Tweet
Hi Pters,
Here's an interesting news item from Stuff. While we're hunkering down for fear of a deep nasty recession - offshore investors are scooping up our prime development land around Auckland.
Were we caught napping?
Since September $123 million of land is now in the hands of non-residents. One group (Neil Group) is made up of Malaysian and Singaporean investors - under a Virgin Islands registered company (tax haven).
300 house development - read how they acquired the land and consents.
Another is Fletcher Residential - majority shareholding is Australian. What interested me here was Fletcher bought the land from - guess who? Kainga Ora - it was .7ha in Onehunga for $7.6m.
Why this interested me - is 1. is Kainga Ora sold a plot with 62 state houses to a predominately offshore business to add only provide 30 Kiwibuild homes. If I was National, I'd be all over this story. Fletcher is replacing 62 home with 62 homes but NONE will be state houses and less than half - 'affordable homes'. WTF!
Fletcher Residential have also grabbed 4.27ha from Auckland Council's development arm (Government again) this time, it's all private housing and 60 homes for retirees.
Where's the social housing Megan?
And it looks like National Party housing spokesperson - Chris Bishop is not asleep as he at least picked up that building retirement villages is easier under Labour than it is building 'build to rent' properties and says he has submitted a bill to give 'build to rent' the same privileges as commercial buildings - which have enjoyed depreciation tax write-offs since 2020.
As a side note - Kainga Ora have bought up land for social or as they call it 'public housing' (see this discussion) - what's the bet they're looking to flog it to Fletcher Residential too!
cheers,
Donna
Here's an interesting news item from Stuff. While we're hunkering down for fear of a deep nasty recession - offshore investors are scooping up our prime development land around Auckland.
Were we caught napping?
Since September $123 million of land is now in the hands of non-residents. One group (Neil Group) is made up of Malaysian and Singaporean investors - under a Virgin Islands registered company (tax haven).
300 house development - read how they acquired the land and consents.
Another is Fletcher Residential - majority shareholding is Australian. What interested me here was Fletcher bought the land from - guess who? Kainga Ora - it was .7ha in Onehunga for $7.6m.
Why this interested me - is 1. is Kainga Ora sold a plot with 62 state houses to a predominately offshore business to add only provide 30 Kiwibuild homes. If I was National, I'd be all over this story. Fletcher is replacing 62 home with 62 homes but NONE will be state houses and less than half - 'affordable homes'. WTF!
Fletcher Residential have also grabbed 4.27ha from Auckland Council's development arm (Government again) this time, it's all private housing and 60 homes for retirees.
Where's the social housing Megan?
And it looks like National Party housing spokesperson - Chris Bishop is not asleep as he at least picked up that building retirement villages is easier under Labour than it is building 'build to rent' properties and says he has submitted a bill to give 'build to rent' the same privileges as commercial buildings - which have enjoyed depreciation tax write-offs since 2020.
As a side note - Kainga Ora have bought up land for social or as they call it 'public housing' (see this discussion) - what's the bet they're looking to flog it to Fletcher Residential too!
cheers,
Donna
Comment