No units have been sold in a $100 million Auckland apartment block.
In one of the most obvious examples of the state of the property market, the city's most upmarket new property project lacks buyers, although offers have been made on a few apartments.
Stamford Land Corporation has built 149 units, called Stamford Residences, above its hotel on Albert St.
Anthony Rice, Stamford Property Services' director of development and construction, was in Auckland on Friday and said sales contracts had been issued on 11 apartments.
Settlement was in the process of being negotiated but no sales were completed yet, he said.
"We would have liked to have made more sales than we've made but the reality is we're in a really tough market," he said.
"Sales are not the only measure of success. The project has been a success, completed on time and to budget with a design and quality second to none.
"We've had good numbers through since we started marketing activities in the last two weeks. We would have liked to make more sales but it's difficult because the New Zealand economy and the property market here is not in good shape," he said.
Joan Vujcich of Colliers International who is marketing apartments said two deals were nearing completion. These were by another agency.
The contracts were unconditional and due to settle today, she said. The owners were expected to move in soon afterwards. Vujcich said annual body corporate fees were about $12,000 for each unit and prices ranged from $385,000 to $6 million.
When Auckland land prices were rising sharply and the apartment sector was booming, the Singaporean Stamford Land Corporation decided to build above its hotel.
In 2006, Bayleys tried to sell the apartments, then Kellands Real Estate marketed units and now Colliers have re-launched marketing two weeks ago.
Three years ago, the project was called Stamford on Albert and Bayleys were asking $9.2 million for the penthouse, thought to be a record asking price then. Now, Vujcich is asking just $6 million but said interest was strong.
Two years ago, Stamford Land Corp closed the hotel for a few months to allow Fletcher Construction access to strengthen the building's foundations. Fletcher then built 10 levels of apartments above the existing 11 floors of hotel.