|Date||23 November 2005|
|Offeror/applicant||Neil Construction Limited|
|Ultimate applicant beneficial ownership||100 percent - Malaysia, Tiong Family|
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||100 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Babich (Filip Alfred and Doris Mary) of New Zealand|
|Business activities||Construction - Residential|
|Details of land involved||1.5029 hectares of freehold situated at 7 Babich Road, Henderson, Auckland being part CT 280160 (North Auckland Registry).|
|Consent Sought||To acquire an estate or interest in land which together with any associated land is or includes non-urban land and exceeds 5 hectares in area.|
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 are of good character and are not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.
The Applicant carries on business principally in Auckland, Tauranga, and Christchurch acquiring land for subdivision, development and resale. The Applicant proposes to acquire the subject property to add it to the company's land portfolio. The Applicant proposes to undertake a residential subdivision development, in conjunction with the adjoining land owned by the Applicant, which will provide sections to assist in meeting the demand for residential lots in the Waitakere region. It is expected that the development of the land will result in 15 residential sites being developed in 2006, in addition to the 345 residential sections to be created on the adjoining land.
The proposal is likely to result in the following benefits:
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