Sounds so comforting doesn't it? Land sounds secure and real. So does banking, with the implication of prudent saving with an eye on the future.Its landbanking.
But given there's no rental income and the value is so dependent on council approval (and whether it's a flood year or not) 'speculation' or 'gambling' is perhaps more appropriate.
Unless you're the promoter, who profits no matter what by transferring risk to poor bunny 'investors'.