Malaysian Buyer: Farm to Forestry
Wednesday 21 Jul 2021
The Overseas Investment Office gave the consent to the 100 per cent Malaysian- owned company Pine Plantations Private Ltd to buy the farm - near Tuatapere - from vendors Ayson and Karen Gill for $4 million.
The consent states the company intends to develop about 330ha of the land into a commercial forest, principally in pine trees. Planting was intended to start in 2021-22, for the trees to be harvested in up to 30 years.
A house and 12ha of land on the farm was not required and would be sold. "It's an alarming trend," said Federated Farmers Southland meat and wool chairman Dean Rabbidge, of Wyndham. He added that he was frustrated Government legislation allowed for overseas companies to buy farms.
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