5. Investment property under construction
2023 | 2022 | |
As at 1 January | 180 | 142 |
Capital expenditure on property under construction | 202 | 138 |
Transfer from Provisions | - | (9) |
Transfer to Investment Property | (57) | (76) |
Revaluation | (14) | (15) |
As at 31 December | 311 | 180 |
As set out in Note 4, in arriving at their estimates of market values, the valuation experts used their market knowledge and professional judgment, rather than relying exclusively on comparable historical transaction data.
The fair value of the assets under construction is driven by the net future cash flow generated by the assets, in combination with the discount rate development. The generated cash flow includes the net rental income plus the net sales revenues from selling of individual units.