|Date||9 December 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)||Scott (Millicent Jean) and Estate of the late John Sommerville Scott of New Zealand|
|Business activities||Construction - Residential|
|Details of land involved||2.3522 hectares of freehold situated at 300 Major Hornbrook Road, Mount Pleasant, Christchurch being CT CB39D/307 (Canterbury Registry).|
|Consent Sought||To acquire an estate or interest in land which together with any associated land exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator under section 37.|
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 is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.
The Applicant proposes to acquire the subject property to add it to the company's portfolio of land for residential subdivision. The property is zoned Living Hills under the Christchurch City Council's Operative District Plan and is currently utilised by the vendors for casual grazing.
The Applicant proposes to undertake a residential subdivision development which will provide sections to assist in meeting the demand for residential lots in the Christchurch region. It is expected that the development of the property will result in 25 residential sites. The development will be undertaken in one stage commencing in the mid 2006.
The proposal is likely to result in the following benefits:
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