SINGAPORE (Aug 19): Luxury residential property developer Bukit Sembawang Estates is moving to unlock value for its shareholders by converting some agricultural land into residential properties, while resolving a dispute with the Singapore Land Authority (SLA) that dates as far back as 2002.

In its annual report for FY2016 ended March, released on July 8, the company said that it is surrendering its 999-year lease on Lot 12949 MK18, an agricultural land, to receive a 99-year lease with no building restrictions, on which to build a residential development.

Lot 12949A MK18 is located along Nim Road, Ang Mo Kio Avenue 5 and the Central Expressway. The site has an area of 117,000 sqm. Bukit Sembawang has said that it intends to build 167 units of landed houses on part of the plot.

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