Housing complex plans launched

Work on a $100 million Queenstown housing complex, being developed by a listed Singaporean company, will likely start in July.

GYP Properties chairman Mah Bow Tan and his directors were in town for today's launch of Remarkables Residences, on the Frankton Flats.

The company bought the 3.84ha site, between Pak'n Save supermarket and the Five Mile shopping centre, for $19.2 million last May.

The Queenstown Lakes District Council granted resource consent just before Christmas.

Mr Mah said he hoped construction of the terraced housing project - 225 mostly four-bedroom, three-and four-storey townhouses - would start in July.

He said the first 56 townhouses would take about 18 months to complete, with the entire complex finished in three to four years.

Remarkables Residences' pricing will be revealed next month, but Mr Mah insists the townhouses will be affordable.

''We're going to give you a lot of liveable space and we're going to give you good design.

''It lends itself to family living but also it does allow for holidaymakers and investors.''

Mr Mah - an ex-Singapore government minister - said the company chose Queenstown because it was ''one of the world's prime tourism attractions - great environment, great scenery and great people.''

''Equally important is the fact that we are told that there is strong demand for good accommodation.''

Company chief executive Stanley Tan also has a Queenstown link - he co-developed Queenstown's Heritage Hotel in 1996.

The complex will be close to Queenstown Central Ltd's proposed town centre, including a Kmart department store.

Bayley Corporation chairman John Bayley, whose Queenstown franchise Bayleys Locations is marketing the development, said there had already been strong interest.

''For investment purposes they'll give a very good return as a rental proposition.''

- By Philip Chandler

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