Section 13(1)(b) Overseas Investment Act 2005
|Decision Date||15 March 2017|
|Investment||An overseas investment in significant business assets, being the establishment of a business in New Zealand by the Applicant where the total expenditure required before commencing business exceeds $100m.|
|Cost of Commencing Business||$350,000,000|
|Applicant||NDG Asia Pacific (NZ) Limited|
Ding Furu, Singapore (100.0%)
The overseas investment will construct and operate a Ritz-Carlton Hotel on land on the corner of Elliott, Albert and Victoria Streets, Auckland purchased by the Applicant in May 2012. The hotel development is expected to cost in excess of $350 million, including the cost of the land, and will result in a 52 storey Hotel, including six stories of retail podia, four stories of hotel facilities, one basement level for shopping and five basement levels for car parking. The Hotel will have approximately 300 guest rooms and be branded as a five star Ritz-Carlton Hotel.
The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005.
|More information||Martin Thomson/ Pavanie Edirisuriya|
PO Box 160