$107 million funding deal sees Pegasus take shape

The deal, negotiated with BOS International’s Auckland office, has enabled the developers, Infinity Investment Group, to fully fund the construction process for the new North Canterbury town. A joint venture contract between Auckland-based HEB Smithbridge and local contractors March Construction has been established to begin bulk earthworks on the first five stages of the project, as well as roading, services infrastructure and the town’s main entry road.
 
Infinity Investment Group chief executive Bob Robertson says securing the funding marks a critical milestone in the project.

“HEB March arrived on site in December and will shortly begin the earthworks leveling and contouring for stages 1 - 5 and preparation of the building platforms, services and roading for stages 1 and 2. Work on the first stage of the 97 hectare wetland is due to commence in January,” says Robertson.

“Their contract will also see them prepare the main avenue into the town – including the feature entrance bridge off State Highway 1 – as well as developing the infrastructure and services for the town’s first two stages.”

The first titles for Pegasus Town are due to be issued in November of next year, with stage 2 properties gaining title in January 2008.