Applicant
CDL Land New Zealand Limited
Case number(s)
200720022
Decision date
Type
Decision
Decision number200720022
Application number200710099
Date5 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)Streamview Developments Limited of New Zealand
Business activitiesProperty & Business Services - Property
Details of land involved8.2 hectares of freehold situated at 155 Mariehau Road, Christchurch being CT 328474 (Canterbury Registry).
Regions involvedCanterbury
Total consideration$3,937,500
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:
The subject land is located within the boundaries of Christchurch City. The Vendor's total land holding is 17.9116 hectares. The Vendor is selling approximately 8.2 hectares, subject to survey, to the Applicant.

Outline of Proposed Development:
Land development and subdivision is CDL's core business and it is intended in due course that the subject land will be subdivided into approximately 88 standard residential lots and made available for sale on the open New Zealand market. CDL anticipate the total timeframe for the development and sale of the 88 lots to take 4 years from commencement.

Rationale for Proposed Development:
The Applicant's core business is the acquisition of land for residential subdivision and development. The proposed acquisition will further strengthen and grow the Applicant's land bank and development portfolio.

The proposal is likely to result in the following benefits:

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