[URGENT] In regarding the 72-Hour Free transit

In my previous question, I was able to ease my worry regarding the 72-hour time count. This time I want to ask about one of the document requirements.

I think I meet the conditions to apply for the 72 Hour Free transit. As for the documents I have a valid passport, onward ticket, Arrival/Departure Card( I assume this will be given by the airlines during flight or check-in).

What confuses me is the "Visa for a third country or region" . Does it have to be a specific country? Does it still need to be valid(before expire)?