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Notes to the Financial StatementsFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 200923. INVESTMENT PROPERTIES (CONTINUED)Details of independent professional valuations of freehold and buildings carried out by the Group is as follows:Year of valuation Description of property Valuation Basis of valuationRM’0001988 Freehold land and building at Jalan Ampang,Kuala Lumpur 2,200 Open market basisThe land and building held at valuation has not been valued since it was first valued in 1988. The Directors have notadopted a policy of regular revaluation of such assets. As permitted under the transitional provision of FRS 116“Property, Plant and Equipment”, these assets continue to be stated at their 1988 valuation less accumulateddepreciation.The fair value of the property was estimated at RM12.2 million as at 12 August 2009, based on a valuation performedby an independent professionally qualified valuer during the financial year ended 31 December 2009. The valuation wasbased on current price in an active market.24. PREPAID LEASE PAYMENTSGroup2009 2008RM’000 RM’000Net book valueAt 1 January 328,352 321,860Additions 54,738 79,956Amortisation (58,564) (45,601)Currency translation 34,577 (27,863)At 31 December 359,103 328,352Represented by:Cost 617,890 521,982Accumulated amortisation (258,787) (177,345)Accumulated impairment losses — (16,285)Net book value 359,103 328,352Axiata Group Berhad • 238