564 sections sold in one day

Pegasus, a town for 5,000 people, is to be built 25 kilometres north of Christchurch. Its developer Infinity Group says it will be the largest fully-zoned, integrated town development of its kind in New Zealand.

More than 600 sections were made available at the one-day sale of residential sections held in Christchurch. The 564 sections were sold for a total of $122 million.

Infinity Investment Group chief executive Bob Robertson said the sale day exceeded all expectations and confirmed support for the new town concept.

"We are very pleased to have achieved $122 million of sales."

"The level of interest we have seen in this initial phase of property sales also underscores the popularity of the "live where you play" concept, which is behind every aspect of the town's planning and design." Work on building the town is to start in the next month with the construction of an access road from State Highway 1. The complete build-out cost of the town will be around $1 billion, with construction taking place over the next six to seven years.

Robertson says there are still some sections left which the real estate agents will be dealing with next week.

"We are confident these will go quickly as there will be no further 'residential 6' sections available until we release the next phase. These new sections will not be available for at least two years," he said.