Applicant
CDL Land New Zealand Limited
Case number(s)
200720025
Decision date
Type
Decision
Decision number200720025
Application number200720015
Date11 September 2007
Offeror/applicantCDL Land New Zealand Limited
Ultimate applicant beneficial ownership54.8345 percent - New Zealand, New Zealand Public
23.6261 percent - Singapore, Hong Leong Group
21.5394 percent - Singapore, Singapore Public
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed45.1655 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Ritchie (Ruth) of New Zealand
Business activitiesConstruction - Residential
Details of land involved7.1048 hectares of freehold situated at 139 Mariehau Road, Christchurch being CT CB217/237 (Canterbury Registry).
Regions involvedCanterbury
Total consideration$2,415,600
Consent soughtTo acquire an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an
individual of the kind referred to in section 7(1) of the Immigration Act 1987.

Background
CDL Land New Zealand Limited (CDL) proposes to subdivide the subject land in conjunction with its adjoining land holding. CDL's adjoining land is located at 440 Prestons Road, Marshland, Christchurch and has been subject to OIO approval.

Outline of Proposed Development
Land development and subdivision is CDL's core business and it is intended in due course that this land will be subdivided into approximately 78 standard residential lots and made available for sale on the open New Zealand market. CDL anticipate the total time frame for the development and sale of the 78 lots to take up to four years from commencement.

Rationale for Proposed Development
This transaction would significantly enhance the ongoing viability of the portfolio of properties currently owned and operated by CDL Land New Zealand. The intended transaction is considered to be vital for the continued growth of the company as the relevant land adjoins other land already purchased, or planned to be purchased by the Applicant. The land has been identified as critical to the activities of CDL in the South Island.

The proposal is likely to result in the following benefits:

  1. the creation of job opportunities; and
  2. additional investment in New Zealand for development purposes.
ContactTakeshi Ito
CDL Land New Zealand Limited
PO Box 3248
AUCKLAND