Under $1m for Residences

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Prices in a mostly four-bedroom Queenstown townhouse development, publicly launched today, are all under $1 million.

Developed by a Singaporean property company, Remarkables Residences will comprise 225 three- and four-storey town-houses.

They’ll be spread over a 3.84 hectare Frankton Flats site between Five Mile shopping centre and Pak’nSave supermarket.

Interest is already strong in the first stage of 56 houses, which will be built first, Bayleys project sales manager John Greenwood says.

Prices range from $860,000 to $985,000.

“These unique townhouses are designed to meet a market demand for accommodation at a reasonable value in Queenstown,” Greenwood says.

“These are not your normal two-bed, two-bath townhouses that don’t work for families or assist the chronic shortfall for good-quality accommodation for the area.

“These are four- or five-bedroom quality dwellings, each with enough bathrooms for privacy and enclosed garages for storage or vehicles.”

Going by sales so far, they’re being bought for permanent homes, holiday homes and rental purposes.

Local BayleysLocations big boss David Gubb says there’s also interest from employers looking to buy them for staff accommodation.

Adding to their value is their special location, he believes.

“In three years’ time the Frankton Flats is going to be full, I reckon.

“It’s a paddock now, but you’ve got to have that vision to see what’s coming.”

Remarkables Residences is next to Queenstown Central Ltd’s shopping centre, including a Kmart department store, now underway.

Listed Singaporean company GYP Properties Ltd bought the residential site last year for $19.2m and gained resource consent for the $190m complex just before Christmas.

Auckland-based Ignite Architects has aimed in its design for an alpine look reflecting the Remarkables mountains in the backdrop.

The complex, including amenities like a public square and ‘pocket parks’, is expected to be completed in three to four years.

A display suite at Five Mile will also be launched today.

scoop@scene.co.nz