CDL's New Zealand units in judicial review over acquisition in Havelock North

CDL Investments New Zealand (CDI) and its wholly-owned subsidiary CDL Land New Zealand (CDLL), have been named as respondents in a High Court judicial review over its acquisition of land in Havelock North, New Zealand.

CDI, the 66 per cent-owned subsidiary of City Developments (CDL) C09 : C09 0% that is listed in New Zealand, said in a bourse filing on Friday the proceeding was initiated by Winston Property Investments.

The latter was seeking an order to set aside the decision of the Overseas Investment Office that approved the acquisition, and/or a declaration that ministers erred at law in making their decision to grant consent.

CDI and CDLL said they are taking legal advice and will "vigorously defend its position". They added that they will not make any further comments at this stage as the matter is now before the High Court.

CDI had on July 21 said it acquired 69.4ha of land in Havelock North from the Lowe Family at a confidential purchase price.

CDL shares were trading at S$7.15 as at 4.15pm on Friday, down S$0.06 or 0.8 per cent.

A NEWSLETTER FOR YOU

Tuesday, 12 pm

Property Insights

Get an exclusive analysis of real estate and property news in Singapore and beyond.

Sign Up

READ MORE

• Analysts sanguine on CDL's decision to sell Sincere Property for US$1
• CDL expects H1 net loss of up to S$35m due to Covid-19 restrictions