Pegasus Town increases marketing thrust

October 4

MEDIA RELEASE

Pegasus Town increases marketing thrust after school announcement

Following yesterday’s announcement that the Ministry of Education was building a school that would be opened in 2014, Pegasus Town will accelerate its investment and marketing to keep apace with the strong demand for the area.

Waikuku School, north of Christchurch, is to move to Pegasus in 2014 and a school for 900 is to be built in the town. Work will commence next year.

Paul Armstrong, Development Manager for Pegasus Town, said that the school announcement was a key building block for the future of the town.

“There is now some urgency in getting more sections to the market as quickly as possible. We are in the early stages of developing a completely new marketing strategy for Pegasus in line with thelong-term plans for the town and we need to ensure that we have sufficient sections available when that is revealed over the next few months. To this end we are reviewing plans for Stages 12 and 13,” he said.

Sections at Pegasus, including the golf course, range from 300m2 to 2000m2 and are priced from $149,000 to $545,000. Since Pegasus was first launched in 2004, 943 sections have been sold with only 95 now available.

Pegasus Town Ltd was placed in receivership in August and is now under the control of the Receivers and supported by NZProperty Finance Partners, a consortium including investment bank Goldman Sachs and global asset manager Brookfield Group.

“Brookfield is renowned as a global specialist in master planned residential community development and we can tap into their experience as we look to open the remaining stages of the development.”

“We have already achieved sales of more than $40million so far this year and are confident that this momentum will continue. Just because Pegasus is in receivership, we have no intention of ‘fire selling’ the sections. They are well priced, which is recognised in the number of sales recorded,” he said.

A summary of sales to date includes:

• To date, Pegasus Town has developed 843 sections, of which 745 are sold and 42 are under contract.
• This excludes the Mapleham (Golf Course) development, which comprises 100 lots of which 53 are sold. Another eight lots are under contract.
• This also excludes 224 new sections under development, of which 159 have alreadybeen sold.
• As at 30 September 2012, there were 313 houses completed and 83 under construction.
• These 83 houses under construction will be completed in 2012.
• The average number of building consents issued by Waimakariri District Council for Pegasus from January 2012 to date is 18 per month.
• 17 building consents were issued in August 2012.

“On top of the school announcement, a preschool is under construction and is due to open in November, and a bus service from Christchurch is planned to start later this year,” he said.

© Scoop Media