The Overseas Investment Office has given approval for the purchase of 41ha of land at Jack's Point, Queenstown, for a five-star luxury resort.
The decision, publicly released yesterday, said the transtasman joint venture applicants had an agreement with a "luxury premium 5-star resort group'' to manage the resort.
It would consist of a hotel, including restaurants, meeting and fitness facilities, along with 33 cabins, 14 two-bedroom units and 18 three-bedroom residences.
The decision, dated January 19, gives approval for Horizons Investment Trust, Wild Grass Limited Partnership and Wild Grass Investments No1 Ltd to buy the land in three parcels from Jacks Point Land Holdings Ltd for $10million.
Two of the buyer companies are majority-owned by New Zealand businessman Adam Smith.
The OIO has also approved the sale of land near Queenstown to a Singapore couple to establish a polo facility.
Jonathan Gabler and his partner Lynley Fong, of TJ Investments Pte Ltd, paid $4.2million to Porter family interests for 85ha of land at 629 Malaghans Road.
Queenstown Lakes District Council commissioner Bob Nixon granted conditional consent for the polo club, subdivision and residential building platforms on the site last November.
Meanwhile, a $100,000 donation to the Wakatipu High School Foundation is a condition of the OIO's approval for the sale of 19ha at 761 Malaghans Rd to Glenorchy Homestead Ltd for $2.7million.
The applicants planned to use the property as a home, the decision said.
The directors are Elliot Goldman, of Queenstown, and David Chuang and Lim Len, both of Singapore.
The company must also consult with the Department of Conservation over the protection or enhancement of significant indigenous vegetation or habitat of indigenous animals on the land.
