BEN Ltd is a property developer, during the year ended 30 September 2023, the following separate and independent events occurred:

On 1 February 2023, BEN Ltd purchased a piece of a leasehold land with unexpired term of 75 years. The price is $1,500 million; BEN Ltd will develop the site and build an office tower for its own use. As of 30 September 2023, the leasehold land is vacant and no development having started.

On 1 March 2023, BEN Ltd started to promote Long Ping Garden, a residential estate developed for sales. All the construction activities of the estate have been completed. Due to the change in government policy towards sales of property, BEN Ltd estimated that the whole project will realize a loss of $960 million.

A villa property in Yuen Long, which was held for rental purposes for many years suffered several damage from landslide at the hillside next to the property and all tenants were evacuated. BEN Ltd has completed the slope reinforcement and is planning to rent out the property again in the market. In accordance with the independent valuer's estimation, the fair value of the property as at 30 September 2023 when compared with 30 September 2022, dropped by $72 million.

On 1 August 2023, BEN Ltd purchased another piece of land at $1,560 million. The company has not decided whether to hold it for internal use or to develop it for sales.

Additional information

BEN Ltd adopts cost model for property, plant and equipment and fair value model for investment property.

Required

For each of the above items, determine the correct classification under Hong Kong Accounting Standard with brief explanation of reason(s) and address whether depreciation or amortization is required.