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. 