An entity using the fair value model for its investment property acquired an investment property for C100 000 on 1 January 20X1 and proceeded to develop it into an office block to be rented out to tenants under operating leases. The cost of construction was C200 000 by 31 December 20X1 and further construction costs of C50 000 were incurred by 31 July 20X2 when the property was completed. A fair value was not reliably measurable on this date and the entity determined that fair values would never be reliably measurable.

The property was available for use on 1 October 20X2. 

Despite predictions in July 20X2 that fair values would never be reliably measurable, a reliable measure of the fair value for this property was obtained for the first time on 31 December 20X3: the fair value on this date was C400 000.

The property is expected to have a useful life of 20 years and a residual value of C30 000.

The carrying amount of the property at 31 December 20X3 will be CAnswer