Is Zakat obligatory on a plot of land designated for future construction with the intention of renting and selling?

Land designated for rent is not subject to zakat, except for its rent, if it reaches the nisab and a hawl (lunar year) passes over it. As for land designated for sale after construction, zakat is due on it if it entered your possession through an exchange contract and you intended it for trade at the time of acquisition. If zakat becomes due, then appraise the land for sale at the beginning of each lunar year and pay one-quarter of one-tenth (2.5%) of its value. However, if the land is designated to be shops for selling goods (for acquisition and ownership), then no zakat is due on it.