Is Zakat due on the value of a plot of land sold immediately, or must a hawl (full year) pass over it?

Zakat is obligatory on land if it is intended for trade. It is appraised at the completion of its [Zakat] year based on its purchase price, and 2.5% of its value is to be given, without waiting for its sale. However, if it is not intended for trade, then no Zakat is due on it until after its sale and the completion of a [Zakat] year on its price.