4. Section 28A of the Act does not apply to Amara Holdings Limited, in relation to vacant land (whether or not with a vacant or disused building or structure on the land) that —
(a)
is owned by Amara Holdings Limited on or after 27 August 2020; and
(b)
is intended for the purpose of development as residential property and with the ultimate purpose of sale or disposal by Amara Holdings Limited as residential property for profit.