Is zakat obligatory on land purchased with the intention of preserving wealth and building upon it in the future for residential purposes or for sale?

Whoever buys land for building and selling is obligated to pay trade zakat, provided certain conditions are met:

1. The trade commodity must reach the nisab (minimum threshold) by itself, or by combining with cash, gold, or silver. The nisab is calculated based on the total value of the property if it is co-owned.

2. The passing of one lunar year (hawl). The hawl for trade is the hawl of the money with which it was purchased. The share is valued at market price upon the completion of the hawl, and zakat of one-quarter of one-tenth (2.5%) of this value is to be paid, whether the land has not been built upon or the construction is incomplete.