New Zealand's biggest housing developer has bought the unsold portion of the Pegasus town development, 25 kilometres north of Christchurch.
Todd Property, already building at Auckland's Long Bay, Stonefields and about to start in Napier, has bought into the big South Island project around a 14-hectare lake, adjoining the 18-hole Pegasus Golf and Sports Club.
Evan Davies, managing director, said the company had recognised the need for quality housing in and around Christchurch and expects strong demand.
"The Pegasus development is a highly attractive offering close to the city, which presents residents with a unique lifestyle in a truly desirable setting," Davies said.
The land was unaffected by the earthquakes and the requirement for housing in the region is high with people looking to move in from red-zoned homes and other areas around Christchurch, he said.
When completed it will house 5000 to 7000 people in about 1700 houses. All civil infrastructure for the area has been completed.
More than 600 people are already living in the township with 420 houses either completed, under construction or in the consenting phase.
The town is expected to provide job opportunities for 1,400 people and many of the town's key features are being established in the early stages of the development to ensure Pegasus grows as a fully functioning community, Davies said.
Major earthworks and site contouring began in mid-2006, with the first residents having moved into the town in September 2008. The full development is expected to be completed in 2015 and was being undertaken by Bob Robertson until Todd stepped in.By Anne Gibson @Anne Gibson Email Anne