Sarya Al-Aqaba is a construction company. The company started a new Giant Villas Project began on 1 April 2019. The following construction costs were incurred on the project in ($ 000):

Land 5,400

Engineer fees 260

Site groundwork 1, 560

Raw Materials 8,700

Direct labour costs 12,1 00

Lawful fees 4, 200

Common overheads 490

The project was completed on 1 January 2020 and brought into use following its grand opening on the 1 April 2020. The Company issued a $25m unsecured loan on 1 April 2019 to aid construction of the new project (which meets the definition of a qualifying asset). The loan carried an interest rate of 8% per annum and is repayable on 1 April 2024.