Queenstown Developer Embarks on Project

Luxury Queenstown Villa Developer Embarks On Next Landmark Project

The development company behind Queenstown’s award-winning Commonage Close is delighted to announce the launch of its next exclusive multi-million dollar villa development.

Wayne Foley of Queenstown company villasqueenstown.com and business partner Bert Govan from Christchurch are launching Killarney Way, an enclave of eight luxury villas in a dress circle location on Queenstown Hill.

The first stage of five villas, all located on a ridgeline adjacent to Commonage Close with secure lake and mountain views, are being offered for sale at prices starting from $2.795million inclusive of GST.

Each three-bed, three-and-a-half bathroom villa, with villa areas of around 300sqm, features a unique combination of indoor/outdoor living.

“They’re designed to have a great appreciation of amenity value, with a strong emphasis living areas that really do flow seamlessly into a number of gardens and courtyards,” said Mr Foley.

“When we looked at the design, we wanted features that would really set us apart from other villas or apartments on the market, with real points of difference.

“Thanks to Jim McKie from Dalman Architecture in Arrowtown, we’ve taken one of the most spectacular sites on Queenstown Hill and designed villas that have multiple levels of connection to this stunning landscape.

”For that reason they could well be properties that people want to buy and live in full time, or they could be bought by investors who would be happy to keep them as their personal holiday home or put into our accommodation management programme.”

The development is primarily being offered for sale by Queenstown realtors in time to reach the summer market. Villasqueenstown.com enjoyed remarkable success during 2008 with 12 out of 14 Commonage Close villas now sold.

Sales for 2008 came to just under $12million and, with an average sale price of $2.87million per villa, which generally met or exceeded valuations.

“All the buyers have been international, most from Australia, we’ve also successfully sold a number of fractional ownership interests in villas that have enabled purchasers to secure ownership and usage of these villas for a quarter of the price,” said Mr Foley.

He said the company saw the evolution of fractional ownership as “the way of the future”.

The Killarney Way development is being offered for sale with deposits by cash or bank letters of credit, with settlement in early 2011.

“This enables buyers to secure a future market position in Queenstown at a fixed price. In our view the market in 2011 will be much stronger than it is now and unique product such as Killarney Way will be one of the few new developments completed at that time,” Mr Foley said.

Work on the project is scheduled to start in June 2009, with all resource consents already in place.

For more information or to view the villas go to www.killarneyway.com or www.commonagevillas.com.

ENDS

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