Complex sets new benchmark

Sell-down starting: An artist's impression of Remarkable Park's Toru development where 28 apartments are selling off the plans

What’s claimed to be Queenstown’s lowest-price new freehold dwellings are on the market.

The first units for sale at New Ground Capital’s Toru development at Frankton’s Remarkables Park are 28 apartments on the top three floors of the first building, Toru East.

Prices range from $495,000 for one-bedroom, 49 square metre apartments to $819,000 for the dearest three-bedroom units.

Altogether the complex, on which earthworks began last month, comprises 230 apartments spread across three six- to seven-level buildings.

The 50 units on the lower Toru East levels have been bought by the Queenstown Lakes Community Housing Trust to assist households on its long waiting list.

Local Colliers International sales consultant Fred Bramwell expects the first 28 units will attract both first-home buyers and investors.

“There’ll be a chunk of people who are trying to get into their first home who can’t stretch to $800,000.”

Bramwell says out-of-towners wanting to house their kids while they get schooling nearby could also be attracted.

He believes a selling point is the stunning views from the upper levels, assisted by large picture windows.

NGC managing director Roy Thompson says: “There is a severe shortage of affordable housing and long-term rentals in the district, partly because there are almost no high-density developments here yet.

“Toru is part of the solution – an innovative development that caters for both sectors of the market, with enough scale to keep the prices affordable whilst still delivering high-quality apartments.”

Toru: An example of the interiors

Architecturally designed, Toru’s been inspired by chalet design and the local vernacular.

Upstairs units offer open-plan living opening on to 4.6sqm balconies.

It’s estimated body corporate fees will range from $2182 to $4016 a year. Each unit has an allocated covered or uncovered carpark.

Apartments are unfurnished, though NGC will have furniture package options.

Construction’s due to start on Toru East this spring for completion by October next year. Toru Central, due for completion in March 2020, is being kept by the developer as long-term rental stock, while Toru West’s 72 apartments will be offered to the market at a later date.

Meanwhile, Mountain Scene revealed earlier this month that a central Queenstown housing complex, also aimed at first-home buyers and investors, is about to be built.

Two-bedroom units are priced from $785,000 and three-bedroom residences from $945,000.