Decision number200710062
Application number200710069
Date5 June 2007
Offeror/applicantCDL Land New Zealand Limited
Ultimate applicant beneficial ownership54.8345 percent - New Zealand, New Zealand Public
23.6261 percent - Singapore, Hong Leong Group
21.5394 percent - Singapore, Singapore Public
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed45.1655 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Alpine View Lifestyle Village Limited of New Zealand
Business activitiesProperty & Business Services - Property
Details of land involved5.47 hectares of freehold situated at 440 Prestons Road, Christchurch being Part CT 301257 (Canterbury Registry).
Regions involvedCanterbury
Total consideration$2,148,750
Consent soughtTo acquire an interest in land which, either alone or together with any associated land of that type, 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 is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

Outline of Proposed Development
Land development and subdivision is CDL's core business and it is intended in due course that this land will be subdivided into approximately 60 standard residential sections and made available for sale on the open New Zealand market. CDL anticipate the total time frame for the development and sale of the 60 lots to take 4 years from commencement.

Rationale for Proposed Development
In 2006, the Applicant acquired 13.7163 ha of adjoining land to the subject property at 432 Prestons Road, Christchurch. This transaction would significantly enhance the ongoing viability of the portfolio of properties currently owned / operated by CDL. The intended transaction is vital for the continued growth of the company.

Our Assessment
The proposal is likely to result in the following benefits:

  1. the creation of employment opportunities; and
  2. additional investment in New Zealand for development purposes.
ContactTakeshi Ito
CDL Land New Zealand Limited
PO Box 3248
AUCKLAND 1