The water resources and road infrastructures were valued using the replacement cost method under the cost approach. The cost approach provides an indication of value using the economic principle that a buyer will pay no more for an asset than the cost to obtain an asset of equal utility, whether by purchase or by construction, unless undue time, inconvenience, risk or other factors are involved. The approach provides an indication of value by calculating the current replacement cost of an asset. Therefore, the replacement cost method is defined as a value obtained by calculating the cost of a similar asset of offering equivalent utility (International Valuation Standards, 2022).