| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 14 March 2017 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 14.6027 hectares of land situated at 101 and 107 Totara Road and 9 McKean Road, Whenuapai, Auckland. |
| Consideration | $31,000,000 |
| Applicant | Neil Construction Limited Tiong Hiew King, Malaysia (26.0%) Tiong Ik King, Malaysia (13.55%) Thai King Tiong, Malaysia (12.3%) Estate Tiong Yung King, Malaysia (12.3%) Tiong Kiong King, Malaysia (12.3%) Estate Tiong Kiu King, Malaysia (10.85%) Chia Lai Mei, Singapore (10.0%) Bring Rich Corporation Inc, Singapore (1.0%) Tiong Chiong Ong, Malaysia (0.75%) Tiong Chiong Hoo, Malaysia (0.75%) Law Cheng King, Malaysia (0.2%) |
| Vendor | Gregory Allen Leighton and Anne Lynette Leighton Gregory Allen Leighton, New Zealand (50.0%) Anne Lynette Leighton, New Zealand (50.0%) Grace McKean, Mervyn McKean and Linda McKean (New Zealand 100%) Peter Kevin Hood (New Zealand 100%) |
| Background |
The Applicant intends to acquire the land to develop it into approximately 225 residential sections for sale which will include the development of a pedestrian and cycle pathway along the waterway beside the land. The Tiong family, through its subsidiaries, New Zealand King Salmon, Ernslaw Group and the Neil Group, have previously undertaken investments in New Zealand that have been of benefit. This includes the employment of hundreds of people in New Zealand. The Applicant also intends to remove pine trees which will be replanted with native trees and contribute to the Ark in the Park project which will assist in the eco-restoration of a corridor of land near the investment. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Deirdre Norris Glaister Ennor PO Box 63 AUCKLAND |