CDL's New Zealand unit acquires development land in Havelock North

CDL Investments New Zealand (CDI), the 66 per cent-owned subsidiary of City Developments C09 (CDL) that is listed in New Zealand, has acquired 69.4 hectares of land in Havelock North, New Zealand, the company said on Wednesday in a bourse filing.

CDI's wholly-owned subsidiary CDL Land New Zealand completed the acquisition from the Lowe Family and the purchase price remains confidential between the parties, CDI said.

CDL Land's executive director Jason Adams said the property developer will begin development works on the land as soon as practicable once the necessary consents have been obtained, noting that "Havelock North is an area which is growing very fast, where present demand for additional residential housing and sections exceeds supply".

CDI's managing director BK Chiu added that the acquisition will allow CDI to maintain its long-term strategy of development in growth areas across New Zealand.

"This Havelock North purchase adds to our land holdings in the North Island in locations such as Hamilton and affords us the opportunity to meet residential section demand in these two growing regional locations," he said.

Shares of CDL closed at S$6.80 on Wednesday, up S$0.03 or 0.4 per cent.