Reclassification of PPE issue

Hi, i've had this nagging question in my mind for sometime now, would appreciate if you guys would care to provide your valuable inputs into this:- A Company, being the registered owner of a piece of land grants irrevocable power of attorney to a Developer to develop the said land into residential area. Amount agreed in written agreement to be received by Company is 500K, plus 10 residential units. Just been wondering how should this be taken into accounts in the books, would this be classified as a deemed disposal? And if so, would the land be reclassified to Development Cost or Inventory or Trade Receivables or Other Receivables?