| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 22 November 2017 |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of a leasehold interest in 205 Queen Street, Auckland for consideration exceeding $100m. |
| Consideration and Lease Value | $277,779,070 |
| Applicant | Roxy-CES (NZ) Limited Singapore Public (66.7392%) Hong Lim Teo, Singapore (13.7661%) Tiam Seng Lim, Singapore (4.87%) Hong Wee Teo, Singapore (3.8397%) Hong Yeow Teo, Singapore (3.615%) Hong Hee Teo, Singapore (3.615%) Tiang Chuan Lim, Singapore (3.555%) |
| Vendor | Auckland City Holdings Limited Kyong H T Yi, Singapore (50.0%) Edy Hardijana Tjugito, Indonesia (50.0%) |
| Background | The Applicant is a company established for the purpose of undertaking this investment, representing a joint venture between Roxy-Pacific Holdings Limited and Chip Eng Seng Corporation Limited, two entities listed on the Singapore Stock Exchange. The entities undertake residential and commercial investments in construction and development, predominantly in Asia. The Applicant has satisfied us that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | Gregory Allen Simpson Grierson Private Bag 92518 AUCKLAND 1141 |