Is Zakat obligatory on land that was purchased to preserve wealth and sell it when needed, not for the purpose of trade?

Whoever buys land not for the purpose of trade but to preserve wealth, there is no zakat (definition) due on it, even if it remains with him for years, because the intention of trade is not present. 'Urood (merchandise) is not subject to zakat unless it is for trade, and 'urood is everything that a person prepares for earning profit. So, if the intention behind buying the land is to preserve wealth and sell it when needed, there is no zakat on it.