Auckland developers Chong Du Cheng and Travis Coffey aim to begin construction of a 40-unit visitor accommodation apartment complex early next year on a vacant lot at 121-129 Mt Aspiring Rd, next to the Altamont Lodge.
Mr Cheng and Mr Coffey are the directors of Wanaka Projects Ltd and Mr Cheng is the 100% shareholder.
The men are associated with many other developments around the country.
Wanaka Projects Ltd purchased the fully consented development, the Wanaka Lake Resort, from receivers earlier this year after the property was passed in for $1.5 million at a mortgagee sale.
The land is zoned low-density residential and is within a visitor accommodation sub-zone.
The new owner has applied for consent to subdivide the complex into unit titles once it has been completed but otherwise intends to com-plete the development as approved.
Mr Coffey said, when contacted yesterday, he hoped construction could start "as soon as possible" next year.
All the apartments had sale contracts on them and they remained in place, he said.
He declined to state the development's worth as feasibility studies were still being completed but agreed it would be a "million-dollar-plus" project.
"It is challenging times, absolutely, but we are confident we will start construction in the new year as per the original consent. Wanaka is more insulated than, say . . . Queenstown. It is a completely different market," Mr Coffey said.
The proximity of two major skifields, a continued call for "high-end" accommodation for ski season and summer visitors and the faith shown in Wanaka by Tourism New Zealand were important factors in the company's confidence.
Wanaka would continue to be a strong performer in the tourism industry, he said.
Mr Coffey is the develop-ment manager at Equinox and the project manager for the Wanaka apartment complex.
Originally from Marlborough, he considers himself a "one-eyed Crusaders fan" and "still a South Islander".
He is involved in property acquisition, research and development, as well as the management of commercial, industrial, residential and retail properties.
Mr Cheng is originally from Vietnam and is listed as a director of 54 companies, including managing director of Equinox Capital Ltd.
He established Equinox with Kerry Knight in 1988 to forge links with Asian investors keen to support New Zealand development projects.
According to the Equinox Group website, the company has $120 million in managed funds and looks after some $1 billion worth of property projects.
Equinox is also backing the $60 million White Heron Point project, an Auckland apartment complex on the site of a well-known hotel.
