Investment property consists of land, portion 108 (a portion of portion 27) of the farm Weltevreden 202 Roodepoort, South Africa. It is held for capital appreciation and is not occupied by the Group.

The Company has elected the fair value model in terms of IAS 40 (Investment Property). Changes in fair values are presented in profit or loss as part of other income.

The valuation was prepared by an independent valuer, J van der Hoven, a property practitioner from ARC Properties. J van der Hoven obtained his Post-Graduate Master’s Degree in Architecture (recognised by RIBA and ARB) and has more than 10 years’ experience as a property practitioner.

Refer to note 9.8 for further detail on the valuation process of the investment property.

The fair value of investment property was determined based on comparable sales method. The valuers have measured the fair values at R15.4 million as at 30 June 2017.