• (a)industrial or commercial purposes;
• (b)residential purposes within an integrated tourism development; or
• (c)the operation of a hotel licenced under the Hotels and Guest Houses Act 1973.

• (a)subjected to an agreement for tenancy for a term not exceeding 5 years with a non-resident;
• (b)sold, transferred or leased to an immediate family member who is a non-resident;
• (c)given, devised or bequeathed to a non-resident under the Succession, Probate and Administration Act 1970; or
• (d)sold, transferred or leased to a non-resident if the agreement for sale and purchase had been executed on or before 21 November 2014 and all necessary documents for the sale, transfer or lease are lodged with the Registrar of Titles on or before 31 March 2015.

• (a)beyond the boundaries specified under subsection (1), whether wholly or partially, may only be sold, transferred or leased to a non-resident, provided the non-resident commences and completes construction of a new residential dwelling on the State land or freehold land within 5 years from the date of the sale, transfer or lease; and
• (b)within or beyond the boundaries specified under subsection (1), whether wholly or partially and owned by a non-resident, the non-resident must commence and complete construction of a new residential dwelling within 24 months from 31 December 2014.

• (a)a non-resident to whom the vacant State land or freehold land is sold or leased, shall be liable to pay to the State a fixed penalty of 10% of the price at which the vacant State land or freehold land was sold or leased; or
• (b)a non-resident to whom the vacant State land or freehold land is transferred shall be liable to pay to the State a fixed penalty of 10% of the value of the land,

at 6 monthly intervals until construction is complete.

construction

means the construction of a new residential dwelling which incurs building costs not less than $250,000;

immediate family member

means a spouse, child, sibling, parent, grandparent or grandchild;

integrated tourism development

means the development of a hotel and the subdivision and sale of residential lots and includes and includes the development of jetties, moorings, recreational facilities and other amenities;

residential purpose

means the use or occupation of property by any person (including but not limited to the owner of the property) as his or her place of residence for any period of time; and

strata or unit title

means a form of individual ownership of part of a property called a lot, devised for multi-level apartment blocks and horizontal subdivisions with shared areas.