Exemption from need for approval for rezoned land
4.  Section 28A of the Act does not apply to the relevant company, in relation to vacant land (whether or not with a vacant or disused building or structure on the land) that —
(a)is owned by the relevant company on or after 2 September 2024; and
(b)is intended for the purpose of development as residential property and with the ultimate purpose of sale or disposal by the relevant company as residential property for profit.