Despite the slowing of the economy and uncertainty in global financial markets, sound planning, strong partnerships and a high level of pre-sales had ensured Pegasus had remained on track.
"With 90% of released sections sold with revenue of $187 million, and a $151 million facility secured from a first-tier international bank until the end of 2010, Pegasus is fully funded to completion," he said.
The new town for up to 7000 residents was letting $14 million in contracts for earthworks and infrastructure development of new residential areas, he said.
Under the new stages, the town's residential development would be significantly extended.
"Pegasus is continuing to progress well - both in the development of residential areas and the construction of key community assets," Mr Robertson said.
Once the latest contract was completed, more than three-quarters of the lots released to date would be completed and titled.
Mr Robertson expected an influx of new residents to the town as each of the new stages was completed.
