT PROPERTIES Completed investment properties Investment properties under construction Total US$’000 US$’000 US$’000 At 1 January 2021 1,454,009 1,209,708 2,663,717 Additions 443,607 343,891 787,498 Acquisition of subsidiaries 226,364 30,424 256,788 Changes in fair values of investment properties 95,825 178,659 274,484 Transfer from investment properties under construction to completed investment properties 217,409 (217,409) — Disposal of subsidiaries (259,895) (15,251) (275,146) Exchange realignment 20,464 (23,562) (3,098) At 31 December 2021 and 1 January 2022 2,197,783 1,506,460 3,704,243 Additions 119,405 784,188 903,593 Acquisition of subsidiaries (note 34) 198,979 134,746 333,725 Changes in fair values of investment properties 63,167 132,264 195,431 Transfer from investment properties under construction to completed investment properties 148,906 (148,906) — Transfer from completed investment properties to investment properties under construction for redevelopment (65,659) 65,659 — Reclassification to assets of a disposal group held for sale (288,883) (4,005) (292,888) Disposals (117,089) (146,750) (263,839) Disposal of subsidiaries (note 36) (831,380) (97,971) (929,351) Exchange realignment (165,110) (163,572) (328,682) At 31 December 2022 1,260,119 2,062,113 3,322,232 (a) All completed investment properties and investment properties under construction of the Group were revalued at 31 December 2022 based on valuation performed by independent professionally qualified valuers, Colliers Appraisal & Advisory Services Co., Ltd., Jones Lang LaSalle Property Consultants India Private Limited., Cushman & Wakefield K.K., Cushman & Wakefield (Vietnam) Ltd., KJPP Susan Widjojo & Rekan and Colliers International (Hong Kong) Limited at fair value. They are industry specialists in investment property valuation. In determining fair value, a combination of approaches and methods were used, including the Direct Comparison Method and Discounted Cash Flow Method. The Direct Comparison Method is applied based on the market prices of comparable properties. Comparable properties with similar sizes, characters and locations were analysed, and weighted against all respective advantages and disadvantages to arrive at the fair value of the properties. The Discounted Cash Flow Method measures the value of a property by the present worth of the net economic benefit to be received over the life of the asset. STRATEGIC REPORT FINANCIAL STATEMENT CORPORATE GOVERNANCE
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