“residential unit” means any self–contained residential accommodation consisting of more than one room (but excluding any hostel, hotel or similar accommodation), the erection of which was commenced by the taxpayer on or after 1 April 1982 and before 21 October 2008 and which was erected under a housing project of the taxpayer –

 

(a)     in order to be let to a tenant for the purpose of deriving a profit for the taxpayer; or

 

(b)     in order to be occupied by a bona fide full–time employee of the taxpayer.