Seventy-two sections in Queenstown’s newest large subdivision have sold in just three hours.
Those sales alone have netted Hanley’s Farm developer RCL Group more than $18 million, once titles are issued.
Melbourne-based RCL Group has now sold 247 sections in four stages at the development, next to Jack’s Point resort. RCL has approval for a further 1503 sections but boss David Wightman says sales are on hold while it focuses on delivering the first four stages.
“We’ve always been conscious of releasing too far ahead of the programme.”
The 72 sections, sold on April 8, range in size from 399 square metres to 648sq m. The average is 450sq m.
Prices were between $248,000 and $335,000.
A waiting list has now been closed with deposits returned to those who missed out.
RCL expects titles on the first two stages to be issued before Christmas but doesn’t have a date for stage four yet.
Civil works have started on the first two stages.