Decision number200520085
Application number200520107
Date23 November 2005
Offeror/applicantNeil Construction Limited
Ultimate applicant beneficial ownership100 percent - Malaysia, Tiong Family
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Babich (Filip Alfred and Doris Mary) of New Zealand
Business activitiesConstruction - Residential
Details of land involved1.5029 hectares of freehold situated at 7 Babich Road, Henderson, Auckland being part CT 280160 (North Auckland Registry).
Regions involvedAuckland
Total consideration$1,061,906
Consent SoughtTo 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.
Rationale

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:

  1. the retention of existing employment opportunities and the creation of new employment opportunities through the subdivisional work required; and
  2. the introduction of further capital for development purposes.
ContactKathryn Hessell
Glaister Ennor
PO Box 63
AUCKLAND