|Date||21 September 2006|
|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)||Goldstone (David Hugh Vincent & Nancy Doreen) of New Zealand|
|Business activities||Property & Business Services - Property|
|Details of land involved||23.8947 hectares of freehold situated at 423 Omokoroa Road, Omokoroa, Tauranga being CTs 49720, 49721 and 56954 (South Auckland Registry).|
|Regions involved||Bay of Plenty/Coromandel|
|Consent sought||To acquire:|
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 land to add it to the company's portfolio of land for residential subdivision. The land is zoned Rural H under the Western Bay of Plenty's District Council's District Plan and has been identified in the Regional Policy Statement in the proposed Omokoroa Stage 2 Structure Plan Area as a growth area for the region. The land is currently used for grazing beef stock and is not considered an economic unit.
The Applicant proposes to undertake a residential subdivision development which will provide approximately 160 residential lots to assist in meeting the demand for residential lots in the Tauranga district. The development will be undertaken in three stages commencing in October 2009.
The proposal is likely to result in the following benefits:
P O Box 63