What are the current land tax implications for residential property developers holding undeveloped land in metropolitan Sydney?

Residential property developers holding undeveloped land in metropolitan Sydney are subject to annual NSW land tax, calculated on the unimproved land value at general and premium rates without the benefit of the principal place of residence exemption. Furthermore, foreign-owned development entities face a substantial surcharge land tax, while continuously increasing land valuations escalate holding costs before any development income is realised.