(b) in the case of a land use entitlement--a
person having ownership of shares or units through which the entitlement is
conferred.
"residential property" means--
(a) a parcel of land (including a strata lot)
on which a dwelling is erected, or on which there is a building under
construction that, when completed, will constitute a dwelling, or
(b) a land
use entitlement--if it entitles the holder of the land use entitlement to
occupy a building, or part of a building, as a separate dwelling.
"vacant residential land" means a parcel of vacant land that is zoned or
otherwise designated for use under an environmental planning instrument
(within the meaning of the Environmental Planning and Assessment Act 1979 )
for residential or principally for residential purposes.