Property

$60 million spending spree

More than $60 million worth of luxury Queenstown apartments had been snapped up by mostly New Zealanders in the past two weeks, Southern Lakes Real Estate managing director Warren White said yesterday.

Wednesday, July 07th 2004

Last Saturday Lake Edge 551 was launched – a planned 94-apartment complex by Auckland-based development company Perron Group.

"More than $20 million of the apartments had been signed up during the week and on the day," Mr White said.

During the past two weeks a second planned luxury apartment complex – due to be launched on Saturday – had clocked up more than $40 million in sales.

The $90 million top-of-the-range 68-apartment complex, the Rees, planned for below Frankton Rd, was on the Queenstown waterfront like Lake Edge 551.

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[OPINION] Recessionary times

It is not the best out there for many businesses and property sector people. Sales are down across the board, our clients’ confidence is falling, and there is a lot of uncertainty.

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