SHARE

By PHILIP CHANDLER

Classic Developments, linked to home building company Classic Builders, is reportedly buying almost 1.65 hectares on Queenstown’s Frankton Flats for $15 million.

The site’s by the first stage of the Remarkables Residences apartment block (pictured), which was completed last year.

The vendor’s Singapore-based GYP Properties, which developed the building.

GYP bought its original 3.84ha site for $19.2m in 2017, and is retaining 6753sqm.

Its board says the sale will free up equity for two Auckland projects.

scoop@scene.co.nz