For me, i will advise you get yours. There is comfort that comes with it is your own. That i experienced when i travelled from the town to my village and I stayed in the house my late dad built, there was this comfort I found.

Now taking a look at yours, if the land is affordable by you and you can start up something on it and at the same time get an already built place where you can be living for the mean time then do it.
Development of a place starts with one person and building of estate is a long term investment if you use good materials for the building. If at the end of building it and you don't wish to stay in it, it can be rented out. But before you start, try to check the cost of building materials in that area and make comparison to the prices in other developed areas.