50 (Expressed in Trinidad and Tobago Dollars) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS 30th June 2017 6 Investment properties (continued) The Market Approach and Residual technique were utilised for the valuation of land. The Market Approach measures the value of a property by comparing recent sales or offerings of similar or substitute property and related market data. The Residual Technique begins with an estimate of gross proceeds of sale that are expected from the sale of developed lots in the proposed subdivision. All costs (hard and soft) associated with the development of the proposed subdivision, together with an allowance for entrepreneurial profit are then deducted from the estimated gross proceeds of sale. Development costs obtained from engineers and entrepreneurial profit is based on discussions with developers. This technique was utilised in the valuation of the lands at Palmiste. For all other properties where the market approach was adopted, the value in the audited financial statements is based on its highest and best use. 7 Investment in subsidiary companies The investments in subsidiary companies comprise the following companies reported at fair value: 2017 2016 $’000 $’000 NIPDEC 263,314 208,580 TTMF 550,134 449,966 HMB 1,187,040 1,184,709 2,000,488 1,843,255 Movement in the carrying value of investments in subsidiaries is as follows: 2017 NIPDEC TTMF HMB Total $’000 $’000 $’000 $’000 Balance as at 30 June 2016 208,580 449,966 1,184,709 1,843,255 Purchases – – 7,800 7,800 Market value adjustments 54,734 100,168 (5,469) 149,433 Balance as at 30 June 2017 263,314 550,134 1,187,040 2,000,488 2016 NIPDEC TTMF HMB Total $’000 $’000 $’000 $’000 Balance as at 30 June 2016 202,467 420,224 1,117,130 1,739,821 Purchases – – – – Market value adjustments 6,113 29,742 67,579 103,434 Balance as at 30 June 2015 208,580 449,966 1,184,709 1,843,255