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$190 MILLION QUEENSTOWN HOUSING DEVELOPMENT ANNOUNCED

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February, 2017

A $190m 225-home lifestyle development has been announced to local
business leaders in Queenstown by Singaporean-based developers GYP
Properties Pte Ltd.
Remarkables Residences on the Frankton Flats in Queenstown, will consist
of a range of three and four-bedroom multi-storey townhouses, and
master-planned to be surrounded by a vast array of lifestyle amenities,
including retail and dining.
GYP Properties Chairman Mah Bow Tan, company Chief Executive Stanley
Tan and other directors were in Queenstown for yesterdays business
launch, saying they chose Queenstown for the development because of its
continued growth and strong demand for this type of innovative housing.
Stage one of the project consisting of the first 56 houses -- will shortly be
on the market and registrations of interest through Bayleys Real Estate
have been enthusiastic. Construction is scheduled to start this year and
the first stage will take about 18 months to complete. Further stages will
be released during the year.
Pricing will be released shortly with a range of housing, sizes and layouts
available. All properties feature rear garaging and some have additional
studio or office spaces, making them flexible enough to suit a range of
potential buyers.
Mr Mah described Queenstown as one of the premier tourism destinations
in New Zealand, if not globally.
Were very excited to bring Remarkables Residences to Queenstown
because we know the demand for good accommodation is there, and
were creating a development with an Alpine feel to it in a very attractive
location at the foothills of the mountains.
Its a great value-for-money project that we believe will add to the
Queenstown environment in a very positive way, helping to grow the town
and meet demand as well as being a commercial success. We hope youll
be as proud of it as we are.
Queenstown Mayor Jim Boult, speaking at the announcement, described
Remarkables Residences as a very welcome addition to our district.
This development marks a confidence tick in the future of Queenstown
and our economic development as a high-value tourism destination, he
said.
Were in a period of sustained development and extraordinary growth
rates, with population growth increasing by 7.1% in the last year
compared to national growth of just 2.1%, and visitor numbers of 66,000
on peak days.
So your decision to create 225 townhouses that will be attractive to
families as well as people looking for investments is something our council
welcomes.
The properties are being marketed by Bayleys and there is already strong
interest from existing Bayleys clients.
Bayleys Corporation Chairman John Bayley, also in Queenstown for the
announcement, said they were perfect for a wide range of buyers.
Theyll suit owner-occupiers, families, or businesses wanting to house
key workers, he said. Their appeal will also reach holidaymakers who
might know and love Queenstown, Kiwi investors and international buyers
who want to invest in this dynamic, fast-growing location.
Mr Bayley said Remarkables Residences brought much-needed supply to
the Queenstown market, transforming a bare piece of land into a safe,
social and diverse community.
Remarkables Residences is being marketed as well-built, stylish and low
maintenance homes incorporating latest design techniques. Master-
planned by DASL Consultants and designed by Auckland-based Ignite
Architects, they are described as a very modern interpretation of popular
developments of this kind.
Much work has gone into creating different building forms in each street
using proven neighbourhood architecture, maximizing privacy and
lifestyle living, as well as sunshine hours.
Green spaces incorporated in the development include a main public
square and smaller open spaces (called Pocket Parks) dotted throughout
the area. There are good links to surrounding biking and walking tracks
and easy access to public transport, such as the planned park and ride
facility.
Mr Bayley said Remarkables Residences is in the most accessible part of
Queenstown, close to the airport and a very short walk to retail and
hospitality outlets. It is just 10 minutes from central Queenstown, 15
minutes to Arrowtown and 30 minutes to the ski fields.
GYP Properties CEO Stanley Tan is no stranger to Queenstown -- he co-
developed the Heritage Hotel 20 years ago and is delighted to return to
the district.