Exemption from need for approval for rezoned land
4.  Section 28A of the Act does not apply to Areca Investment Pte Ltd, in relation to vacant land (whether or not with a vacant or disused building or structure on the land) that —
(a)is owned by Areca Investment Pte Ltd on or after 14 August 2020; and
(b)is intended for the purpose of development as residential property and with the ultimate purpose of sale or disposal by Areca Investment Pte Ltd as residential property for profit.