Buyers in a $100 million Queenstown housing project will get “more bang for your bucks”, a Singaporean property company boss promises.
GYP Properties chairman Mah Bow Tan and his directors are in town for today’s launch of Remarkables Residences, on the Frankton Flats.
The listed company bought the 3.84 hectare site, between Pak’nSave supermarket and the Five Mile shopping centre, for $19.2m last May.
Mah confirms construction of the terraced housing project – 225 mostly four-bedroom, three- and four-storey townhouses – will start about July, after Queenstown’s council granted resource consent just before Christmas.
He says the first 56 townhouses will take about 18 months to complete, with the entire complex finished in three to four years.
Mah – an ex-Singapore government minister – says they chose Queenstown as it’s “one of the world’s prime tourism attractions – great environment, great scenery and great people”.
“Equally important is the fact that we are told that there is strong demand for good accommodation.”
Company chief executive Stanley Tan also has a Queenstown link – he co-developed Queenstown’s Heritage Hotel in 1996.
Remarkables Residences’ pricing will be revealed next month, but Mah insists their townhouses will be affordable.
“We’re going to give you a lot of liveable space and we’re going to give you good design.
“It lends itself to family living but also it does allow for holidaymakers and investors.”
There are many types of townhouses to suit different clientele, Mah points out.
Overall, he says the design, by Auckland-based Ignite Architects, has an alpine look reflecting the Remarkables mountains in the backdrop.
The complex will be close to Queenstown Central Ltd’s proposed town centre, including a Kmart department store.
Bayley Corporation chairman John Bayley, whose Queenstown franchise BayleysLocations is marketing the development, says there’s already been strong interest.
“For investment purposes they’ll give a very good return as a rental proposition.”
He notes the development will also be pedestrian-friendly with lots of parkland.
GYP, he adds, is here for the long haul in Queenstown and Auckland, where it recently bought property, and other parts of New Zealand.
Mah: “We are sure [Remarkables Residences] will be successful, and we are very encouraged to do more.”