text: IPUC is also valued at fair value, except if such values cannot be reliably determined. In the case when a fair value cannot be reliably determined, 
  such property is recorded at cost. The fair value of IPUC is determined using the capitalization of net income method. 
  
  The determination of the fair value of investment property requires the use of estimates such as future cash flows from assets and cap‑rates 
  applicable to those assets. In addition, development risks (such as construction and leasing risks) are also taken into consideration when 
  determining the fair value of IPUC. These estimates are based on local market conditions existing at the reporting date. In arriving at their 
  estimates of market values, the external valuator uses their market knowledge and professional judgment and does not rely solely on historical 
  transaction comparables. The critical estimates and assumptions underlying the valuation of investment properties and developments are set 
  out in note 5. 
  
  *Fair Value of Financial Instruments*
  Where the fair value of financial assets and financial liabilities recorded in the Notes to the Consolidated Financial Statements cannot be derived 
  from active markets, they are determined using valuation techniques, including the discounted cash flow model. Inputs to these models are 
  taken from observable markets where possible, but where this is not feasible a degree of judgment is required in establishing fair values. The 
  judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect 
  the reported fair value of financial instruments. 