| Decision | Consent granted retrospectively |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 8 May 2025 |
| Pathway | Benefit to New Zealand |
| Investment | Acquisition of a freehold interest in approximately 2.22 hectares of land located at 145 Park Estate Road, Karaka, Auckland |
| Consideration | $6,500,000 |
| Applicant | Parklands Properties Limited |
| Vendor | Bersatu Investments Limited |
| Background | The Applicant is a New Zealand property development company, ultimately owned by Joseph Kenji Noma and Yoke Nooi (Marianne) Cheong, as trustees of the Pantai Trust. Neither the trust nor the trustees are overseas persons. The Applicant entered into a profit-sharing agreement with Lambie Trust, which is an overseas person under the Act. Funds received under that agreement were used by the Applicant to purchase the Investment. The Applicant developed the land into residential lots to be on sold to third parties to build residential dwellings. This was a retrospective application as consent was not obtained prior to the transaction occurring due to the Applicant being incorrectly advised as to the requirement for consent under Overseas Investment Act 2005. The Applicant voluntarily reported the breach to LINZ when it became aware of the breach and retrospective consent was considered to be appropriate given the inadvertent nature of the breach. Consent was granted as the Applicant has met the investor test criterion, and the Investment is likely to provide benefit to New Zealand by increased capital expenditure and support government's housing policy. |
| More information | Tara Wylie |
| Retrospective penalty | $30,000 |