Zakah on Money Saved for a Land

Regarding the ruling of zakah on money saved for a Land, the response below given by Dr. Monzer Kahf, Scholar in Islamic Economics and a Financial Expert, to a similar question suffices. He stated:

“If the land you bought was to build your own residence on it you are not subject to Zakah and when you get Nisab (# $1500) once again you start a new Hawl.

If the land for purpose of making money by sale or build and sale, your Zakah year continues from the first time you got the Nisab, as you say 12 months ago and you should pay zakah on the value of the land (or t he money you paid if t he contract is annulled or cancelled), it is due on the day you complete 354 days from the first day you acquired Nisab.”