| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(2) – Residential land – standing consent |
|---|---|
| Notification number | 7 (of 10) |
| Date | 22 November 2022 |
| Investment | An overseas investment in residential-only sensitive land, being the Applicant's acquisition of a freehold interest in approximately 2.6085 ha of Land at 73 Trig Road, Whenuapai (the Land). |
| Consideration | $16,600,000 |
| Applicant | Neil Group Limited Malaysia (80%) Singapore (20%) |
| Vendor | Jian Zhong, Lihua Chen and Yanqing Tang |
| Background |
The Applicant was granted a standing consent based on the increased housing and non-residential use tests on 6 September 2019. This permits the Applicant to acquire up to 400ha of residential (but not otherwise sensitive) land in up to 10 transactions by 1 September 2022. This is the seventh acquisition of land under the standing consent. The Land has been acquired to enable construction of an access road through 73 Trig Road into the consent holder’s Whenuapai Business Park development and associated residential land development at Brigham Creek Road and Trig Road (consent 201900410). This will allow service access for large vehicles, emergency access and pedestrian access to the development. Under the standing consent the Applicant must increase the number of dwellings on the land, or undertake development works to support, and must divest all interests in the sensitive land within 10 years of acquisition. |
| More information |
Glaister Ennor |